Executive Committee/June 6 2014


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Time: 12:30 – 1:30 pm
Location: SPS Commerce
Present: Jamie Thinglestad, Kevin Spreng, Sona Mehring, Guest: Laura Moncrieff
Call to Order

Meeting was called to order at 12:30 pm by Jamie Thinglestad.

Review of Financial Systems/Process

Laura Moncrief has been engaged as bookkeeper to process transactions and ensure historical transactions are in order. Laura provided an update on the current status of the transactions/records within QuickBooks. The committee discussed several adjustments that should be considered, including how best to categorize community donors and the various levels of sponsorship.

It was acknowledged that IRS filings and MN State registration filings are due October 15 and November 15 respectively.

Sona Mehring took an action item to follow-up to finalize recommendation on financial practices to adopt based on the discussion of the committee. Sona will also connect with the firm filing minne✱ taxes and Adrienne Peirce. Other committee members will join the discussions as available. Recommendations will be completed by end of August.

Bylaws review

Review is still in process. Kevin Spreng will provide recommendation by September.

MN State Registration

As stated above, the MN State Registration/annual report filing is extended to November 15, 2014. Sona Mehring will work with the tax filing resource to also ensure completion of this registration/annual report.

Insurance review

Review is still in process. Sona Mehring will provide recommendation by September.

New Board Member Profile/Prospects

It has been identified that two new board members should be added by the end of the year. The profile focus is Financial expertise and Marketing expertise. Some prospects have been identified and Jamie Thinglestad is making initial contact.

Other topics discussed
  • The committee is no longer pursuing working with the U of M for a potential part-time Executive Director resource.

Meeting adjourned at 1:30pm

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