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Finance Committee Meeting #2
Thursday, May 12, 2016, 11:30am-12:30pm
James Monroe Room, Omni Hotel
Minutes Submitted by Meiyolet Méndez
The meeting began at 11:35 am
Present Finance Committee Members: Fernando Acosta-Rodríguez, Sarah Buck Kachaluba (Chair), Hortensia Calvo, Paula Covington, Luis A. Gonzalez, Peter Johnson, Alma Ortega, Jennifer Osorio, Wendy Pedersen, Daniel Schoorl
Also Present: Bárbara Alvarez, Maria Luisa Bocanegra, Paloma Celis Carbajal, Daisy Domínguez,
A.J. Johnson, Meiyolet Méndez, Barbara Miller, Hannivett Nabahe, Gustavo Navarro, Betsaida Reyes, Suzanne Schadl, Barbara Tenenbaum
I. Opening Remarks/Welcome (Sarah Buck Kachaluba)
II. Proposed Budget FY 2016-2017 (Hortensia Calvo)
H. Calvo distributed the proposed budget for the coming fiscal year, which includes a raise for Carol Avila ($38,490), who is the only SALALM employee. The budget also includes the fees for the following:
- Detailed legal and copyright advice: This includes $1500 for director’s and officers’ insurance, which has to be purchased in Louisiana because that is where the SALALM Secretariat is located. This determination was made following the completion of a commissioned report to ensure that SALALM is complying with best practices. The quote for the insurance is very high because officers manage the endowment. When the endowment reaches $100,000, TIAA-CREF will move it into a managed category that includes insurance)
● Supplies and postage
● Medina Award
● Domain registration
● Bank and credit fees
● Institutional membership for ALA
● Outreach funds
● Web Development Software
● A Subscription to Survey Monkey for annual elections of SALALM officers
● An increased allocation of $8,000 for Travel Scholarships (approved during Finance I: any unspent amount of this $8,000 — i.e. if travel scholarships come in under $8000.00 – in a given year will roll over for use the following year. This money will be tracked via a separate line in the annual expenditure report and this will be facilitated by the use of Quickbooks.
● A permanent allocation of $5,000 for the Dan Hazen Scholarship fund (approved during Finance I)
● An $500 reserve for technology needs
● A $4500 reserve (roll-over from the previous year)
● A subscription to Go to Meeting
● Editorial expenses ($8200)
● Reaching total expected expenditures of $73,117
Those present endorsed a motion to present the proposed budget to the Executive Board.
III. Interim Conference Report (Hortensia Calvo)
H. Calvo reported that there were no further updates regarding on-site registrations since Finance I and P. Johnson explained that M. Valladares Llata would report the final conference numbers at the Final Executive Board meeting.
IV. Future Conferences
U MI (2017) Revised Budget (Sarah Buck Kachaluba)
- After discussion, those present decided to recommend the following changes to the conference operating budget to the Executive Board:
- increase conference registration fees to ensure increased income to pay for the U Michigan and future conferences. The (proposed) revised registration fees were for $130 for SALALM Members and $150 for non-members
- change the Presidential Travel Award to $3,000 for the foreseeable future in order to facilitate the conferences at Michigan and Mexico
- In response to a query from B. Alvarez as to whether SALALM would be able to cover refreshment breaks, P. Johnson suggested that it might be necessary to revise plans for refreshment breaks and H. Calvo suggested that conference planners consider fundraising to supplement funds given by the Libreros for this purpose.
- D. Dominguez raised additional questions about funding needs for the Michigan conference. She explained that the Michigan Conference planners wanted to hold workshops and were seeking information about whether funds exist to pay facilitators, and specifically, if the presidential travel fund is designated only for the keynote speaker. H. Calvo replied that all numbers presented at the previous SALALM conference are understood to be preliminary and are expected to change. A revised, interim conference budget for the next calendar year is due by Dec. 15 and specific discussions will continue about the coming conference’s budget. Furthermore, opportunities for outside fundraising may present themselves as organizers work through the budget in preparation for the conference. P. Celis Carbajal shared her experience that providing a preliminary budget for new initiatives, even if it is only an estimate is helpful.
- Specific discussions will continue regarding this issue. D. Dominguez and S. Buck Kachaluba both asked for clarification on what happens to surplus income from previous conferences. H. Calvo replied that such funds are retained by the Secretariat and are used to fund regular operating costs and conferences in future years. In other words, such funds roll into the SALALM budget to be used as needed in future years. P. Johnson added that as we plan for future conferences we should keep in mind the need to provide high quality professional development opportunities.
The proposed revised budget was approved by the Finance Committee and forwarded to be submitted for final approval by the Executive Board.
Colegio de México (2018) Revised Budget (Sarah Buck Kachaluba)
- The revised budget reflected the increased registration fees but did not update the presidential travel award.
Those present endorsed a motion to present a further-revised proposed budget (including the correct amount for the presidential travel award) to the Executive Board.
The Finance Committee thanked both hosts for their proposals. P. Johnson also thanked previous hosts for generating income.
