Financial Planning Subcommittee Meeting - June 19, 2008

Attending: Jack Meacham, Rob Dwan, James Cloutier, Dorothy Soper

1. We reviewed the summary of our previous meeting.

2. James told us about his meeting with Charlie Wilson, the RPCV in Eugene who is an accountant, and who has agreed to advise us on accounting matters. It was a preliminary meeting regarding our previous tax obligations and filing requirements once we have 501 3C status.

   James will meet with Charlie again soon probably also with Evangelina and Dorothy.

3. We reviewed the budget for 12/07 through 11/08 that the board adopted on 6/12/08. The committee requests two changes in the format:

   1. 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.

   2. 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 treasurer's report at the board meetings, the "year to date" spent or received for the various line items in the budget.

4. The committee discussed how the board will select one or more projects to fund with the $700 set aside for additional grants. James would like this 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 meeting in 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 August or September.

5. The committee discussed ways that our organization might stay in touch with local PCVs once they are at their sites. The purpose would be to offer assistance with their projects. We liked the idea of having a recently returned member of WCPCA be in charge of staying in contact with local volunteers probably via email. James will ask the board to talk about this.

6. We discussed how best to use the $2,000 (plus 1% interest) that will be available to us from the Calvert Fund in early September. This is money that WCPCA invested with the fund three years ago and that has been used for humanitarian projects.

   The committee strongly endorsed the idea of putting these funds in Beryl's Memorial Fund. At this time that would mean placing the funds in the money 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 create an endowed account with OCF once we gain 501 C3 status.

   We note that the organization will receive in mid-July a letter from the Calvert Fund asking for direction in their dispensing our investment with them. The board needs to make this decision at its July meeting.

Summary by Dorothy