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2024-06-14 Meeting Notes

Owned by Paul Barry, created
Aug 09, 2024
2 min read

 

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•Financials (May 2024 YTD)

•2022 Financial Review Audit

•Contractor Payment Schedule ChangeDate

Aug 9, 2024

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 (May 2024 YTD)

  • 2022 Financial Review Audit

  • Contractor Payment Schedule Change

Meeting Minutes

  • Paul reviewed financials with the committee. All numbers are in line with expectations and budget.

  • 2022 Financial Review has one outstanding issue. We know what the issue is, but it has to do with contractor payments at the end of the year rolling over into the next period from a bank balance perspective. We have dealt with this same issue for the last 3 years.

    • We have requested repeatedly our accounting firm to provide a written response to the audit question. They have not replied despite multiple requests.

    • We know what the issue is and will move forward.

  • Contractor Payment Schedule: To help reduce the audit issue identified above, Paul proposed a new payment schedule for contractor payments going forward. When the payment date falls on a weekend or holiday, the accounting firm will issue payments on the last business day of the period.

    • If this doesn't solve the problem, the alternative proposal is to delay payment of contractor fees by 3 days from the 15th and the last day of the month to the 18th and the 3rd day of the following month. This will create a one-time anomoly in payment processing and if we do choose to go this route, we should coordinate with the budget planning and year end changes.

Action items

Decisions

  1. Change contractor payment schedule to the 15th and last business day of the month.

 

Participants

  • @Paul Barry @Greg Best @Kim DeVallance Caron @Mike Marlowe Jeff Dietrich

 

 

 

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