June 16, 11-12:30, 2012 Hibiscus Room and June 18, 3-4:30, Maraval Room, Trinidad and Tobago
Submitted by: Paula Covington, Chair
Members present: Fernando Acosta-Rodríguez, Anne Barnhart, David Block, Hortensia Calvo, Angela Carreño, Paula Covington, Pamela Graham, Melissa Guy, Peter Johnson, Alma Ortega, Richard Phillips, Laura Shedenhelm.
Others: Adan Griego, Joseph Holub, Elmelinda Lara, Martha Mantilla, Mei Méndez, Craig  Schroer, Lynn Shirey, Gayle Williams
Finance met twice in Trinidad to review the current and proposed budgets, conference budgets, the state of investments, and proposed new fiscal policies and procedures.  Melissa Guy was welcomed as a new member to the committee.

Treasurer Peter Johnson reviewed the current and future fiscal outlook for SALALM.  Hortensia Calvo reported that the status of the current Secretariat budget is on track for this fiscal year.  Joe Holub presented his final report for the 2011 Philadelphia conference and reported approximately $11,000 in profit.  Elmelinda Lara estimated a profit of $12,000-14,000 for the Trinidad conference.  Mei Méndez and Gayle Williams reviewed preliminary figures for the 2013 Miami conference.   Laura Shedenhelm reported on the subcommittee, the Investment Working Group (IWG), which met earlier on June 16.

New business included a discussion of the need for liability insurance for the directors and officers of the organization.  Richard and Paula will have the pleasure of reviewing the proposed insurance policies.  Also discussed was the fraud report recommendation for an audit and the response from Howard Azer and Associates, P.A., a CPA firm specializing in non-profits.  Given the small number of transactions, all backed up by receipts and bank-generated documentation, Azer felt that a full audit is not necessary. The other options are a review report or the less expensive compilation report (this basically reviews the financial statements and banks reports and issues no opinion).  The committee also approved moving the IRS990 preparation and filing to Azer.
The IWG recommended that SALALM consider using TIAA-CREF to manage SALALM’s investments.  The group will submit its investment goals to TIAA to determine the best strategic investment plan.  The objective is to invest conservatively to provide regular stable annual returns and achieve an endowment that will be sufficient to cover the anticipated administrative costs of running a Secretariat in the future.

The committee reviewed Peter Johnson’s recommended changes to the member registration policy.  The draft was discussed and revised and sent forward to the Executive Board.

Peter Johnson reported on the new SALALM Scholarship.  The committee recommended that recipients be given a one-year membership in SALALM, one free webinar, and that their conference registration be waived during that year.

The software QuickBooks that was recommended by the auditor will be purchased from the Secretariat’s miscellaneous funds and implemented at the Secretariat.  Hortensia Calvo submitted the Secretariat’s proposed budget of $67,247 for the upcoming fiscal year and it was approved.  Dues will remain the same.

Hortensia Calvo reviewed the membership numbers that indicate no appreciable shift between the last two years, though institutional memberships are down from earlier years.  Payment of dues in September when they are due would be very helpful in planning and reducing the cost of reminders.  A general discussion included cost-saving measures, publication costs, and new personal and institutional membership generators and offerings.

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