Public Page
2022-12-09 Meeting notes
- Paul Barry
Public Page
CIECA 500 Westover Dr #11617; Sanford, NC 27330
Date
Dec 9, 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
Nov 2022 Financial Statement
2021 Financial Review Audit
2023 Budget
Meeting Minutes
YTD Financials: Financials YTD were reviewed. No concerns or surprises. Financials overall look good.
2021 Finacial Review Audit: The audit firm conducting the financial review has completed all but one section.
They have questions on how receipts are recorded in the GL by our accounting firm.
Historically the accountants would enter each membership payment as a line item in the GL which provided a clear audit trail on the GL for cash balances.
10 payments = 10 line items on the GL
In 2021 our accountant began to enter receipts in a batch process
10 payments = 1 line item on the GL
Our accountant indicates that they generally use the batch process for all their clients
Paul Barry is working with the auditors to determine if there is additional documentation such as the deposit reconciliations that they can use to meet their need.
2023 Budget: Paul reviewed the assumptions with the committee.
Jeff Schroder recommended increasing legal fees from $5000 to $10000 since IP attorneys can be expensive.
We identified a correction for Executive Contractor fees that we adjusted
There were no other changes or concerns
Jeff Schroder made a motion to approve the budget.
The budget was approved unanimously by the committee
Paul will work with the Exec Committee to get the budget approved by the full board before year end.
Action items
Decisions
- Finance Committee approval of the proposed budget
Participants
@Paul Barry @Ashley.Denison @Brady Bonner @Jeff Schroder @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.