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Finance Meeting March 30, 2016
March 30, 2016 @ 6:30 pm - 8:30 pm
Agenda for March 30, 2016
Finance Committee minutes March 22, 2016
Old Business — Finance
- Alaska Library Association membership fee
- Hale & Assoc. Insurance
- Inventory of Restricted Funds
- Internal Audit update
New business — Finance
- Report for BOD meeting
- Welcome new members
- Begin developing budget
- Quick Books
- Mid-year report
- Formalize internal audit for GVEA GoodCents grant
- Collections request for online catalog help
March 30, 2016, Minutes
Finance Committee
6:30 p.m. Clausen cabin
- Mindy Gallagher
- Syrilyn Tong
- Deirdre Helfferich
- Jean Laurencelle
- Monique Musick
Minutes from combined finance and facilities March 22.
Motion to adopt: Deirdre
Second: Syrilyn
Approved
Welcome new members – background
Two months were spent organizing records in the cabin and cleaning up the notebooks at the Clausen cabin/JTEL office. A lot was accomplished, but there’s lots left to do.
Some dedicated funds for the Clausen cabin have been held and not spent in their appropriate fiscal year.
A lot of catch up in reporting and filing has been accomplished.
This year’s Community Revenue Fund was received.
Met in a joint meeting with facilities last week in order to facilitate the utilization of CRS funds prior to June 30 deadline.
Gary created three potential floor plans to submit to the board.
The projects related to this years’ funding have already begun including replacing doors. Other projects, board approved, are on the schedule for this Spring. Volunteer labor has been utilized. Thanks to Hans Molder and Eric Glos.
A total of $5,774.21 is dedicated to the Clausen cabin from previous year allocations.
We were able to submit final paperwork using actual expenses, however moving forward we will be doing designated projects in the appropriate timelines.
Current projects include remodeling the bathroom and creating a locking office.
Alaska Library Association Membership Fee
No invoice has been received, but it was due last fall.
Deirdre will follow up.
Hale & Associates Insurance
James met with them over spring break. They are still working on numbers.
They are asking questions about the storage trailer. It is not currently insured and needs to be added to the policy. James is handling. Over-insurance is a concern.. Do our books need covered? We need to keep a limited budget in mind. Our main concerns are covering our structures and liability.
Insurance coverage should be brought to the board.
Inventory of Restricted Funds
Limited time to review. Need the numbers tracked in the updated Quickbooks.
Creation of last years’ budget – overhaul of Quickbooks account
Monique will take Mindy’s numbers, the bank statements and start our Quickbooks over from scratch. Will work on the creation of a Chart of Accounts first. In particular restricted funds are needed. Also need to know what year we start. Will begin by finding the old computer with the old Quickbooks, and enter them into the newly created Quickbooks, Non-profit edition on the PC.
Suggest reinstating the practice where the treasurer enters transactions into Quickbooks and president reconciles monthly.
Once all the past numbers are sorted we can calculate for interest.
We have four restricted funds:
- Bookshelves
- Passiv Haus/new library
- Ruth Jasper Children’s Fund
- Gazebo – indigogo
- Endowment
Internal Audit update
We need a solid internal audit in order to apply for additional funding sources.
Clausen Projects
We don’t have the full funds available for the projects on the Clausen cabin list.
New Business
Report for BOD meeting – April 6
(Met to paint instead of meeting in early March)
JTEL goals poster/estimates created
Held joint meeting with facilities to designate priority projects
Secured safe deposit box
Alaska Community Foundation – need to designate fund advisor
Budget development
Estimated operating costs
Created a summary of last year, basis for this year
Fuel will be down
Actual expenses were $6,000
Have around $13,000 for operating expense
Need fundraisers
We are going to run shy of restricted funds in order to complete Clausen projects
Some revenue could come from sales e.g. stove
Mindy can do this, so long as other duties are relieved
Quickbooks
Monique will tackle – determine start date, opening balance
Mid-year report
Is this something we want? (Since we didn’t have an annual report last year)
No- Keep progress toward annual report
Internal audit for GVEA Good Cents
Review date is April 30
Aim toward a later date – June 1 goal?
Get money for specific projects
Potentials – flooring
Focus on getting open, functional
Collections request for online cataloging
Chris will be helping with that
Electric
Syrilyn was not able to get an estimate from the electrician she contacted
New member
Interests? Strengths?
Currently on another board, working on policies
Office manager and bookkeeper experience
Can assist with paperwork
Assist with project management
Motion to adjourn: Deirdre
Second: Syrliyn
Adjourn: 8:10