GPUS Finance Committee

Monday 2 October 2006

Facilitator - Jody, Note taker - Doug

Roll call : Jody Grage (WA),Doug Malkan (CO),Emily Citkowski (DC), Brent McMillan (DC), Marc Sanson (WI), Jeff Turner (HI), Liz Arnone (NJ), Bud Dickinson (CA). Jim Copeland and Phil Huckleberry from the BAC committee joined the call at 9pm EST for discussion of the BAC proposal. 

Approval of 12 September minutes 

2. OVERVIEW/DISCUSSION OF FINANCIAL SITUATION - Jody/Doug/Emily - 40 min A. Treasurer's Cash flow report - Jody sent it to list today as of September 30, 2006. Deposits=$16k, Disbursements=$25k, Balance=$9.5k. Accounts Payables are $11.3k 

B. Proposal for 10% compensation cuts to our two salaried employees (Brent and Emily.) Would = $800/month. This is not deferred compensation but a salary cut. Brent and Emily are agreeable to a voluntary pay cut. 

C. Discussion of lower salary plus commission basis for the fundraising assistants - Brent: Proposal to drop base to $300/month, plus commission. Above $1,000 would be a 33% commission. This is a preliminary proposal From Brent. We probably do not have Morgen for the rest of the year. 

D. Fixed Expenses vs. All Expenses - Jody: sent a spreadsheet to list with this. Shows fixed expenses at $16k. C. Planning for availability of Earmarked Funds - state sharing and ballot access: It is a priority to pay both state sharing and BAC but we have cash flow problems. $7,400 is currently earmarked for BAC. Unused funds for BAC will be carried forward to 2007 as a liability on the balance sheet if unused in 2006.  

Jody: Proposal received from three states for $2,000 each, total of $6,000. States = IL, PA, NY.  Bud - Proposal: to release $500 to each of three states - NY, IL, PA. Not approved. 

Jeff - friendly amendment: $1,000 to just NY and IL, plus second quarter sharing to those states. Not accepted by Bud. 

Jody - Proposal: to not release any BAC money but release the Q2 and Q3 sharing to those 3 states. (Sharing due for Q2 is IL=$45, NY=$513. PA was paid $270. Sharing amounts for Q3 wont be known until Thursday or Friday.) Not approved. 

Marc - friendly amendment: release $1,000 to IL and NY. Bud accepts. All twinkles. Consensus for this proposal! 

4. Discussion of Accounts Payable: from Jody's cash flow report. A. MerchCom request for $600 - Emily: plus there is $1,800 for sweat shirts. Decided merchandise is an investment that will pay a profit so decision to
proceed with merchandise. Proposal to cancel mintwood media service. Jody explained that Adam Eidinger has already purchased the media service for $3420 and we have agreed to pay half as we have done before, and that we should see how urgently Adam needs to be repaid. 

NEXT MEETING - Budget call next Monday

Adjourned at 10pm EST.