finance minutes november 2007
WVRHEP Finance Committee
November 12, 2007
1:00 to 2:30
Room 118-120
Voting Members: Ralph Utzman, Sharon Hanna, Chuck Conner, Malinda Turner, Parr Thacker.. Staff Members: Sharon Giles, Hilda R Heady, Kristi Pritt and Margaret Novacich. Other in Attendance: Carla Campbell, Penny Asbury, and Lora Adkins.
The meeting was called to order at 1:00 PM.
First item of business was approval of September meeting minutes. After the committee reviewed the minutes, a motion was made by Chuck Conner and seconded by Parr Thacker to approve the minutes. Motion passed by voice vote.
Discussion of redistribution of the fund balances. Margaret brought example of how previous Executive Order with adjustments would play out. The chair is looking for recommendations to be given to the Executive Director. No action had been taken on Southern Counties budget shortage at the previous meeting. Letter stating amount of anticipated shortage was no distributed to the committee.
Hilda decided and directed that out of the total fund balance of $155, 411, at least $55,411 held in reserve for emergency and housing needs. The site coordinators request that whatever method is adopted that it take place as soon as possible so that sites will have adequate time to use the funds for this year’s needs.
Margaret went through her draft by page and described the calculations. There was a lengthy discussion regarding the possible redistribution methods, timelines, and guidelines for the redistribution and spending. This discussion included housing shortages, and student distributions since the Levels Policy went into effect.
Hilda arrived at the committee meeting at this time. Hilda has decided that the committee needs to make some recommendations on redistribution of the fund balance. Kristi has been directed to hold back $55,000 for emergency needs of consortia so that training is not disrupted. Hilda felt that the redistribution could be held off until March, but the committee recommends that the funds be redistributed as soon as possible. Hilda states that we still do not know the impact of the increase at the Osteopathic School due to their student increase.
The consortia wish to have any redistribution ascribed to them to occur as soon as possible so that they may begin using these funds. Waiting until the March meeting will only give consortia a maximum of 3 months to use the funds. This may not be lead to wise spending of this redistribution.
Hilda’s executive directive is for the consortia to prioritize a budget request submission using the priority needs of Housing, Deficits, and preceptors only to the extent that they need. Hilda is trying to avoid having a consortia operating at a deficit and to turn away students. These budgets should be submitted to Hilda by December 1st, 2007. Hilda will fund housing and deficits first.
(Hilda changed this deadline to January 15th, 2008 at the Joint AHEC/RHEP meeting on November 13th.
Kristi is working on a housing inventory with April. This should help with planning housing for future years.
Kristi reported that audits have been coming in and/or requests for extensions. There will be official notification of acceptance of audits. RHEP schedules should agree with final report made to RHEP Administration.
Sharon Hanna moved to adjourn. Motion was seconded and passed via voice vote.