November 29, 2017 SSE Finance Committee Minutes
Minutes
SSE Finance Committee Minutes November 29, 2017MEMBERS PRESENT:
Ms. Madeline Cline, Dr. Kirsten Ely, Ms. Amanda Visser
MEMBERS ABSENT:
Neil Markley
OTHERS PRESENT:
Ms. Megan Konieczka
I. Call to Order
The meeting was called to order at 9:02 a.m.
II. Approval of the September 6, 2017
The minutes were provided to the committee via email prior to the meeting. Ms. Cline moved to approve the minutes. Ms. Visser seconded the motion. The minutes passed unanimously with no changes.
III. SSE Financial Statement Review
Ms. Visser reviewed the Statement of Activities. Due to the fires that took place in October, there will be an approximate $300,000 total decline on the revenue for the Organization. Of that $300,000, $200,000 was reimbursed to the students and $100,000 was lost revenue in culinary services, due to campus closure. SSE, along with the University, is filing an insurance claim and may be able to get back some of that lost revenue.
Dr. Ely mentioned that it was a good thing to reimburse the students and she is also happy that we keep good reserves for emergency situations like these.
Ms. Visser also mentioned the Cost of Goods Sold is significantly under budget as many departments that process our invoices are still trying to catch up from the fires. Salary and benefits are also slightly under budget but there is a new union agreement that will impact our budget later this year.
Ms. Visser then discussed the Net Position. Discussion ensued.
IV. Review of Investments
Overall investments were reviewed and discussed. The Short Term (ST) investments are all held in SWIFT and the only Long Term (LT) investment is the Petaluma Hill Land that SSE is holding for the University. There was a discussion surrounding the language in the investment policy. The investment policy will be brought forward for review at the next meeting.
V. ACTION ITEM: Reserve Approval
Ms. Visser passed out a copy of the Reserve Policy along with a copy of the Board Designated Reserve Allocations. She previously reviewed the policy and the current year allocation with Ms. Joyce Lopes, who approved. As noted on the policy, the purpose is to address the following: working capital, major maintenance, catastrophic events, and capital development. Across all categories we meet the requirements. Discussion ensued.
Dr. Ely moved to approve the reserves. Ms. Cline seconded the motion. None opposed. The Reserve Allocation passed unanimously.
VI. Other Non-Action Items
The meeting adjourned at 10:00 a.m.
Mr. Neil Markely Secretary/Chief Operating Officer Ms. Megan Konieczka Recording Secretary