Financial Planning Subcommittee Meeting - June 19, 2008
Attending: Jack Meacham, Rob Dwan, James Cloutier, Dorothy Soper
We reviewed the summary of our previous meeting.
James told us about his meeting with Charlie Wilson, the RPCV in
is an accountant, and who has agreed to advise us on accounting
matters. It was
a preliminary meeting regarding our previous tax obligations and
requirements once we have 501 3C status.
James will meet with Charlie again soon probably also with
We reviewed the budget for 12/07 through 11/08 that the board
6/12/08. The committee requests two changes in the format:
In the expense column, the topic of 'Grants' should be
in a separate section since it is an extraordinary expense,
different from either operating or general expenses.
We would appreciate knowing what the 'year to date' expenditure
is for each line item. We don't know enough about the software
that Evangelina is using to know how much work this would
require. But we think that the board should have this update
at least every quarter.
Knowing 'year to date' expenditures would clarify our financial
status since we would then know how much more of our cash
on hand would be spent to fulfill the budget.
Evangelina indicated today that she'll be able to include in her
at the board meetings, the "year to date" spent or received for the
various line items in
The committee discussed how the board will select one or more
fund with the $700 set aside for additional grants. James would
committee with additional members to look for possible projects
using the PC
Partnership listing on the US Peace Corps website.
James will bring this subject to the board's attention at the board
July and also ask for volunteers to work on this at the picnic in July.
We hope that the board will select one or more projects to fund in
The committee discussed ways that our organization might stay in
local PCVs once they are at their sites. The purpose would be to
assistance with their projects. We liked the idea of having a
member of WCPCA be in charge of staying in contact with local
probably via email. James will ask the board to talk about this.
We discussed how best to use the $2,000 (plus 1% interest) that
available to us from the Calvert Fund in early September. This is
WCPCA invested with the fund three years ago and that has been used
The committee strongly endorsed the idea of putting these funds in
Memorial Fund. At this time that would mean placing the funds in
market account that WCPCA has with Edward Jones. This gives
priority to WCPCA's
bringing the amount in that fund to $25,000 quickly so that we may
endowed account with OCF once we gain 501 C3 status.
We note that the organization will receive in mid-July a letter from
Fund asking for direction in their dispensing our investment with
board needs to make this decision at its July meeting.
Summary by Dorothy