Finance Meeting March 30, 2016

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