Voices for International Business and Education
Minutes
VIBE Finance Committee Meeting
Date and Time
Monday June 17, 2019 at 5:30 PM
Location
727 Carondelet St., New Orleans, LA 70130
Voices for International Business and Education http://public.boardontrack.com/VIBE_1
Committee Members Present
A. Kock, A. Tufail, D. Deno, S. Wilson
Committee Members Absent
None
Guests Present
M. Roney, M. Stramel
I. Opening Items
A.
Record Attendance and Guests
B.
Call the Meeting to Order
A. Tufail called a meeting of the Finance Committee of Voices for International Business and Education to order on Monday Jun 17, 2019 at 5:50 PM.
C.
Approve Minutes - March 2019
A. Kock made a motion to approve minutes from the VIBE Finance Committee Meeting on 03-18-19 VIBE Finance Committee Meeting on 03-18-19.
A. Tufail seconded the motion.
The committee VOTED to approve the motion.
D.
Approve Minutes - April 2019
A. Kock made a motion to approve minutes from the VIBE Finance Committee Meeting on 04-15-19 VIBE Finance Committee Meeting on 04-15-19.
A. Tufail seconded the motion.
The committee VOTED to approve the motion.
E.
Meeting May 13, 2019
II. Finance
A.
Review of May 2019 Financial Statements
B.
Grants Pipeline
AT: First year using grants tracking tool - very helpful. Need to win more.
SW: Federal grants possibility in near future - character development and school culture.
SW: Federal grants possibility in near future - character development and school culture.
C.
2019-2020 Budget Hearing
SW: The board did a good job of engaging Academic department on how activities impact budget.
AT: Board was better informed in approval of budget this year by all committees.
DD: 2/1/19 student count (520) determines budget from state for SY19-20, though after four months those numbers could change
MR: Cover letter edits "institute" "baccalaureate" "influence"
No public comment.
AT: Board was better informed in approval of budget this year by all committees.
DD: 2/1/19 student count (520) determines budget from state for SY19-20, though after four months those numbers could change
MR: Cover letter edits "institute" "baccalaureate" "influence"
No public comment.
A. Kock made a motion to Adopt 2019-20 Budget.
A. Tufail seconded the motion.
The committee VOTED to approve the motion.
III. Other Business
A.
New AUPs
DD: New AUP requirements regarding segregation of duties and disaster management (data recovery) must be put into place before 6/20/20 audit.
SW: Currently no data is stored on campus (all backed up electronically through QuickBooks, JCampus, cloud, etc. depending on department), but a policy must be written to reflect this.
DD: New Finance policies will also reflect segregation of duties.
MR: Any issue with potential auditor making recommendations?
DD: No, he is not assisting with internal IHSNO policy and procedures, only explaining state requirements.
SW: Currently no data is stored on campus (all backed up electronically through QuickBooks, JCampus, cloud, etc. depending on department), but a policy must be written to reflect this.
DD: New Finance policies will also reflect segregation of duties.
MR: Any issue with potential auditor making recommendations?
DD: No, he is not assisting with internal IHSNO policy and procedures, only explaining state requirements.
IV. Closing Items
A.
Public Comment
There were no public comments.
B.
Adjourn Meeting
A. Kock made a motion to adjourn the meeting.
A. Tufail seconded the motion.
The committee VOTED to approve the motion.
There being no further business to be transacted, and upon motion duly made, seconded and approved, the meeting was adjourned at 7:19 PM.
Respectfully Submitted,
M. Stramel
AT: Net impact on quality of teaching?
SW: Quality of teaching has not been impacted - EnrichNOLA fellows are not paid for planning and grading. Not hired for all positions because fellows have a high turnover rate.
KPIs all in line.
MR: End of year projection?
DD: Should be right at $84,000 deficit end of fiscal year, as projected.
Agenda item was listed as a Discussion, not a Vote.