Save the completed report using Committee title and date ( example: WASFAA_JRSMLI_Oct_2.doc ).
Submit your report via email to the WASFAA Executive Council listserv and post a copy to the Committee
webpage on the WASFAA website.
Quarterly WASFAA Committee Chair Report
Executive Council Meeting Date
November 19 & 20, 2014
Executive Council Meeting Location
Handlery Hotel, San Diego, California
Committee Information
Committee Name
Fiscal Planning Committee
Chair(s) (Name, Place of Employment, State)
Wendy Olson, Whitworth University, WA
Committee Members (Name, Place of
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
Employment, State) Please put an asterisk next to
first-time committee members.
Committee Goals
Strategic Plan Goals that are being met (check all that apply)
Goal 2: Maintain the long-term financial stability of WASFAA
X
Goal 8: Collaborate and coordinate with other organizations and associations
X
Specific Committee Goals(Include progress toward goals and measurement of success.)
2014-15 Fiscal Planning Committee Goals
Approved June 2014
1.
2.
3.
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7.
8.
9.
10.
11.
12.
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15.
16.
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.
Establish a balanced annual WASFAA budget for 2015.
Monitor WASFAA assets with the Treasurer and Treasurer Elect.
Monitor the current WASFAA asset reserve policy.
Determine how to invest funds from checking account that exceed average 3-month budget.
Make recommendation as to ways to use some of our asset reserves that exceeds the amount set by policy.
Review annually the adequacy of the current level of WASFAA insurance coverage with the Vice President.
Review and make recommendation for membership fee amount for 2015-16 in conjunction with the membership
committee chair.
Make arrangements to have WASFAA’s fiscal records reviewed in 2015.
Assist the Historical Archives Chair with the update of the WASFAA asset inventory at least annually.
Review fiscal management documentation for WASFAA and update the Policies and Procedures as needed.
Develop effective policies regarding the fiscal-related activities of WASFAA.
Develop ways to help keep WASFAA’s expenses down but maintain the essential services and quality of service.
Make meaningful recommendations to the Executive Council regarding the financial affairs of the Association.
Have whenever possible, a Fiscal Planning Committee member participate on NASFAA’s FAC Committee.
Review fiscal policies established by other states and regions for ideas to be considered for WASFAA.
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Quarterly WASFAA Committee Chair Report
17. Collaborate with NASFAA and CASFAA regarding finding possible vendors/sponsors for WASFAA.
Summary of Committee Activities for the Quarter
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14.
Established preliminary goals for 2014-15
Updated committee membership on website
Reviewed Treasurer’s reconciliation documents
Requested EC to provide budget revision request prior to June meeting
Reviewed with Treasurer the action items from year-end meeting
Determined budget adjustments needed
Began investigation of non-profit requirements
Discussed with Treasurer possible strategies for investing funds beyond the three-month average
Worked with Ashley Salisbury to determine how to dispose of WASFAA items of value that are no longer needed
by WASFAA.
Developed agenda for our November meeting
Reviewed Treasurer’s reconciliation documents
Requested EC to provide 2014 budget revision requests & 2015 budget requests prior to November meeting
Had a phone meeting with Treasurer to prepare for the November meeting and new budget cycle
Reviewed fiscal items in our Policies and Procedures manual and made recommendations for revisions via email
Measures Tracking Tool Data Collection Information (Include required
Measures Tracking Tool data collection information to help determine progress toward Strategic
plan goals/activities that are the responsibility of your Committee. See Appendix F of the current
WASFAA Strategic Plan for guidance.)
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 - IP
Budget Information
Approved Budget
$100
Budget Expenditures to Date
1.
0
Calendar of Events/Timelines
Committee Member
Responsible (if
Description
May
Chair
Request agenda items and budget revisions
May
Chair
Prepare preliminary goals for year
May
Chair
Contact chair(s) with upcoming events to see if a rate needs
to be proposed and voted on
Date
applicable)
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Quarterly WASFAA Committee Chair Report
May
Chair
Add members to the information on WASFAA website
May
Chair
Work with treasurer to set up fiscal review
October
Chair
Request agenda items and budget revisions
October
Chair
Prepare agenda
October
Chair
Contact chair(s) with upcoming events to see if a rate needs
to be proposed and voted on
Ongoing
Review reconciliation documents
Ongoing
Monitor budget usage
Ongoing
Review asset inventory with Historic Archives
Ongoing
Review goals for committee and strategic plan
Ongoing
Support Treasurer-Elect
Ongoing
Review and update policies and procedures
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