Fiscal Planning (FP) Minutes
November 7, 2013
Reno, Nevada – Silver Legacy Casino
Call To Order – 10:00
Present: Wendy Olson, Mindy Bergeron, Terri Eckel, Jack Edwards, Frank Green, Ashley Salisbury, Jeff
Scofield, Leonard Walker, Kevin Jensen, Sun Ow
Guests: Sandi Guidry, John Bender, Adam Hatch
Wendy said we have a full agenda and asked for revisions to it – none reported.
Review Minutes from July 7, 3013 FP GoTo Meeting:
Terri explained draft from July 22, 2013 minutes was sent to committee in early August and all edits
have been incorporated. No additional edits. Minutes can be posted to website.
Review of To Do List:
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Mindy to check with Tracy Corta on recommendation for record retention – DONE – it’s 4 years.
Mindy will incorporate all outstanding contracts as liabilities on Balance Sheet – DONE
Treasures’s Report – Mindy
Mindy sent out report via email. Her biggest challenges thus far have been getting WASFAA account
access transitioned to her.
We are doing well, investments are up. Schwab was down for a while but last statement showed
approximately $8,311.29 increase for the month of October 2013. Our investments are managed by
NASFAA’s investment advisors, Lynx and Laperq – she serves on NASFAA Financial Advisory Council.
Mindy added new line for accounts payable. Figured out how to include outstanding contracts and
liabilities associated with those should we ever have to cancel a meeting/conference.
Unrealized holdings on securities – her boss, a CPA and certified Quickbooks Pro, suggested how those
should be displayed – it is income, but not liquid – example like your house that has equity.
Balance sheet summary from last report – compared to where we are now. Things are about the same.
March to June has most activity.
Mindy can give a lot of information to committee chairs re: what’s been spent; income incurred; etc..
She can drill into details of what’s been spent and what’s income and encouraged committee chairs to
ask for that detail if it’s helpful to them.
Leonard needs a copy of the expenses for Site Selection planning and would like to get that from Mindy.
Mindy asked that Leonard email her for that info.
Mindy has been working with Tracy Corta of Jordan & Co out of Idaho to do 2012 taxes. They will be
completed before the due date of the second extension, November 15. Tracy is reviewing previous
years’ books for us as well.
Sandi suggested that committee chairs REALLY pay attention to expenses. Example, charges for Go to
meeting was charged to wrong committee.
Kevin expressed thanks for breaking things down in a more detailed way. Helps with planning
immensely.
BUDGET ADJUSTMENTS for 2013
Wendy said she didn’t get a lot of adjustment requests. When a committee will be overspending, Fiscal
Planning needs to know, as the Treasurer is not authorized to pay for any expenses that exceed the
budgeted amount. When we overspend, we have to offset the expense elsewhere. We MUST have a
balanced budget. We rarely had to dig into reserves the last few years.
Adjustments to the 2013 Budget: Communication Committee de-obligated $1400. Training should still
be at $22,300 for expenses, but income was reduced to $5500. To make the budget remain balanced,
had to increase the dues income by $560. Training income vs. expenses needs to be looked at more
closely because it appears we are subsidizing training more than we should.
Motion to make the budget adjustments:
Motion made by Sun
Second Jack
No Discussion
Vote: All AYES
PROPOSED Budget for 2014
Wendy looked at actual expense number for 2013 and budget requests submitted for the coming year,
which was few. The proposed budget is not a yet a balanced budget yet – we still need to have some
discussions about the priorities going forward before it can be finalized. Wendy reminded everyone the
budget is a spending and income guideline for us. Mindy keeps track of detail and actuals. We can get to
details of our actual expenses and income with the Treasurer’s information.
Kevin asked - when prepping for site selection and visiting prospective sites, does that come from Site
Selection budgeted amount? Leonard answered yes. Leonard does an outstanding job schmoozing to get
good rates and to get things comped. Harrah’s paid for all of his travel expenses when he visited San
Diego – even airfare.
Wendy proposed that the president’s travel should be better detailed in the budget. . Sometimes states
cover some of the president’s travel expenses to the state conferences. “State-Othr Meet” is a catchall
for the president’s travel costs. Mindy will track the actual travel costs of the president with a new
category and will rename “State-Othr Meet” to just “Other Meetings.”Jack proposed that Other
Meetings” should include all other miscellaneous travel for committees.
