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🔓 Public Page
CIECA 500 Westover Dr #11617; Sanford, NC 27330
Date
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ANTITRUST STATEMENT As participants in this meeting, we need to be mindful of the constraints of antitrust laws. There shall be no discussions of agreements or concerted actions that may restrain competition. This prohibition includes the exchange of information concerning individual prices, rates, coverages, market practices, claims settlement practices, or any other competitive aspect of an individual company’s operation. Each participant is obligated to speak up immediately for the purpose of preventing any discussion falling outside these bounds. |
Agenda
- Q1 Results to Budget
- Banking Process Changes (remote deposit)
- Banking costs (Credit Card vs Paper Check)
Meeting Minutes
Q1 Results were reviewed. Overall there are no areas of concern.
Financial results are positive and there are no areas of concern
Variances were discussed. We identified a mis-coding of a bonus expense which the accounts are correcting.
Bank Transition Update
Paul shared an update on the transition from Heartland to BOA
Things are progressing according to the plan previously approved by the Finance Committee
No areas of concern
Remaining items are to:
Transition operational expense payments to BofA checking
Transfer remaining funds from Heartland to BofA
Transfer Money Market to an account at BofA that will maximize our yield
Banking Processes & Expenses
Paul shared our current banking processes and the structure of bank accounts
Review of expenses for credit card merchant fees and paper check deposit process using Travelling Mailbox feature
The committee supported the use of the Travelling Mailbox direct deposit for paper checks to improve security
Explore a Lockbox at BofA
Encourage members to use ACH
Explore the possibility of credit card processing fee
Need to ensure it is done legally
There were no additional questions
Meeting adjourned
Action items
- Explore BofA lockbox
- Update CIECA web pages and invoice to encourage the use of ACH