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FISCAL ADVISORY

Fiscal Advisory Committee Notes

September 22, 2006

2006-2007 Committee members:

Staff:  Jackie Eberts, Lisa Gray, Becky Emery

Faculty:  Memo Diriker, Tim Dunn, Robert Long, Kashi Khazeh, Jo Laird

Students:  Kevin Dallaire, Jigna Rana

Administration: Greig Mitchell

Present:  Jackie Eberts, Lisa Gray, Becky Emery, Memo Diriker, Tim Dunn, Robert Long, Kashi Khazeh, Alan Selser, Kevin Dallaire, Jigna Rana, Darrell Mullins, Jo Laird

Absent:  Greig Mitchell

Welcome back to Kevin Dallaire, student member from last year.  Also welcome to the committee Jigna Rana, new student member.

The notes of May 23, 2006 were approved as submitted.  Jo was not able to get confirmation that the figures submitted were correct.  However, they will be posted as written.

Co-chairs Memo Diriker and Becky Emery will serve the committee for 2006-2007.

Fall meetings will occur on the following Fridays at 3:00:  October 13, November 10, and December 8. 

Drafts of the guidelines for the committee’s chair along with a draft of operational guidelines for the committee were distributed for future discussion.  A summary of last year’s work was provided.  Jo Laird noted that it would be extremely helpful if committee members would respond to emails. 

Other issues:

Salisbury University Foundation:  its relationship with the University  as well as how unrestricted funds are distributed; how can one access the current annual report or financial statements (last year in review posted was for 2003-2004).  The following is available on the Foundation website:

“As part of its reporting responsibility, the Foundation makes the following items available:

• An annual financial audit conducted by an independent accounting firm, reviewed with audit and budget committee of the Foundation Board and presented to the full Foundation Board.

• An annual report of giving and Foundation activities.

• An honor roll of all donors.

• Written policies on the disbursement of gifts funds.

• Investment policies, expenditure guidelines, and performance reports.

• Annual Agreements between Salisbury University and the Foundation.

• IRS form 990, available by request for inspection at Foundation offices. “

It was noted that someone from the Foundation may be invited to the committee again this year.  Alan Selser indicated that he would send a link to the committee where the reports could be accessed. 

NOTE:  The Salisbury University Foundation homepage is: http://www.salisbury.edu/foundation/ . The site cannot be accessed from SU’s main page, but can be reached via the administration’s page.

The situation related to finances after the November, 2006 elections was brought up.  It was not clear whether it will be something to worry about or not.  It may be that we have to give some money “back”, or it may not have an impact until 2008. 

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