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2020-08-27 Meeting notes

Owned by Paul Barry
Last updated: Aug 27, 2020
2 min read

      
   CIECA 500 Westover Dr  #11617; Sanford,  NC  27330 

Date

Aug 27, 2020

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

Financial Statement Review
CONNEX Sponsorship Fees - Moved to new expense line item ‘Prepaid 2021 Conference Revenue’
Investment Options update

Meeting Minutes

  • Committee reviewed the financial statement and YTD to budget. There was discussion of the budget variances we would see in July and August due to double salaries for Ed, Paul, Charley and Paulette. We anticipate at this time that we will be within plan by the fourth quarter since expenses will be lower than expected due to no travel and Connex conference.

  • Paul showed the committee the CIECA system and shared the challenges with trying to match up the accounting of membership fees within the CIECA system with the numbers produced by the accounting firm. The current system that hosts CIECA’s membership billing and payments is fairly old and lacks any meaningful reporting and analytics.

  • Paul is going to investigate newer cloud based systems to possibly be a replacement in the future. The goal is to identify a new system that provides more robust reporting and analytics.

  • The Connex revenue for 2020 has been transferred to a liability account Pre-paid conference revenue 2021.

  • The committee discussed the Investment Revenue options document that Paul shared ahead of the meeting.

  • Jeff D suggested we might get better results by moving to a different bank.

  • There are pro’s and con’s to being with a regional bank, but given the nature of CIEACA’s national footprint and annual rotation of members, it might make more sense to move to a national bank.

  • Key takeaways:

    • We are probably keeping too much money in our operational account. Consider reducing it to 6 months (2 quarters) worth of expenses. Transfer the balance into the Surplus account.

    • Paul to investigate national banks to consider as an alternative to Heartland

    • Paul to investigate better CD rates from other banks

 

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

  • Kim Devallance Caron

  • Jeff Dietrich

  • Jeff Schroder

  • Phil Martinez

  • Ashley Denison

 

 

 

Participants in the meetings are noted for your information.  If you have questions on the committee’s activities, please contact a recent attendee.