V. Libreros’ Proposal to Change Exhibitor Fee Structure (Alvaro Linardi Risso)
Alvaro Risso shared the Libreros’ proposal to change the way they are asked to provide funding for the conference. Instead of paying a fee for an exhibit table and making additional, separate paid donations to provide for the Libreros’ party and coffee breaks, the Libreros proposed paying one flat fee/tarifa, which would include the fee for table rental(s) and donations for the libreros’ party and coffee breaks. The flat fee would be different for SALALM members and non-members. Under the new policy:
- SALALM members (who pay a separate membership fee) would pay a fee/tarifa of $675 (which consists of a $275 table fee, a $300 donation for the Libreros’ party, and a $100 donation for coffee breaks).
- Non-members would pay a fee/tarifa of $800 (which consists of a $400 table fee, a $300 donation for the Libreros’ party, and a $100 donation for coffee breaks).
H. Calvo asked about the possibility of charging for a second table. Those present decided to recommend that exhibitors pay an additional fee for a 2nd table. They also recommended that SALALM reserve the right to adjudicate such costs according to perceived need, while maintaining transparency. When SALALM occurs in a more expensive city, SALALM, in conversation with the Libreros, may raise the fees.
P. Celís Carbajal asked if it is necessary to include a statement about the possibility of sharing tables in the policy and P. Johnson asked about the possibility of allowing NGOs to exhibit free of charge.
H. Calvo suggested that such issues would be addressed by the conference planning committee for any given year, which would create exceptions to the general rule as necessary in specific conferences and specific conference situations.
She suggested a clear written proposal outlining the suggested proposals.
Those present approved a motion P. Johnson moved to accept and present the proposal, with amendments as reflected in the discussions, to the Executive Board. Those present approved the motion.
VI. New Business
Scholarship Committee (Adrian Johnson)
- In the past, any surplus in the scholarship allocation (of $8000.00) left from the annual conference has informally rolled over for use in following years. The Scholarship Committee requested that this become formal procedure. SALALM wants to continue brining as many scholarship recipients as possible to the conference.H. Calvo suggested keeping track of the balance in the Scholarship Account by creating a separate line for this in the Secretariat’s annual budget. P. Johnson agreed, but also suggested capping the balance and checking in on it annually so that it did not become stagnant. H. Calvo seconded this proposal. Those present agreed to present this proposal to the Executive Board.
Enlace (Betsaida Reyes)
- ENLACE proposed that at the time that they renew memberships, SALALM members have the option to make a one-time donation of $30.00 to ENLACE in commemoration of the 30th anniversary. ENLACE wanted to create an endowed fund with such donations. Discussion ensued about the fact that setting up an endowed would require several thousand dollars. P. Johnson suggested that the donations for ENLACE could go into the existing endowment and he would track and report the earnings for ENLACE’s donations and consequent allocation accordingly by maintaining a separate line item in the endowment. Barbara Tennenbaum asked for clarification on where her previous donations to ENLACE had gone. Daniel Schoorl explained that ENLACE currently has its own account with a balance of $15,000. Every year, ENLACE uses approximately $4000-$5000 to bring ENLACE scholarship recipients to the annual conference. P. Covington clarified that the $30 2016 donations were a one-time thing. B. Robinson added that although the additional ENLACE donations would probably not be used in the short-term, by being added to the endowment, they could increase in value over time. Those present approved this plan and agreed to present this proposal to the Executive Board.
- B. Reyes also explained that the video she had created for ENLACE’s 30th anniversary would be submitted as an in-kind gift for SALALM. She would submit and invoice and receive a receipt to use for tax purposes.
The meeting adjourned at 12:35 pm
Finance Committee Meeting #1
Tuesday, May 10, 2016, 7:30-9:00am
James Monroe Room, Omni Hotel
Minutes submitted by Angela Carreño
The meeting began at 7:30 am
Present Finance Committee Members: Sarah Buck Kachaluba (Chair), Hortensia Calvo, Angela Carreño, Paula Covington, Pamela Graham, Peter Johnson, Alma Ortega, Jennifer Osorio, Wendy Pedersen, Daniel Schoorl
Also Present: Bárbara Alvarez, Laurence Byrne, Micaela Chávez Villa, Victor Cid, Daisy Domínguez, Nerea Llamas, Meiyolet Méndez, Hannivett Nabahe, María Lourdes Quiroa Herrera, Betsaida Reyes, Suzanne Schadl, Barbara A. Tenenbaum, Timothy Thompson, Miguel Angel Valladares-Llata
On May 6 the Chair sent supporting documents: Agenda; “Money Matters;” the SALALM Financial Report FY Sept. 1 2014-Aug. 31, 2015; the Interim SALALM Secretariat Finance Report FY Sept. 1 2015-Aug. 31 2016; The SALALM Secretariat Budget for FY 2015-2016; SALALM Publications Interim Sale Report FY 2015-2016; the final budget for the 2015 conference at Princeton Univ.; the current budget for the 2016 UVA conference plus a document indicating pre-conference income and expenses for the 2016 UVA conference; The Preliminary Budget for the 2017 conference at University of Michigan; the Preliminary Budget for the 2018 conference at the Colegio de México and a document on the proposed hotel for the 2018 conference. Documents are appended to the Minutes.
