SILC Finance Committee Meeting
August 4, 2015 (2:00pm – 3:06pm)

Attendees noted below: 
Present:  Ping Miller (Chair), Oshana Watkins, Kay Miley, Kathleen Boaté (SILC staff)

Absent:  Kimlyn Lambert

Agenda:
* Budget Revision #1
* June P&E
* Expected excess funds available
* Updated Report from VR for CIL & SILC Part B Contract Balances
* Update on Contract for I&E Funds for SILC office

Budget Revision #1
Reviewed Budget Revision #1 (attached)
Ping opened the floor for Vote for Budget Revision regarding 
All voted in favor.


June P&E Report – Kathleen Boaté 
a. Expenses for NCIL Conference, YLF Presentation, Training Webinars
b. Nothing unusual
c. Reimbursements are up to date
d. Nothing unusual
e. Nothing unusual  
Expected Excess of Funds at Year End
Ping asked Kay how the Board will vote regarding excess funds available
 -Kay suggested additional training during Quarterly Meetings.  
 -Oshana suggested a Workshop on Fund Raising. 

CIL & SILC Part B Contract Balances
SILC is dependent on receiving figures from VR.
Burn rate is 6 to 54% as of 6/30/2015
Report is attached.  



Update on Contract for  I & E Funds for SILC office
- Kathleen has been working with Kim Schmidt at DHHS since the end of May to complete the Scope of Work and Budget.  The I&E Contract is at a higher level subject to more review and   is more detail oriented than the Part B Contract.  The final draft has been completed and sent up for internal review.  The Cash Advance Form has been completed and sent in.  


Request for increased wages for staff
Kay requested an increase for wages for staff.  The staff has taken on some of the duties of the Executive Director for the past three months.  Ping asked if an amount is suggested and stated the budget would have to maintain at the increased level in subsequent years.  Even though there are excess funds this year, we have to consider the impact on future salary of ED.  Kay stated her opinion that the SILC has more problems with an ED than with not.  Kay learned from other SILCS that you have to find someone who will get out and find us more money.  We need more grants.  This topic should be discussed by the Executive Board.

ACTION ITEMS:
-Kay to discuss with the Executive Committee regarding position of Executive Director 
-Kay to schedule meeting with Executive Committee this week to decide direction of spending excess funds by end of year  

Next teleconference meeting is on August 18, 2015 at 2:00.
Minutes submitted by Kathleen Boaté