Finance Minutes december 2005
WVRHEP Finance Committee Conference Call
December 16, 2005
1:00 - 2:00 pm
Voting Members: Mike Callaway, Loretta Jones, Sharon Hanna, Malinda Turner, Chuck
Conner, Connie Simmons, and Parr Thacker.
Staff: Margaret Novacich,
The meeting was called to
order by Margaret Novacich who is serving as Chair of the committee. The purpose of this call was to discuss the
"Fund Balance Redistribution Method".
Committee members received a copy of the method developed by
Margaret. Margaret described the
methodology which included Hilda's request for the salary for the WVRHEP
Development Officer position with an annual salary of $65,000 for 18 months
plus fringe. Inclusion of this request
will reduce the amounts to be restored to the consortia to 50% and eliminate
consortia being able to keep 20% of their contribution to the fund
balance.
The committee discussed the
salary and requirements of the development position. Loretta Jones made a motion that the committee would like to
review the job description before any further action is taken on this
position. The committee will set aside
$60,000 plus fringe for 15 months.
Sharon Hanna seconded this motion.
The motion carried by role call vote with 7 affirmative votes.
Next the Chuck Conner made a
motion that the committee move ahead with the redistribution plan as proposed
by Margaret. This plan will allow for a
75% restoration of the FY05 budget reductions, and those consortia contributing
to the fund balance would be able to keep 5% of their contribution. Funds totaling $95,625 for the development
position will be held by Southeastern Education Consortia until this issue is
complete. Parr Thacker seconded this
motion and it also passed by unanimous approval.
Margaret will begin the
process of redistributing the funds after the first of the year. The committee would like to hold a brief
meeting in Charleston during the Annual Dinner to discuss the job
description.
The call ended at 2:00
pm.
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