Page 18 - April Report2022

April Report 2022
Audit Committee meeting minutes
Monday, March 21, 2022
Members Present: Hugh Brown, Sherry Salway Black, Bea Awoniyi, David Blaikie, Bill Corwin, Bobby Krause (non-voting) and Sanford Howard
Others Present: Dick Krause and Sharon Wood Hugh chaired the meeting.
1. Minutes of January 26, 2022 meeting.
Minutes were approved as circulated.
2. Matters arising from the minutes.
Hugh mentioned that the topic of foreign currency risk was not discussed at the March 8 meeting of the Investment/Finance Committee. Dick will request Prime Buchholz to review this subject (48% of our assets subject to foreign currency risk) at our next investment/finance committee meeting on June 20, 2022 since it was not reviewed at our March 8, 2022 meeting as requested.
3. Financial Reports.
A. Investment Activity –January 1, 2022 to February 28, 2022
Hugh commented this was our first report where capital calls exceeded distributions. He noted there were additional distributions from MAP 1999, MAP 2000 and MAP 2012 received in February. He also noted we are liquidating Mangrove and adding to Junto. Dick noted FAT (First American Treasury) is giving us interest income from excess cash invested by U.S. Bank. QuickBooks picks up that income based on our proposed conversion to QuickBooks reporting so he has added those amounts although they are minimal.
B. SunTrust Bank Statements and Reconciliations –December, 2021, January, 2022 and February, 2022
Hugh asked Buzz if he saw anything in the bank reconciliations he would question. Buzz did have a few questions about reconciling the Bill.com reports to the bank statements. (Dick and Buzz got together after the meeting and Dick explained the differences to Buzz’s satisfaction) Dick also announced that he has completed switching almost all vendors over to Bill.com 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.
C. SunTrust Bank Register report–January 10, 2022 to February 28, 2022
Hugh asked about the refund from The Hartford for our Workers’ Compensation Policy which Dick explained was a decrease in payments to Consultants last year which started a lengthy discussion onwhywepayWorkers’CompensationforourConsultants. Dickwasaskedtoshowdocumentation from insurance agent on why we needed to pay this. Hugh also asked about payments to Mass Mutual every two weeks for 401k ductions plus 4% company match plus 8% company contribution. Hugh noted his problem with Bill.com payments which is in the process of getting worked out. David Blaikie noted that his payments come in US dollars but then get converted to Canadian dollars.
D. Mastercard detail for December, 2021, January, 2022, February, 2022
Nothing.
E.Statements of revenue, expense and changes in fund balance – Two Months Ending February 28, 2022
Hugh pointed out that we are starting 2022 with a large loss.
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