Finance Committee meeting

Finance Committee minutes June 8, 2017

Members Present: Mindy, S.T., Monique

Minutes approved – from May 2 and April 4

Accounting review – completed. Cost: $350

Restricted funds accounting:

Bought beanbags from Kids Read grant

Dedicated funding for accountant- some carry forward

Reworked Community Revenue Sharing accounting for this fiscal year – preparing for year-end report.  Mindy will file closing paperwork at the end of June.

990 E-Z is filed with IRS and accounting expenses paid.

New Quickbooks progress: The process of filing the E-Z form led to some accounting questions and Quickbooks updates.  In some line-item areas, ST noticed amounts that didn’t match, these were found to be in other areas.  ST worked to resolve accounts to match records/files, accountant Virginia Farmier also back-dated depreciation.

Reviewed May monthly finance summary.

Bills/Income/Reimbursements:

Purchased raspberries (need to set-up rain catch system or plan for hauling water. The more that we plant or develop in the yard, the more we need to address water)

Budget status – at 54% of expected budget – (not counting final Behr bill and PH grants/expenditures)

Finance policy –A draft generic policy was downloaded for review and adaptation.  Discussed some of the good aspects of the policy – was interested in particular in the budgeting process and other suggested standard operating procedures.  We should establish deadlines for the planning process. Suggest having a draft budget developed for the board in August and approved under the new board in November.  Mindy and ST will review the policy and draft an initial JTEL version.

Proposed budget for the Tape & Tarp Ball

Sound – $350

Band – $125

Marketing – $50

Auction supplies – printing, tickets, etc. – $30

Total = $555

Cookbooks and t-shirt sales – we need to order more binders for cookbooks and will discuss t-shirt sales with the board.

Publicity – Discussed poster with Amanda, she is going to do this

Monique will create a Facebook Event:

Cotton Ginny @ the Malemute Saloon, July 15, 2017, 7 p.m. – 11 p.m.

S.T. developed a donation letter – board members need to get out and hustle donations

Behr electric – still need a final bill.  Will send a check along with estimate less credit tendered in order to close it out.

Additional donor recognition needs to be added to the Friend of the Library page to recognize those who donated to the accounting review fund.

Other:

Gulliver’s Credit – need to make a plan to purchase books while Gulliver’s is still open. We have about $1,354 in used book credit.

Purchase hardbacks of various styles to help establish the Clausen collection

Fill in missing books (e.g. Harry Potter series)

Seek out young adult section

Adjourn 7:37