Finance Committee Meeting

JTEL Finance Committee

Agenda for meeting March 1, 2016

 Minutes from February 13, 2016

Minutes from February 23, 2016

 Old Business

• Inventory of Restricted Funds progress
• Finance and insulation project update
• Financial plan for 2016 cabin projects
• IRS 1099 Form update for Treasurer
• Safety Deposit Box recommendation, signers needed
• CRS 2016 grant status
• Pick-Click-Give program fee due
• Alaska Library Association membership
• Hale & Assoc. Insurance

New business

•  Audit recommendations for grant purposes
• Finance Report to the Board

JTEL Finance Committee

Minutes, March 1, 2016

 Members present:  Syrilyn Tong, Deirdre Helfferich, Mindy Gallagher, Hans Moelders

Members absent:  Susan Osborne, Hal Osborne

Meeting convened 6:40 pm

Minutes from February 13 and 23 presented and accepted

 Old Business

Inventory of Restricted Funds progress – Mindy has started reviewing FY2012 restricted fund donations and is focusing on Ruth Jasper Children’s Fund donations and accrued interest. A spreadsheet of pre-rated interest until present has been created for reference.

Finance and insulation project update –

With all receipts in, we spent $2087.47 on insulating, sheetrock, mudding and primer paint supplies.

Deirdre and Mindy looked at pricing paint and possible colors; we still need to buy paint.  $270 remains at Northland Wood account.

$119.41 (?) remains at SBS account.

$1,219.78 spent out of CRS2016 money on 2 doors, installed, and 2 motion sensor lights, not yet installed.

$6,699.96 remains available for cabin projects

Financial plan for 2016 cabin projects

1. $500 estimate from Eric Glos to move bathroom walls, install 36”pocket door, insulate and sheetrock remaining wall.
2. Rewire bathroom wall, move circuit box, reattach wires/outlets.  ST was unable to get an electrician friend to estimate.  Deirdre will check with Andrew Hunt. (Note: his estimate from last year for entire cabin was $3675 for labor and parts)
3. Create a secure office area – no estimate because several options need to be decided among.
4. White house – Mardy Clayton, Haz-Mat specialist/trainer for Laborer’s Union, said building undoubtedly painted with lead paint, which is currently peeling.  Of greatest concern is paint around doors and windows, where activity causes paint to flake off as a powder.  Lead is of greatest concern around children.  He suggested we get a test kit from Arctic Fire and Safety. Speed of color change indicates amount of lead concentration. Best way to deal with lead is to remove the paint and dispose of it properly, then repaint.  (Note: Deirdre and Mindy later tested the paint, and white paint has lead, green paint apparently not). He also said the house undoubtedly has asbestos in the construction, because it wasn’t banned until 1978 (although they allowed it to be used until 1980 if it was still in stock). Asbestos was used in linoleum and the glue used to seal it to floor, and in ceilings/roofs.  Best way to avoid exposure is to not tear up these parts of the structure.
5. Golden Eagle plans to redo septic system – Hilary said they are doing this this summer, leach field is at far end of parking lot next to Clausen cabin.  It should not affect us, and she is mostly working with Frank Therrell.  We have our own leach field, which is okay, to our knowledge.  Our well is not currently in use, water is not potable.
6. Price flooring options – Susan not present, so ST said she would check on prices (Note: Susan emailed later that stick-on carpet squares at Lowe’s, cost $1.65/sq.ft., but not very durable quality).  Previous estimate from Scott Allen for laminate flooring at MacShayne’s was $1.65/sq. ft., sale price.
7. Cost to add joists/ beams under floor to support 150 lb./sq.ft.  Hans estimated for 3 30-foot long joists, plus concrete blocks to support and level cabin ~ $800
8. Non-electric drip stove, rough estimate ~$2000.  Eric Glos said Monitor is going to be hard to fix/find parts for, plus requires electricity, so not good for outages.
9. Fix water system – unknown, do not know full extent.  Pump frozen up.
10. Construction of handicapped ramp – needs pricing and decisions on where it goes.

IRS 1099 Form update for Treasurer – Tabled until Treasurer present

Safety Deposit Box recommendation, signers needed – At $25 for a 3×5 box, we recommend Mt. McKinley Bank, signers to be President, Vice-President, Treasurer

CRS 2016 grant status – check not received yet.  Mindy had contacted Eric Holland at the borough, and he said he would check on what was holding it up.

Pick-Click-Give program fee due March 31.  Tabled until Treasurer present.

Alaska Library Association membership.  Tabled until Treasurer present

Hale & Assoc. Insurance preliminary paperwork reviewed.  Questions about addresses of Passive House property.  Mindy will follow up.

New business

 Audit recommendations for grant purposes – Mindy talked with Anne Ruggles, Executive Director at North Star Dance, and finance board member for Friends of Creamer’s Field.  She said a full audit could run into the thousands of dollars.  She suggested we could get a good audit done by paying a CPA to do our IRS tax filing using Form 990 or 990-EZ.  This would probably cost a few hundred dollars.  Then we could use that information for grant applications.  Susan and Mindy did the 990N e-postcard in January, which was all we needed to do for our size non-profit, and we didn’t have enough records to do the more detailed forms at that time. GVEA GoodCents grants will take just an internal audit (we could do this one), bigger grants need 3 years of CPA-audited records, and Rasmusen Foundation wants 5 years of CPA-audited records for their larger grants. With help, Mindy could start working towards getting some version of 2014 and 2015 records done to that standard, but there are still some gaps and holes, compared to what is expected. Current records are being kept to a standard which will allow us to get a good audit of 2016 records, when the fiscal year is done.

Anne also said a good accounting of restricted funds is critical.  Mindy is currently working on this project.

Finance Report to the Board was drafted out and added to.  Will be typed ready for presentation at March 9 board meeting.

Meeting adjourned at 8:15 pm.

Next meeting not set, but a suggested date would be March 15 or 16.  Contact between Susan Osborne and Mindy Gallagher after the meeting indicated that Susan will be unable to continue as Treasurer due to a family situation which will take several months to resolve.