Save the completed report using Committee title and date (
Submit your report via email to the WASFAA Executive Council listserv and post a copy to the
Committee webpage on the WASFAA website. example: WASFAA_JRSMLI_Apr_14.doc
).
Executive Council Meeting Date
Executive Council Meeting Location
April 11, 2015
Harrah’s Valley Center, California
Committee Name
Chair(s) (Name, Place of Employment, State)
Fiscal Planning Committee
Wendy Olson, Whitworth University, WA
Committee Members (Name, Place of Employment, State) Please put an asterisk next to first-time committee members.
Mindy Bergeron, JFK Univeristy, CA
*Barbara Bickett, DeVry, CA
Frank Green, Travel Institute of the Pacific, HI
Kevin Jensen, College of Western Idaho, ID
Tracey Lehman, Oregon Institute of
Technology, OR
*Ashley Munro, University of Alaska, Fairbanks,
AK
Sun Ow, Great Lakes Higher Education, CA
Ashley Salisbury, University of Nevada, Reno,
NV
Leonard Walker, Jr., University of Nevada
School of Medicine, NV
Strategic Plan Goals that are being met (check all that apply)
Goal 2: Maintain the long-term financial stability of WASFAA
Goal 3: Assess and monitor the performance of the Association and implement strategic adjustments
Specific Committee Goals (Include progress toward goals and measurement of success.)
Approved June 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. DONE
2.
Establish a balanced annual WASFAA budget for 2015. DONE
3.
Monitor WASFAA assets with the Treasurer and Treasurer Elect. DONE
4.
Monitor the current WASFAA asset reserve policy. DONE
5.
Determine how to invest funds from checking account that exceed average 3-month budget. DONE
6.
Make recommendation as to ways to use some of our asset reserves that exceeds the amount set by policy. DONE
7.
Review annually the adequacy of the current level of WASFAA insurance coverage with the Vice President. DONE
8.
Review and make recommendation for membership fee amount for 2015-16 in conjunction with the membership committee chair. DONE
9.
Make arrangements to have WASFAA’s fiscal records reviewed in 2015. NOT DONE
10.
Assist the Historical Archives Chair with the update of the WASFAA asset inventory at least annually. DONE
11.
Review fiscal management documentation for WASFAA and update the Policies and Procedures as needed. DONE
12.
Develop effective policies regarding the fiscal-related activities of WASFAA. DONE
13.
Develop ways to help keep WASFAA’s expenses down but maintain the essential services and quality of service. DONE
14.
Make meaningful recommendations to the Executive Council regarding the financial affairs of the Association. DONE
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15.
Have whenever possible, a Fiscal Planning Committee member participate on NASFAA’s FAC Committee. NOT
POSSIBLE
16.
Review fiscal policies established by other states and regions for ideas to be considered for WASFAA. DONE
17.
Collaborate with NASFAA and CASFAA regarding finding possible vendors/sponsors for WASFAA. DONE
1.
Established goals for the committee for 2014-15
2.
Updated committee membership on website
3.
Reviewed minutes for each Fiscal Planning Committee meeting when made available
4.
Reviewed action items from previous meeting prior to each meeting
5.
Reviewed Treasurer’s reconciliation documents each month
6.
Requested EC to provide budget revision request prior to each meeting
7.
Determined budget adjustments needed
8.
Developed agenda for each EC meeting
9.
Had regular phone meetings with Treasurer
10.
Wrote articles for the newsletter
11.
Suggested changes to the P&P
12.
Explored ideas for utilizing our funding that exceeds required level of assets
13.
Set up form to track changes in asset values
14.
Worked with Historical Archives to determine how to dispose of WASFAA items of value that are no longer needed by
WASFAA
15.
Discussed insurance renewal with VP and Treasurer
16.
Shared documents and forms with Fiscal Planning Chair for 2015-16
17.
Updated documents which provide historical background of our assets and expenses
Goal 2 – a. Maintained balanced budget in 2014 – Yes b. Asset reserve is maintained at 2 times most recent three-year average – Yes c. Budget comprised of more diverse sources of revenue – Added additional ads to sell to vendors d. Investment policy & strategy reviewed and updated – IP e. Annual review of membership dues and fiscal policies completed - Yes
Budget Information
Approved Budget
Budget Expenditures to Date
Add more rows as needed for additional events.
$100
1.
0
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1.
Make sure that everyone is clear on what cash-basis accounting is.
2.
Begin early to make plans for the fiscal review.
3.
Help the Treasurer with situations where proper receipts have not been received or questionable reimbursement requests have been received.
4.
Keep number of people on the committee small, but do invite guests for specific committees when it is appropriate.
5.
Use the projector for review budget numbers rather than handing out printed documents. Be sure to send out approved budget values after EC approves any changes.
Date
May
May
Committee Member
Responsible
Chair
Chair
Description
May Chair
May
May
Chair
Chair
October Chair
October Chair
October Chair
January Chair
January Chair
January Chair
January Chair
January Chair/Treasurer
January Chair
February Chair/VP/Treasurer
March Chair
March Chair
March Chair
Ongoing Chair
Ongoing Chair
Request agenda items and budget revisions
Prepare preliminary goals for year
Contact chair(s) with upcoming events to see if a rate needs to be proposed and voted on
Add members to the information on WASFAA website
Work with treasurer to set up fiscal review
Request agenda items and budget revisions
Prepare agenda
Contact chair(s) with upcoming events to see if a rate needs to be proposed and voted on
Request agenda items and budget revisions
Prepare agenda
Contact chair(s) with upcoming events to see if a rate needs to be proposed and voted on
Update Budget Comparison & Asset Reserve Historical
Document
Update Investment Tracking Spreadsheet
Update Historical Review of Revenue Resources
Review insurance policies, renewals, needs
Request agenda items and budget revisions
Contact chair(s) with upcoming events to see if a rate needs to be proposed and voted on
Prepare agenda
Review reconciliation documents
Monitor budget usage
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Ongoing Chair
Ongoing Chair
Ongoing Chair
Ongoing Chair
Review asset inventory with Historic Archives
Review goals for committee and strategic plan
Support Treasurer-Elect
Review and update policies and procedures
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