Jack said cost of travel for NASFAA activities should be included in “Other Meetings” when other EC
members do that travel in lieu of President.
The new category Presidential Travel will have a budget of $14,900.
Sandi said the $5000 for the Conference 2014 budget is there to allow for any extra expenses required
prior to the actual conference.
Jack asked if there would be a need to account for more money to reserve a meeting space further into
the future. Wendy isn’t incorporating the liabilities into the proposed budget, that’s only accounted for
with Treasurer.
Kevin asked for clarification on whether we’ll really need to determine budget adjustments now or can
we discuss and finalize later. Wendy said she’d put her head together with Mindy and come up with a
plan for the EC later today. We really want the Strategic Plan to drive our decisions.
Wendy explained that proposal shows that we are really subsidizing training. Jack asked if we have
traditionally subsidized training. Historically not to this extent. Do we expect training to be a money
making event. Training is a big part of our mission.
Jack pointed out that we need to be fiscally sound and use GoTo meeting whenever possible.
Wendy said a budgeted income from the Auction for funded scholarships was not included because we
don’t know if that continues to be revenue stream for future.
Motion to approve the proposed budget with understanding that Wendy and Mindy will continue to
work on it:
Leonard made motion
Kevin Second
No further discussion
Vote: All AYES
WASFAA Historical Review of Revenue Sources
Frank really wanted this historical comparison to be done. Wendy referenced document and said it’s a
great overview of what we’ve done for the past few years. She will finalize the numbers for fiscal year
2013 once the fiscal year ends.
Frank referenced conference income loss for 2011 – it was in HI and was due to room attrition and other
events – tsunami. Also loss of lenders/vendors contributed to loss. TO DO: Wendy will asterisk that and
include it on the document.
Kevin said it would be interesting to know what % of the conference attendees were in the hotel. How
many didn’t stay and how does that impact things. Wendy said that in the future the conference
committee should include room fill rate on EOY report.
Conference registration rate has fluctuated over the years. Portland was $325 and Phoenix was $275.
Terri said there was confusion re: Phoenix rate – should have stayed $325 with $50 membership fee.
Instead, it was $275 with $50 membership fee. Sandi proposed $275 – $300 for conference 2014 rate.
Doesn’t want to increase too much. Jack said room rates also need to be factored in.
Motion to approve conference rate of $285 + $50 membership fee:
Jack made motion
Leonard second
Discussion:
Kevin suggested that conference fee and registration fee be included on the historical review document.
Wendy will work on making everyone’s suggested edits when things settle a bit.
Vote: All AYES
Unfinished Business:
Record retention rate has to be 4 years and Wendy will include in P & P – Kevin will also incorporate into
P & P.
Ashley reported that everything has been converted to the new cloud service called “Cubby” and Mindy
has access. Mindy will be responsible for putting all fiscal related items on cloud – Mindy said they are
all there. Mindy said that she has a binder with all passwords on her desk at work should anything ever
happen to her.
Kevin suggested that her WASFAA passwords and important info be added to cloud so that more than
one person has access. Suggested that we put in a spreadsheet and password protect. TO DO for Mindy
John Bender said that membership info should also be included.
New Business:
Job Rates – now are $75
Remind that listserv is NOT the way to post a job. TO DO – Ashley will talk with ATAC about screening
job postings submitted to listserv.
Many concurred that NASFAA rate is expensive. Ashley said WASFAA had 38 job postings since May 1st.
Wendy suggested that we increase to $85. Oscar said that we should leave it. Mindy said we are fiscally
sound, so may not be necessary. Sun said that if we need to increase incrementally, won’t be so bad if
we make small incremental increases rather than one large one. John said that it isn’t a huge revenue
stream. Oscar said $7700 is substantial.
Motion to keep job posting rate at $75.
Motion made by Jeff
Terri Second
No discussion
Vote: All AYES
Membership Fees:
John reported some historical info: 09/10 was $40 then 2010 fee increased to $50.
