Approval of Minutes

The minutes of the October 30, 2002 Finance Committee meeting were unanimously approved.

Report by Frank Aquilino on the Investment Committee meeting held December 20, 2002

Frank Aquilino reported on the presentations that were done by Sanford Bernstein, Merrill Lynch, and UBS- Paine Webber. Bank of New York was invited but did not attend. Merrill Lynch is interested in providing services to the company, and will submit a proposal in February. After the Investment Committee reviews the Merrill Lynch documents, a telephone conference will be arranged for the Finance Committee.

Budget overview for fiscal year ending May 2004

Mr. Lifson presented a Program Summary graph showing the trend of revenues and expenses from FY 2000 through the proposed budget of FY 2004. General discussion ensued, and it was agreed that the net improvement has been achieved mainly through expense reductions. Revenue will have to be closely monitored. Louis Grumet discussed how the organization has shifted resources to better serve members.

Budget Framework and Presentation

Lynn Chambers gave a brief overview of the budget process and the procedures that were used. A general discussion of the Chapters’ budgets ensued. Since the Southern Tier chapter did not submit a budget, Ms. Chambers will use the actual FY 2002 results for their FY 2004 budget.

Ms. Chambers reviewed the Program Summary budget that was handed out as well as the Department Summary budget. and led the Committee through a review of each Society department. Several changes will be made in the second draft.

Alan Schmelkin then explained to the Committee how the education program budget was created.

After the budget review, it was noted by Mr. Lifson that changes to the budget are minimal. Jeffrey Hoops remarked that it seemed the budget would end up at break even, and that further expense reduction would be difficult. Sharon Fierstein remarked that she was optimistic about the budget. The remainder of the committee agreed.

There will be a teleconference held on Friday, January 24, 2003 starting at 9:00 AM. A second draft will be emailed on Wednesday, January 22nd. Any member who can not attend the Friday meeting was asked to email their comments to Ms. Chambers by Thursday afternoon.

There being no further business, the meeting was adjourned at 12:20 PM.

Respectfully submitted,
David Haar, NYSSCPA staff
Approved 1/24/03