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
•Antitrust
•Minutes Approval
•April Financials
•Tier Pricing Anomaly
•Ledger Audit Discussion
Bank Transition - Final steps
Meeting Minutes
Antitrust & Minutes approved
April Financials: April financial statement was shared with committee. No concerns.
Tier Pricing Anomaly: Paul shared an analysis of CIECA membership pricing and a couple of anomalies in the pricing model.
There is no concern with overall rates or a need to increase since at present CIECA is in good financial shape. The issue is one of equity and fairness across the spectrum of companies by size.
Greg Best proposed that we establish a process where dues are reviewed on a regular basis (bi-annual or tri-annual) so it is just a matter of routine
Agreement that it makes sense to review on a periodic basis and that it would be appropriate to review it again in 2022
Audit: Group discussed the purpose and intent of the audit process and reached the consensus that CIECA is best served by having a 3rd party conduct the audit/review to ensure objectivity.
There was discussion on the potential cost of hiring a firm to conduct a full certified audit
Do we need that level of engagement or could we simply use a book keeper or other qualified person to conduct the review
The Finance Committee will identify a party to conduct the audit / review
Paul will write up a proposal to the Finance Committee and share with Jeff Dietrich and Charles Dillard for input.
Identify data sources
Document revenue receipt and reporting procedures
Paul to provide a file with CIECA Passwords to the Secretary & Treasurer.
Bank Transition Update: Transition is following the plan approved by the Finance Committee and should wrap up by mid summer 2021.
Action items
Paul to work with Jeff and Charles to develop an audit proposal to include the use of a 3rd party to conduct the audit.
Paul to provide the Secretary and Treasurer with the CIECA password file
FIN-12
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Getting issue details...STATUS
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