May 26, 2019
Finance Members Present: Howard Raff, Joan Kleger, Jill Jones, Maureen Santiano, Alex Ucciferri, and Richard S, Gregorio (Chair).
Board of Directors Present: None
Absent: John Sallese
Call to Order – R. Gregorio called the meeting to order at 9:05 a.m.
First discussion related to the role of the Fincom and what was required from Members. R Gregorio stated that the by-laws do not stipulate requirements or formation of any committees and that over time the BOD formed various committees to assist them. The Fincom was formed to assist in the budget process. R Gregorio stated the current BOD will be introducing amendments to the by-laws including the roles of committees.
The Fincom expressed an interest in more involvement in the budget process. R Gregorio recommended the Fincom work with Management and Committees to develop and recommend to the BOD a first pass of the budget. The process to begin once 2018 financials are available and the 2019 balance sheet is done.
R Gregorio commented that J Mosely sent to him and he forwarded to the Fincom an Accounting Process document. R Gregorio recommended J Jones and A Ucciferri use this document as a starting point for proper procedures and segregation of duties for internal controls. Fincom member should familiarize with new staff and their associated job descriptions to see where duties and overlap with Accounting Procedures.
A Ucciferri requested that the recently rehired Bookkeeper work under his guidance for accounting procedures and that his full access to quick books be reestablished.
J Jones and A Ucciferri requested the Fincom be given a copy of the Capital Reserve study and meeting with EMOC to discuss the adequacy.
Adjournment – 10:10 a.m.
Respectively submitted: Richard S. Gregorio