John said $50 is a round number and reasonable. If we were struggling financially we might need to
increase, but we aren’t. Suggested if we were to consider increase, might do a tiered membership and
perhaps increase in vendor rate at some point in future.
Frank commended John’s work on the proposal.
Motion to keep Membership Fee the same at $50:
Mindy made motion
Second Ashley Salisbury
Vote: 9 AYES; 1 NAY
Sun asked about special rate for blog advertisements. Communication Committee got request and
brought this issue to light. Sun proposed $250 for blog post since few view blog. Currently vendors do
training and they also will sometimes post to the blog. Currently for Newsletter - $1000 full page; $750
for ¾ page; $500 for ½ page.
Motion to charge $250 for blog posts.
Frank made motion
Oscar second
Discussion:
Jack doesn’t know if $250 is the right amount to charge. Wendy said that they want to make it
comparable to newsletter posts. Kevin said if we want to have Communication Committee manage this,
there should be a written policy. Oregon has one. Jeff said that we’re asking Communication Committee
to make judgment call on what’s news and what’s an advertisement. Leonard suggested trial offer for
free to see how people react to it. Jack suggested a reduced rate, like $50.
Jeff asked why we charging for training advertisements. Sun said that this info is vetted through other
associations as well. Wendy suggested that Sun bring up that question to the Communication
Committee.
Wendy suggested that Communication committee and Fund Development come up with a proposal that
will be presented to Fiscal Planning and then to EC.
Frank and Oscar withdrew motion.
Training Rate – Adam
When R2T4 training was done people wanted to actually do a worksheet and get into the detail of R2T4.
They want to do a follow-up training via webinar and will allow those who attended the web training to
get a discount since they already attended.
Jack asked how will the discount be managed? Adam said Training Committee would manage the
logistics.
Wendy suggested a reduced rate for everyone. Adam suggested $20. Kevin said all of his people aren’t
in the same location and he’d have his staff all pay the $20.
Motion to make $20 site registration for web-based R2T4 in Winter 2014 for all registrants:
Ashley made motion
Kevin second
No further discussion
Vote: All AYES
Wendy referenced proposed training budget for 2014. Seems we are subsidizing more than we have in
the past. She said that she adjusted Training committee expenses to $20K. Adam said he thought that
was reasonable.
Frank asked if there is history that outlines what was spent for what? Adam said it’s hard to project
because there aren’t a lot of fixed costs; committee members are all over region; trainers are all over
region. Travels costs are varied. Wendy suggested that travel be coordinated with other events –
example Ashley Munro did training in a few states and then attended EC.
TO DO – Adam to get some detail about expenses for last year’s training
Leonard said it’s important to have the detail on expenses from all committees. Also, he said that
committee chairs should be on the committee that they will chair prior to being chair of that committee.
They’d be more accountable. Mindy and Wendy said there is detail and that committees need to project
better. Jeff said that it’s hard for a training committee to project when they begin in May, but the
budget is created the preceding October. Budget year and WASFAA year not in sync. Leonard suggested
that chairs of committees should serve on committees the following year.
Frank – Schedule for Future Meetings
The expense of 2 nights is pricey – almost everyone came to Reno last night and it’s not always
necessary for all to be here the night before. Frank proposes starting the meetings at noon – FP & SP
meet starting at noon. President’s group could meet at dinner Thurs. night. EC meeting would be Friday
8-3.
Mindy said she’s been watching what NASFAA has been doing. They aren’t using Robert Rules as
formally as they always have been per what other similar associations in DC are doing. Also, Jack’s
consent agenda saves us time.
Leonard said that a while back, it was voted on that state presidents come in a day early and it was
understood that it would add an additional expense. Not sure how that translates from year to year.
Wendy said in person meetings need to be done on a limited basis. GoTo meeting should be used.
Asset Inventory - Ashley
Luhui’s laptop is no longer working – should be removed from asset inventory. Ashley will be going back
through inventory while on leave.
Mindy learned something about the Franchise Tax Board prior to getting to EC. She’ll look into that.
Frank asked about Treasure’s computer….do we need a new computer for that position? Mindy said
she’d like to wait on that until elections are over. All agreed to wait.
Motion to adjourn:
Motion made by Terri
Sun Second
Adjourned at 11:50