Page 25 - 2022 Feb Report

Resilience
Audit Committee Meeting Minutes (2)
and we would no longer be seeing an ACH report nor a wire transfer report from SunTrust as part of the bank reconciliation package beginning in January, 2022. Buzz’s second question had to do with a large Bill.com payment on the bank statement that he was having trouble reconciling. On January 27th Dick called Buzz and they reconciled it to Buzz’s satisfaction.
C. SunTrust Bank Register report–September 1, 2021 to January 10, 2022
Bea suggested that this report be consistent in its’ descriptions such as matching grant or just grant. Dick confessed that he is inconsistent in his descriptions and with our proposed upcoming move to QuickBooks, we will attempt to be more consistent. Hugh asked why we skip from November 10th to November 15th. Sharon said Dick’s report was too big for Diligent Boards and she had to divide it. Dick also added that there was a weekend between those dates and no bills were paid for a few days. Bill asked about payment to Starkweather for payment of Crime Policy. Crime Policy covers Employee Dishonesty for $3,000,000 with $30,000 deductible and our required maximum by law of $500,000 for our 401K ERISA Fraud or dishonesty. Great American Insurance Group are the people insuring us and after reviewing our procedures they required us to have someone other than a bank signer, Sharon Wood, do the bank reconciliations. That is when Bobby appointed Lady Hereford to begin doing the bank reconciliations. Hugh asked about the Grant refunds from Florida Atlantic University Foundation for $250,000. Dick explained that twice he sent grants of $50,000 and $200,000 to them before he learned that they had hired a new controller who did not want to receive payments from Bill. com and had closed those bank accounts where we had previously sent grants. So at year end we sent paper checks for $50,000 and $200,000 which were dated in 2021 but not deposited until 2022. We are still working on how we will resolve making future payments to them. Hugh noted that he still has not received the $918.50 we paid him through Bill.com on 12/20/21. Dick will see that it gets paid.
D. Mastercard detail for July, August, September, October, & November.
Bill asked about charges for Pandora. Bobby explained that the Pandora charge is to cover a subscription for background music in the JSF office.
E. Statements of revenue, expense and changes in fund balance – Twelve Months Ending December 31, 2021.
Hugh commented for the second year in a row that it was a good report. Not only were the 2021 actual expenditures $57,412 or 2.4% below forecast but also investment performance was well above the 5% target. Dick emphasized that all investment valuations are not yet in and we could easily hit a 20% return after they are all included (According to a preliminary report issued by Prime Buchholz we realized a return of 19.18% for 2021.) Major areas which were below budget in 2021 include Other Consultants $127,793 below budget and Travel, conferences and meetings $53,959 above forecast. Travel included our December 3rd Reflections on JSF event. Malcolm’s deferral payments are based on Foundations’ return on investments so can go up or down. Buzz asked how much longer will that last and Dick answered 3 more years. David noted our legal fees were up over budget by $38,862. Most of that was Gunster, Yoakley renewing Malcolm’s visa which we were not aware of last March when the budget was finalized. Bobby believes the bulk of those legal fees are behind us. He and Malcolm both approve those legal fees. Hugh asked why the Other Consultants fees are down $127,793. Dick explained that Interpreters were approximately $14,000 below forecast, Indigenous Consultant Richard Williams was approximately $38,000 below forecast and Research/Assistance on Malcolm’s Book Project was nearly $75,000 below forecast. Malcolm said he still plans to use that $75,000 but it will probably span 3 years. Bobby also noted that Communications Consultant Angie Francalancia was about $7,500 below forecast. David asked who is included in Other Consultants? Dick named many of them. Hugh referenced Note 2 at the bottom of the report and noted JSF’s
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