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Governance
| Finance
Committee Minutes 1/10/08 |
| Day
and Time: |
Thursday,
January 10, 2008, 10:10 a.m. to 2:03 p.m. |
| Members
Present: |
Katharine
K. Doran*, Warren Ruppel, Mark P. Stone, Richard E. Piluso,
and Philip G. Westcott* |
| Presiding
Officers: |
Richard
E. Piluso, Treasurer |
| Staff: |
Suvro
Banerjee, Louis Grumet, William Pape, Omar Sable |
| Location: |
NYSSCPA
Offices, 3 Park Avenue, 18th Floor, Room 4
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REVIEW
AND DISCUSSION ON REVISED COMMITTEE ACTION PLAN
Points
of discussion:
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Chair Piluso said that the committee should not review
the financial statements on a monthly basis. He explained
that is was not necessary to vet the financial statements
because the executive committee and the board of directors
review monthly.
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He
stated that the Finance Committee’s purpose is to
review the budget; and establish broad policy guidelines,
and meets on an as needed basis.
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These
guidelines included discussion on the investments held
by the Society. It was noted that the investment committee
should work closely with the finance committee on investments.
Chair
Piluso asked for a motion to approve the CAP as presented.
A motion to accept the CAP was made and approved unanimously.
PRESENTATION
BY THE EXECUTIVE DIRECTOR & CONTROLLER
Lou
Grumet and Suvro Banerjee gave a joint presentation on the
FY 2009 budget, with Mr. Grumet focusing on the programmatic
goals; and Mr. Banerjee focusing on the fiscal implications
of the goals.
Points
of Discussion:
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The Committee discussed the pros and cons of the Society
paying the expenses related to the Nassau newsletter.
It was decided that the expenses related to the Nassau
newsletter would be paid by the Society in FY 2009; while
the Chapter looks into alternate methods of information
delivery.
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The
Committee reviewed the process of creating Chapter budgets;
and whether the use of actual numbers from FY 2007 would
give a more realistic view of the FY 2009 budget than
the budgets prepared by individual Chapters. The Committee
requested Mr. Banerjee to prepare an analysis comparing
the FY 2007 actual figures and budgeted figures for FY
2008 and FY 2009 for one large Chapter and one small Chapter.
This would be presented to the Committee prior to its
next meeting. In addition, the Committee asked that the
budget be revised to show the effect of using the FY 2007
actual numbers for those Chapters which had large variances
from their FY 2007 budget.
-
The
Committee went over the process by which the FAE budget
is created. Committee members noted that the FAE budget
is approved by the FAE Trustees, not the Finance Committee;
but that the Committee does approve the funds that the
Society allocates to FAE for it to reach its breakeven
point. The Committee asked Mr. Banerjee to send this information
to them in advance of the next meeting.
-
The
Committee decided than an additional $15,000 in revenue
should be budgeted for the CPA Journal as a result of
its national marketing campaign.
NEXT MEETING
Committee
members noted that since there were few revisions to the
budget, that the next meeting would most likely not be as
long as this meeting. In addition, it was noted that since
Live Meeting could be used; there was little need to start
the meeting at 10AM to accommodate those commuting to the
meeting. The Committee members agreed to start the next
meeting at 9AM.
Respectfully
submitted by Omar Sable and Suvro Banerjee
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