Financial Management Focus Area Committee Minutes
June Quarterly Board
Northfield Inn
Rollie Spaniol, Chairman
June 11, 2007
Present: Absent:
Mark Besse Judy Cordier
Sarah Dillman Bob McLeese
Terry Davis Rich Nichols
Lee Bunting Emery Oesch
Dale Jahraus
Rollie Spaniol
Stacy Stremsterfer
Kenny Vosholler
Annyce Winters
Debbie Holsapple
Erin Pate
Chairman Rollie Spaniol called the meeting to order at 3:06 p.m.
Sarah Dillman kept roll call.
Approval of Agenda
Rollie Spaniol stated additions to the agenda included: Bill Castor with the FY 2006 audit and Glen Semple from Farm Credit Services.
FY 2006 Audit
Rollie introduced Bill Castor from Eck, Shafer, and Punke. Bill conducted the AISWCD audit of FY 2006. A formal draft of the audit was given to the committee. Bill explained the letter and official audit as presented. No issues were found as a result of the audit. The audit did provide recommendations including, the SWCD Insurance account needs to have January 1 of the year as the beginning of the year and not the state’s fiscal year. Bill recommended the bookkeeping work for the SWCD Insurance account be done in Springfield since it contains the AISWCD name. Bill also recommended due deposits be handled as a liability to ensure dues are reflected in the FY budget there were for. The audit’s financial statements were explained. Questions were raised regarding Note E in the audit, that funds in the bank are not insured, Sarah Dillman and Rollie explained the insured amounts of funds are $450,000 at Bank of Springfield.
Bill Castor mentioned the SWCD account could not be done entirely separate from the AISWCD General Fund/Foundation audit due to accounting standards, he stated he would make an additional sheet that could be released to IDOA. Debbie Holsapple inquired if the SWCD Insurance account could become a separate entity to itself. Bill explained the account would have to become a trust or a separate company and have a unique FEIN number. Discussion was held.
Farm Credit Services- Glen Semple
Glen Semple discussed Farm Credit Services (FCS) re-financing the AISWCD office loan. Glen explained the proposal as presented to the committee. Erin Pate explained AISWCD had a 20 year loan with Williamsville State Bank and Trust that is paid on a 15 year loan schedule with the mortgage payment being $1025.31 a month with an overpayment of $174.69 made each month and a $200 maintenance payment made as well for a total of $1400 each month deposited into the Williamsville State Bank and Trust account. Erin stated the Funds Held feature from FCS could be used for the maintenance payment. Mark Besse asked if we could negotiate the three withdrawal limit a month as presented in the FCS proposal. Discussion was held. Kenny Vosholler made a motion to accept the 15 year multi-flex loan with 7.35 % rate as presented by Glen Semple, Mark Besse seconded. Discussion was held. MCVV.
Review of Financials
Questions were raised about the FUTA and SUTA line items, Sarah Dillman explained AISWCD had subscribed to the Quickbooks payroll feature and the new features from the subscription was pulling SUTA and FUTA totals for the entire year, Sarah stated she would work with the auditor to correct these numbers.
FY 2007 Budget
Questions were raised about Quarterly Board meals and Legislative Day line items showing a negative total for the quarter. Sarah explained checks had been received in quarter two, when the bills had been paid in quarter one. Line Item 6202- Utilities was shown in the proposed budget as being removed, line items propane and electric were reversed in the proposed budget, and the propane budget amount was increased to $4200.00
Erin Pate explained the NRCS agreement amendment (attached.)
Mark Besse made a motion to approve the FY 2007 budget amendments as presented, seconded by Lee Bunting, MCVV.
FY 2008 Budget
Rollie explained the budget as presented. Mark Besse made a motion to approve the presented FY 2008 budget. Discussion was held. Lee Bunting seconded the motion, MCVV.
Bank Account Insurance Information
Sarah Dillman explained the handout dealing with bank account insurance (attached.)
SWCD Insurance Account
Debbie Holsapple reported the account had $43,000 is excess funds due to employee turnover. Premiums had been paid for employees that left creating the excess. Debbie gave an update on employee turnover. Discussion was held.
New Business
NACD Summer Meeting
Erin Pate stated NACD North Central Region cancelled their annual meeting and combined it with the NACD Legislative Meeting in Washington, D.C. scheduled for July. Erin explained per person expenses for attending the conference, $2,000 was a fair estimate per person. Kenny Vosholler made a motion to increase the NACD line item $13,000 for a total budget of $28,000 to provide extra scholarships for the July NACD Legislative meeting. Discussion was held. MCVV.
ISCA Smithsonian Soils Exhibit
Stacy Stremsterfer read a letter she received requesting a donation from AISWCD. Discussion was held. Lee Bunting made a motion to donate $1000 from the Foundation Account for this cause, seconded by Mark Besse. MCVV.
Old Business
Car
Sarah reported the AISWCD Chevrolet Lumina was sold for $1800 and has been reported under miscellaneous revenue.
Website
The remodel for the AISWCD website was discussed. Kenny Vosholler made a motion to approve $1,500 for the remodel of the AISWCD website, seconded by Lee Bunting, MCVV.
Adjournment
Dale Jahraus made a motion to adjourn, Rollie declared adjournment at 5:41 p.m.