I. Opening Remarks/Welcome (Sarah Buck Kachaluba, Chair of Finance)
II. Treasurer’s Report (Peter Johnson, Treasurer)
SALALM reports total assets of $1,002,427.40 and total liabilities of $4,044.36
The total revenue in fiscal year 2015 was $106,161 and total expenses were $70,875
Principal sources of income included: membership $19, 810 and conferences $31,845
Principal Expenses included: Program Coordinator $34,639, copying/editing/postage $6,077, CPA $2,500, awards and scholarships $13,557, conference 60 $3,812
Monetary contributions included: Endowment ($459), Travel Attendance Scholarship ($1,187) and ENLACE ($4,127) amounted to $5,773 and an additional estimated value of $1,000 for the ENLACE raffle prizes. We are appreciative and thankful to all who select SALALM as worthy to receive their contributions that enable us to expand and strengthen our programs.
Our Asset allocation tends toward the conservative: US fixed income 44%, US equities 32%; international equities 14%, international fixed income 4%, real estate 3%. We began the FY with $950,671.84. The management fee was $7,106, and investment income amounted to $26,973. No withdrawals to support programs or administration occurred.
Balance 05/06/2016: $974,124.81
Concerns going into FY 2016 include:
- maintaining and increasing membership
- monitoring conference costs
- reaching an endowment of $1M in order to reduce the investment management fee
- adhering to IRS requirements for the distribution of income to support programs
The Treasurer noted his circulation of “Money Matters 6” which explains SALALM income and expenses covering FY 2014-2015 and he provided highlights, context and information on Membership, the Annual Conference, the Secretariat, Budget Planning and the Endowment.
III. Secretariat Report (Hortensia Calvo, Executive Director)
The Secretariat’s Financial Report covers the income and expenses related to the daily operations of SALALM documenting the receipt of checks to meet such expenses as editing conference papers, printing SALALM publications, conference-related charges, and banking that includes credit cards, PayPal and bank charges. It includes information on the Tulane Acct. that covers the Program Coordinator’s salary and benefits. The Financial Report for FY Sept.1 2014-August 31 2015 had a beginning balance of $36,841.83 and an available balance at the end of the fiscal year of $51,755.56.
H. Calvo presented some highlights from the Interim Report for FY 2015-2016, which covered Sept. 1 2015-April 30 2016. The Program Director, Carol Avila received a promotion and salary increase as of January 2016. H. Calvo complimented Carol Avila’s efforts on behalf of SALALM to keep the various accounts accurate and payments prompt. Her responsibilities have broadened considerably as SALALM evolves with new initiatives and makes procedural changes to meet new technology mandates. Most recently Carol took the initiative to enroll in a night course on Quickbooks accounting software for $800, an amount H. Calvo insisted on SALALM covering.
SALALM 58 is published and BR59, SALALM 59 and 60 are in process. Revenue from publication sales totaled $625.
The Princeton Conference generated income for SALALM carrying a balance of $18,404.
The projected expenditure for the Dan Hazen Scholarship is $3,838.
H.Calvo reported on the membership statistics as of April 30 2016. As of this date SALALM had 246 personal and 84 institutional members, including 21 sponsoring institutions. The breakdown is as follows:
27 new members
82 Total Institutional Members (Includes: Sponsoring Members)
H. Calvo mentioned that at this and future SALALM annual conferences, she would present the Secretariat Proposed Budget only at the Finance II Meeting (rather than in Finance I and II). This change is in recognition of the fact that it is more productive to discuss the proposed budget at Finance II, since at this time, it is possible to include any new, unanticipated budget requests that have come up during the conference.
2015 Princeton University Conference Final Report (presented by Timothy Thompson on behalf of Fernando Acosta-Rodríguez, Chair of Local Arrangements, 2015):
T. Thompson reported 150 registrants, 12 of which were students, 9 of which were one day registrations, and 7 of which were onsite-late registrations. There were 35 exhibitors. Sponsorships totaled $14,654.79. T. Thompson reported a balance of $18,404. This is a significant amount of income for SALALM and was applauded.
2016 University of Virginia Conference Initial Report (Hortensia Calvo, Executive Director; Miguel Valladares, Chair of Local Arrangements 2016):
Pre-Conference income included 140 registrants, 3 of which were students, 7 of which were one-day registrations, and 3 of which were late registrations. There were also 34 Exhibitor Tables. Pre-Conference revenue and transactions indicated that there would be an estimated balance of $3,066.00.
Miguel Valladares distributed a SALALM 61 Conference Budget updated as of 05/04/2016. He reported that this was a work in progress and promised to submit final figures for the Finance Committee Meeting #2. Of note are the host institution expenses and sponsorship totaling $54,837.08. M. Valladares secured significant support from the host institution for the conference.
