Call
to Order
A
quorum being present, the meeting was called to order
at 9:15 a.m.
Review
& Approve September 20, 2005 Meeting Minutes
Mr.
Neville Grusd asked whether or not there should be
any changes to the minutes of the September 20, 2005
Finance Committee Meeting. All of the members present
unanimously approved the minutes as written.
Review
and discussion on Revised Committee Action Plan
Points
of discussion:
There will be a discussion to talk
about not going over budget in FAE. John Oehler asked
how can we control going over budget in FAE? Are we
allowed to make a profit? Or are we only allowed to
break even? Lou noted that FAE would remain on budget
by having some major conferences later or cutting
staff. Also, the Society should have a reserve of
about $ 1 million eventually without increasing the
member dues shortly.
Mr.
Oehler asked if the Committee Action Plan complies
with the Bylaws. Mr. Grusd moved to adopt the CAP
subject to the review by Counsel. It was seconded
by Mr. Oehler and unanimously approved. Adam was asked
to follow up with Mr. Woehlke.
Review
of Financial Statements for the 3 month ended 8/31/05
Points
of discussion:
Mr.
Grusd said that the Finance Committee should have
all documents that pertain to the financial statements.
For example, emails that pertain to them. Also, to
create an Index to better navigate through the financial
statements.
Place
a Summary of the expenses at the beginning of the
statements and place the allocations of the expenses
in the back of the report. Mr. Grusd recommended changing
the layout and presentation of the 70-page fiscal
report. Also, he suggested that a 5% allowance for
bad debt be applied to the Member Dues; that Real
Estate tax should be reclassified from Repair &
Maintenance to a new line item; that Contributions
to FAE be accrued every month. Finally, Mr. Grusd
urged other committee members to forward any comment
on the fiscal report to Adam.
Other
recommendations included were that material variances
anywhere in the Financial Statements should be explained.
Mr. Grusd also made the following points and questions.
Consolidating
Statement of Cash Flows: The Deferred Membership
revenues amount has a huge variance. (Note that there
is a timing issue.)
Professional
Competency Allocation: Why the big savings, need
to explain further. What is the time frame for our
closing? Should we revise our budget every quarter?
These points are to be discussed in the following
meeting.
DASHBOARD:
Should be on one page.
Internal
Control & Organizational Chart: This will
be discussed in our next meeting. And recommendations
will need to be provided.
Ms. Piazza questioned the budgeted
$48,000 Membership-Other Income account. Adam was
asked to find out the answer for the next meeting.
Mr. Grusd explained that he would be looking into
the possibility of amending the current year’s
budget.
All members approved the 3 month ended 8/31/05 Financial
Statements
Adjournment
There
being no further business, the meeting adjourned at
approximately 10:35 a.m.
Next
Meeting
The
next meeting would be scheduled 30 days in advance
after the Executive Committee convened in December
2005.
Respectfully
submitted,
Omar
Sable
Approved
by Finance Committee January 20, 2006
