Finance and Audit Committee Meeting

Finance and Audit Committee Meeting

Cincinnati Preschool Promise

Finance and Audit Committee Meeting

United Way of Greater Cincinnati

Minutes of Tuesday, August 22, 2017, 1:00 – 2:30PM

Finance and Audit Committee Members Present:

Pastor Tait, Sallie Westheimer, Laura Sanregret, Jill Johnson, Jennifer Wagner

Finance and Audit Committee Members Absent:

None

1. Welcome, Call to Order:

Pastor Tait welcomed members and guests.

Cincinnati Preschool Promise Staff:

Stephanie Byrd, Interim Executive Director

Vanessa White, Director of Operations

Creola Dickerson, Senior Administrative Assistant

ACTION: A motion to approve the agenda was made by Sallie Westheimer and seconded by Laura Sanregret. The motion was unanimously approved.

ACTION: A motion to adopt the minutes was made by Jill Johnson and seconded bySallie Westheimer. The motion was unanimously approved.

  1. Meeting Protocol Discussion:
  • Pastor Tait recommended to fully discuss recommendations in this committee before moving it forward to the board. Comments and recommendations from outside of the committee will be heard and then discussed by the board.
  • Jennifer Wagner asked for clarification on the process of moving recommendations forward for approval.
  • Stephanie Byrd noted that the Governance Policy was approved and the same protocols will be followed in Finance and Audit meetings.
  1. Finance Manager Update:
  • The new Finance Manager, Hector Polanco, will start September 5.
  1. Financial Report as of June 30, 2017:
  • Jill Johnson reviewed financial documents ending June 30, 2017 related to the levy funds.
  • Stephanie Byrd recommended usingunencumbered funds of 28K for additional outreach.
  • JenniferWagner noted the auditor states that there must be a policy to determine what to do with surplus funds.
  • Jill Johnson asked if we must follow the policies of the CPS board. The Master Agreement speaks to a few CPS policies, but the auditor says we do not have to follow all of them.
  • Sallie Westheimer suggested we work on budget policies now that the fiscal year is over, and that it is not absolute that we must follow CPS rules just because it is public money.
  • Cheryl Broadnax suggested to line up policy and auditor recommendations, then come to an agreement.
  • Jennifer Wagner stated that there was a task from CPS finance to the administration to come up with policies relevant to, or having an impact upon CPP.
  • Jill Johnson noted that the RFP defines the relationship as an independent contractor. CPP switched their fiscal year to align with CPS.
  • Jennifer Wagner recommended that for fiscal transparency, we should have a policy to show how things are reported and how to roll over excess funds.
  • Sallie Westheimer suggested to have the auditors send a management letter with recommendationson policies.
  • Jill Johnson recommended to let the auditors know we will be using the infrastructure and policies of the United Way until our finance policies are adopted.
  • Pastor Tait recommended that CPS revenue levy dollars be reflected in the finance report.
  1. Discussion on Budget Categories and Follow Up:
  • Funding 3YO’s
  • Jill Johnson recommended following the prioritization of ages within the Master Agreement. Sallie Westheimer recommended to include 3YO’s at 300%.
  • Jennifer Wagner stated that CPS felt that they promised to serve 3YO’s from the beginning.

ACTION: A motion to open enrollment up to 3YO’s and 4 YO’s up to %300 FPL for community providerswas made by Sallie Westheimer and seconded by Pastor Tait. The motion was unanimously approved.

  • Wage Parity
  • Stephanie reported that the Cost ofQuality committee has formed and is working on wage parity.
  • Stephanie Byrd discussed receiving committee approvals and suggested creating a chart to show Committee reporting procedures.
  • Pastor Tait noted that this committee has the authority to make and approve motions made within approved confines of the budget.
  • Sallie Westheimer suggested we bring the motion back to the Executive Committee for approval because we have changed what was voted on.
  • Laura Sanregret suggested 3YO enrollment beadministered on a first come, first served basis.
  1. CPP Invoicing Procedures:
  • Jill Johnson recommended to follow procedures in a timely manner, so as not to miss reporting. United Way does not have a policy on what to do with underspent money.
  • Jennifer Wagner suggested to disburse funds 4 times a year. Three categories should be QI, TA and everything else. She recommended approving $3,540,919 to be disbursed quarterly and will ask for payment today or tomorrow morning.

ACTION: A motion for CPS to issue funds in four equal quarterly payments to United Way was made by Jennifer Wagner and seconded by Sallie Westheimer. The motion was unanimously approved.

  1. CPP Audit:
  • Stephanie Byrd referred to the RFP sent out on Friday. Questions from the vendors and vendor list were included in pre-read. Jill Johnson, Dawn Reynolds and Jennifer Wagner will assist in answering questions.
  • Jennifer Wagner will send examplesof a scoring rubric to use.
  1. Adjourn:

ACTION:A motion to adjourn was made by Pastor Tait at 2:43 and seconded by Jill Johnson.

Future Finance and Audit Meetings:

September 19, 2017 1-2:30pm

October 24, 2017 1-2:30pm

November 14, 2017 1-2:30pm

December 21, 2017 1-2:30pm

Future Board Meetings:

September 26, 2015 6:30 – 8:30pm

October 26, 2017, 8:00 – 10:00am

November 28, 2017 4:00 – 6:00pm

December 13, 2017 6:30 – 8:30pm (location TBD)

Submitted by Creola Dickerson, Senior Administrative Assistant

Cincinnati Preschool Promise

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