Finance Committee Meeting Minutes

June 17, 2008

Present: Finance Committee (FC):  Jean Strub, Dottie Fields, Nancy Garner, Sanya Ham, Dan Owens, Bill Trzyna and Don Horan, Treasurer and committee liaison.

1.                  2007 Final Audit – the FRCA Board of Directors approved the 2007 Audit resulting in Armstrong Management Services (AMS) adjusting some income and expenses in 2007/2008.  December 2007 as well as January through May 2008 financial statements will be restated.

2.                  Community Center Account – all reviews and reconciliations are current.

a.      Bill Tryzna is continuing to reconcile all social activities/trips.  He provided data on four more closed events so they can be transmitted to AMS for inclusion in the FRCA financial records.

b.      John Frisch is now performing the monthly bank reconciliations for the social BB&T bank account.

3.                  2009 Budget – the preliminary draft budget will be developed in August 2008.

a.      Dan Owens will continue to meet with committees to answer budget questions and provide assistance to the committees as they develop the 2009 budget requirements.

b.      Jean Strub will email all committee chairs, Ann Jones and Sylva Southwell to remind them of the July 31^st cut off for budget submissions and again provide the form for new requirements.

c.      There was discussion on how limited zero based budgeting will be used in the 2009 budget process. 

4.                  Contracts – discussed role of Finance Committee and procedures approved by the FRCA Board of Directors.  The committee expressed concern that we are not always involved in the process and are not receiving copies of contracts.   It is absolutely critical that we receive copies of all contracts in order to monitor 2008 activities and prepare for the 2009 budget.

5.                  Investments – due to growing number of different banking institutions necessary for investing our replacement reserve funds, Treasurer Don Horan will be interviewing several investment firms in the near future.

6.                  Article for Gazette –Susanne Lazanov requested articles from each of the FRCA committees for the Gazette.  The Finance Committee has agreed to provide one on our functions by October 1^st  for the November Gazette.  Jean Strub will draft an overview and request input from Sanya, Bill and Dan on their functions.

7.                  Other – The July committee meeting is cancelled due to unavailability of the chair.

Prepared by:

Jean Strub

June 20, 2008