MINUTES OF PSGSC BUDGET COMMITTEE MEETING
HELD ON MONDAY, JULY 12, 2010
Board Chair Patricia Staudacher started the committee meeting at 2:19 p.m.
Attending the meeting were Patricia Staudacher, Mike LeMole, Davis Brown, George Irizary, Arlene Irizary, Kathy Osbun, and guest Joanne Phipps. Patricia said Joanne Phipps had expressed an interest in helping with financial record-keeping.
Initial goals of the meeting included documenting and recording all 990 Forms required by the Internal Revenue Service; reconciling all bank statements, and assigning board members authorized to sign checks.
HELD ON MONDAY, JULY 12, 2010
Board Chair Patricia Staudacher started the committee meeting at 2:19 p.m.
Attending the meeting were Patricia Staudacher, Mike LeMole, Davis Brown, George Irizary, Arlene Irizary, Kathy Osbun, and guest Joanne Phipps. Patricia said Joanne Phipps had expressed an interest in helping with financial record-keeping.
Initial goals of the meeting included documenting and recording all 990 Forms required by the Internal Revenue Service; reconciling all bank statements, and assigning board members authorized to sign checks.
990 FORMS: Treasurer Mike LeMole reported that IRS 990 Forms were filed and accepted for the years 2007 and 2009, but the 990 for year 2008 was rejected. He said he would attempt to re-file for 2008 via the non-profit Urban Institute, which handles such matters. The PSGSC non-profit status is recognized by the IRS, but there is no record that the non-profit status has ever been filed with the State of California . That will be further researched, perhaps with outside assistance.
RECONCILING BANK STATEMENTS: George Irizary volunteered to collaborate with Mike LeMole to produce a financial ledger in a format readable by any board member and by a yet-to-be-selected person who could enter the data into a computer program that would be used to track revenue and expenditures and produce monthly financial statements. Check number, date, payee, dollar amount and reason for the expense are to be included in the ledger. The ledger would be the first step in achieving compliance with non-profit reporting requirements. Patricia suggested that January 1, 2010 , be used as the start date for the new ledger.
CHECK SIGNERS: Following the model of PANC, it was decided, subject to board approval, to have four board officers authorized to sign checks. The officers are Chair, Vice Chair, Treasurer and Secretary. Two signatures would be required on every check. The board will also be asked to set a limit ($200.00, for example) on the amount that could be disbursed without board action. Any withdrawals from money market savings or the Certificate of Deposit would require specific board approval.
Respectfully submitted
George Irizary
Secretary, PSGSC
July 15, 2010
RECONCILING BANK STATEMENTS: George Irizary volunteered to collaborate with Mike LeMole to produce a financial ledger in a format readable by any board member and by a yet-to-be-selected person who could enter the data into a computer program that would be used to track revenue and expenditures and produce monthly financial statements. Check number, date, payee, dollar amount and reason for the expense are to be included in the ledger. The ledger would be the first step in achieving compliance with non-profit reporting requirements. Patricia suggested that January 1, 2010 , be used as the start date for the new ledger.
CHECK SIGNERS: Following the model of PANC, it was decided, subject to board approval, to have four board officers authorized to sign checks. The officers are Chair, Vice Chair, Treasurer and Secretary. Two signatures would be required on every check. The board will also be asked to set a limit ($200.00, for example) on the amount that could be disbursed without board action. Any withdrawals from money market savings or the Certificate of Deposit would require specific board approval.
Respectfully submitted
George Irizary
Secretary, PSGSC
July 15, 2010
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