CORNERSTONE VNA

Minutes

Finance Committee

May 19, 2014

Members:Mission:

XDave Keefe, Treasurer, Chair The Finance Committee shall consist of at least five members, the chair to be the Treasurer
X Frank Smartof the Agency. The functions of this committee include recommendations to the Board of
X Jean Corvinus, Pres Directors for financing Agency programs including loans, preparations of the annual budget,

X Julie Reynolds, CEO planning, and monitoring cash flow. This committee will advocate quality improvement by

O Susan Young Gaudiello Agency performance.

XSharla Rollins

X Mary Arnault, Chief Financial Officer

X Paula Carr

ALL INFORMATION IS CONFIDENTIAL.

Agenda

X

Minutes

Please call Paula x-115 if you are not able to make the meeting so that we can reschedule, if needed.

Call to Order: Dave Keefecalled the meeting to order at 7:30a.m.

Minutes: Motion to accept the April 23, 2014 minutes as written by Frank Smart, seconded by Sharla Rollins, no opposed, all in favor, so moved.

New Business:

  • April2014Financials(See Portal) Mary reviewed the following.
  • April showing a loss from operations $17,500 partly due to hospice census being down-patients on service per daybudgeted at 44 days, currently averaging 31. Hospice had 22 admissions in April and 11 deaths
  • MCR Revenue is over budget. This is due to overestimate of Medicare cuts ($23,000/mth) and the fact we have had more patient episodes than budgeted in Homecare
  • Wages in line with the increased SN visits and episodes
  • Mileage is over budget because we have not implemented the mileage program and have decided it was not cost effective, our employees are accurate with recording mileage. Allscripts coming out with a mileage program that should be available in late fall
  • Balance Sheet – Continues to be in Line/ Receivables are where they should be
  • Dashboard
  • Telehealth units out dropped to 6 (averaging 12 prior to April)
  • Cost per visit continues to decrease in all programs
  • Productivity is on the increase
  • Hospice billable days down 50 for the month of April compared with last April
  • Lifecare doing well
  • $174,398.22 CD - Julie met with Richard Wallace and Joan Gile President and Vice President, respectively, of Piscataqua Bank in Portsmouth. Discussed dispersing the CD monies as follows .75 % for a 1 year CD suggested $125,000. Julie to research HRCU rates and insurance cap for addition deposit of $50,000
  • USI is the Agency Liability Insurance broker. They will be looking into the workers compensation program through the Homecare Association. They will also be coming at the end of May to do a presentation to potentially administer our health insurance benefits. Our benefits are currently administered thru NEEBCO. The health insurance carrier is currently Harvard Pilgrim. We have had no issues with Harvard.
  • Audited Financials – Internal Controls on cash receipts related to donations; monies go thru Paula and she also does the thank you notes. Suggestion from audit is that monies will be logged at the front desk and then given to Paula to send notice and do the deposit. Mary reports that we will be taking their suggestion and make those internal changes.

Motion to approve the financials as presented by Jean Corvinus seconded Frank Smart, no opposed, all in favor, so moved.

  • ERISA Audit will be completed by end of June. RFP’s going out to TD bank, Met Life, Edward Jones & Mass Mutual and will schedulepresentations in August & September.

Presentation from Charter Trust by Diane Guimond and Karen Crump

Charter Trust

It was requested that Charter Trust do a 6 month interim report beginning in July 2014 to be e-mailed to Julie.

Dave asked Mary to check the monthly statements to make sure we are fully invested. (See Attached)

June 18th meeting will to do Conference Call . @ 7:30am. To connect you will need to call 1-866-906-7447 and the participant code is 9240205.

Meeting adjourned 8:30 a.m.

Respectfully submitted: Paula Carr

Posted to Portal: 5/22/14

Finance Committee members-

Per your request below is an end of month summary of the Charter Trust cash percentages from January 2013 through April 2014. Also attached are the performance reports for the last two presentations (note we did not have a presentation in 2013).

Julie spoke with Karen Crump from Charter about the cash being so high during this look back period. Karen told her that is just a snap shot as of the end of each month some of which is related to the timing of maturing of bonds. She stated that $21,000 is not a lot of money to have in cash and it allows her to buy when the rates are good. She also mentioned that we are already 65% in equity and so the cash would have to be put in bonds which she hesitates to do unless there are good rates.

Charter / Cash%
Jan-13 / 4%
Feb-13 / 4%
Mar-13 / 5%
Apr-13 / 5%
May-13 / 4%
Jun-13 / 5%
Jul-13 / 5%
Aug-13 / 6%
Sep-13 / 6%
Oct-13 / 6%
Nov-13 / 5%
Dec-13 / 4%
Jan-14 / 5%
Feb-14 / 5%
Mar-14 / 3%
Apr-14 / 3%
Average / 5%

S:\Agency\Committees - Teams\BOARD\FINANCE\2014\04-23- 14 Minutes Conference Call.doc, Page 1 of 3