November 20, 2019 Minutes SSE Finance Committee
Minutes
SONOMA STATE ENTERPRISES, INC.
FINANCE COMMITTEE
Wednesday, November 20, 2019MEMBERS PRESENT:
Arden Childers, Neil Markley, Jeffrey Reeder, Megan Varnadore, Amanda Visser
MEMBERS ABSENT:
None
OTHERS PRESENT:
Jill Crenshaw
I. Call to Order
The meeting was called to order at 2:55 p.m.
II. Approval of the April 22, 2019 Finance Committee Minutes
The minutes passed with no objections.
III. SSE Financial Statement Review
a. Investment Update
Ms. Visser reviewed the Statement of Activity, explaining what makes up each budget line. Sales are down due to fire-related closures. We will be filing an insurance claim. Enrollment is down as well, which also impacts sales. Short-term SWIFT fund investments and long-term land and mutual balanced fund investments were reviewed.
IV. ACTION ITEM: Reserve Approval
Motion to approve: Megan Varnadore
Seconded: Jeffrey Reeder
All approved
V. 5 Year Business Plan/Budget Discussion
Ms. Visser explained that the Business Office on campus has requested a 5 year business plan. They will give us some assumptions, such as CPI, enrollment, etc. This committee will be tackling the creation of the 5 year plan. We will likely be meeting more often than usual in the Spring to review and discuss this project. Joyce Lopes would like to be involved in the Spring meetings to share a campus perspective.
VI. Other Non-Action Items
Meeting was adjourned at 3:50 p.m.