2012 FY

The 2012 fiscal year runs from Oct 1st 2011 to Sept 30th 2012. 

* Please note that documents posted here may include drafts and other management materials that are not intended to represent a legal or final record of the corporation.

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2011 Finance Committee Minutes - 10-18

Finance Committee Minutes (approved November 15, 2011)

October 18th 2011

 

In Attendance

Rolf Semprebon

Erin Brand

Mel Reslor

Kurt Lauer

Debbie Rabidue

 

Meeting starts at 7:35pm

 

September Meeting Minutes

Minutes are approved.

Finance Reports

Tabled until November meeting.

Finance Department Update

New computer in finance office and is working well and fast. Debbie is learning how to use the updated version of Excel. Currently it is cumbersome to get to the Peachtree archives, Debbie will talk to Tom about fixing this issue. Also an issue with creating reports using Crystal.

Debbie has ordered the 2012 Peachtree version and will reinstall Peachtree using the newer version. The 2012 version comes with fixed asset software that can manage 200 assets. Debbie thinks we can make the fixed asset software work without purchasing anything else.

Mel has volunteered to work on the inventory project, he will work on formatting the information that has been collected.

All but $1,000 of the Bank of the Cascades Money Market was transferred to the BOTC checking account to save money on service fees. The interest rates were so low on the money market that the fees on that account did not make sense. We earn a small amount of interest on our checking account there.

Staffing Work Group Update

Jenka, Judy Fiestal, Bill Michtom, Debbie and Erin Brand are on a work group to consider staffing levels and needs in light of the 2012 budget and the strategic plan. They hope to have a proposal to the Board by the December Board meeting. Research will be done about other stations, as well as gathering work plans from current KBOO staff in regards to the strategic plan.

Meeting ends at 8:00pm

Next Finance Meeting will be November 15th, 6pm at KBOO

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2011 Finance Committee Minutes - 11-15

Finance Committee Minutes

Tuesday, November 15, 2011

(approved December 15, 2011)

6:10 pm – 8:23 pm

Present: Rolf Semprebon, Mel Reslor, Andrew Geller, Debbie Rabidue (by phone), Paula Small

Excused Absences: Erin Brand, Alex Roberts, Kurt Lauer

The Finance Committee members present nominated Erin B. as new Chair of the Finance Committee.

In the event that Erin B. declined the nomination, the Finance Committee members present nominated Kurt to be the Chair.

October Meeting Minutes

The Committee approved the October minutes.

Action item: Paula to post the approved minutes to the KBOO website, under the Finance Committee webpage.

Proforma FYE11 Financials Review

Debbie working on year-end prep for FY11, to get to Kern & Thompson in December; she’ll work with them to get adjustments done and adjusted financials to the Finance Committee.

She stressed that the Committee will need to REALLY keep an eye on cash balance. It’s currently at $101,000.

Andrew & Debbie said that the Membership & Finance were pretty tied closely.

Action Item: On behalf of the Finance Committee, Debbie will work with staff to do more research on the Chehalis CP & on the legal costs associated, including reimbursement and possible collection of reimbursement.

October Financials Review

Andrew provided a summary on the Fall Membership Drive 2011.

Per Andrew, if we hit ~90% fulfillment, as we’ve done often during the past 5 years, then we’ll have a cash shortfall from the Fall Membership Drive of approx. $4,000.

Historically, KBOO’s calculated fulfillment based on the % of pledges paid against, but doesn’t include dollars received versus dollars pledged.

New first-time donors still at a low level.

Andrew perceived that web pledges higher at ~15%, instead of 10%.

There was a general discussion about historical fulfillment rates.

At the request of the Committee, after the meeting, Andrew provided a snapshot of the trends in membership drive fulfillment rates (see end of minutes).

Winter Membership Drive 2012 is going to be a long drive, a little over 2 weeks. But, the Spring Membership Drive 2012 will be less than 10 days.

It’s a chance to see if the Winter Membership Drive is a better time for members to give. Over the last few Winter Drives, there has been more membership giving than during Springtime.

Andrew will look at an electronic Oregon Cultural Trust add-on to his year-end letter to members, to hopefully inspire & encourage more year-end giving.

Staffing Needs Workgroup Update

Debbie e-mailed a summary of the temporary staffing cuts and financial effects, in advance of the meeting.

She also updated the Committee on the Staffing Needs Workgroup progress.

Paula mentioned the use of interns, as a possible solution to meeting some needs in the Strategic Plan. She discussed internship options, based on other local non-profits. The other Committee members were interested in exploring those options.

Action item: Paula will research intern options.

Action item: Debbie will relay the recommendation (below) & concerns raised at the meeting to Erin B., who will share that information to the Workgroup, on behalf of the Finance Committee.

Finance Committee recommendation to the Board re: Development Director role:

If the Board chooses to conduct an open hire for the role of Development Director, then the Board can direct the staff to initiate the open hire process by the end of November 2011.


