Fiscal Planning Meeting
June 25, 2014
Called to order 10:18
Minutes for review for TO-DO
 Wayne Mahoney- will do official report for review of books. Scott Nielson still working on this. In
progress, not completed.
 Mindy Bergeron – research where to move the money, partially completed.
 Mindy Bergeron- 2013 and 2014 budget for scholarships- DONE
 Sun Ow- vendor blog postings- DONE
 Kevin Jensen- Pres-Elect should be issued a WASFAA credit card- DONE,
 Tracey Lehman- Make sure dealing with insurance is in Policies and Procedures. Event
coordinators should contact VP to check insurance rates- not confirmed completed.
 Date set to make sure contracts are moving forward. Treasurer is responsible- DONE
 Secretary to manage 2nd survey monkey listed in P&P- DONE.
Sun Ow moves that we consider a proposal for article advertisements by vendors on the blog. Frank
Green seconded. Motion carries unanimously.
Kevin Jensen moves that we add Past-President as a valid user for AK Airlines card with a $3500 limit,
and that the Southwest Card is something that is held only by the Treasurer and the travel
coordinator with the $20,000 limit. Barbara Bickett seconded. Passes unanimously.
Clarification southwest airlines card, treasurer and travel coordinator. No limits set, other than general
$20,000 limit.
Wendy Olson will send President a list of people that need to see contracts for events and announce
that event coordinators contact Vice President about insurance regulations.
Treasurer’s Report, Mindy BergeronFDIC covers $250,000 in each account, so we’re OK. Both accounts are covered separately for that
amount, even at same institution. Investments are doing well. Since April, Vanguard account 1 is up
$10,000, Vanguard account 2 is up $3,000, and Charles Schwab account is up $8074.80. We need to
move some money out of operating account. Amounts provided doesn’t include amounts for Summer
Institute 2014. Mindy’s suggestion is to move about $100,000 into Schwab out of checking account, or
Maximizer (depending upon the bill for Summer Institute). Recommendation from Kevin and Frank to
move $150,000. 2013 taxes extended until November, but Mindy will process prior. Breaking down
some notes to show charitable and EC meetings costs more closely. Vice President needs to review
financial records. A subcommittee to meet separately for scholarship accounting discussions.
Frank Green moves to move $150,000 out of Bank of American and into Charles Schwab account.
Kevin Jensen seconded. Passes unanimously.
Wendy Olson will add Jack Edwards to WASFAA Fiscal Planning Committee, since is he on NASFAA’s
Fiscal Committee. Note that Jack facilitates the state President’s Group, so may not be able to attend.
President can decide how that happens.
Frank Green will talk with Justin Draeger/NASFAA Chair about protocol for determining who will serve
on the Fiscal Planning committee for NASFAA from our region.
Budget Adjustments for 2014
Great income for Reno conference, over $30,000. We can use this money to replace equipment. Its
already approved to purchase new projectors (Apr 2014). To do this, we moved $3000 into Electronic
Services for purchase of projectors.
INCOME
Charitable donations for scholarships adjusted for $2700
Conference income adjusted down by $18900 from projected. Actual costs also adjusted.
Training income adjusted up by $10000
Additional holdings also increase
EXPENSES
Increase for expenses of charitable contribution funds by $1145
Reduction of expenses for conference $22000
Electronic services increase $3000, fund development $250, and federal relations $100, Presidential
travel increase to $14500, scholarship $1303,
Reduce membership gift by $1000.
Now, reliance on asset reserves will be $5998 (projection).
Frank Green moves to accept budget modification. Wendy Olson seconded. Passes unanimously.
Kevin Jensen moves that we eliminate old projectors as assets through sales and donations. Ashley
Salisbury seconded. Passes unanimously.
Ashley Salisbury will send out email to EC members offering to sell old projectors for $50 plus the cost of
shipping. If we have projectors left after this, we will donate to community organizations in need.
Asset inventoryStorage unit needs to be completely re-organized. Ashley Salisbury will work on scanning document.
Policies and Procedures say we have to keep documents for four years. By year end, Ashley will have
asset inventory updated.
