June 23, 2020 Finance Minutes

June 29, 2020

Date:               Tuesday, June 23rd, 2020

Time:              11:30 AM

Location:        THINC Board Room

Present:          Ted Arnold, Leonard Phillips, Jamey Jackson, Dr. Penny Johnson

Others:           Gerald Wyatt, Regan Mock

The meeting began at 11:40 AM.

  • Approval of May minutes- Ted Arnold, Board Vice-Chair
    • 1st Dr. Penny Johnson, 2nd Leonard Phillips
  • P&L- Leonard Phillips, Finance Chair
    • Financials remain solid.
    • Certain areas are under budgets such as student activity and competition due to COVID.
  • Budget Proposal- Gerald Wyatt, THINC CEO
    • Over the past 3 years spending has been at $638,681.65, $403,417.90 and $261,711.97. The budget allots for $600,000.00, but the new budget proposal lowers that to $475,000.00.
    • The new budget calls for increases in the following areas:
      • Advertising & Marketing- With less travel to competitions this will allow more marketing to get the THINC story and name out
      • Business Meals & Entertainment- Anticipate more tours etc. throughout the year
      • Operational Supplies- Things in FY20 were charged to other accounts when they should have been charged out of operational supplies
      • Staff Development- Other educational courses expected due to virtual learning
      • Audit Fees- Necessary due to Audit charges
    • The new budget calls for decreases in the following areas:
      • Educational Expense- No large unexpected expenses to come, no need for large amount of funds sitting there
      • NCAC- Conference will be held virtually and less participation is expected
      • Student Reward & Recognition- Large sum of funds left unspent
      • Consultant Fees- Not being utilized
      • 3 Hand-On Accounts- Large sum of funds left unspent
    • Reinstatement of one account:
      • Staff Rewards & Recognition- Allows for charges to be allocated properly rather than charging them all to Staff Development 
    • Motion called to approve 2021 Budget
      • 1st Ted Arnold, 2nd Dr. Penny Johnson
  • Fundraising- Gerald Wyatt
    • Plans to hold a meeting with the Fundraising Committee to discuss fundraising stratagies

Meeting Adjourned.