Finance Committee Notes:

August 25, 2004

Attendees: Jake, Emily, Jeff - Facilitator, Jo - notes

Approval of notes: approved as amended, posted to the list

1. Comprehensive Database: Jeff/Emily

Jeff and Emily working at reducing credit card charges and improving reporting.

2. Income Reports: Emily/Jeff

Jo discussed using sustainer income as the base for the Party's ongoing business like office costs and staff.
Emily provided sustainer update with credit card and check income. Is about $10K per month.

3. Mission Statement, Policies and Procedures - Bill
Bill emailed he would get out a new revision for next weeks meeting.

4. Revisions to current Fiscal Policy, Rules and Procedures - Jake
Jeff will email us his comments this week.
Jake urges we move forward soon on this.

Discussion about how Caucuses and Committees could or could not fund raise and how to create *line item reserve accounts*. Concerns about donor *burn out* and coordination of donor calls. Some preliminary language: *approve independent funding solicitation activity by committees, caucuses and networks under the supervision of the Fundraising Director and in coordination with the Accountant and Treasurer*.

5. Budget Amendment - Jo/Jake

Black Caucus Budget Revision Update

Received a 2005 Budget, was posted to the list.

2004 Income Projections Update
Posted to the list.

6. Cash Flow, Income & Expenditures - All

Discussion about how to make office and staff first priority in funding and the use of sustainer income discussed as base for party. Emily will work with Kara and Brent to get short statement about the importance of the office and staff in maintaining, supporting and growing the party.

The Steering Committee approved the FinCom's recommendation for a spending freeze. The SC used our language and posted the memo we developed to the COO list and the SC portfolio managers posted to the committees, caucuses and networks.

Jake is negotiating with our vendors to extend our payment schedule. This may include our part time contract employees if we are not able to increase our income.

7. CCC/Campaign Resource Program - Doug

Jake will keep SC and all updated on income if there are funds will let CCC know in Sept.

8. Proposal: sharing of lists between states and national - Marc

Draft of GPUS policy needed Discussed passing this back to FunCom for development. It is Fundraising's policy not Finance's. FinCom would like to review prior to implementation and recommends not using demand language but strongly recommend sharing.

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/Jo Chamberlain.