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2023-07-14 Meeting notes

Owned by Paul Barry, created
Jul 14, 2023
2 min read

 

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   CIECA 500 Westover Dr  #11617; Sanford,  NC  27330 

Date

Jul 14, 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 - Jun 2023

  • 2022 Financial Review Audit – Planning & Preparation

  • Surplus Optimization Strategy – Update

  • Insurance Review Update

Meeting Minutes

  • Financials

    • June 2023 financials are in very good shape. Revenue is well above budget and expenses are in line with budget.

    • We are continuing to grow our surplus in line the objective of 2X annual operating budget.

  • Annual Financial Review

    • The 2022 financial review cost $7,000 compared to a budget of $4,500. This was due to changes in banking, the subscription mgmt system and some poor accounting procedures on the part of our primary accounting firm. (Note that accountant is no longer working for the firm and our new accountant is doing a very nice job.)

    • The committee agreed that it makes sense to continue working with our current auditors to conduct the 2022 audit.

    • Paul will work with VonLehman to get the process started.

  • Surplus Optimization

    • Paul shared an update on the movement of cash into CD’s

    • We discussed moving to 12 month CD to lock in good rates

    • We will continue purchasing at least two more CD’s at $50,000 each

  • Liability Insurance

    • Due to the fact that CIECA hosts CONNEX there is a liability exposure in the event someone should be injured, etc.

    • The current agency, Gaddis Agency, has been non-responsive to Paul’s requests for an insurance review.

    • Paul will identify a new agency and move forward with a GL policy with at least 1M in limits.

Action items

Decisions

  1. Retain VonLehman to conduct the 2022 financial review
  2. Continue investing in CD’s per the plan
  3. Secure a GL policy with a new agency

 

Participants

  • @Paul Barry @Ashley.Denison @Brady Bonner @Phil Martinez 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.