Kelly Burrows

Finance Vice-Chair

Minnesota Swimming, Inc.

Finance Committee Agenda

Meeting Date: / Thursday, May 24th, 2018
Meeting Time: / 8pm
Meeting Type: / Conference Call
Participation Phone Number: / 877-820-7831
Participation Passcode: / 534582#
Invited Members: / Kelly Burrows (Chair - MAN), Luke Day, Bill Stephan (SHRK), Megan Burrows (MAN), John Bradley (RSC), Bob Crunstedt (MSI)
Approval of Previous Minutes: / Minutes from 3/6/2018
Reports: / None
Old Business: / None
New Business: /
  • Review and setting of the 2018 LC Championship Facility Splash Fee
  • Request by the AG Chair to amend the FY2019 Budget to add a $3000.00 spend for the 2019 Open Water Central Zones swim meet under the Central Zones/All Star meet line item

Adjournment:

March 6, 2018 Finance Committee Minutes

Members Attending: Kelly Burrows, Luke Day, Steve Nelson, Megan Burrows

Non-Members Attending:Bob Crunstedt, Lloyd Larsen (FOXJ)

Meeting Begins: 9:00pm

1)2018 SC Winter Senior State Backstroke Starting Wedge Purchase

  • Discussion regarding need for backstroke wedges led to consensus that the wedges will help to improve performance and competitiveness.
  • Vote to purchase 8 Colorado Backstroke Starting Wedge assemblies @ $600.00 each including mounting bracket and shipping ($4,800.00 total):
  • Yes – Steve N.,Luke D., Megan B.
  • No – Kelly B.
  • Discussion regarding transfer of funds from the following Operational Accounts to purchase backstroke wedges:
  • Club/Sport Development – LSC Meet Support:$2,055.00
  • Club/Sport Development – Athlete Committee – Scholarship:$2,000.00
  • Club/Sport Development – Athlete Committee – Athlete Luncheon:$400.00
  • Other Program Expenses – Meet Supplies:$345.00
  • Vote to approve transfer of specified allocations from the specified Operational Accounts to purchase backstroke wedges:
  • Yes – Steve N., Luke D., Megan B., Kelly B.
  • Discussion regarding options for disposition of backstroke starting wedges after completion of the SC Winter Senior State meet: Retain for use at MSI Championship meets, retain for rental by member clubs, sell to an interested club in an open sale, grant to a requesting club.
  • Retain for use at MSI State Championship Meets/Retain for Rental:
  • Pro: MSI has already invested in the equipment – retaining the wedges will allow for future use at MSI championships at no additional cost to MSI beyond purchase of a set of long mounting brackets @ $200 each.
  • Con: Retaining the wedges will result in the need for MSI to store and maintain the wedges according to specifications and we don’t have the dedicated/trained personnel and storage space to do so – retaining the wedges for future use will require the purchase of long mounting brackets if needed for host’s pool – it is possible that a host pool may require custom mounting brackets (e.g. Rochester) - retaining the wedges for use will require the purchase of 1 or 2 additional wedges so that spares are on hand in case of failure – a trained installer will be required to ensure proper installation and removal/ maintenance of the wedges at each use to minimize MSI/host club liability – We may need to purchase additional sets if multiple championships are held during the same time period – Will additional sets be needed if requested uses starts to include additional championships meets such as MRC’s?
  • Sell/Grant to an Interested Club:
  • Pro: Removes need to store/maintain assemblies and eliminates installation/maintenance liability.
  • Con: If the sale/grant of wedges is not held in an open manner it may lead to the appearance of impropriety – the sale/grant of the wedges just pushes this situation into the future when the state championship meet is held by a host that does not possess their own wedges – meets held at a facility that own their own wedges will require passing on the backstroke wedge rental costs to athletes.
  • Committee recommends the sale or granting of the backstroke wedges to an interested club.

2)2018 All Star Meet Budget Overage

  • The 2018 All Star Meet expenses of $34,959.00 exceeded the FY2018 budget of $10,514.00, after registration income of $7,200.00, by $17,245.00.
  • Discussion regarding transfer of funds from the following Operational Accounts to pay for the additional incurred expenses beyond the FY2018 budget:
  • Club/Sport Development – Core Values: $7,300.00
  • Club/Sport Development – LSC Meet Support:$2,945.00
  • Other Program Expenses – Awards/Pins:$7,000.00
  • Vote to approve transfer of specified allocations from the specified Operational Accounts to pay for the additional incurred 2018 All Star Meet expenses:
  • Yes – Steve N., Luke D., Megan B., Kelly B.
  • Additional discussion concerned how to prevent this from happening again through required use of office staff to obtain pricing and to make Team Minnesota arrangements, educating Team MN coaches and managers on the approved meet budgets as regards expenses and athlete registration costs, requiring prior approval by a body such as the Finance Committee, Board of Directors or Executive Committee for any change in format that results in expenses that exceed the budgeted amount.

Meeting Adjourned: 9:50pm