Finance Committee Meeting Minutes; June 6, 2018

Attendance: Bruce Button, Sharon Crawford, Geordie Hall, Annika Holtan, Meg Hourihan, Matt Kenny, Matt Lillard, Eric Palola, Meg Schultz, Andrew Snow, Deb Steines, John Tobin,

The meeting was brought to order at 8:00 AM by Deb Steines, Finance Committee Chair.  This meeting was the second meeting called to discuss the 2018/19 budget.

Approved May minutes.

Budget Summary:

• There was only one small change to the prior 18/19 budget discussed in May so there was minimal discussion.
• John T did comment on the Basebox revenue budget being light considering ’18 actuals YTD. Matt acknowledged this was a conscious decision on his part and would be more aggressive next year.

Cash Flow:

• Cash flow is a direct result of the budget P/L. LOC is estimated at $375k for next year.
• Discussion on whether and how an increase in endowment could help alleviate the pressure on the Co-op, and whether it should be planned.
• John T questioned what it would take to get out from under the LOC. Matt and Andrew agreed that was an exercise they would do over the next couple of weeks and get to the FC.  Matt’s goal is to have cash reserves and if things felt tight when that was done it would be a good thing.
• Matt will be working with the Facilities Committee to determine what Paradise Campaign capital projects will be planned over the next few years and get that to the FC and board this fall.
• Geordie made the motion ‘to recommend to the board to approve the 18/19 budget and continue the discussion on reducing the LOC’, all agreed

Capital Improvement Plan

• Agreed that most of the items on the list were actually expense items, but this was good for discussion by both the FC and the board.
• How long to depreciate uniforms and rental equipment will be discussed with the auditors.

There are no plans for any FC meetings over the summer, will expect one in September for year end.  Deb will continue to send monthly statements to the committee for informational purposes only.

John T recommended we review the charts that were created by the Financial sub-committee on financial modeling and earmark those that should be maintained for financial statistics.  Deb will get the charts to the committee for comment, then work with Matt and Andrew for updating annually.

Deb will be stepping down from the board July 1 but will continue to help the board with the Finance Committee.

The meeting adjourned at 8:40 AM.

The Finance Committee will plan on meeting in September.

Respectfully submitted, Deb Steines, Treasurer and Chair of Finance Committee