Finance Committee Minutes

10 December 2003

 

Members Present:  Ephraim Miller, Sally Alworth, Kathleen Benz, Bruce Abrahamson, Steve Parker

 

 

 

Treasurer's Report

            Ephraim researched release of liability for volunteer labor, and is distributing his research to the Finance Committee (FC) for comment.   The FC hopes to approve a proposal at the January that can be sent to the board.

            The FC needs to draft a proposed definition of a Major Financial Transaction which requires approval of the Resident Lama according to our bylaws.

 

 

Managing Fundraising Components of Program Events/policy

            This policy statement is to be approved via email before the January meeting, since FC members who have been in India have not had time to red the final version.

 

 

Financial Reports/Bookkeeper's Report

                        November Financial Reports were approved.  Bruce agrees with Sally's accounting of the reallocation of $6000 from the General Fund to the Capital Fund.  KCC's Financial position is healthy as of the end of November.

            Sally presented pie charts as a possible visual aid for the board's use.  There was discussion of other ways of reporting, including comparisons with prior year.  She will bring several possible reports to the January meeting for the FC to look over.

 

 

Annual Budget 2004

            From the Capital Fund, we still need budgets for Site Operations and for the Development Committee.  The Construction budget is already approved under the master plan.

            In the Gen Fund budget, the discretionary budget will be raised to $1000.  Property Taxes have come in lower than estimated, so the budget will still have a projected surplus of $5000.

            There was discussion of the possibility that some part of Lama Michael's salary might come from the Capital Campaign, since he spends so much time on fundraising now.  It was decided this would  be reasonable only if there was a substantial need, and there is no need at this time.

 

 

Alan Wallace Retreat/Event

Contract for the venue has not been signed, but a general agreement has been made with Reed College.  The Volunteer Support Committee plans to have a Dharma Events Committee, which will work on the budget for the event, by February.

 

 

ACTION ITEMS:

Sally:              Prepare revised draft of 2004 Annual Budget

Research reports/visual aids for Board's use of financial reports

 

Bruce :           Contact Roger at the CCLC for budget numbers

 

All:                 Review "KCC Volunteer Participant...Release of Liability"

                        Review "Managing Fundraising Components ..."

 

 

Items for future discussion

1. Define Major Financial Transaction requiring Res. Lama approval per the bylaws.

2. Registered Agent for Oregon Corporation Division

3. Using Bidwell as KCC's new broker

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

5. Volunteer Labor Donation

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

 

Next Meetings:

Jan 12  @ 6:30pm

Feb  9 @ 6:30pm

Mar 15 @ 6:30pm

 

Submitted by

Kathleen Benz