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.