February 18, 2021 9:00 a.m.
* Jerry Schlessel – Treasurer/Fincom Chair
*Donnie Sanborn – GM
*Bobbi Spencer – Bookkeeper
Not in Attendance:
Started meeting with going over the January draft profit and loss statement line by line. Bobbi explained the detail making up each line item represented on the P&L. The tree work expense was brought up and it was discussed that the vendor does not bill timely and maybe the fix for that is to accrue the proposed quote for the tree work before the close of the fiscal year. Bobbi also brought up the workers comp audit did not happen SGV was charged a $9K audit compliance fee but Memic has not worked with SGV on the audit. Bobbi is communicating with Memic to complete the audit and refund the money.
After completing the discussion of the P&L we discussed questions submitted by Jill Jones as she could not attend the meeting. Bobbi answered them and submitted the questions and answers to Jill via word document. There was a larger discussion on A/R and collections, conversation to continue.
At 9:45am Jerry Schlessel called the FINCOM meeting to order.
Jim V. shared his concern that having the treasurer as the FINCOM chairperson is a conflict of interest and should be reevaluated by the board.
Jim and Jerry brought up the 5-year financial plan that was started as a discussion last year but never followed up on. Jerry and Jim have agreed to meet once in season to integrate the current EMOC 5-year plan into the financial 5-year plan.
2022 Budget planning was discussed. All agreed that the budget process need to be streamlined and made easier and communicated better to all involved in the budget planning process. It was decided that Bobbi would create a timeline and outline of what is necessary and when. She will have this complete and submitted to the FINCOM by Friday 2/26/21.
The budget managers were assigned to their areas of the Budget, they are as follows:
Jerry Schlessel – EMOC
Jim Vitagliano – Operating
Roy Tarr – Rentals
Maureen Santiago & Joan Kleger – Sandbar and Entertainment
Howard Raff – IT
Jill Jones – Monitor and Auditor of Individual Budgets
The budget final draft is due by June 15, 2021. This is when the final draft should be complete by all budget managers, and committees, with help from Bobbi and Donnie. That leaves time for any adjustments to be made before the budget needs to be submitted to the BOD.
Jerry Schlessel ended the meeting at 10:15am