February 20, 2019 Minutes SSE Finance Committee

February 20, 2019 Minutes

SONOMA STATE ENTERPRISES, INC.
FINANCE COMMITTEE
Wednesday, February 20, 2019

MEMBERS PRESENT:

Megan Varnadore, Christina Gamboa, Neil Markley, Amanda Visser, Paula Lane

MEMBERS ABSENT:

None

OTHERS PRESENT:

Jill Crenshaw

I. Call to Order

The meeting was called to order at 10:05 a.m.

II. Approval of the December 10, 2018 Minutes

The minutes passed with no objections.

III. Financial Statement Review

Ms. Visser reviewed the statement of activity and schedule of net position with the committee. Mr. Markley noted enrollment and housing occupancy trends which could potentially have a negative effect on revenue this spring and next fiscal year.

IV. ACTION ITEM: Investment Proposal

In alignment with the investment policy, Ms. Visser proposed that SSE’s cash, beyond liquidity requirements, be invested in the Dodge and Cox Balanced Fund. To avoid a potential appearance of a conflict of interest. Mr. Markley disclosed his personal investment in the Dodge and Cox Balanced Fund, did not participate in the discussion and recused himself from the vote.
Motion to approve: Paula Lane
Seconded: Megan Varnadore
Recused: Neil Markley
All approved

V. End of the Year Contribution Report Proposal

A contribution report will be completed for the 2018-2019 fiscal year. The finance committee expressed interest in being involved with this project.

VI. Other Non-Action Items

Meeting was adjourned at 10:58 a.m.