Minutes of Finance Committee

6-8-16 Meeting

Attending:Pam Dewey, Executive Director Gail Gerhardt, Bill Snyder, Wally Watson, Sally Wencel, Steve Windsor (Treasurer). Absent: Tim Lewis.

Profit and Loss Statement Revision:Steve reported that in a conference with staff, auditor Greg Heino, CPA signed off on the new profit and loss statement format, subject to the renaming of a few accounts. Committee consensus to combine the 3914 Butterfly Habitat line into 3400 Net Merchandise Sales. Bill mentioned that since most grants tend to focus on the WILD Center, WC income shouldn’t be in the operations area. New format provides this Steve said. Steve to work with Greg at renaming the previously labeled pass-through accounts.

There was unanimous committee consensus that the new financial reporting format should be implemented in the illustrated new form and that this does not require Board approval. Steve also mentioned the Board approved the 2016 budget in this format, a de facto approval.

Balance Sheet Revision:At the above referenced meeting, Greg Heino promised to deliver a work product of the Balance Sheet revised. Steve had presented recommended changes and since these were similar to Greg’s scorecard worksheet it was agreed that Greg would devise the new format.

Presenter Fee: Unanimous committee approval of the $300 presenter fee for Susan Nietzel.

REVENUE discussion:Steve presented numbers that showed at this current rate we would end up with only 86.5% of our budgeted revenue for operations at year end (a 13.5% shortfall). Sally commented that our revenue is at a 3-year low. Specific actions to effect income include:

  • 3201 CC Reimbursement is zero. Apparently this is netted into credit card expenses. Steve/ Gail to check with Greg if this new netting of accounts is okay. If okay then 3201 can be removed.
  • No Journal donations because of online Journal Steve pointed out.
  • Miscellaneous is very low, only 8%.
  • Merchandise is only 24% YTD instead of the 41.7% it should be as of the end of May. Gail said merchandise sales continue steady.
  • Lifetime donations are very low. Gail said that there were some partial payments which will reflect in June. Gail to work on making contact with late partially paid Lifetime memberships.
  • Membership Dues are spot on the YTD budget numbers for our largest revenue item!

Gail added that we will see $3000 come into the checking because of the similarly sized SFE disbursements. And a $5000 MJV check has been received. Cash flow is still tight with chapter reimbursements not expected to go out until July, one month late.

Outside Financial Reviews:Steve mentioned that we are in the 3rd year of our audit/financial reviews and we will need to extend this agreement in the near future.

Other:West Cook chapter is aiming for a sizable grant for a corridor project. Sally expressed the need to find other revenue sources, and Bill wants our true picture to be available to the Board. Steve said the new P&L format is a great start and welcomed the opportunity to delve deeper into our financial problems at the next committee meeting.

Meeting adjourned.

See Revenue and Expense items attached separately.