Budgeting
Process
Mr.
Grumet presented a number of items that he would like
to see included in the next year’s budget, including
an allotment for increased minority recruitment, COAP
fundraising programs, an outreach to high schools, possible
dissolution of the Benevolent Fund with the money going
to the Foundation’s Scholarship Fund, and the relocation
of the NYSSCPA offices. Ms. Chambers reviewed the budgeting
process and the timing of information gathering.
Investment
Committee
Mr.
Bloom asked for volunteers to serve on this sub-committee.
Mr. Frank Aquilino, Ms. Susan Barossi, Mr. Bloom, and
Ms. Patricia Wright agreed to be members of the committee.
A meeting will be scheduled for the committee to hear
the reports of our investment advisors.
Internal
Control review
The
Board of Directors requested that an outside audit firm
be hired to conduct an internal control review of the
organization. Mr. Aquilino suggested either using our
previous auditors or going to a non-member firm, possibly
from out of state. Another suggestion was to go through
a bidding process similar do the one just completed in
our search for a new audit firm. Discussion ensued on
these suggestions, and a consensus was reached that we
shouldn’t use an existing or previous auditor. A
solicitation letter and a request for proposal (RFP) will
be prepared. Mr. Bloom and Ms. Chambers will create the
forms, and forward to the other members of the committee
for finalization by the second week of November.
Future
Finance Committee Meetings
There
will be a full-day budget review meeting on January 21,
2004 and another meeting on January 28, 2004 to finalize
the budget. Both meetings will be held at the Society
offices.
Other
Issues
The
Internal Revenue Service will be conducting a limited
scope audit on the NYSSCPA Form 990 for the fiscal year
ending May 31, 2002. Ms. Chambers has been asked to provide
the committee with an update on the audit.
There
being no further business, a motion was made to adjourn
the meeting at 11:15 AM. The motion passed unanimously.
Respectfully
submitted,
David Haar, NYSSCPA staff
Approved 1/21/04
