Public Page

2021-11-12 Meeting notes

 

Public Page

 

Date

Nov 12, 2021

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

  • Q3 Results

  • 2022 Budget

  • Financial Review Update

  • Bank Change Update

Meeting Minutes

  • Q3 Results: Reviewed the Q3 financials. Overall we are on budget with the exception of one variance of $15k for Exec bonus that was for 2020, but wasn’t recognized until the 2020 books were closed.

    • Jeff Schroder asked if we can take a look at the variance of New Memberships being below forecast. Paul will followup.

  • 2022 Budget: Paul shared a draft budget using the tool used for the last couple years.

    • Added $4,500 for financial review expense

    • Increased Board Meeting expense anticipating a board meeting to align with an industry / insuretech conference

    • Exec Comm will review contractor expenses and provide direction by the 12/10/21 finance committee meeting

    • Paul will present revised budget at 12/10/21 meeting for Finance Committee approval

    • Present to full board for a vote on 12/13/21 year-end board meeting

  • Financial Review: The accounting firm provided a list of requested documents

    • Paul has provided all the documents requested.

    • Accounting firm will review documents to make sure they meet their need and then begin the review.

  • Bank Change: Paul reviewed the status of the bank transition from Heartland Bank to Bank of America.

    • All operational changes are complete. We have three accounts remaining at Heartland that need to be consolidated and moved to a new account at Bank of America

      • Acct 9139: $200.00

      • Acct 1403: $12,596.35

      • Acct 4984: $262,437.23

    • Paul will work with BOA account rep to open a new account and transfer all remaining assets at Heartland to the new BofA account.

Action items

2021 New Member Analysis @Paul Barry
Finalize 2022 Budget @Paul Barry

Decisions

 

Participants

  • @Paul Barry @Ashley.Denison @Jeff Schroder Jeff Dietrich @Mike Marlowe

 

 

 

Participants in the meetings are noted for your information.  If you have questions on the committee’s activities, please contact a recent attendee.