WASFAA Fiscal Planning Meeting
Double TreeSan Diego, CA
Thursday, November 8, 2007
Present- Tami Sato, Pat Peppin, Steve Herndon, Peter Miller, Doug Severs, Tracey Lehman, Sandi Guidry and Onita Clark
Not Present-Judy Saling
Special Guests- Dave Gruen, NASFAA Chair Elect andBillie Jo Hamilton,MASFAA President Elect.
Call to Order of the Fiscal Planning Meeting- Steve Herndon called the meeting to order at 10:00AM. Steve passed out materials and greeted our guests. Steve Herndon reviewed the agenda.
Motion-Doug motioned to approve the agenda, Tami Sato seconded and the motion carried.
Corrections to the minutes from June were submitted to Tracey Lehman.
Motion- Peter Miller motioned to accept the minutes, Doug Severs seconded and the motion carried.
Steve Herndon reviewed his report and the draft budget; he mentioned chairs who did not submit budgets had their budgets decided for them. Steve Herndon is attempting to get an up- to-date asset inventory report from the previous Fiscal Planning Committee Chair.
Treasurer’s Report (PeterMiller) -Peter Miller reported that the Savings Maximizer Account has a large amount of money that needs to be moved back to the treasury and we are balanced in all accounts. Sandi Guidry has reviewed all statements and reports.
Peter Miller reviewed his report. We need to make adjustments to member gifts(add $2500), Executive Council is close to budget and this meeting will push us over (add $8,000), general administration is also behind (add $800 to buy lap top and probably another $1500 for Jordon and Associates),need $500 for Go E-merchant expenses,and scholarships are out of balance ($1100),for a total of $13,600.
Training has some extra funds in their budget; we discussed taking $3200 out of training and $4,500 from EDAC and $6,000 from Volunteer development to balance the budget.
Peter Miller suggested buying a $400,000 t bill as a long term investment, and buying 2 $100,000 t bills one in Decembers and one in January.
Steve Herndon and Peter Miller will bring these recommendations to the full Council.
2008 Committee/Activity Budget Expenditure Request- Steve Herndon reviewed the committee activity budget expenditure requests. Peter Miller requested to change conference income 2008 to $160, 375, which would be an $8,000 revenue stream; the proposed conference rates will be $305 (425 people) for early bird, $380 for regular (45 people) and $455 for late registration.
Budget vs. Actual Income Document- Peter Miller reported that dues income will be low so Peter Miller and Steve Herndonrecommend lowering that income line.Judy Saling,per Onita Clark,requests fund development income at $165,000 and not the previous $185,000.
There was a discussion on institution versus individual membership. Steve Herndon mentioned this was part of a previous survey; it was a problem for communitycolleges.He suggested another Executive Council may want to revisit this.
Highlights from the discussion include; Peter Miller and Steve Herndon reported that we expect interest income to be up as well as income from job links. MLI has a projection of $22,000 of income, $18,000 expenditures and we may endup with a modest income, perhaps $4,000. Training income may not come about because numbers are down. Awards and By-Laws budget had no request and remain the same. ElectronicServices budget was reduced by $500.
There was a discussion on Executive Council costs. Leonard Walker reported that future sites will cost us less so that will assist with the budget. Pat Peppin mentioned that we need to look at where we can lower costs. Federal Relations, Newsletter and Site Selection budgeted expenditures have the same budget as last year, as does Fiscal Planning. The budget is $530,875. There was a consensus to bring the budget to the full Council for approval.
Asset Inventory-Steve Herndon reports that there is no language in policyand procedures about asset inventory, and asked who is in charge of asset inventory? Is it fiscal planning? Steve Herndon will work with Lana Walters, the previous Fiscal Planning Committee Chair, on this. There was a discussion on a policy to dispose of items thatare in the storage unit that we will never use. We will continue to discuss this subject in the future.
Old Business-Peter Miler reported that income taxes were submitted, they were late and if there is a fine, Jordan and Company will pay the penalty. He also reported that our
Bi- annual review will be completed, perhaps before the end of the year; our accountants Jordon and Company are competing this.
New Business- Billie Jo Hamilton updated us on MASFAA activities. They are bumping up their exhibit fees to $3,000, conference registration is $275 and they are heavily subsidizing the conference. They are cutting back on meetings and food.
Dave Gruen reported that NASFAA will raise fees in vendor areas, believes vendors will be downsizing, and every region he has visited is discussing vendors and finances.
Pat Peppin shared her cookbook from the MASFAA conference.
Peter Miller reported that it took him a while to get settled in his job. He has asked his boss and other staff members about running for a WASFAA office (Treasurer again). He is willing to be on the ballot. Tami Sato asked him about President Elect and he said he preferred Treasurer.
Motion- Tracey Leman motioned to end the meeting. Peter Miller seconded, motion passes.
WASFAA Fiscal Planning Meeting
Double Tree San Diego, CA
Thursday, November 8, 2007
Motions
Motion- Doug Severs motioned to approve the agenda, Tami Sato seconded and the motion passes.
Motion- Peter Miller motioned to accept the minutes, Doug Severs seconded and the motion passes.
Motion- Tracey Leman motioned to end the meeting. ______seconded, motion passes.
To Do
Steve Herndon will follow up on who is responsible for asset inventory.