Update on Switching Accounts and Results in Savings

Mel updated the Committee on the switching of accounts & effects.

Most of the money market funds at Bank of the Cascades (BoTC) switched to the checking account at BoTC. The switch would offset account fees. The savings in the account fees offset would be greater than the interest earned, due to low market interest rates.

Mel reported that for October, KBOO Foundation saved over $50, which included offset of fees.

He included a report outlining the savings (see end of minutes).

Interest rate was 0.15% in the checking account compared to 0.10% in the savings account.

Now paying 12 cents for each ACH item, used to be 10 cents. Adds ~$34/mth, due to increased ACH activity. It’s a result of increased membership EFTs.

BOTC charged an FDIC assessment of $20.95 fee. We’ll research options to possibly offset that fee.

Review of OCF & KBOO's Fund

Mel suggested that the Committee look at possible investment options next month. He said it was a good idea & good practice for the Committee to keep options in mind.

Finance Committee Responsibilities & Recruitment

Paula sent an e-mail to Committee members re: recruitment ideas & examples of Committee responsibilities. She mentioned that we always discuss making the Committee more robust, to decrease member burnout and increase knowledge sharing & perspectives.

Mel recommended that Paula draft ~25 – 40 words to use in recruiting new Finance Committee members, to include in the December bulletin.

Action item: Paula will e-mail draft for bulletin to Committee members, before e-mailing to Sun.

There was a general discussion about recruitment.

Action item (ALL): Brainstorm “ideal” Finance Committee members; further discussion in December. Review the e-mail Paula sent.

Andrew reminded everyone that first & foremost, potential Finance Committee members must be KBOO Foundation members.

“Move Your Money” and KBOO

Mel wanted to volunteer with the “Move Your Money” movement, but also thought it would be great to spotlight KBOO’s “Move Your Money” effort: we moved most of our funds to Advantis Credit Union & remaining funds to Bank of the Cascades (local bank).

The Committee supported the idea. Andrew & Rolf suggested including information from our most recent 990.

Action item: Mel will draft a blurb for the December bulletin about KBOO’s “Move Your Money” leap, which was ahead of “the curve”.

 

Bank of the Cascades (BoTC) Account Fees Comparison (presented by Mel)

 

Bank of the Cascades

    KBOO transferred the bulk of the BOTC $ on 8/26/11 from Money Market to main Checking account.   The reason was that KBOO can save more in lower account fees than the interest earned in the Money Market account.

 

Savings (Money Market Business account)

     balance 10/31/11: $1,022.79

 

Interest for October 2011:  $0.13

     interest rate: 0.15%  (APY earned)

 

 

Main Checking (Non-Profit Interest Checking)

     balance 10/31/11: $135,987.70

 

Interest for October 2011:  $10.32

     interest rate: 0.10%   (APY earned)

 

Service charge for checking account: $347.94

       minus a balance earning  (of .7%):   65.01

                        actual net charge:          282.93

 

-----------------------------------------------------------------------------------

 

If the money was kept in the Savings account,

   the interest earned would have been: $13.67

 

   the interest in the checking account would have been: $1.25

   the balance earnings (fees reduction) would have been: $8.75

a total of $23.67

 

By transferring to the Checking account, the total is: $75.46

       a net of $51.79 for the month of October

 

(this is figured with an average balance of $15,000 in the checking account)

 

 

note:

We are paying 12¢ per ACH item, raised from ten cents over the summer.  With 1,735 EFT's this is $34.70 more per month, $416.40 more per year.

Each deposit costs 40 cents.  Up from 35 cents.  Each item (check) deposited costs 7 to 10 cents each, a total of $24.94 in October.

 

BOTC charges a FDIC assessment fee of $20.95, or $250 a year.

      Advantis does not charge a NCUA fee.

 

 

Trends in Membership Drive Fulfillment Rates (presented by Andrew)

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2011 Finance Committee Minutes - 12-15

Finance Committee Minutes

December 15, 2011

In Attendance
Rolf Semprebon
Erin Brand
Andrew Geller
Debbie Rabidue
Alexander Roberts
Paula Small
Kurt Lauer
Mel Reslor


Meeting starts at 5:05 pm

Staffing Needs Work Group Update

Finance recommendations have cut an additional 14 hours from work group recommendation, with Andrew and Debbie as stand-asides for some.

To go to Board meeting on Monday the 19th
- Temp. for 12 weeks of maternity leave
- Need to start hire for Development position
- Approve money for contract (approx. $2,450)

November Minutes
Approved with edits from Andrew.

Meeting ends at 6:40pm

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2012 Finance Committee Minutes - 01-26

Finance Committee Minutes – January 26th, 2012

Commitments and recommendations in bold italics.

