We invite you to join us today!
We invite you to join us today!
News and More
Click to Expand Instantly
MEETING OF THE EXECUTIVE COMMITTEE
SOCIETY OF PROFESSIONAL JOURNALISTS
NOVEMBER 8, 2006
VIA CONFERENCE CALL
CALL TO ORDER
With President-Elect Clint Brewer presiding, the meeting of the Executive Committee of the Society of Professional Journalists was called to order at 1:00 p.m. on Wednesday, November 8, 2006 via a telephonic conference call originating in Indianapolis, Indiana. Brewer explained that the purpose of the meeting was to review the Societys audited financial statement and accompanying management letter for the fiscal year ended July 31, 2006.
In addition to Brewer, the following members of the Executive Committee were present: Secretary-Treasurer Dave Aeikens; Vice President for Campus Chapter Affairs Mead Loop; and Regional Directors Richard Roth and Nathan Isaacs. Also present were Executive Director Terry Harper; Associate Executive Directors Chris Vachon and Julie Grimes; Controller Jake Koenig; Editor Joe Skeel; and Anita Sherman and Amanda Meko, Greenwalt Sponsel & Co.
REVIEW OF AUDITED FINANCIAL STATEMENT
Sherman reported that the auditors had no disagreements with management during the audit and that no adjusting journal entries were necessary. With the committees approval, the auditors were prepared to issue a clean opinion.
Meko reviewed the Societys statement of activities with the committee, pointing out that the Society had a break even year by posting an increase in net assets of $7,635, compared to a decrease of $36,924 in the prior year. She noted that the Societys dues revenue accounted for 29 percent of total revenue, compared to 33 percent in the prior year.
Meko noted that the Society had spendable reserves (unrestricted assets less property and equipment) to cover approximately 60 days of operations.
AUDITED FINANCIAL STATEMENT APPROVED
Upon proper motion and second by Roth and Brewer, respectively, the Executive Committee approved unanimously the audited financial statement for the Society of Professional Journalists for the fiscal year ended July 31, 2006.
MEMORANDUM ON INTERNAL CONTROLS
The auditors made three recommendations to improve the Societys internal controls:
Have the Administrative Assistant maintain a copy of the deposit slip prepared that would matched with the Accounting Managers bank receipt upon her return from the bank.
Require a second signatory on checks over a certain amount and have checks that have the policy printed on them.
Establish a standard accounting and operating procedures manual.
Harper and Koenig reported that the first recommendation was being implemented and that an accounting procedures manual would be drafted by the boards spring 2007 meeting.
Discussion ensued on the second recommendation regarding a second signatory on checks over a certain amount. Harper and Koenig reported that 96 percent of all checks the Society cut in the past year were less than $4,000. Harper suggested that $10,000 be the threshold for requiring a second signature.
SECOND SIGNATORY REQUIREMENT
Upon proper motion and second by Loop and Aeikens, respectively, the Executive Committee voted unanimously to require that the signatures of the Executive Director and one of the Associate Executive Directors appear on all Society checks of $10,000 or more, and, further, that the all Society checks be imprinted with that requirement.
Upon proper motion and second, the Executive Committee adjourned the meeting at 1:34 p.m. on Wednesday, November 8, 2006.