Page 46 - April Report2022

April Report 2022
Board of Directors’ meeting minutes (5)
The interest from US Bank is approximately $50/month. US Bank holds approximately $4million, though not all of that is interest bearing. In the past, readily available funds were housed in StoneCastle which was paying about 2% interest. They are now paying close to 0.15% interest. The Investment/Finance Committee has looked at this in January. Dick was asked to contact Prime Buchholz to express concern over the low interest returns.
Travel expenses (summarized on Line 69) constitute a large amount of the increased budget this year. Resuming in-person meetings and allowing Bobby to see grantees is important to programing. It was pointed out that the object is not to “run this operation on fumes” but rather to do a good job of spending money responsibly and in the right places.
The total operating expenses (Line 138) are just under 15% higher than 2021. A comparison to 2019 and a pre-COVID budget show an increase of 6%. It was pointed out that the required grants distribution increased far more than 15%.
The Board unanimously approved the 2022 operating budget.
2) New reports
As Bobby reported, Dick, Buzz and Bobby had worked with Kiwi Partners to generate the new reports out of QuickBooks.
The balance sheet is new and gives a quick picture of the status of investments. The full listing of investments has been generated by Prime Buchholz and used in the Monthly Reports since January of this year.
The Statement of Revenue and Expenses follows the same basic format as the prior form. Dick added that “Other Professional Fees” will be separated into one listing for legal, audit and financial fees and a separate listing for all others. Additionally, the two footnotes on the current form will be added to this new form.
3) Investment/Finance Committee minutes
The final draft of the minutes was not available at the time of publication of Board materials. It will be included in the April Monthly Report.
4) Standard reports
It was pointed out that the Foundation Financial Officers Group (FFOG) numbers for performance comparison have come down. Exactly why is not clear, but Dick will be changing to a different comparison group as JSF assets now exceed $250million. Dick was asked if the FFOG membership is the Foundation’s or his. It is the Foundation’s, however JSF no longer qualifies for membership under the new threshold of assets of $300million or more. Dick is grandfathered in. Upon his retirement, the membership ceases, unless JSF holds assets of $300million plus.
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