2017 University of Michigan Conference Preliminary Budget (Daisy Dominguez, President-Elect and Barbara Alvárez, Chair of Local Arrangements 2017):
SALALM 62: May 20-24, 2017 has as its theme “Engaging Latin American, Caribbean, and Latino Studies: Connecting Collections to Teaching and Learning.” Barbara Alvárez presented the budget outlining the conference income, conference expenses and host institution expenses. Barbara indicated that she is currently seeking alternate funding for the coffee breaks which will potentially remove $6,000 as an expense. The budget projections are similar to last year. Barbara requested coverage for the President’s airfare and hotel, which is an expense that was not in the approved budget of last year. In addition there is a translation fee of $200 that was not in the budget approved last year.
D. Dominguez gave the rationale and details for the $200 request for translation services for the keynote address. The proposal is to hire two student translators through the University of Michigan’s language Resource Center at a rate of $25 per hour to translate the keynote address into Spanish and Portuguese, respectively. The students will receive a copy of the text in advance in order to do preliminary translation work to help facilitate the simultaneous translation. Daisy worked with the Communications Committee to identify free platform software for the streaming delivery of the translation via a cell phone or laptop. Several questions and points were raised. J. Wright remembered a formal SALALM decision not to supply simultaneous translation on the assumption that the attendees would have some facility with the three official languages. P. Covington wanted to clarify whether or not the service would require any additional AV technical support which can be costly. M. Méndez pointed out that it was a limited service for the keynote address only. Some wondered if a partnering approach with actual whispering would work. P. Johnson emphasized an administrative need to supply the name and address of the translators in order to issue IRS1099 forms as required by the CPA.
2018 El Colegio de México Preliminary Budget (Micaela Chávez Villa, Chair of Local Arrangements 2018)
Víctor Julián Cid Carmona described the local arrangements.
The selected hotel is the Hotel Krystal Grand on the Avenida Reforma near the Alameda Park. The rooms will cost $130. The hotel has excellent meeting spaces and a book exhibit space. SALALM will also realize some cost savings by taking advantage of excellent meeting spaces available at two cultural institutions located conveniently on the Alameda Park: the Museo Memoria y Tolerancia and the Museo Franz Mayer. Victor provided a visual presentation: https://sway.com/nVcXHhWtFgb6aHVw
M. Alicia Chávez Villa submitted the preliminary conference budget. The projected conference balance was -$5,421. After some discussion it was decided to revise the proposed budget and increase the registration fee from $115 to $130 for members and from $140 to $150 for non-members. H. Calvo acknowledged the efforts to economize on the cost for meeting spaces by taking advantage of the rooms available in the nearby Museums.
V. Budget Requests for Current Fiscal Year
Web Development Software: $500 (Melissa Gasparotto)
Survey Monkey Subscription $0 (Donated by Irene Munster – thank you!)
Scholarship Committee $5000 (AJ Johnson)
Dan Hazen Scholarship $5000 (Peter Johnson)
VI. Budget Requests for Fiscal Year 2016-17
Translation Services at 2017 Conference $200
Scholarship request increased to $8,000
Dan Hazen Scholarship request $5,000
Presidential Travel Fund raised from $2,000 to $3,000
Those present voted to approve these requests, and endorsed a motion to present them to the Executive Board for approval.
VII. Libreros Proposal for changes in Fee Structure to host the libreros reception and coffee breaks (Oscar Puvill, Chair of Libreros Committee)
No Report. Chair was absent.
VIII. New Business
The meeting adjourned at 9:00 am.
SALALM 60 Finance Committee II Minutes
Tuesday, June 16, 2015, 4:30-6:10 pm
East Pyne, Princeton University
Minutes, submitted by Daisy Domínguez (CCNY/CUNY)
The meeting began at 4:30 pm
In Attendance: Fernando Acosta-Rodríguez (Princeton U), Sarah Buck Kachaluba (UC San Diego, Chair), Hortensia Calvo (Tulane), Paloma Celis Carbajal (UW-Madison), Paula Covington (Vanderbilt U), Daisy Domínguez (CCNY/CUNY), Melissa Gasparotto (Rutgers U), Luis González (Indiana U), Peter Johnson, Nerea Llamas (U Michigan) José Morales (El Colegio de México), Jennifer Osorio (UCLA), Wendy Pedersen (U. New Mexico) Oscar Puvill (Puvill Libros), Daniel Schoorl (HAPI-UCLA), Laura Shedenhelm (U. of Georgia), Rafael Tarragó (U of Minnesota), Barbara Tenenbaum (Library of Congress), Tim Thompson (Princeton U.), Miguel Valladares (U. Virginia), Mary Jo Zeter (Michigan State U.)
Unfinished Business from Finance Committee I
I. Go To Meeting: The Finance Committee agreed to fund Go To Meeting for one year at the rate of $468. This software will allow up to 25 SALALM members to meet online at one time. The software may be used an unlimited number of times per year but should only be used for SALALM business. Paloma Celis Carbajal explained that the Communications Committee helped her come up with a streamlined password (that would obviate the need for Carol Avila at the Secretariat to provide a new password every time the software is used) and rules that users will be required to read and agree to before they schedule. The software does not allow double-booking, which will prevent any confusion on that front. Earlier concerns regarding a firewall preventing steady use of this software were allayed as this issue is easily resolved when an administrator downloads the appropriate software.
