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.
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.
July 15, 2010