Minutes of the Meeting of the Finance Committee

NACADA: The Global Community for Academic Advising

Finance Committee Meeting Minutes

1 p.m. October 8, 2014

Minneapolis Convention Center Room 202 A

Minneapolis, Minnesota

  1. Finance Committee Chair Brett McFarlane called the meeting to order at 1 p.m.
  2. Committee members introduced themselves. Present were David Spight, Brian Russell, Charlie Nutt, Peggy Goe, Maxine Coffey, Steven Viveiros, Kerry Kincanon, Joanne Damminger, Brett McFarlane, Roxane Dueck, and Susan Anderson; via teleconference were Lisa Peck, Anna Chow and Sherwin James.
  3. McFarlane introduced the incoming Finance Committee chair, Steven Viveiros.
  4. Coffey presented the proposed 2015 operating budget. McFarlane moved and Peck seconded to approve the budget as presented; motion carried and the budget will be forwarded to the Board of Directors for approval.
  5. Goe presented an update on the association’s higher-return investment with The Trust Company, which was undertaken at the request of the Finance Committee in 2013. NACADA will consider adding quarterly to the account. She also noted that the new Optimizer Plus CD investment is paying a slightly higher rate than regular CDs; that the association has gained about $1,200 YTD through the use of a sweep checking account; and that the association has approximately $5.9 million in reserves, in accordance with standard non-profit association principles.
  6. McFarlane distributed the original make-up (leadership positions) of the Finance Committee and Nutt explained the original goals of the structure, which will be reviewed to ensure optimal results.
  7. McFarlane reminded committee members of the unit report deadline. Viveiros indicated that as incoming chair he will continue to look at investments, scholarship funds, and budget implications of global activity.
  8. Goe reminded committee members of their active NACADA membership obligation throughout their term.
  9. The meeting was adjourned at 2 p.m.