Finance Committee ILLINOIS COALITION AGAINST DOMESTIC VIOLENCE

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1 AGENDA May 24, 2017, 10am Access meeting by clicking OR by calling , Access Code: Welcome 2. Approval of last meeting minutes 3. Review current financials March 4. Review ICADV FY18 budget 5. Review proposed revision to Fiscal Policies 6. Other business 7. Next Finance Committee meeting date a. TBD 1

2 ATTENDANCE May 24, 2017 April Balzhiser, Chair Sarah Dellert COMMITTEE MEMBER PRESENT ABSENT Isak Griffiths Gail Thomas STAFF CONTACT(S) PRESENT ABSENT Jessie McCoy Vickie Smith GUESTS PRESENT 2

3 MINUTES The meeting was convened at 10:06 A.M. Welcome Approval of last meeting minutes Highlights of the minutes include: discussed December financials; discussed ICADV s investments and reserves. Balzhiser motioned to accept and Dellert seconded the minutes. The minutes were approved unanimously. Review current financials McCoy reviewed the balance sheet and income statement, and discussed unusual percentages to budget including: Conference program income and resource materials are underbudget due to less online training modules completed, and less public education orders requested than anticipated as of March; Events are underbudget due to timing, as the Jazz event will occur in May; Professional services are underbudget as there have been no speaker requests for ICADV and MOU hours worked on the OVW Disabilities Grant are less than anticipated; Interest is overbudget due to earnings on the investment, CD, and savings account; Miscellaneous income is overbudget because ICADV cashed in the points earned from the Visa corporate cards; Emergency Assistance to Victims Funds is higher than anticipated, as ICADV rolled over FY16 funds and has not earned enough in this account to disburse (amount must be $1,000); SUTA expense underbudget due to the lower rate charged in CY16; Contractual is overbudget due to timing, as audit expenses have been paid; Subs/pubs higher than anticipated at this point in the year due to the annual payroll update, computer security purchases, and fund development tool; Affiliations are higher due to the NNEDV membership dues paid in July; Miscellaneous expense is higher than anticipated due to the advertising costs associated with the Training and TA Associate, and the Director of Policy and Systems Advocacy as well as VOCA lapse funds deemed unallowable; Training budget variance due to timing of trainings; Cash reserves underbudget as funds are deposited at fiscal year-end; Awards and Grants to subproviders underbudget as payment for March expenses was not made until April; also note- ICADV began charging 10% de minimis to funders for indirect costs. Griffiths motioned to accept the March financials as they stand and Dellert seconded the motion. The financials were approved unanimously. Review FY18 Budget McCoy described each income and expense line item of the budget. Considerable changes in the FY18 budget includes: Fundraising goal was decreased from $50K to $25K based on recent FY actuals. Professional service (which includes external speaking engagements and OVW Disabilities work) decreased by $19K, based on FY17 actual. Grant changes include an increase to $210K for the VOCA Administrative contract and changed contract start date of 7/1 instead of 11/1. Increased salary and fringe, for additional employee(s) to be hired to monitor the increased VOCA dollars. Decreased cost of health insurance premiums based on 6/1/17 renewal rates. Decreased amount for contractual employees based on FY17 expenses. Increased amount for program council meetings, to add additional speaker expense and in person meetings for committees. Decreased amount for savings, will deposit at end of FY as usual practice. 3

4 Griffiths motioned to accept the FY18 Budget as it stands and Balzhiser seconded the motion. The budget was approved unanimously. Review proposed revisions to Fiscal Policies ICADV CEO, COO, and CFO met to discuss certain necessary changes to the Personnel and Fiscal Policies. Personnel Policies were made and will go to the Executive Committee for approval. Fiscal Policy changes were made and were brought to the Finance Committee for approval. McCoy reviewed the following changes to the Fiscal Policies: Pages 9-10: added additional language on executive compensation, to ensure the compensation is reasonable and not excessive. Pages 14-15: changed the language regarding per diem to mirror the state of Illinois rates. Page 22: changed the micro-purchase amount to include any purchase under $3,500 (from $3,000 previously). Balzhiser motioned to accept the proposed revisions to the Fiscal Policies as they stand and Griffiths seconded the motion. The revisions were approved unanimously. OTHER BUSINESS McCoy mentioned ICADV solicited bids for their FY17, FY18, and FY19 provider of tax and audit services. KEB, RSM, and Sikich responded. Based on numerous factors including price, reputation, access of communication, and educational opportunities available, ICADV selected Sikich, LLP to continue as their auditor. In addition, McCoy mentioned ICADV solicited bids to assist with indirect cost rate negotiation in FY18. Per Government Auditing Standards, companies cannot negotiate on an organization s behalf, but can be available for guidance. The bid was sent to KEB, RSM, and Sikich. RSM and Sikich responded. RSM (formerly McGladrey) was selected to provide this service. McCoy mentioned a repurchase bank account was set up by ICADV in order to provide additional protection on bank balances over the FDIC maximum of $250,000. Any balance over $250,000 will sweep from the ICADV checking account at United Community Bank to the ICADV repurchase account at United Community Bank. McCoy mentioned she will not be in attendance at the June 8, 2017 Board meeting. Griffiths will be present and volunteered to present the May financials, FY18 budget, and proposed revisions to the Fiscal Policies to the Board, if Treasurer Balzhiser is unavailable. NET MEETING Date: TBD after Executive Committee sets their meetings for FY18. The Finance Committee typically meets quarterly, the Wednesday at 10am prior to the Executive Committee meeting. Location: Conference Call/Go To Meeting via web Next Meeting Agenda Topics: include review financials. 4

5 The meeting was adjourned at 10:49 A.M. 5