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01/13/2023 Meeting Minutes

Owned by Paul Barry, created
Last updated: Feb 10, 2023
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   CIECA 500 Westover Dr  #11617; Sanford,  NC  27330 

Date

Jan 13, 2023

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 (Dec 2022 YTD)

  • 2021 Financial Review Audit

Meeting Minutes

  • Paul reviewed the Year End 2022 financial results. Overall the numbers are very good thanks to a strong outcome from the CONNEX conference. Paul warned that 2023 maybe more challenging due to econcomic headwinds that may affect CONNEX attendance.

  • Paul provided an update on the 2021 financial review. Due to a change in the way our accounting firm records bank deposits, the auditors found it difficult to do a daily balance of accounts. After consulting with them, CIECA provided copies of all bank deposit reconciliations for 2022. It will take some time for the accountant to work through it, but they should be close to being complete. Awaiting a reply from the accountants on a projected end date.

  • Jeff Dietrich inquired about the plan to invest some of our surplus capital into instruments that will yield a better return. Paul replied that he wanted to wait for the 2022 numbers to be final to include the contractor bonuses to see where things stood. Now that we have the final numbers we will revisit this in our next finance committee meeting and Paul will provide a detailed proposal to begin investing a portion of the surplus into CD’s or some other instrument that will provide a better ROI.

  • After the January board meeting, Brady Bonner will take over as the new Treasurer and Ashley Denison will move into the Vice Chair role. Paul will contact Brady to provide some training on the role and what is required of the treasurer.

  • Meeting was adjourned.

Action items

Surplus Investment Plan
Training for the new Treasurer

Decisions

 

Participants

  • @Paul Barry @Ashley.Denison @Brady Bonner @Greg Best 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.