II. Interim Conference Report: Fernando Acosta-Rodríguez noted that he overestimated the number of on-site registrations, which is under 10 people. Everything else corresponds to the projected budget. Additional information will be forthcoming.
III. SALALM 61 at the University of Virginia in Charlottesville (UV-C) in 2016: Miguel Valladares presented a budget:
- H. Calvo asked if U. VA understands that the conference income will go to SALALM and M. Valladares explained that U. VA will use its funds first and then begin to use SALALM funds.
- P. Johnson noted that the budget income numbers for U. VA. were substantially higher than Princeton’s. M. Valladares responded that these numbers are estimates and that he and P. Celis Carbajal were working on initiatives that would increase income. One such initiative is working with the Panamanian national library who may fund librarians to travel to SALALM.
- P. Johnson asked if U. VA has guaranteed the $20,000 contribution and M. Valladares replied that they have.
- P. Johnson requested that an alternative budget, or “Plan B,” be submitted soon in case the first budget does not pan out. Valladares explained that he is working on grants to make the estimated budget income a reality and will not have a Plan B until December 2015.
IV. SALALM 62: The University of Michigan proposal for 2017 was presented by Barbara Alvárez and Nerea Llamas at Finance I and the budget was endorsed. There is a second proposal from the Colegio de México which was presented by first-time attendee José Morales on behalf of Micaela Chávez who was unable to attend this year. There were several questions about the Colegio de México proposal and a conference call to Mexico was attempted during the meeting. H. Calvo and D. Domínguez agreed to speak to M. Chávez the next morning to resolve any questions in time for the Executive Board’s second meeting on June 16, 2015 at 3pm.
V. SALALM Secretariat Proposed Operating Budget for 2015-2016: Several changes were made to the previously submitted proposed budget, including:
- Upgrade repository software: $59
- Scholarship awardees conference travel: additional $500 for a grand total of $8,000
- Dan Hazen Fellowship Program $5,000
- Go To Meeting: $468
- Technology (this was brought up at the end of the meeting; see below): $500
The new budget total is: $68,885.79.
VI. New Business - Libreros Conference Fees: The libreros Chair, Oscar Puvill, presented a proposal made by the libreros that all libreros would pay a flat fee of $800 that will include their table, coffee breaks, and the libreros reception. The only exception would be a 50% discount for small companies who are first-time attendees. Large companies who are first-time attendees would pay the full amount. The $800 would be distributed by the Local Arrangements Committee since the allocations vary from year to year. The libreros are happy to sponsor the reception. The proposal was made because the issue of disparate payments comes up annually and distracts from more fruitful and useful conversations related to work. This proposal was approved as an experiment for SALALM 61 (2016) in Charlottesville to be submitted to the Executive Board.
VII. New Business - Technology Needs: Melissa Gasparotto, Chair of the Communications Committee, recommended that the Secretariat’s proposed operating budget be revised to include $500 for subcommittee and affinity group software needs which have been suggested during the conference but which she needs to investigate further. This proposal was approved.
Finance Committee Meeting II adjourned at 6:10 pm.
SALALM 60 Finance Committee I, Minutes
Saturday June 13, 2015, 10:00am-12:00 pm
East Pyne 023, Princeton University
Minutes, submitted by Sarah Buck Kachaluba (UC San Diego)
The meeting began at 10:05 am
In Attendance: Fernando Acosta-Rodríguez (Princeton U.), Barbara Alvárez (U. Michigan), Sarah Buck Kachaluba (UC San Diego, Incoming Chair), Hortensia Calvo (Tulane U.), Angela Carreño (NYU), Paloma Celis Carbajal (UW-Madison), Paula Covington (Vanderbilt U., Chair), Daisy Domínguez (CCNY/CUNY), Melissa Gasparotto (Rutgers U.), Luis González (Indiana U.), Adán Griego (Stanford U.), Peter Johnson, Taylor Leigh (Brown U.), Nerea Llamas (U. Michigan), Molly Molloy (New Mexico State U.), José Morales (El Colegio de México), Alma Ortega (U. San Diego), Wendy Pedersen (U. New Mexico), Daniel Schoorl (HAPI-UCLA), Craig Schroer (West Georgia U.), John Wright (Brigham Young U.), Mary Jo Zeter (Michigan State U.)
I. Opening Remarks/Welcome (Paula Covington)
P. Covington welcomed committee members and new member Wendy Pedersen. The 2014 minutes were approved and will be posted on the SALALM website.
II. Treasurer’s Report (Peter Johnson)
Preceding the meeting, P. Johnson sent out a report to committee members and to the membership at large reviewing SALALM’s financial health over the past fiscal year (Money Matters 5). The report is on the SALALM web page in the members- only section.
The endowment is now managed by TIAA-CREF. This has been an excellent decision for SALALM’s financial health. The endowment is now close to $1,000,000.
