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SDASFAA BOARD MEETING
Thursday, February 19, 2009
Al’s Oasis- Chamberlain, SD
CALL TO ORDER:
Denise Grayson, President, called the meeting to order at 11:09 a.m.
Members present: Denise Grayson, President; Cindy Swinson, Past-President; Starla Russell, Secretary; Becky Pribyl, Treasurer; Patti Klinkhammer, Bob Prouty, and Sharon Martin; Members at Large; and Jean Rock, Associate Member at Large.
Absent: Tom Poloncic, President-Elect; and Krista Tyler-Raye, Member at Large.
APPROVAL OF AGENDA: Denise asked that an item under “new business” be added: Plus Loan Auction Letter. Patti asked that an additional item under “other” be added: SD Education Access Foundation. Denise asked for a motion to accept the agenda as amended. Becky made a motion to accept the agenda, seconded by Sharon. No discussion followed. The motion passed.
APPROVAL OF MINUTES FROM NOVEMBER 12, 2008 BOARD MEETING: Denise asked for a motion to accept the minutes from the November 12, 2008, meeting. Becky and Cindy made clarifications minutes. Patti made a motion to approve the minutes as amended, seconded by Cindy. All members were in favor, and the motion passed.
OFFICER REPORTS
Secretary: Starla reported that she is reviewing the policies and procedures against the minutes from the past few board meetings to ensure that all changes have been incorporated as it is posted to the SDASFAA website.
Treasurer: Becky distributed the 2008 balance sheet. The beginning checking balance totaled $21,173.67. The income from January 1, 2008 through December 31, 2008 totaled $25,046.13, which includes 2009 membership of $150 from Bank of North Dakota and Student Loans of North Dakota. The expenses reflect year-to-date expenses totaling $18,269.76. The ending balance totaled $3,950.04, including moving $24,000 to savings and purchasing a CD. The assets had an ending balance of $39,707.70.
Becky distributed the 2009 balance sheet. The beginning checking balance totaled $3,950.04. The income from January 1, 2009 through February 17, 2009, totaled $11,865.03. The expenses reflect year-to-date expenses totaling $137.81. The ending balance totaled $5,677.26, which includes a $10,000 transfer to savings. The assets had an ending balance of $51,603.25.
Becky reported that the Great Plains CD will come due on February 25, 2009, and has asked for guidance on re-investing it. She reported that a 6-month would earn 2.05% and a 12-month CD would earn 2.35% at Great Plains. The Board recommended that Becky look into an 18-month CD.
Becky provided a historical financial record for the past four years (from 2005 to 2008) for review. Although sponsorship funds have decreased over the years, the assets have grown.
Past-President: Cindy reported that she was thankful the proposed and final budgets meet SDASFAA’s need and that organization was able to stay with budget. She enjoyed her year as president and looks forward to assisting Denise with her duties as President.
President-Elect: No report was given.
President: Denise reported that she is busily preparing for the 2009 Spring SDASFAA Conference and has recapped the results of High School Counselor’s Workshop. She will be attending the RMASFAA Board meeting in Denver on March 14-16, 2009.
Bob made a motion to approve the all of the Officer Reports, seconded by Sharon. All members were in favor, and the motion passed.
OLD BUSINESS
Update on Memberships and Sponsorships: Becky reported that only one institutional member has not renewed their membership to SDASFAA for 2009. In 2008, SDASFAA had 30 associate members, and of those, 19 of those have renewed for 2009. Contact has been made with the other associate members to determine which of those may renew for 2009. Cindy suggested that Discover and ACS be contacted to discuss membership to SDASFAA. Jean will provide a contact for ACS to Becky. Perhaps the SDEAF would consider membership to SDASFAA as well. It was suggested that both Denise and Tom make contact with EAC to discuss this opportunity. Contact with BH Federal Credit Union and Highmark Federal Credit Union will be made by Starla to discuss possible membership with SDASFAA.
Becky reported that total associate income for 2008 was $15,625, as compared to 2009 to-date of $10,075, a reduction of approximately $5,600.
Cindy and Denise will work on a fact sheet for SDASFAA membership benefits.
Tax return Preparation: Becky reported that SDASFAA is federally tax exempt, so the organization does not pay income taxes (but must file a federal income tax return), but is not State tax exempt, so the organization must pay sales tax. Therefore, SDASFAA must start paying sales tax on purchases, including conference and meeting expenses. In 2011, the federal law changes, so SDASFAA may not be required to file federal income taxes due to the gross receipts increasing from a 3-year average of $25,000 to $50,000. Becky has requested an estimate from Nelson & Nelson for a 990 EZ tax form for filing SDASFAA 2008 federal tax form. It was recommended that this be discussed further during the Spring 2009 Board meeting.
