Finance Committee meeting

Agenda for meeting February 23, 2016

 Old Business

• Annual Reports progress/ internal audit
• Finance and insulation project update
• Financial plan for 2016 cabin projects, including water
• GVEA GoodCents Program?

New business

•  IRS 1099 Form update for Treasurer
• Safety Deposit Box
• GCI bills
• CRS 2016 grant status
• Fred Meyers Community Sharing money
• Procedure for Inventorying Restricted Funds
• Clausen Cabin Restricted Funds
• Pick-Click-Give program fee due
• Alaska Library Association membership
• Hale & Assoc. Insurance
• Draft Finance Report to the Board

Additional items for Finance Committee meeting agenda: The Alaska Community Foundation, which manages our endowment, will need a resolution from the board regarding fund advisors & donor central (electronic statements & other online info). I talked to Alexandra Becker, our endowment contact, about this, and also got our website updated with them. I gave her your e-mail, Mindy. I also told her we were doing an internal audit.

Minutes, February 23, 2016 meeting

 Members present:  Syrilyn Tong, Deirdre Helfferich, Mindy Gallagher

Members absent: Susan Osborne, Hal Osborne

Meeting convened 6:35 pm

No minutes from February 9 or 13 meeting were available.  Will need these for next meeting.

 Old Business

Annual Reports progress/internal audit –Mindy has completed a preliminary audit and typed up monthly finance reports back to October 2011.

Finance and insulation project update  

• Insulation supplies from Northland Wood cost $1730, leaving $270 on account.
• Other supply expenses reimbursed to Eric Glos totaled $235.67.
• Doors, supplies and motion sensor lights from Lowe’s cost $719.78.
• $54.04 was used from SBS account to pay for 2 x 12’s for framing doors.
• Labor cost for installing doors = $500.
• Walls will be mudded, primed, and painted by volunteers.  Paint will be purchased.

Financial plan for 2016 cabin projects, including water – Additional repair work identified during recent project, as well as confirmation of 2 x 6 stringers under the floor, which would not support weight of books, led us to decide we need a budget plan to present to board for prioritization.  Committee members will research costs as follows:

• Install 36” pocket door and move bathroom walls, includes insulating remaining wall – price estimated by Eric Glos as around $500.  We have leftover insulation and 2 x 4’s, which reduces the cost.
• Rewire bathroom wall, move circuit box, reattach wires/outlets – ST will check with an electrician.
• White house – lead paint and/or asbestos? – Mindy will contact Mardy Clayton.
• Confirm Golden Eagle plans to redo septic system and effect on cabin – Deirdre will contact people.
• Price flooring options:  carpet squares vs. laminate flooring – Susan will check prices.
• Cost to add joists to floor, reinforce sagging beams to support 150 lb./sq. ft. – Hans will provide an estimate of cost.
• Non-electric drip stove, rough estimate ~ $2000.
• Fix water system – unknown at this point since we don’t know full extent yet.
• Construction of handicapped ramp – needs pricing still.

GVEA GoodCents Program will be applied for when we identify project and budget needs.

New business

 IRS 1099 Form update for Treasurer – tabled until Treasurer can make it, hopefully next meeting

Safety Deposit Box – ST found that Mt. McKinley Bank had cheaper box rents, $25 for a 3 x 5 box, vs. $35 at Denali State Bank for the same size.

GCI bills – Susan and Mindy have gotten January and February bills paid, hopefully the auto-pay will work in March. Think the problem was the routing numbers.

CRS 2016 grant status – All the necessary paperwork has been filed.

Fred Meyers Community money – Quarterly check received for $29.08.  Three households signed up during the quarter; amount reflects 1 – 2 months rather than full 3.

Procedure for Inventorying Restricted Funds — Next phase of internal audit will be identifying restricted funds from October 2011 forward. Mindy proposed using a ledger system for each fund so that corrections can be made, then more formal reports created when the audit is done. A separate binder will be made for “Restricted Fund Accounts” Committee agreed this was a good plan.

Clausen Cabin Restricted Funds – Discussed some confusion about allocation of CRS funds.  Will need to bring this up at board meeting for resolution.

Pick-Click-Give program fee due – Tabled until Treasurer present.  Board needs to determine where this money will go when we receive it.

Alaska Library Association membership –Tabled until Treasurer can report

Hale & Assoc. Insurance – Initial paperwork arrived.  Discussed concerns that the address of Passive House property is incorrect on their paperwork.  Mindy will follow up on correcting that.

Draft Finance Report to the Board –Tabled until next week meeting.  Much of the report will be budget numbers for consideration.

ACF endowment fund advisors – Deirdre had received communication from Alaska Community Foundation, which manages our ~ $5,000 endowment fund.  They request a resolution from the board regarding fund advisors & their donor central system.  Discussed what this entailed, and will present to board.  Mindy will follow up with ACF.

Meeting adjourned at 8:35 pm.

Next meeting will be on Tuesday, March 1 (confirmed date with Susan, since we want her present), at 6:30 pm.