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.