Finance Committee Minutes - January 19, 2010
Finance Meeting – January 19th, 2010 approved February 16th, 2010
Meeting starts 6:07pm
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Debbie Rabidue (sick)
Note: Scott Forrester asked to audio record the meeting. With no objection, he recorded the meeting in its entirety and offered copies of the recording to anyone interested.
Membership Analysis – Andrew presents
Fall Membership Drive report created 6 months after drive; down 22% from last year but after follow-up letter, only down 10 or 11,000.
Arbitron figures; Metro line is the count in the Tri-County area, Total is for all areas (Gorge, Valley, etc.), on average the metro area is 93% of total, other 7% is for the other areas. The average listenership is just under 49,000.
Drive Performance for Weekday Evening; old schedule vs. new schedule (took place in Fall of 2008), percent of total from all pledged dollars has not changed since the change (either up or down)
Scott brings up that we are emphasizing higher giving amounts, and may be reflected in the data
Arthur believes it is positive that it has stayed relatively flat, with changes and economy
Paula was concerned about the impact of adding the winter drive, but is encouraged by the data
Analysis of $20 donors; on average about 1.5% of all donors and 1.5% of all money donated, about a 40% renewal rate after the first year with about 40% of those people increasing their donation to $40 or more, about 27% continue renewing after the 1st and 2nd year
Scott asks how many gift memberships there are; Andrew believes it is 1% or less
Review December Meeting Minutes
Paula asks to amend the section regarding the credit card security policy to be drafted. It should read that Zale’s input be sought
Regarding development committee report and the squaredance event, that we will also consider making tickets to the event a “thank you gift”
In the same section, at the Blazer event, “we will get a table near one of the main entrances”
Possible restaurant night considered
Update on December Action Items
Strategic Planning – Arthur brought it to board, still working on Ayala process, unless there is strong support and commitment from board it will be hard to pull off
No update on EEO GSB charges- table Debbie’s update
Debbie still working on credit card security item
Paula posting minutes and financials on web, minutes from August to November 2009 have been posted to the web
Mel doing Pacifica finance analysis; not an update at this time
Finance Department Update – tabled until next month
December Financial Statements Review – Arthur presents
Good news is bottom line; a couple of thousand ahead of budget for the quarter, membership has been over budget ($12,000), GiveGuide netted about $10,000
To answer Scott’s question, the Listener’s Guide will go out to by request for February and March, probably move to quarterly after that
Newswire service is currently $800 under budget
Professional services is still over budget but has slowed
Bad News; bankcard fees and service charges are up $1,500 from last year
Underwriting and advertising revenue was $5,800 under budget
Events and Development income is $5,400 under budget. However, it is also up $12,000 from last year YTD, so we are seeing a positive trend
Paula noted that there was not a full-time Development position to compare for trends. Current progress in Development department very encouraging.
Bottom Line revenues are exactly on budget. Expenses are slightly under budget.
Further discussion on year to date line items, balance sheet, liabilities and capital, fund balance, auxiliary, grant ledger, accounts receivable and accounts payable, job ledger
RACC Grant Discussion #2 – Arthur presents
Applied for opportunity grant because KBOO probably wouldn’t qualify for one under other scenarios.
The grant is for an oral history project working with Ryan White, Erin Yanke and Roosevelt High School.
Sean Ongley Proposal – table until February
A Look at the FDIC- Mel presents
FDIC insures approx. $5 trillion in bank accounts. ($4.8 trillion in 2009)
They had $30 billion at beg. of 2009, dropped to under $10 billion at end of year. FDIC funds reduced by $20 billion. They have $1 for every $500 insured.
Add'l note: FDIC will have update on their fund bal. at end of Feb. Last time FDIC borrowed from the treasury was around 1991, during the S&L scandal.
FDIC ensures a huge amount more than they have. What’s the chance there will be a serious run on banks?
Looked at NCUA, and what their status is, how do they compare to the FDIC
FDIC has a line of credit from US Treasury for $100 billion
Debbie - add yields to balance sheet
- present development income summary (car donations, specific events, etc.)
- check with John about server expenses
- on ledger report, footnote that the quality grant has an additional $4,000
Scott has offered assistance with grant writing for tape archive project, Arthur will notify Bruce Silverman of his interest
Sean Ongley will be asked to attend February meeting to discuss his proposal (Paula)
Meeting adjourned at 8:05pm
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