Becky also reported that on November 21, 2008, SDASFAA’s 2007 federal return was processed by the IRS.
Annual Dues: Denise asked for Board to discuss thoughts on increasing the SDASFAA dues from the current $75.00 annually. It was recommended that with the assets that SDASFAA has currently, it was not recommended that dues be increased.
High School Counselor Workshop Recap: Denise reported that the evaluations received from participants of the HS Counselor’s workshop were very favorable. There were 111 attendees, with two sets of materials mailed to participants who could not attend. It was suggested that the materials provided be discussed in greater detail with the participants to help them provide materials to their students. The lowest average was 4.75, with the highest at 4.9, out of a possible rating of 5.
It was suggested that the materials be reviewed and specific sessions be developed for new and seasoned counselors. This may be discussed further during the Spring Board meeting. Denise will send the information on the results of the workshop to the Board member.
Policy and Procedure Changes: Denise reported that there were two areas within the policies and procedures she thought had been changed from previous meetings. During Starla’s review of the past minutes and reviewing the policy and procedure manual, it will be determined if those changes were already voted on.
Cindy made a motion that if Starla’s review of A-1-h does not have RMASFAA, rather than NASFAA, that change be made; to strike the words “prior to the fall meeting of the Executive Council” in E-1; and strike in E-6-c the words “Spring and Fall”; seconded by Sharon. All members were in favor and the motion passed.
The Board took a break from 12:¬¬¬47 p.m. to 1:48 p.m.
NEW BUSINESS
Update on 2009 Spring Conference: Denise reported that the planning committee has been developing the program and registration will be available by the end of the week. Denise expects attendance to be down a bit from the 2008 conference. The registration fee should just cover the meal expenses. Margaret Day from the Dept. of Ed will be speaking at this year’s event. EAC will be conducting their EAC update that they normally present every spring during the last day’s conference on Wednesday.
2010 Spring Conference – SDASFAA 40th Anniversary: Denise reported that the 2010 Conference will be held in Huron, and it will also be the 40th Anniversary of SDASFAA.
Nominations for awards: Cindy reported that the nomination process for the Douglas Steckler Award and the Outstanding Service Award is underway for recognition at the 2009 Spring Conference. Retirement recognitions will also be made during the conference.
Review Committee Findings: Becky reported that the Review Committee reviewed the paperwork and forms that the Treasurer has and uses to manage SDASFAA’s funds. The Committee expressed concern that there are no written policies regarding payment of expenses and other functions by the Treasurer. Denise recommended that the Board review other states’ and RMASFAA’s policies regarding this issue and bring that research back to the Board for further discussion. Denise will visit with Review Committee to discuss their recommendations.
PLUS Loan Auction Letter: Denise reported that she received a copy of a letter that was sent from a state financial aid association to their congressional delegation. Upon review by the Board members, it was suggested that SDASFAA send a letter to South Dakota’s congressional delegation expressing their concern about the PLUS loan auction, scheduled to take effect on July 1, 2009. Denise will draft a letter and submit suggestions before it is sent.
SDASFAA 2009 Budget: Denise asked that this item be tabled until the next meeting.
OTHER
South Dakota Education Access Foundation: It was suggested that Tom and Denise meet with Clark Wold to discuss the Foundation and possible membership to SDASFAA and their assistance with College Goal Sunday. Patti commented that the South Dakota Community Foundation
Leadership Conference Expense: Becky reported that Tom is incurring the expense of the Leadership Conference up front and those expenses will be reimbursed at a later date.
SDASFAA Archives: Becky reported that EAC currently houses the SDASFAA archives and discussions about the future of those records should be discussed. Denise will visit with EAC.
RMASFAA 2008 Conference Budget: Cindy reported that SDASFAA has not yet been asked for a donation to assist with RMASFAA 2008 conference expenses. Those expenses are still being tallied by the Conference Co-chairs and the RMASFAA Treasurer.
ANNOUCEMENTS
Next Meeting: The next meeting is scheduled for Monday, March 30, 2009, at 8:30 a.m. at K Bar S Lodge, Keystone, SD.
ADJOURN
Patti made a motion to adjourn the meeting, seconded by Bob. No discussion. The motion was passed, and the meeting adjourned at 2:58 p.m.
Respectfully Submitted,
Starla Russell,
Secretary
South Dakota Association of Student Financial Aid Administrators
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