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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