Bluegrass Cycling Club Board
March 10, 2010
Board Members Present: Peggy Littrell, Dwayne Edwards, Jamie Bagley, Mike Bagley, Malcolm Barrett, Sandy Duff, Jeff Pearson, Griff Baute, Pam Thomas, Nedim Slijepcevic
Board Members Absent: Terio Sutherland (out of town), Patrick Wesolosky (ill)
Club Members Present: Bill Fortune, Mindy Taylor, Christian Erickson
Approval of Minutes February Regular and Special Meetings – Minutes were approved.
President - Peggy reported that the city received $80,000 for education and share the road.
Treasurer – Terio was not present at the meeting but submitted the following written report to Peggy:
“Currently we have $45,000 in the bank, and we have switched over to PNC bank… I have purchased a new lock with keys for the storage unit and put it on. Dwayne has the extra keys to disburse at the meeting as you see fit. There are only 4 keys, I have one and Dwayne has the rest.”
Financial Review Committee Report– Mindy Taylor referenced the report from the committee e-mailed prior to the meeting (Report attached to the minutes as “Attachment A”) along with forms for inventory and reimbursement requests. Mindy reviewed the report with the board in detail.
The report of the committee stressed that the board should establish a better record of decisions relating to finances and inventory control, and that decisions should be reflected in the board minutes or otherwise appropriately documented.
General discussion was had about how long records must be retained and where and how they should be preserved.
Malcolm moved that the report of the committee be accepted, motion was seconded by Jamie and approved by consensus.
The board then discussed the various recommendations and how they will be implemented:
- Christian will secure a separate 5x10 storage space for sales inventory at Space Center Storage 680 Tennessee Ave (off Winchester Rd) @ $57 per month. Rental will be month to month.
- Decision on whether to hire an inventory clerk for the Horsey Hundred will be deferred until recommendation can be discussed with the Horsey Hundred committee.
- It was determined that the club currently owns 2 laptops.
- Mindy volunteered to do the initial inventory. She will develop a plan for the process and will e-mail the board with the process. She will also set up the initial master inventory sheets. Mindy will serve as the temporary inventory clerk until a volunteer can be identified.
- The board agreed that reimbursement form should be posted on the website along with a statement to accompany reimbursement forms providing guidance about how to file what to provide, and what expenses can be reimbursed. Mindy will e-mail a suggested statement for comment/response so this information can be posted prior to the next board meeting.
Proposed Budget Review – Peggy noted that the proposed budget was e-mailed by Terio to board members prior to the meeting. Pam reported that she, Sandy, Peggy and Terio met to develop the proposed budget. Pam reviewed the proposed budget with the group. Bill noted that there are no expense items listed for merchandise and that there should be.
The following amendments were made to the proposed budget:
- It was determined that “ride with the red” expenses were recorded both as an expenditure item and under philanthropy. Adjustments were made as follows: Event expenses for Ride for the Red were increased by $500 to $2,000, already committed philanthropy was reduced to $2,500 by removal of Ride with the Red, at $2,000, and other philanthropy was increased by $1,500;
- $2,000 was moved from administrative expenses reducing that expense to $7,000 to a new expense item of “store inventory”. Other budget adjustments for this purpose will not be discussed until the merchandise inventory is completed. The current reallocation will cover the cost of purchasing socks before the Horsey Hundred (see discussion below).
- Malcolm made a motion to adopt the proposed budget with amendments noted above Seconded by Dwayne - Vote was 9 -1 in favor. (Adopted budget as amended by the actions set forth above is attached)
BCC Kick Off –
Peggy reported that the BCC kick off ride will be on March 20th at the Thoroughbred Theater in Midway. The ride will begin at 10 am. There is a 5K race the same day in Midway starting from the same place. Discussion was held about delaying the start time to 11 am but it was decided that the original start time should be maintained. Peggy reported that she will be providing members with a general update after the ride and that there will be a pot luck. Peggy will have a copy of the budget and a one page document listing committees and upcoming events. Peggy noted that we need to make a plea for volunteers for committees and have sign-up sheets for people to sign up.
Status of committee membership:
Finance committee is in good shape
Rides needs more people
Education/Advocacy needs more people
Membership/Social/ Recruiting/Retention needs more people
Philanthropic is in good shape
Regional Club of the Year Award – Griff reported that he submitted an application to the League of American Bicyclists for the BCC to be recognized as club of the year. Based on the application, the club was recognized as the Region 3 club of the year out of approximately 169 clubs in the region. Griff read the e-mail that he sent as the application to the board. The designation will be publicized once the League announces the awards.
Socks – Griff presented a proposal for the purchase of socks for retail sale. Parameters for purchase -150 must be purchased - Cost of $8.97 per piece 8-10 week turnaround time so the order needs to be placed soon – Can be sold at retail for $15. Jamie made a motion to purchase the socks, seconded by Jeff vote was 9 - 1 in favor with 1 abstention.
Communication – Peggy suggested the possibility of sending frequent e-mails to members letting them know what is going on with the club – Possibly every other week with information and helpful tips – this issue was discussed at the last meeting. Nedim reported that we can send 250 e-mails an hour and we can provide an opt out button. Members will be polled on the webpage to determine frequency – Peggy will try to get the first e-mail out before the kick off ride.
Rides –Mike reported that 29 rides have been scheduled so far for this month.
Philanthropy – Peggy asked the Philanthropy committee to have a proposal for the board to consider for the April 14 board meeting. Peggy offered to help if needed.
Membership – Jamie reported that In 2007 we doubled our membership – our 2008 membership was 526 members. As March 9th of this year we had 254 members (compared to 126 at the same time last year). Jamie compared 2008 and 2009 data – Based on her research, only about 48% of members renew. She thinks based on data that new members who get the first year free renew at a rate of about 28%. The e-mail blasts should help to remind members to join.