SALALM is now operating with Quickbooks which allows for a better interface with the IRS long form (990) – the form required to submit for SALALM to retain its 503 C (non-profit/charitable) status. Maintaining a healthy balance/ratio between the organization’s income and offerings/services is critical to maintaining 503 C status.
In general, SALALM is in very good financial health. We do, however, need to monitor conference budgets carefully to ensure a balanced budget. This will affect our ability to launch new initiatives, such as scholarships. Donations and revenue are also important for such new projects.
Finding support staff like Carol Avila who are competent and affordable is also important. As Treasurer, P. Johnson has had to spend hours balancing the budget because we were off by 1 penny. SALALM is a business and requires the financial precision of a business.
We no longer have the Investment Working Group (IWG subcommittee) that we used to have to monitor investments. P. Covington remarked that the healthy endowment is largely due to careful management in the past by the IWG and especially to P. Johnson’s sage advice over time. In 2013, SALALM began using TIAA-CREF to manage the endowment and this has proven to be a good decision. SALALM also holds a number of treasury bonds. We reached the 1 million dollar mark a few weeks ago (note: this has decreased slightly in the past few weeks). As of 5/31/15 the endowment balance is $994,291.
III. Secretariat Report and Proposed Budget (Hortensia Calvo)
SALALM’s personal membership has grown in the past few years. In 2011 we had 208 personal members and we now have 250. During this period our sponsoring members have stayed approximately the same, but we do have three more than last year. This helps with our revenue and indicates that SALALM is going against the trend for similar organizations since every subject group in the Association of College and Research Libraries except Women’s Studies has experienced declining membership. SALALM has also attracted many new young members – both librarians and archivists – providing the organization with new energy and dynamism.
H. Calvo reviewed the financial report (noting that the fiscal year will end August 31) and highlighted the following issues:
Publications: Publication sales are an important source of revenue. Costs for publication production were higher a few years ago. We are thankful to Orchid Mazurkiewicz and the Editorial Board for catching up on the preparation of the yearly papers and keeping each SALALM president on track with his or her conference’s manuscript, allowing for a more balanced, gradual expenditure. Institutional memberships include postage for publications so this saves money.
Insurance: This has not yet been paid for FY 2014-2015. The Secretariat is in conversation with an insurance company in New Orleans. SALALM needs less than $3 million coverage, so the organization is ensuring that it is not overpaying.
Presence at ALA annual meeting. When we have had a booth presence at ALA this has resulted in the recruitment of new members. Those present discussed whether we should have a booth at ALA in the future and whether the Executive Secretary should be the one who attends to represent SALALM. P. Celis Carbajal (SALALM president-elect) argued that in addition to recruiting new members SALALM’s presence at ALA helps to correct the misconception that REFORMA is the only Latin Americanist library group and to demonstrate to SALALM members’ library administrators who SALALM members are and thereby articulate our role in the profession. No decision was reached.
Telephone: Tulane never charges SALALM for the telephone but it is included in the budget anyway.
Memorial donation: when a SALALM member passes away SALALM donates the amount of his or her membership to a charity of the family’s choice.
Go to meeting: some people have had problems with it but MOLLAS has used it successfully. Should we create a survey working group to examine its utility/assess whether it is worth continuing? After further discussion those present decided that those having trouble with Go to Meeting would benefit from training and that all Salalmistas should be encouraged to use Go to Meeting when appropriate for SALALM business. It would not be necessary to create a survey working group.
2014 Salt Lake City Conference Final Report (John Wright)
The profit for the Salt Lake City conference was between $4000-$5000. One positive and unprecedented initiative was charging advertisers for banners ($225). T-shirts were also sold. Attendees enjoyed these and the sale of t-shirts brought in some revenue.
2015 Princeton Conference Initial Report (Fernando Acosta-Rodríguez – Chair of Local Arrangements)
Princeton received a generous subsidy from Princeton’s library and its Latin American Center allowing SALALM to bring in two visiting speakers from Brazil.
2016 University of Virginia Conference Preliminary Budget (Paloma Celis Carbajal)
Paloma shared that SALALM has signed a contract with a hotel in Charlottesville, VA based on the budget approved last year. The conference will be held Monday, May 9 through Friday, May 13, 2016. Further discussion with budget details was deferred to Finance II. Paloma and Miguel were advised to have the budget firmed up by Dec. 2015 for review by the Finance Committee and Secretariat.
2017 Conference Proposals
U Michigan (Barbara Alvárez and Nerea Llamas)
As with the current (2015) conference in Princeton, the 2017 conference could take place on the University of Michigan campus with a combination of dorm and hotel housing and the use of classrooms for meetings. Detroit metro airport is nearby, facilitating travel.
There was some discussion about the pros and cons of dorms vs. hotels for housing. Dorms are excellent for travelers on limited budgets. But hotel contracts can provide blocks of free rooms for some officers and offer packages for meeting spaces. The hotel also helps to foster community. The Michigan proposed budget was approved to be presented to the Executive Board.
El Colegio de México (José Morales)
This proposal was deferred to Finance II since additional information regarding hotel costs, etc. was needed. The budget would be reviewed and then it would be determined if it could be forwarded to the Executive Board.