In attendance

Kurt Lauer

Alexander Roberts

Rolf Semprebon

Andrew Geller

Paula Small

Erin Brand

 

Absent

Debbie Rabidue

Mel Reslor

 

Meeting begins 4:15

 

Check In

Financials Review for the 3 months ending December 2011

Revenue is over budget and expenses are under budget.

Paula reminds us that April is the mid-year budget review time

Kurt wonders why dues are so far under budget. Rolf projects that they are not on a 12 month

pay cycle so they haven’t needed to be paid yet.

Paula points to ‘development’ line items and as of the last Board meeting the interim

Development/PR position was eliminated. There will be an open hire for a Development Director

immediately, it will be within the same salary structure. Andrew points out that Board (Paula and

Hadrian) and Volunteer (Nia Lewis) reps have been confirmed, Andrew and Debbie are chairing

the hiring committee. They are still trying to figure out how to announce the pay, probably a

range based on experience.

Personnel and Governance will be working on a job description for Finance/Admin

position once Finance gives them information. We have decided to complete this task by

email. Finance suggests having a consolidated title for the job, not a hyphenated title.

Erin will email out the report done last year about how the Finance and Admin positions

function and relate to one another.


Ads are now enabled on the web site, hopefully we will be able to see this reflected in future

financial statements. Paula suggests asking Justin for a report around mid-year review to

assess the success of online ad clients and how that relates to underwriters.

 

Paula asks about SCA contracts. Andrew reports that he is still getting old contracts to review in

order to get new month to month contracts in place.

 

Financial Summary for 1st Quarter FY2012

(October through December 2011)

Debbie Rabidue

Balance Sheet Highlights

• Available fund balance is $349,500 of which $200,000 is the operating reserve.

• Accounts Payable to be paid in January is $4,664

• The OCF Endowment value is $190,308 and has had a small gain in the 1st quarter of FY12. We

received the semi-annual disbursement in December which was around $4,600.

Income Statement Highlights

Income

• Membership income is $26,000 over budget, showing a real good fiscal start in revenue. The

finance and membership departments still need to reconcile membership revenue through

December and the income will be reclassified within the membership categories. Revised

financials will be sent to the committee.

• Events and Development income is slightly under budget by $1,900. Events during the 1st

quarter included the Greg Palast event and the Grateful Dead Benefit.

• Underwriting and Advertising revenue is under budget by $3,200.

• SCA Contract income was not budgeted for FY12, but we got $1,800 in the 1st 3 months.

Expenses

• Employee expenses Wages & Taxes are slightly under budget due to the temporary budget cuts

that the Board put in place through the end of January. Health insurance is over budget due to

funding an extra set of benefits through the end of January. Debbie needs to report to the

committee a new salary budget worksheet and analysis of the 1st 4 months of FY12 effects on

the overall fiscal budget. The Board approved a final budget for employee costs in December by

department. The Staffing Needs Work Group finalized the dept budgets in January.

• Premiums are within the full year budget of $7,000 and will even out on the actual-to-budget in

the next few months.

• Bankcard fees appear over budget, but this is due to allocating the annual budget evenly

through 12 months and having increased credit card payments during the Fall membership

drive. Debbie can look at making the fees more seasonal in the budget layout.

Operating Bottom Line

• Revenues are over budget by $22,000, due to Memberships. Expenses are under budget by

$9,800, and down by $10,000 from last year. We currently have an operating surplus of

$52,000.

Upcoming financial information:

• We anticipate legal bills of over $6,000 to come in due the appeal on the Chehalis frequency.

• We anticipate wages and taxes to take a sudden increase over budget due to accrued vacation

to be paid out in January.

• The hiring process for the new development position is starting. The hiring committee has

been selected and the job ad will be posted within a week.

• The Winter membership drive will last longer than it traditionally has, so we can review that

in the February financials.

Debbie adds that the CPA filed an extension for our 990 Review, it will be completed in April.

Board Update from Paula

See above discussion on Development Position.

Kurt says Comp time is killing us, it defeats the salary versus hourly difference.

A Board retreat is planned to discuss Staff Management and Board Fundraising. A Board/Staff

retreat will follow.

Membership Update from Andrew

We raised over $14,000 online in December, the best month in a non-membership drive appeal

in history, over half the money was raised in the last 7 days of the year. December 2011 did

30% better than the previous December, it is 4% over the first quarter of last fiscal year.

The Winter Drive starts in a week and the goal is about $100,000. Hopefully the Winter Drive

does well enough to limit the Spring Drive to 7 to 9 days.

Discussion about compiling data and an online ad ‘kit’ by the end of the fiscal year to provide

prospective advertisers with information regarding online traffic, web pledges, listeners, etc.

Paula is going to request more information and a possible meeting time with OCF to get

more information about the socially responsible fund.

Meeting ends at 5:20

Next Finance Meeting will February 21st at 6pm at KBOO.

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