Events – Ride for the Red – Sam Dick and Susan Cox will be honorary ride leaders. Clear channel will do public service announcements. Dwayne will need help marking the roads.
Horsey Hundred – Dwayne distributed a proposed budget for the Horsey Hundred. He asked members to review the proposed budget and e-mail him with questions or comments so that it can be discussed at the next meeting. Next Horsey meeting is March 25th at 7 pm at Terio’s house.
Advocacy/Education – No report
NEXT BOARD MEETING APRIL 14, 2010
BCC Financial Review Committee Report
4th Quarter 2009
March 3, 2010
Members present-Mindy Taylor, Jeff Pearson, Billianne Withers, Christian Erikson, Sandy Duff, Terio Sutherland
The meeting was called to complete the 4th quarter BCC financial review (Oct, Nov, Dec of 2009) and also to address the needs of the BCC in regards to inventory of fixed assets and merchandise for retail sale. The following were the consensus findings and recommendations of the committee for discussion by the Executive Board.
In regards to the 4th quarter review:
- A “Reimbursement Request Form” should be finalized and posted on the BCC website for members to download and print. This form must accompany all requests for reimbursement for approved expenses along with original receipts. (there will be room for discretionary leniency on the need for originals but the stated goal should remain “originals only”) Note: the committee has developed a form with input from Sandy and Terio
- A statement of the sorts of expenses that will be reimbursed should be developed and posted with the form on the website. (ride committee input for ride leader expenses, SAG drivers mileage, approved travel to bike summits, etc.) The need for consistency and having a well publicized policy should be reflected in the statement. We recommend e-mailing the form and a statement of ride leader expense protocols to all ride leaders.
- We recommend the paperwork for quarterly reviews include reconciliation reports and a printout of check registers by month for easier division of the review among the committee members as well as access to the bank statements.
- When possible the treasurer should write checks directly to the business where purchases are made rather than let a member use their own check or cc and then be reimbursed. The proposed club debit cards would serve that purpose as well. For example, when bikes are purchased for the giveaway use the club debit card or write a club check. Billianne noted that lessening the use of reimbursement for things that could have been paid for directly out of treasury funds will also lessen the likelihood of misappropriation of funds.
- When a decision concerning a non-traditional type reimbursement is made it should be included in the minutes of the board meeting at which the decision was made. (A non-traditional reimbursement would be one not listed in the reimbursement statement on the website) If a decision must be made between board meetings e-mails from involved board members stating their approval should be printed out and given to the Treasurer as a written record of the decision. For example, before RRR 2009 the board made a decision to reimburse volunteers who were staying both days a total of $50 each toward their room charges. The check register showed $50 was paid to each of those people but no paper trail documenting the decision to do so was present. We recommend either a reference to printed board meeting notes or a printout of e-mails should be included as documentation for those reimbursements that would be given to the treasurer to put into the financial records.
In regards to our recommendations for club inventory our goal was to keep it simple but still maintain accountability and tracking:
- Collect and count all present merchandise we have for sale. Everyone who has bottles, hats, etc. should turn them in and be issued a receipt showing they have been checked in. Similar merchandise in the storage unit should be counted and recorded on a master inventory spreadsheet. This would best be done ASAP, but especially prior to HH. The person who does this in the immediate future need not be the eventual person who becomes store clerk.
- We further recommend acquiring a 5x5 separate storage unit to hold all sales inventory. (leave jerseys with Tom or whomever is will to accept that category) An inventory clerk and one EC member should be the only individuals with access to the inventory storage unit.
- When inventory is distributed for members to sell they will sign it out using an inventory tracking sheet from the inventory clerk. The clerk will record items, quantities, and names of members checking out inventory on the master inventory spreadsheet. When items are sold the clerk will receive the money and turn it in to the treasurer at which point the members tracking sheet is updated to reflect sales or returns of unsold items. The treasurer will send an e-invoice to the member who sold the items as proof the money was properly credited to them. This should create a system of checks and balances where the clerk, treasurer, and member selling the items are all accountable to each other in tracking where inventory is and what has been sold. An Inventory Checkout Sheet has been created by this committee. A Master Inventory Spreadsheet has also been created.
- We highly recommend all merchandise being transported to events like HH and RRR be counted before leaving the storage unit and upon return after the event by the inventory clerk. If items to be sold at events have been checked out for individuals to sell they should be checked back in by the inventory clerk and taken to the event together with whatever is being taken from the inventory storage unit. This prevents any losses incurred at the event from impacting individuals who have no control over inventory security at the event.
- We recommend hiring an inventory clerk for HH who will count all inventory before and after the event while it is at Georgetown and help oversee sales and reconciliation after the event. ( Billianne has someone to recommend for this)
- If sales of retail items are credited to event receipts any losses in inventory should be charged back to that event. This will better reflect the true cost/profit margin of those events.
- If we have aging inventory items like HH T-shirts it should be put into the minutes that “bartering” for those items at HH will be acceptable and clear them out of perpetual storage.
- Fixed assets like laptops and other technology that is checked out by members should be placed on the master inventory spreadsheet with serial numbers and models recorded if applicable.
- The inventory clerk should maintain the Master Spreadsheet, disburse inventory with the Inventory Checkout Form, receive money from sold inventory and send it to the treasurer, and provide the member who checked inventory out a receipt showing return of money, inventory, or both.
- All inventory and records tracking inventory would be subject to quarterly review by the financial review committee.
These recommendations and the Board response to them should be incorporated into the EC meeting minutes for Mar 10, 2010.
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