WASFAA Fiscal Planning Committee

Machiavelli Room, Villa Florence
San Francisco CA

October 7, 2004

Present:  Jim White, Steve Herndon, Kay Soltis, Lana Walter, Kate Peterson, Kathie Anderson

Budget Modifications

Kay Soltis began review of budget requests/recommendations.  Go E-merchant has been added, but request may be too high, but will go ahead and recommend the amount.  Leonard Walker has asked for increase to Site Selection for his Alaska airline ticket.  Training has asked for increase in budget due to materials.  All of these were approved to bring to EC.

Kate Peterson has question regarding budget for Nominations/Elections Committee.  Should she be tracking costs and submit to committee?  The committee agreed.

Lana Walter informed group that we had a $368.00 expense over the budget for Transition Meeting.  We will leave it until the end of the year.
Lana Walter also asked who should handle non-payers.  Folks in charge need to handle past due people.  Any remainders will be handled by Treasurer.    Can we put a block on ATAC?  Contact boss?  Will discuss at EC.

Jim White asked Lana Walter to bring up at EC today.

Short Term Investments-Kay Soltis and Jim White discussed possibility of CD investments.  This may not allow us the flexibility that we need.  Need funds at strategic times. Kay had recommended 1 year CDs, but they do not have a good return.

Steve Herndon asked the following:  Should we work on a schedule?  Do we look at longer term investments?  Recommendation to talk with financial “wizard”-financial planner.

Kay Soltis suggested that we wait and review at the end of the year and move funds to longer term investments.

Jim White suggested that Lana Walter and Kay Soltis will work together to work on a plan and present to EC.  Action item:  Treasury-Bill is due now—what do we do with it.  Split between CD and Treasury-Bill.  $75,000 in Treasury-Bill for 26 weeks and $75,000 CD for one year.  November will be reinvested into Treasury-Bill and then December will be split just like September Treasury-bill. 

Inventory asset-Kathie Anderson informed committee that computer will not be purchased.  Kathie Anderson also asked about old computer—will submit letter in writing to Lana Walter regarding the old computer being wiped clean and turned over to asset management.

Budget Year 05

Letters for all committees to be distributed at EC.  Proposed budgets will be received and recommended by Fiscal Planning and then send to EC for approval. Those not submitted:  NASFAA Board, State-other meeting, E-Merchant, Restoration asset, Presidential Fund.

Newsletter Reduction

Did we make a correct decision?  It appears that we did!
Lana Walter mentioned uncatergorized income and where it should go.  Add line item for Job Bank or whatever we decide to call it.  To Do item:  change fee for job posting

E Merchant
Expected to ready for conference

Banks in Alaska
Okay to continue with Bank of America

Old Business

Identify what membership dues cover?  To Do Item:  need to clarify what dues are used for?  Wendy Olson–membership committee

Identify someone to provide financial advice?  Item is still incomplete. Several recommendations made about whom, but no decision.  Kay Soltis will approach Vicky Rekow about serving in this role.  Kay Soltis will also ask Catherine King-Todd about a possible recommendation.  Also will consider Vanguard folks.

Updates to P&P

Event Insurance—Kate Peterson says this is not done—work in progress
Tiered sponsorship promises—Fund Development has not been submitted—need now!
Track singular in kind support—Fund Development is suppose to be doing this—reminder


Insurance-EASFAA uses Marsh.  Kate Peterson has been looking for insurance policy for non-profit organization.  Kate Peterson has sent to NASFAA to look at—no response from NASFAA.  Kate Peterson proposing that we go through Marsh—estimated cost is $5,000/year.  Should we go and get updated policy and costs?  Committee agreed that Kate Peterson should get updated policy and costs and get the insurance, including terrorist insurance.  Kate Peterson will talk with David Levy about reviewing insurance contract. To Do:  Kate Peterson will bring information back to Fiscal.

Jim White has been working with Lana Walter with NASFAA reimbursement policy.  NASFAA pays two nights prior to conference for President and Past-President—will go into P&P.  If you are traveling for WASFAA—WASFAA’s rules for rooms will be followed.  WASFAA will pay for President to go to NASFAA—go for vote in January.  When passed, change will go into P&P.

Jim White wanted to make sure we were clear on the e-merchant fees.   Peter Miller indicated that costs would be $5.00 per person for each event costs.

Meeting adjourned at 11:45am.

Respectfully submitted by Kathie Anderson, WASFAA Secretary