V. Fund Request for Scholarship Award (Mary Jo Zeter)
Last year the SALALM Scholarship transitioned to a conference travel award and the award amount was raised from $1000 to $1500 accordingly.
With last year’s balance, the committee was able to award five scholarships, which the committee deemed necessary due to the exceptional pool of applicants they received. The committee therefore requested an increase of $500 for the scholarships (allowing the possibility of funding 5 scholarships of $1500 each). In addition, the committee requested $500 for publicity costs to provide for the services of a graphic designer and printing and mailing of posters to library schools announcing the spring and fall competitions. The proposal was approved by the committee to be presented to the Executive Board.
IX. Memorial for Dan Hazen
P. Covington explained that there has been recent discussion to create a memorial for recently-passed SALALM member Dan Hazen. One idea would be to name the keynote address in his honor (i.e., the “Hazen Keynote address”). P. Johnson suggested an alternate idea requiring funding. He proposed creating a research/professional development scholarship/fellowship, particularly to help out newer/younger members of the profession acquire funds for needed training, conference travel, or scholarly research. Those present discussed having applicants enter two pools – one for those in the field for up to 6-10 years and another from 10 up and creating two tracks for applicants to apply to – one for a research scholarship/fellowship or one for a professional development scholarship/training fellowship.
P. Celis Carbajal pointed out that this is a good incentive to stay in the organization. H. Calvo suggested requiring awardees to present the results of their research back to SALALM.
There was some discussion about whether or not the award would be exclusively based on merit or whether applicants should also demonstrate financial need. One suggestion was to ask applicants if they are applying for other awards and if they have access to funds at their own institution or from other sources for the same project/event.
P. Johnson pointed out that this initiative would increase SALALM’s programmatic costs, strengthening its status as a non-profit/charity (503 C) organization. SALALM could probably afford to dedicate $8000-$10,000 to this initiative by funding it externally from the endowment income. IN FY 2015-2016, SALALM could raise the money from donations and take $5000 from the endowment.
P. Johnson suggested creating an ad hoc committee to work on this. Paloma was charged with naming a task force when she becomes president at Executive Board II.
H. Calvo asked how the awards would be structured. For example, would SALALM give out a flat $1500 or ask applicants to submit a budget. Those present favored submitting a budget. It was determined the ad hoc committee will propose the structure.
The committee voted unanimously to propose this memorial and the creation of an ad hoc committee to define it to the Executive Board.
Finance Committee Meeting I adjourned at 11:50 am.
Finance Committee Meetings, May 18, 2013, 9-11a.m., Prado Room and May 21 (4-6, Segovia A), Hotel Westin, Coral Gables, FL
Submitted by: Paula Covington, Chair
Members present: David Block, Hortensia Calvo, Angela Carreño, Paula Covington, Melissa Guy, Peter Johnson, Martha Mantilla, Michelle McClure Elneil, Alma Ortega, Richard Phillips, Barbara Tenenbaum.
Others: Roberto Delgadillo, Mei Méndez, Orchid Mazurkiewicz, Gayle Williams, John Wright
Finance met twice in Coral Gables to review the current and proposed budgets, conference budgets, the state of investments, new initiatives, and the overall state of SALALM’s finances.
Treasurer Peter Johnson addressed financial reporting and other administrative issues. He reported a $64,000 balance on September 1. Expenses were steady and all predictable. The decision has been made to keep the current fiscal year of Sept. 1-August 31. The endowment balance is $843,000; last year it was $724,000. The Investment Working Group recommended moving assets to TIAA/CREF for their fund management (5% cash, 45/50 bonds vs equities from Vanguard, Fidelity and Franklin). The recommendation passed.
Executive Director Hortensia Calvo reported on:
Membership: 222 personal, 91 institutional and a total of 313. 22 are sponsoring members. She attributes these figures to institutional confidence and to the revitalization of publications. The interim financial report (9/1/12-4/30/13 indicates a healthy balance and details will be posted on the website.
- The Trinidad conference reported a net $5,660.25. Preconference income net $23,032.55 as of 5/16/13 though all expenses not yet reported.
- Miami conference expenses $14,000 for technology (includes 9% sales tax); includes 3 workshops and Skype fees; $5,000 for meeting rooms. Income $23,032.55 and $32,590.85 expenses=$9558.30 deficit.
- Salt Lake City 2014 proposed budget submitted by John Wright. Hotel $129 single/double-free meeting rooms, 3 free guest rooms if 80% of 75 rooms booked; every 40 room nights=1 free room night. He anticipates a break-even budget.
Secretariat Budget (proposed; interim): $64,118.93 initial request.
Scholarships-SALALM Travel AWARD: Peter Johnson discussed the need to increase the current allotment of 4 scholarships to 5 due to the high quality of the applicant pool. He proposed that 2 of the scholarship awardees attend a conference and present a paper similar to ENLACE and pay up to $1000 for each for travel expenses to be paid from general operating budget. Awardee(s) could be currently enrolled in graduate school of library and information science or recently graduated and are only eligible if no full-time professional employment. The paper(s) are to be selected by the president of that conference. Question as to whether the funds would have to come from the endowment funds since it represents ad $7000 annual commitment. Richard commented that the scholarship is for investing in the future of SALALM and Peter commented that we need to “replicate ourselves.” It was unanimously approved and will be presented to the Executive Board.
