November 28, 2018 Minutes SSE Finance Committee
Minutes
SONOMA STATE ENTERPRISES, INC.
FINANCE COMMITTEE
Wednesday, November 28, 2018
MEMBERS PRESENT:
MEMBERS PRESENT:
Megan Varnadore, Christina Gamboa, Neil Markley, Amanda Visser
MEMBERS ABSENT:
John Kunat
OTHERS PRESENT:
Jill Crenshaw
I. Call to Order
The meeting was called to order at 9:04 a.m.
II. Approval of the September 17, 2018 Minutes
The minutes passed with no objections.
III. SSE Financial Statement Review
Ms. Visser reviewed the Statement of Activity as of 10/31/18 budget to actual comparison. Increased meal plan rates and summer conference revenue are the main factors impacting sales. A three year trend analysis of actuals was reviewed and discussed along with the Statement of Net Position as of 10/31/18.
IV. 2019-2021 Budget Development
Ms. Visser shared the current draft and discussed the long-term budget cycle.
V. ACTION ITEM: Reserve Approval
Ms. Visser distributed the 2018-2019 reserve allocations, which outline the reserves by category, she mentioned that this was reviewed by the campus CFO prior to this meeting. GMC permanent concessions and the CB remodel figures may need to be adjusted in the future based on the University strategic plan discussions that will be happening later in the year.
Motion to approve: Christina Gamboa
Seconded: Megan Varnadore
All approved
VI. ACTION ITEM: SSE Investment Policy
Ms. Visser shared the updated investment policy. The revisions are an effort to simplify the policy and be more in line with other CSU commercial auxiliaries. The changes were reviewed and discussed.
Motion to approve: Megan Varnadore
Seconded: Christina Gamboa
All approved
VII. Other Non-Action Items
CSU Audit is in its final stages; we are waiting on the final report. Any issues will be taken to the audit committee.
Joanie Lee was featured in The Star.
There has been a request from the School of Business and Economics for SSE to contribute 50% of the cost of the Stomping Grounds fence.
We will gather data from others across campus to assess whether or not the contribution report created last year was of use to others.
Meeting was adjourned at 10:03 a.m.
Mr. Neil Markely Secretary / Chief Operating Officer
Ms. Jill Crenshaw Recording Secretary