Page 34 - 2023 February Report

February Report 2023
Audit & Risk Committee minutes (draft) (2)
his Director Fee of $5,000.00 and his 10/15 payroll figure did not. That will vary on a quarterly basis since we include his Director Fee in his paycheck as instructed by Templeton. What about Malcolm expenses in December? Sharon explained that Malcolm in December gave her all his expenses for 2022 to write up and pay which is why he had so many reimbursements in December. Who is Empower? Dick replied Empower bought out Mass Mutual and holds all our 401K funds in various investments which we choose. Is the movement to Empower automatic from payroll? No Dick replied. He must each payroll go to the Empower website and enter the 401K withdrawal, the Foundation 4% match and the Foundation 8% contribution. He can copy all numbers from the previous payroll if there are no changes. Who is the North Carolina State Treasurer? Dick explained that is UNC-Pembroke and represents a small travel reimbursement for attending our Indigenous Entrepreneurship meeting. Hugh asked about the large furniture purchase. Bobby explained he is doing that over several years since the office furniture we have is dated. Most came from California when we moved back to Florida around 2000. Did QuickBooks double charge one month? Dick explained that some vendors are allowed to bill monthly our credit card but sometimes skip a month and then catch up with 2 billings in one month.
A. Statements of Revenue & Expenses - Twelve Months Ending December 31, 2022.
Hugh pointed out that 2022 was a loss-asset values which were down 12.4% per Prime Buchholz from 12/31/21. Two major line items accounted for our being over budget this year which were Travel expenses and Taxes. Hugh asked Sharon why Travel expenses were higher. Sharon explained we did more traveling, travel expenses were higher based on gasoline and food prices, we had a West coast trip which is always more expensive, we had two site visits with our West coast Board meeting, we had a convening and an in person SUSF meeting in Tampa and Arizona, etc. Dick explained our tax payment will probably be 0 in 2023. We were forced to make a large prepayment to protect ourselves but the 2021 tax will probably not be repeated in 2022. We will probably carry most of that payment over into 2023.
5. Summary of Insurance Coverage
Bobby mentioned the Cyber Insurance Coverage which Templeton had suggested we look into. We have received 2 quotes for $1,000,000.00 of coverage and have incorporated a premium of $10,000.00 for that coverage into our proposed 2023 budget. We had a discussion with our IT provider, PalmTech, who recommended it and an insurance company we should get a bid from. The committee agreed we should include it in our proposed budget to the Board of Directors at our March Board meeting for their final decision.
6. Schedule of Upcoming Meetings
Our March 20th, 2023 meeting will again be held in conjunction with our Board meetings.
The meeting concluded at 9:20 a.m.
Respectfully submitted this 14th day of February, 2023.
Richard A. Krause Hugh Brown Chief Financial Officer Committee Chair
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