Conference Management and deficits: it was determined that an advance budget must be submitted to the Chair of Finance and the Executive Director prior to signing with the hotel and a well-developed budget must be submitted by December. Pre- or post-conference workshops should not be held during the conference and should be self-financing and not paid for through the conference. Roberto Delgadillo suggested presidential waivers of registration fees should be limited to 5 at the most. These recommendations should be added to the conference guidelines.
Membership Fees Committee recommendations were presented by Peter. There will be a cut-off for payment of annual fees the end of October and a late processing fee of $10.
Mentorship program was discussed. Program would serve student members scholarship awardees, and new professional members or others who might benefit. Mentors would be volunteers. No financial commitment involved.
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.
Saturday, May 28, 2011 9:00-11:00am and Tuesday, May 31, 4:00-5:30pm
Members present: Richard Phillips, Paula Covington, David Block, Peter T. Johnson, Hortensia Calvo, Eudorah Loh, Martha Mantilla, Laura Shedenhelm, Angela Carreño, Alma Ortega, Anne Barnhart, Pamela Graham, Barbara Tenenbaum, Fernando Acosta-Rodríguez Others: Daisy V. Domínguez, Orchid Mazurkiewicz, Nerea Llamas, Lynn Shirey, Elmelinda Lara, David C. Murray, Joe Holub
Finance met twice in Philadelphia, covering a wide range of policy and fiscal matters and endowment/investment topics. Several new members were welcomed: Alma Ortega (San Diego), Angela Carreño (NYU), and Fernando Acosta-Rodríguez (Princeton). A goal of the Committee has been to broaden participation, so these newcomers were truly applauded!
A review of the organization’s future (short & long term) was given by Treasurer Peter Johnson and by the Executive Secretary Hortensia Calvo. Topics included boosting SALALM’s name at ALA accredited library/information schools (and recruitment of new personal memberships in SALALM) by the creation of a new scholarship to market SALALM and its benefits to new incoming professionals in our field. The longstanding Marietta Daniels Shepard Scholarship is being fully turned over to the University of Texas after more than 25 years of contributions by SALALM. This thus fulfills SALALM’s pledge. Frustration with the lack of recognition given to SALALM was voiced.
$1,000 (plus $500 for start-up publicity) will be taken from SALALM’s dividends to initially launch the new scholarship. Member donations will sustain it in the future. This new scholarship will be fully coordinated and promoted directly by SALALM to all library schools.
The Treasurer also touched upon SALALM investments, urging more vigilant and proactive work by Finance’s Investment Working Group (IWG) – which held an early working breakfast session and is coordinated by Laura Shedenhelm. Other topics included credit card fees, CPA charges, use of PayPal, updates to the SALALM website, webinar offerings. Other operating dynamics were also discussed and funded and these were sent on to the Executive Board for consideration and approval.
Additional business included receipt of a $1,000 boost to SALALM’s endowment from an anonymous donor, who thereby matched contributions from a challenge made to SALALM members at the end of the Providence meeting. It is hoped that more challenges and donor opportunities will follow; SALALM’s “Endow our Future” theme is taking off.
Also, approval was given to offering a 3-year prepaid membership option that would lock in current membership fees.
Pending is the matter of changing SALALM operations to a calendar year in an effort to align SALALM with the fiscal year used by most others. Also open for further review is the matter of moving more funds to the endowment from institutional sponsorship payments.
The Secretariat highlighted its current budget and proposed budget. Invoice processing of institutional members is being scrutinized; there is concern that there must be a smoother way for institutions to pay their bills to SALALM. Other matters were very positive reports from the Providence and Philadelphia conferences. Discussion of the 2012 Trinidad & Tobago conference was also upbeat, with projected expenses and revenues reviewed and local arrangements eyeing sponsorships. The new chair of Finance will be Paula Covington.
Richard Phillips, Chair
University of Florida
TagsAdán Griego Alison Hicks Anne Barnhart archives art audiovisual cataloging Committee Report David Block digitization documentaries Ellen Jaramillo Executive Board Meeting Minutes Fernando Acosta-Rodríguez Fernando Genovart Finance Committee Report Human Rights Interlibrary Cooperation Committee Report John B. Wright John Wright Lisa Gardinier Lluis Claret Lynn Shirey Marisol Ramos Meiyolet Mendez Melissa Gasparotto Melissa Guy Mexico Paloma Celis Carbajal Paula Covington Peter Johnson rapporteur reports Richard Phillips Roberto C. Delgadillo SALALM56 SALALM57 SALALM 58 SALALM58 SALALM59 SALALM60 Sarah Buck Kachaluba Sarah Yoder Leroy Suzanne M. Schadl Teresa Chapa Wendy Pederson