2021-05-14 Meeting notes

Public Page

CIECA 500 Westover Dr #11617; Sanford, NC 27330

Date

May 14, 2021

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

Q1 Results to Budget

Banking Process Changes (remote deposit)

Banking costs (Credit Card vs Paper Check)

Meeting Minutes

Q1 Results were reviewed. Overall there are no areas of concern.
- Financial results are positive and there are no areas of concern
- Variances were discussed. We identified a mis-coding of a bonus expense which the accounts are correcting.
Bank Transition Update
- Paul shared an update on the transition from Heartland to BOA
  - Things are progressing according to the plan previously approved by the Finance Committee
  - No areas of concern
  - Remaining items are to:
    - Transition operational expense payments to BofA checking
    - Transfer remaining funds from Heartland to BofA
    - Transfer Money Market to an account at BofA that will maximize our yield
Banking Processes & Expenses
- Paul shared our current banking processes and the structure of bank accounts
- Review of expenses for credit card merchant fees and paper check deposit process using Travelling Mailbox feature
  - The committee supported the use of the Travelling Mailbox direct deposit for paper checks to improve security
  - Explore a Lockbox at BofA
  - Encourage members to use ACH
  - Explore the possibility of credit card processing fee
    - Need to ensure it is done legally
There were no additional questions
Meeting adjourned

Action items

Explore BofA lockbox

Update CIECA web pages and invoice to encourage the use of ACH

Decisions

Participants

@Paul Barry
@Greg Best
@Charles Dillard (Unlicensed)
@Mike Marlowe
@Jeff Schroder
Jeff Dietrich