2024 Recap
Dues Income
Conference Income
12/6 Finance Committee Meeting
We agreed to annual deficits of $2000 to as much as $4000-5000 to whittle down the current $48k cash on hand. We further agreed on a target cash cushion of between $10k and $20k. $20k target.
We also agreed to stop segregating funds into separate programs, awards, and operations accounts. While those budget categories will, in effect, be maintained via our budget spreadsheet, we’ll no longer have to transfer funds between accounts to make necessary payments. We’ll also stop keeping the running totals of each account separately. As a result, from now on, the treasurer will report overall cash on hand (not broken down by the three accounts).
Regarding the 2025 conference, we:
Agreed to a new budget line item of “support to conferences” (paid via general funds instead of conference registration fees)
Included under this new line item (total estimated $2699):
Hotel subsidies to board members working during the conference from general funds (estimated at $1500).
$250 for a videographer during the awards banquet
A possible subsidy to conference presenters. We agreed that if we could figure out a practical way of providing a 10% subsidy of registration fees (approx. cost $413), we’d present more accurate numbers and methodology to the board for their consideration and approval.
$500 to cover any excess conference costs not covered/anticipated by the total income from registration fees.
The reimbursement for the hotel and conference fee to the awards director (s) was not included in the new line item because this expense is listed as part of the awards budget (and covered by awards submission fees).
Committee members will scrub existing line items in current budget spreadsheet. Hugh will align QuickBooks with these categories.
Action Items (for the above FinComm meeting)
Budget Spreadsheet
Agree to spreadsheet format
one for the finance committee and board, another for public/membership
Ways to address deficit spending
Ways to address “robust” cash on hand… i.e., deficit spending!
Create 2025 budget plan and submit for board vote by the 11 Dec meeting.