The 2013 fiscal year runs from Oct 1st 2012 to Sept 30th 2013.
* 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.
Finance Committee meeting: 11-20-2012
Debbie Rabidue, Erin Brand, Rolf Semprebon, Kurt Lauer, Paula Small, Alex Roberts, Matthew Bristow
Guest: Paychex HR Services: Mitchell Blake
Paychex HR Services: Mitchell explains what is included with the monthly fees for the HR services. This would replace our current price structure for payroll and 401(k). Set up fees are $1500. For an additional $500 a month they would include HR services:
Employee handbook with company policies and full state, federal and local law compliance language.. The handbook is updated quarterly as needed to keep it compliant.
Review and input on job descriptions and employee FSLA classifications.
Employee Assistance Program and S125 with FSA elections. Employee benefit program, unemployment and WComp administration.
Management and staff training in a hiring/firing, safety, OSHA, etc….
The Finance Committee does not have an official recommendation for the Board, but is impressed with and sees the need for HR professional support.
Internal Controls (Alex): Alex hands out monthly Internal Controls report and check list. He explains the procedures he uses for reviewing and verifying deposit activity to the check logs and to the bank statements online. He explains other internal cash control procedures such as payroll review, checking the online bank activity for disbursements and verifying authorized bills to checks written.
Financial Statements (Debbie): The Finance Committee reviews the FY12, September financial reports. (Financial summary is at end of minutes). The Finance Committee discusses keeping an eye on development income streams and looking at the amount of the Board designated operating reserve and what financial reserves should be budgeted for a disaster preparedness plan.
Erin: KBOO Operating Reserve Fund
My understanding is that this fund was established to provide financial security in the event of a major disaster or engineering meltdown at the station. Finance Committee is in the process of evaluating whether the current $200,000 (plus interest gained) is adequate. Here are some additional thoughts on the matter:
- This fund may be used in the time between an emergency situation (ie. Extreme equipment failure) and an insurance claim being made and money recouped. Is this fund adequate in this scenario given what we are insured for and the time it takes for insurance money to come our way?
- KBOO Disaster Plan, do we have a basic idea of what needs to happen in the event of major damage to the station? What staff are necessary during this time? What equipment? Do we have access to a generator and fuel? What size generator would KBOO need to run for a day, a week, etc.? Other things to consider for staff and volunteer needs; food, transportation, portable toilets.
- Beyond damage to the station itself, what is KBOO’s role in a major citywide or regional disaster? What would it look like for KBOO to provide information and resources to our listeners and web patrons during/after a major flood, earthquake, etc.? What are the absolute essentials for staff and engineering equipment? How far would $200,000 go?
There will be no finance meeting in December.
Commitments and assignments:
· Finance Committee will work on researching what extra costs would be incurred in the event of a natural disaster (such as generators, etc). Debbie will see if the staff has a disaster preparedness plan.
· Matt will work on reviewing the 3 month operating reserve amounts based on historical numbers. Debbie will send Matt historical financial material for analysis.
· Debbie will send Kurt and the FC a report on full time and FTE numbers for as many of the past years as she can locate. FC would like to look at the change in FTE and how many used to operate the station.
Financial Summary: September 2012
Debbie Rabidue, Finance Coordinator
Legal: General FCC
Legal: FCC regarding Chehalis frequency
Legal: General employment- Staff
Legal: Employment - Board or Pers. Com
· KBOO received a restricted grant of $25,000 from Meyer Memorial Trust. This will fund Board Training and Policy Development in FY13. The expenses will go in to next fiscal year. This will not affect the bottom line since the income will have matching expenses that were not budgeted.
Note: Numbers in the highlight summary have been rounded for ease of the reader; refer to financial statements for actuals
|Finance Committee meeting 11-20-12.pdf||85.98 KB|
|2013 Finance Comm Minutes - 02_19.pdf||59.09 KB|
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