Finance Committee Annual Report 2020

submitted by Anne Shelley

Current Roster

  • Susannah Cleveland, President (2022)
  • Elizabeth Hille Cribbs, Assistant Administrative Officer (2024)
  • Casey Mullin, Assistant Fiscal Officer (2022)
  • Tracey Rudnick, Administrative Officer (2022)
  • Anne Shelley, Fiscal Officer (2021)
  • Liza Vick, President-Elect (2024)

 

List of Previous Goals and Progress Made

Support the Strategic Action Plan by considering fiscal priorities and how they relate to organizational goals.

  • The Finance Committee met virtually May 20-21, 2020, prior to a full Board meeting on May 22.  During the meeting, the Committee discussed the proposed annual operating budget and examined ways to balance the budget. A convention budget was not set, due to uncertainty of the 2021 Annual Meeting format.
  • Specific issues discussed during the Committee’s spring meeting included: significant changes to planned spending and projected income compared to the previous fiscal year due to COVID-19, and creating a new membership category and dues rate for members who are unemployed or experienced a significant loss of income due to employment circumstances.
  • Membership rates and IAML dues for FY2021 remained the same as the previous year. Advertising rates remained the same.
  • Honoraria amounts were set at $1,200 for each of the following positions: Administrative Officer, Convention Manager, NOTES Editor, Open Access Editor, and Web Manager.
  • The Committee reviewed the approved vendors list and presented it to the Board, who accepted it.
  • The Fiscal Policy Handbook is updated as needed.

Continue working toward a balanced budget.

  • The Committee presented a balanced FY2021 budget to the Board at its June 2020 meeting,  with no recommendations to use approved funds from the MLA Fund for FY2021.

List of Future Goals

  • Support the Strategic Action Plan by considering fiscal priorities and how they relate to organizational goals.
  • Continue working toward a balanced budget.