Finance Committee Minutes

10 November 2003

 

Members Present:  Ephraim Miller, Sally Alworth, Kathleen Benz

 

Financial Reports/Bookkeeper's Report

            Riparian Project reimbursement: KCC received an additional $4017.

            House & Grounds (H&G) 2003 Budget is almost gone because of expenses incurred before Thrangu Rinpoche's visit.  The ED's discretionary Budget will be allocated to House & Grounds.

            Lama Retreats/India travel expenses: as of this year Lama Michael will use perdium instead of using itemized expense accounting.  This will cover the miscellaneous travel expenses for which he has no receipts and has not been reimbursed in the past.  Per diem for all expenses for his 2003 trip is set at $125/day for India & Thailand.

            Reallocation of $6000 from the General Fund is included in Donation Transfers in Progress in the 10/31 Capital Cash Position. In the General Fund, it has been debited to Misc Events Expense.  We will ask Bruce if he has an alternative suggestion.

 

 

Annual Budget 2004

            Transition from Executive Director (ED) to Committee model is now underway, and Roger Edwards has completed his Transition tasks.  The new budget will be tweaked to reflect the committee structure.  Committee budget overview will be purview of Finance Committee (FC) , and will be monitored by way of monthly financial reports.  FC may also help with purview issues if applicable.

            House & Grounds Committee (H&G) will manage maintenance and furnishings, including Shrine Room furnishings (not shrine supplies) and Office Equipment (not office supplies).  A Home Depot credit card has been issued for Bob Harr, as head of H&G.

            Retreats Comm and Events Comm will present budgets to FC prior to the Retreat or Event, and then manage to that budget.

            The Discretionary Budget, which was under ED, will be under FC authority.  It will be augmented in the 2004 Budget to provide a "safety net" for committees, most of whom have not been used to managing their own budgets.

            Sally will incorporate suggestions from FC and Board, and will send out revised draft.

 

 

Managing Fundraising Components of Program Events/policy

            Program Event Policy, drafted by Roger Edwards, was adopted for recommendation to the Board & CCLC, with minor changes including a new title to better reflect its purpose.

 

 

Treasurer's Report

            Ephraim has been authorized by the Board to sign a contract with Reed College for facilities for the Alan Wallace Retreat in August 2004.  Sally will make sure Mary knows that a request for a deposit will be coming from Reed College.

            Annual donation to Bokar Rinpoche:  this year $2000 will be wired from KCC's General Fund to Shambhala Charitable Trust in India.

            The Board has requested help with understanding Financial Reports.  Sally will look into visual aids, and FC will consider other possible changes to the Reports.

 

 

Insurance Update

KCC is only able to insure volunteer labor for a maximum $5000 in medical payments, except in the case of negligence.  This is the maximum offered by any commercial policy.  Obviously, we would not want KCC to be at risk for negligence.  Therefore it is important that KCC volunteers understand the risks they are taking as they undertake volunteer tasks.  To protect KCC assets and raise awareness of risk, KCC should require a waiver or release of liability to be signed by volunteers.  Ephraim will research wording for such a document.

 

 

ACTION ITEMS:

Sally:              Update 3rd Q Financial Reports & send to Board and FC

Consult with Bruce re accounting of $6000 reallocation  

Prepare revised draft of 2004 Annual Budget

Notify Mary G. of Reed College contract

Research visual aids for Board's use of financial reports

 

Ephraim:       Contact Reed College re contract for Alan Wallace event

Wire $2000 donation to Shambhala Charitable Trust

Research wording for waiver/liability release for volunteer labor

 

Kathleen:      Revise Managing Fundraising Components of Program Events

 

Bruce :           Consult with Sally re accounting of $6000 reallocation

 

Items for future discussion

1. Using Bidwell as KCC's new broker

2. Endowment Guidelines (how to start and investing options)

3. Registered Agent for Oregon Corporation Division

4. Volunteer Labor Donation

5. Registration as a non-profit in state of Washington

 

Next Meetings:

Dec 15 @ 6:30pm

Jan 12  @ 6:30pm

Feb  9 @ 6:30pm

 

Submitted by

Kathleen Benz