Voices for International Business and Education
Minutes
VIBE Finance Committee Meeting
Date and Time
Monday August 19, 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. Tufail, D. Deno, M. Stramel, S. Retzlaff, S. Wilson
Committee Members Absent
None
Guests Present
M. Roney
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 Aug 19, 2019 at 5:43 PM.
C.
Approve Minutes - June 2019
S. Retzlaff made a motion to approve minutes from the VIBE Finance Committee Meeting on 06-17-19 VIBE Finance Committee Meeting on 06-17-19.
A. Tufail seconded the motion.
The committee VOTED to approve the motion.
II. Finance
A.
Review of June & July 2019 Financial Statements for Board Approval
July Financials
No questions
No questions
B.
Recommend Approval of June & July Financial Statements to Board
S. Retzlaff made a motion to recommend approval of June & July Financial Statements by Board.
A. Tufail seconded the motion.
The committee VOTED to approve the motion.
C.
Grants Pipeline
No comment
III. Other Business
A.
Future Meeting Dates
Continue with previous schedule of Finance Committee meetings on Monday before Board meetings
IV. Closing Items
A.
Public Comment
No public comment
B.
Adjourn Meeting
S. Retzlaff 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 6:14 PM.
Respectfully Submitted,
M. Stramel
AT: How did we end the year?
DD: Less of deficit than projected
15.3% of reserve
~$68,000 deficit at 18-19 EOY
SW: Projected deficit for 19-20 ~$100,000
Exact figure in approved FY19-20 budget
MR: $87,000 additional expenditures for ACT Prep, Remediation Specialists, Legal Fees ($20,000)
At end of FY18-19 positions were not filled
AT: What is price tag of SPS Action Plan funds?
Fund balance will decrease by how much for this project?
DD: $173,000 (misc. revenue projection)
Total $183,000 budgeted for FY19-20 ($10,000 reimbursements)
2 of 4 positions filled, more expensive hires
Variances above 10% FY18-19
- Legal Fees
- Education Professional Services (SPED, Substitutes for unfilled positions)