Public Page
2022-11-11 Meeting notes
- Paul Barry
Public Page
CIECA 500 Westover Dr #11617; Sanford, NC 27330
Date
Nov 11, 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
•Financials (October 2022 YTD)
•Surplus Fund Plan
•2021 Financial Review Audit
•2023 Budget
Meeting Minutes
Paul shared the preliminary Oct 2022 results. Everything looks good with the likelihood we will end the year with an operational profit.
Conference revenue was strong, and expenses were reduced due to negotiations with the hotel due to poor service at CONNEX
Expenses are in-line with budget.
Bank accounts are well funded but earning little to no interest
Paul shared a plan to formalize how we handle the surplus fund account.
Historically we moved $1000/month from the primary checking to the surplus savings account.
This was a good starting point, but we are at a point now where we need a sustainable model.
We have outgrown that approach and now need a plan.
Annualized expenses are roughly $500,000
Recommend we maintain 6 months expenses ($250,000) in Primary checking
Quarterly adjust the balance to maintain that level
Excess monies would be transferred to the Surplus account
If there is a shortage, moneys would be pulled from Surplus back into primary checking
At our current balances, we would have roughly $300,000 in Surplus
Retain $50,000 in cash for liquidity purposes
Invest $50,000 in a short-term CD that will generate a little better return
Invest the balance in 13-month CDs to maximize the return while ensuring little to no risk
Jeff Dietrich suggested we stagger the investment into CD’s so that we would have some portion of the CD renewing periodically throughout the year
While we might potentially get a higher return in some other form of investment, as a fiduciary for our membership, we need to avoid any kind of financial instrument or markets that may be subject to market downturns or devaluation.
Paul will share this plan with the Executive Committee before making any changes
2021 Financial Review: All materials have been provided to VonLehman and Associates. They have one outstanding item they need to review before the process is complete. We hope to have it complete by December.
2023 Budget: Paul has begun working on a 2023 budget, but since all three staff contracts are up for renewal, we can’t finalize a budget until we know what the ongoing expenses will be in the future.
Great Meeting Everyone and Thank you for your participation. Have a Great Week!
Up Next
Antitrust Agreement and Meeting minutes acceptance
Action items
Decisions
Participants
@Paul Barry @Greg Best @Mike Marlowe Jeff Dietrich
Participants in the meetings are noted for your information. If you have questions on the committee’s activities, please contact a recent attendee.