Save the Completed Report Using Committee Title and Date (Example: WASFAA JRSMLI Feb 10 s4
Save the completed report using Committee title and date (example: WASFAA_JRSMLI_Oct_2.doc). Submit your report via email to the WASFAA Executive Council listserv and post a copy to the Committee webpage on the WASFAA website.
Quarterly WASFAA Committee Chair Report
/Executive Council Meeting Date / November 19 & 20, 2014
Executive Council Meeting Location / Handlery Hotel, San Diego, California
Committee Information
Committee Name / Fiscal Planning CommitteeChair(s) (Name, Place of Employment, State) / Wendy Olson, Whitworth University, WA
Committee Members (Name, Place of Employment, State) Please put an asterisk next to first-time committee members. / Mindy Bergeron, JFK Univeristy, CA
*Barbara Bickett, DeVry, CA
Frank Green, Travel Institute of the Pacific, HI
Kevin Jensen, College of Western Idaho, ID
Tracey Lehman, Oregon Institute of Technology, OR
*Ashley Munro, University of Alaska, Fairbanks, AK
Sun Ow, Great Lakes Higher Education, CA
Ashley Salisbury, University of Nevada, Reno, NV
Leonard Walker, Jr., University of Nevada School of Medicine, NV
Committee Goals
Strategic Plan Goals that are being met (check all that apply)Goal 2: Maintain the long-term financial stability of WASFAA / X
Goal 8: Collaborate and coordinate with other organizations and associations / X
Specific Committee Goals(Include progress toward goals and measurement of success.)
2014-15 Fiscal Planning Committee Goals
Approved June 2014
1. Monitor the annual WASFAA 2014 and 2015 budgets including the review of Committee/Activity Budget Revision Request forms for FY 2014, and Budget Expenditure Request forms for 2014 and 2015 submitted by committee chairs/co-chairs.
2. Establish a balanced annual WASFAA budget for 2015.
3. Monitor WASFAA assets with the Treasurer and Treasurer Elect.
4. Monitor the current WASFAA asset reserve policy.
5. Determine how to invest funds from checking account that exceed average 3-month budget.
6. Make recommendation as to ways to use some of our asset reserves that exceeds the amount set by policy.
7. Review annually the adequacy of the current level of WASFAA insurance coverage with the Vice President.
8. Review and make recommendation for membership fee amount for 2015-16 in conjunction with the membership committee chair.
9. Make arrangements to have WASFAA’s fiscal records reviewed in 2015.
10. Assist the Historical Archives Chair with the update of the WASFAA asset inventory at least annually.
11. Review fiscal management documentation for WASFAA and update the Policies and Procedures as needed.
12. Develop effective policies regarding the fiscal-related activities of WASFAA.
13. Develop ways to help keep WASFAA’s expenses down but maintain the essential services and quality of service.
14. Make meaningful recommendations to the Executive Council regarding the financial affairs of the Association.
15. Have whenever possible, a Fiscal Planning Committee member participate on NASFAA’s FAC Committee.
16. Review fiscal policies established by other states and regions for ideas to be considered for WASFAA.
17. Collaborate with NASFAA and CASFAA regarding finding possible vendors/sponsors for WASFAA.
Summary of Committee Activities for the Quarter
1. Established preliminary goals for 2014-152. Updated committee membership on website
3. Reviewed Treasurer’s reconciliation documents
4. Requested EC to provide budget revision request prior to June meeting
5. Reviewed with Treasurer the action items from year-end meeting
6. Determined budget adjustments needed
7. Began investigation of non-profit requirements
8. Discussed with Treasurer possible strategies for investing funds beyond the three-month average
9. Worked with Ashley Salisbury to determine how to dispose of WASFAA items of value that are no longer needed by WASFAA.
10. Developed agenda for our November meeting
11. Reviewed Treasurer’s reconciliation documents
12. Requested EC to provide 2014 budget revision requests & 2015 budget requests prior to November meeting
13. Had a phone meeting with Treasurer to prepare for the November meeting and new budget cycle
14. Reviewed fiscal items in our Policies and Procedures manual and made recommendations for revisions via email
Measures Tracking Tool Data Collection Information (Include required Measures Tracking Tool data collection information to help determine progress toward Strategic plan goals/activities that are the responsibility of your Committee. See Appendix F of the current WASFAA Strategic Plan for guidance.)
Goal 2 – a. Maintained balanced budget in 2014 – Yes
b. Asset reserve is maintained at 2 times most recent three-year average – Yes
c. Budget comprised of more diverse sources of revenue – Added additional ads to sell to vendors
d. Investment policy & strategy reviewed and updated – IP
e. Annual review of membership dues and fiscal policies completed - IP
Budget Information
Approved Budget / $100Budget Expenditures to Date / 1. 0
Calendar of Events/Timelines
Date / Committee Member Responsible (if applicable) / DescriptionMay / Chair / Request agenda items and budget revisions
May / Chair / Prepare preliminary goals for year
May / Chair / Contact chair(s) with upcoming events to see if a rate needs to be proposed and voted on
May / Chair / Add members to the information on WASFAA website
May / Chair / Work with treasurer to set up fiscal review
October / Chair / Request agenda items and budget revisions
October / Chair / Prepare agenda
October / Chair / Contact chair(s) with upcoming events to see if a rate needs to be proposed and voted on
Ongoing / Review reconciliation documents
Ongoing / Monitor budget usage
Ongoing / Review asset inventory with Historic Archives
Ongoing / Review goals for committee and strategic plan
Ongoing / Support Treasurer-Elect
Ongoing / Review and update policies and procedures
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