Page 18 - 2024 April report

EXECUTIVE & FINANCE COMMITTEE MINUTES (DRAFT)
March 17, 2024
Members Present: Malcolm Macleod, Bea Awoniyi, Sherry Salway Black, Bill Corwin, Robert Krause (non-voting)
Others Present: Tommy Pence, Sharon Wood
1. Minutes of the January 19, 2024 meeting
It was requested that the Minutes include the titles from the budget lines as well as the line numbers. Sharon was asked to add those to the Minutes. Minutes were approved with the addition of the budget line titles.
2. Matters arising from the Minutes
There were no matters arising from the Minutes.
3. 2024 operating budget
Tommy’s memo explaining the revisions to the budget since the Committee had reviewed it in January was included in the pre-meeting materials. He highlighted several items.
Line 23 – New Executive Assistant – This is an all-inclusive number for a partial year. Bobby is working with Lowell on a job description for this person who could assist Bobby. Additionally, there could be some cross training to mitigate some of the key person risks in succession planning. The anticipated annual salary would be $125,000.
Line 28 – Employer Matching SS & Medicare Taxes – This number is what is currently seen as the worst- case scenario. Tommy is hopeful that this will be less.
Line 30 – Medical Insurance – Malcolm’s health insurance coverage has been removed along with adding Tommy’s coverage for a full year.
Line 34 – Professional Development – This is a new item for staff professional development.
Lines 38 – 40 – Accounting Fees – The final Templeton engagement letters were not available at the time of the January meeting.
Line 45 – Legal fees for O-1 Visa – The proposed fee for Gunster Yoakley had not been provided at the time of the January meeting.
Line 49 – Chair Consultant Fees – This reflects the expenses formerly listed under Line 30.
Line 52 – CPA Consulting – This is for the risk assessment work that has been done and the potential for some more time with Templeton.
Line 54 – Endowment Consultant – Rick Williams has been retained for this new position.
Line 81 – Grant Program Committee meeting – This number for the December meeting includes the Board Retreat that same weekend in Palm Beach, Florida.
Line 91 & 93 – Annual Report and Monthly Reports – This is a pro-active increase as it is expected that BSE could be retiring late in the year.
Page 16 April Report