Finance Meeting

 Finance Committee minutes July 27, 2016

Finance Committee minutes August 31, 2016

 Old Business — Finance

• Quick Books progress/Restricted Funds
• Budget outline for fundraisers

New Business

• August and September Finance Reports
• Preparation of annual financial report:
•             Income/outgo chart
•             Asset summary chart
•             Narrative
• Membership list updates
• Latest Stantec bill and SOA reimbursement account
• CRS 2017 money
• Insurance concerns
• Financial procedures: checks/balances
• Survey: whatever
• Operating funds vs. capital campaign funds on website
• Preparation of report for BOD meeting
• Preparation of report for annual membership meeting

Minutes of meeting, October 5, 2016

Members present: ST, Mindy Gallagher, Monique Musick, Deirdre Helferrich

Meeting convened 6:35 pm.

Finance committee minutes from July and August accepted

Old Business

• Quickbooks progress – August and September records passed on to Monique to complete entries and financials for annual report.
• Budget outline for fundraisers has been drafted

New business

August and September monthly finance statements were presented and reviewed.

Preparation of annual financial report:

• Narrative completed and submitted by Mindy
• Income/Expense reports – Monique will complete using QuickBooks records
• Asset summary chart – Mindy will complete
• New book donation estimations: Four Winds, Merritt Helfferich, Chris Guinn, Alaskana. Total of approximately $15,000
• Send submissions to Amanda Bent, Monique is too busy.

Grant balances:

• The State Grant will be closed out this month
• At fiscal year end we had $16,731.31 remaining in State grant – it will be closed out with the second bill from Trost for PH work ($42,190)
• Balance from the borough grant is $26,206.25 not counting the final $3,500.  This balance will pay the remaining Trost bill, plus hydro-seeding cost of approximately $3900.

SOA reimbursement account is still going to be sent to regular JTEL account – Mindy will have to transfer funds

Membership list updates:

• Tape and Tarp and LiBerry membership sign-ups, annual meeting etc.
• Create a Google doc with current members –  Deirdre
• Appoint membership management and updating to the secretary

Latest Stantec bill given to Deirdre for payment and reimbursement – Mindy will transfer funds when received.

CRS 2017 – $4,300 this year – propose to BOD allocation as follows:

• Fuel – $1,000
• Electricity – $600
• Insurance – $1,000
• Facilities – $1,700 (insulating under cabin floor, begin building wall mounted       bookshelves.

Insurance concerns – Deirdre had proposed allowing an individual to park their tiny house on PH property.  ST checked with Hale and Assoc. on insurance.  They will not insure for residential use. Would need to seek insurance elsewhere. Estimated residential insurance would be additional $400 – $500 minimum.  Monique expressed concerns about putting in copper wiring in an unprotected area.  Committee recommends not allowing this use of property.

Financial procedures going into new fiscal year.

• Checks and balances are good
• Treasurer creates finance statements and handles transactions, banking needs
• Finance member, currently Monique, will enter Quickbooks and reconcile

Friends of the Library discussion:

• Deirdre has proposed breaking the Friends of the Ester Library off into a new corporate entity, taking with them fundraising, publicity, and work at cabin.  This would leave board with PH Capital Campaign and fiduciary duties.  The idea is to take pressure off the board for fundraising etc.
• Response: The board members enjoy that part of their service – wouldn’t want to   be left with only business matters,  board participation would suffer or interested board members would be double-tasked instead of relieved, would become harder to recruit and retain board members, many would leave.
• Counter-proposal: volunteer coordinator is greatly needed.  Board needs less of a transfer of duties and more of a cadre of support to work with the board.

Operating funds vs. capital campaign funds on website

• Revise statement on Fundraising page so it doesn’t look like all income goes to capital campaign.  Deirdre will do this.

Preparation of report for BOD – Mindy will prepare, based on minutes

Meeting Adjourned: 8:00 p.m.