January 3, 2008
PSI Finance Committee Conference Call 11:30 am.
Attendees: Jack Price, Scott Mouw, BrianKorby, Scott Cassel, Susan Frechette
Scott discussed changes to the revised FY08 budget that appeared since the last Finance Committee call. The only big change to budget:Actual time for Susan (4/5) and Sierra (3/4). We also added $85,000 from WA Dept. of Ecology.
Revenue:
Brian; billing over next 6 months: nothing outstanding from EPA – need to bill for a few months’ of work in each project except for radiography. Estimate 10-20K.
ScottC : Therm 8, Radiography, and Phone Book Meeting #2are completed -we should shade out. Not sure if billed out. Radioactive- about $30k left. Florescent lamps just started, next six months will bill out about ½ the project and will be carried into next year. Paint Dialogue will be billed this fiscal year. Thermostat project 7 on hold (issues with Honeywell in Maine –but could start again) We’re still trying to work out the details of that one.
Jack asked for notes in comment line that indicate status of projects.
Jack: billing show up as open receivables?
Brian; not an open receivable until an invoice developed.
A discussion ensued about how to track the status of projects. It was decided to insert a column between c and d on contracts tab in order to allow Board to see status of project.
Scott M; more importantly, what process are you undertaking to bill as quickly as possible once a project is completed?
Brian: we have been invoicing EPA quarterly; as hours increase we should do it every month.
A discussion ensued about billing for the various projects based on their size and activity level.
Jack suggested we bill monthly at our discretion at smaller projects – option to bill for smaller amounts on smaller projects. Improve cash flow without constraining. Don’t let big invoices get away from us.
Policy: review invoices monthly; any over $5000 or any project completed will be billed. Invoices less than $5,000 will be reviewed and paid if warranted. If not monthly, quarterly invoice just to clear up the books.
State and Local contracts:
Jack: How did Idaho come in to fund pharmaceuticals?
Scott C: Dave Galvin and Karin North working on funding. Dave got them to contribute.
Paint: Scott reports NPCA – not invoiced yet.
Scott C reports all of medicalsharp s should be billed out over next 6 months.
Foundations:
Scott C reported that a few grants have been written and a few more to will soon be sent out. Two other EPA grants we have been waiting for RCC grants. The question remains whether we can write a grant to send out and get funds in next 6 months? The time between receiving a foundation grant and getting funds is 3 to 6 months.
Jack – add comment about turnaround time that we are pursuing but might not receive funds until 08.
Scott M; not a bad idea to keep in and present to Board that funds may not come in (increasingly smaller) amount of revenue. Leave $20k as a target. Note funds might not come in until 08.
Scott C. reported that Erin is issuing renewals for gov’t memberships on a calendar year next week (about 15). He reported that Forum/networking calls/other revenue numbers haven’t changed.
Revenue:
Brian; We are going to do all the billing we can in the next week or two to get the numbers significantly higher by end of January.
Scott C; reminded the Finance Committee that we will always be a little behind – we will bill out for work done that will come in at the end of the year or after the year closes.
Scott M; as long as total expenses in line with revenues we are in good shape. Cash balancelookshealthy
Brian; you can never be up to date – some receivables you haven’t billed. You are paying staff in the current period, and billing after the fact.
Expenses
Scott C reported Health insurance line changed to 1 family/3 individual plans
The Finance Committee had no questions
Scott C reported that PSI has hired a temp to help with workload – have increased the temp budget by $2,000.
Contractors: Expanding Take It Back Network in Northwest through recent funding from WA Ecology. Contractor is our grant partner Washington Citizens for Resources.
Scott C: reported the budget boosted slightly for office supplies.
Brian proposed change in the budget (in line 108) for consultants’ travel so that the item would be adjusted to match the actual expense.
The group discussed changes in minutes to the December 6 minutes proposed by Jack; all were in agreement.
Next month’s agenda item:
CDs expiring in March and May
The Board discussed moving the expiration dates, spreading them 6 months apart, and looking at the terms.
Scott will have recommendations for renewal of these CDs for the next meeting.
Scott will draft email on proposed budget for Jack to review prior to Scott sending it to the Board prior to the next call.
The meeting ended at 12:40 pm.
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