Fund Development Report2014 amounts earned came in 2013, since checks for conference were received prior to January 1st. We
will record this information, but it’s still included in the 2013 income. We had 22 vendors at the Reno
conference, many new vendors. We should continue with the business solution sessions and the
sponsorship of the breaks.
Fiscal Planning Goals for 2014
1. Monitor the annual WASFAA 2014 and 2015 budgets including the review of Committee/Activity
Budget Revision Request forms for FY 2014, and Budget Expenditure Request forms for 2014
and 2015 submitted by committee chairs/co-chairs.
2. Establish a balanced annual WASFAA budget for 2015.
3. Monitor WASFAA assets with the Treasurer and Treasurer Elect.
4. Monitor the current WASFAA asset reserve policy.
5. Determine how to invest funds from checking account that exceed average 3-month budget.
6. Make recommendation as to ways to use some of our asset reserves that exceeds the amount
set by policy.
7. Review annually the adequacy of the current level of WASFAA insurance coverage with the Vice
President.
8. Review and make recommendation for membership fee amount for 2015-16 in conjunction with
the membership committee chair.
9. Make arrangements to have WASFAA’s fiscal records reviewed in 2015.
10. Assist the Historical Archives Chair with the update of the WASFAA asset inventory at least
annually.
11. Review fiscal management documentation for WASFAA and update the Policies and Procedures
as needed.
12. Develop effective policies regarding the fiscal-related activities of WASFAA.
13. Develop ways to help keep WASFAA’s expenses down but maintain the essential services and
quality of service.
14. Make meaningful recommendations to the Executive Council regarding the financial affairs of
the Association.
15. Have whenever possible, a Fiscal Planning Committee member participate on NASFAA’s FAC
Committee.
16. Review fiscal policies established by other states and regions for ideas to be considered for
WASFAA.
17. Collaborate with NASFAA and CASFAA regarding finding possible vendors/sponsors for WASFAA.
Approved unanimously.
Ashley Salisbury mentioned a problem with job postings being sent through the list-serve. There is a
message from ATAC saying “do not use this for job posting”. Other option would be to have a monitor
for the list-serve, but this is too much effort.
Vice President needs to ensure that the insurance is renewed.
New Business:
MLI Chair Kay Soltis- some of the 2013 costs were paid by school donations, so 2014 budget should
reflect that, it might cost more. This year, the group won’t have to travel as much, since the location is
the same. Projected fees- increase by $5. Won’t be enough to cover cost of printing, but wants a small
bump each year.
Member residence- $680
Member commuter- $460
Non-member residence- $730 (includes the $50 membership)
Non-member commuter- $510 (includes $50 membership)
Frank moves to accept Kay’s projected budget and fees. Ashley Salisbury seconded Passes
unanimously.
Adjourned 11:47.
Review of To-Do Items:
 Wendy- send President a list of people that need to see contracts for events and announce that
event cords contact VP about insurance regulations.
 Wayne Mahoney- will do official report for review of books. Scott Nielson still working on this.
 Mindy Bergeron – research when to move the money
 Tracey Lehman- make sure dealing with insurance is in Policies and Procedures. Event
coordinators should contact VP to check insurance rates.
 Wendy- add Jack to Fiscal Planning Committee.
 Frank- talk with Justin Draeger/NASFAA Chair about protocol for who will serve on the Fiscal
Planning committee for NASFAA from our region.
 Mindy- 2013 taxes
 Wendy- Subcommittee to meet separately for scholarship accounting discussions
 Ashley M.- research portable microphone. Leonard to look into what rules might be for
locations. Work with Ashley S. bring suggestions to next budget adjustment meeting.
 Ashley S- send email about sale of projectors
 Ashley S- asset inventory
 Ashley M- needs to get 2nd survey monkey account information- who has it?
Email Motions and Votes:
August 6th motion by Ashley Salisbury to increase the Awards and Scholarships Committee budget by
$2550 to offer more scholarships. Seconded by Frank Green. Passes unanimously.
October 24th motion by Ashley Salisbury to offer the camera and accessories (together) for sale to the
Executive Council, with the best offer being accepted by the end of the meeting on November 20.
Seconded by Sun Ow.