Minutes
The
meeting was called to order at 2:00 P.M.
Approval
of Minutes
Changes
to the draft minutes had been made as requested, and the revised
minutes of the July 29, 2003 meeting were unanimously approved.
Audit
Update
Ms
Chambers said that responses to the auditors’ analytic
questions had been sent. Ms. Floch and Lynda Feldman replied
they had not yet reviewed the submissions from Ms. Chambers.
Lynn Chambers reported that the overhead expense data also
had been sent to the auditors. In response to a question on
how the overhead hours charged in the timesheet system had
been used to distribute management costs, Ms. Chambers explained
the method Ms. Feldman had suggested. Ms. Chambers said that
the expense calculated this way was very low compared to prior
years, and suggested that the data collected in the Governance
Department be added to the overhead calculations. With this
adjustment, the management and general expenses would be comparable
to previous amounts. The committee agreed to this method.
After some discussion, it was decided that the program title
of Governance expenses would be changed to Governance and
administration expenses on the audit report. Julie Floch discussed
the presentation that was made to the Executive Committee
meeting the previous day.
Notes
to the Financial Statements
The
committee reviewed the proposed addition to Note I regarding
the future office move, and made revisions to the terminology.
The note will be revised and emailed to committee members
for their review and approval.
Management
Letter
The
committee reviewed the comment regarding management expense
allocations. The committee asked that an additional comment
be inserted to address the disbursement of both scholarship
and benevolent reserve funds.
Conclusion
There
was a brief review of the deferred rent schedule that was
prepared by the auditors in July, and distributed at the July
15th Board meeting. Ms. Chambers agreed to recalculate governance
and administration expenses for 2002 and 2003, create a revised
Audit Statement of Activities for both years, prepare a revised
Note I, and prepare a revised program description based on
the changes necessary to properly reflect governance costs.
These schedules were to be sent to the auditors, and the committee,
by the end of the following day. The auditors will present
a draft to Ms. Chambers, for distribution to the committee,
by Wednesday of the following week. A telephone conference
call will be held on Friday, August 22 at 2:00 PM to review
the revised draft.
With
no further business to be discussed, the meeting was adjourned
at 2:50 P.M.
Respectfully
submitted,
David
Haar
Approved August 28, 2003
