June 23, 2020 Finance Minutes
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
- 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.
