March 24, 2020 Minutes SSE Finance Committee

March 24, 2020 Minutes

Arden Childers, Neil Markley, Jeffery Reeder, Megan Varnadore, Amanda Visser

None

Olivia Tighe

Call to Order
This meeting was called to order at 9:09am
Approval of the January 31, 2020 Finance Committee Minutes
The minutes were approved without any objections
Financial Statement Review
Ms. Visser reviewed the Statement of Activity as of February 29, 2020, explaining that between fall and spring semester the campus has experienced a decline in students known as a melt. Sales are trending low due to low enrollment. Mr Markley explained that due to the effects of COVID-19 on the campus there will be no retail income, and meal plan revenue will be significantly less for the rest of the fiscal year. These affects will start to appear in April’s Statements.
5 Year Financial Plan
Ms. Visser explained that the numbers used in the 5 year financial plan were basically the same as last reported in the January meeting with the exception of enrollment, we are now showing a 1.5% decline based on the January 2020 count on meal plan. We are now planning to pull about $1.2 million from reserves next year and Mr. Markley mentioned that the operations team and management are in discussions on how to change operations to reduce that amount. Conditions are a bit fluid at the moment so we will have another Finance committee meeting in April to provide an update.
ACTION ITEM: 2020/2021 Budget
The committee chose to table this action item and will revisit this at the next meeting.
Other Non-Action Items

The meeting was adjourned at 9:47am