Public Page
2022-04-08 Meeting notes
- Paul Barry
Public Page
Date
Apr 8, 2022
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
Antitrust / Minutes Approval
Financials Update
Financial Review in 2022 (See March Meeting Minutes)
Insurance Policy Review
Meeting Minutes
FINANCIAL REVIEW: Paul shared a March 2022 preliminary financial report that showed a significant gap ($58,000) between YTD Mar 2021 and 2022. The reasons for the variance are easily explained by two contributing factors:
$18,000 CONNEX Sponsor carryover from 2020 that was applied to March 2021
$40,000 variance in renewal revenue primarily attributable to the change in billing cycles reviewed in prior months.
Note this will continue to be an issue for the remainder of 2022 when comparing month to month numbers for 2021 and 2022.
A review of Invoices by Invoice Date and Accounts Receivable aging show that we have not major concerns and that invoices are being paid in a timely fashion.
We have experienced a few instances where members tried to pay by ACH to the old Heartland bank. Paul is working with each of these companies as needed to update their AP systems.
INSURANCE REVIEW: Paul will meet with the insurance broker to review the policy. We are waiting for the broker to confirm a meeting date.
Our policy renewed as of 4/1/2022. If changes are warranted, they can be done by amendment at an appropriate time.
Ideally, we can identify a member who has more experience with D&O coverages to join Paul for the meeting.
FINANCIAL REVIEW: Per the Bylaws we are required to conduct an annual financial review with an external accounting firm.
We are still waiting for the firm retained last year to submit an invoice for their 2021 review.
We will pick this topic back up in the 3rd quarter to initiate a review of 2021 financials.
Action items
Decisions
Participants
@Paul Barry @Ashley.Denison @Greg Best Jeff Dietrich @Mike Marlowe
