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SDASFAA BOARD MEETING
Monday, March 30, 2009
Al’s Oasis- Chamberlain, SD
Members Absent: Starla Russell, Secretary; Patti Klinkhammer and Krista Tyler-Raye, Members at Large
Because Starla Russell, Secretary, was not able to attend, Sharon Martin agreed to be the recording secretary.
Meeting called to order by President Denise Grayson at 8:40 am.
President Denise Grayson distributed Agenda and had an addition to New Business to discuss Registration Fees for individuals who did not make it to the meeting because of the snow storm. Cindy Swinson stated the date needs to be changed for Approval of Minutes to 2009 instead of 2008. Tom Poloncic moved to accept the agenda with addition and correction, Cindy Swinson second, agenda accepted.
Members had access to minutes from SDASFAA website. Becky Pribyl made the motion to accept minutes from February 19, 2009 meeting as posted to website, Robert Prouty second, motion passed.
Officer Reports:
Secretary’s Report: No report given
Treasurer’s Report: Becky Pribyl report that SDASFAA’s 2008 Federal tax return was being prepared by Nelson and Nelson in Sioux Falls, SD and would be filed this month. SDASFAA’s nonprofit report for the State of SD would also be filed this month.
She will continue to collect registration fees from members during conference that have not been paid.
The treasurer’s report (Balance Sheet) was distributed for review. It was reported that $1000 of the Spring Conference expenses were refunds to Great Lakes and USA Funds for vendor space they had requested during the conference. Becky Pribyl reported that they both requested a refund and since we don’t have any wording on the contract stating vendors can’t get a refund, she issued refunds. She also reported that the savings account had a negative number because those funds were transferred to the checking account.
The Wells Fargo CD comes due today and she will leave it. The US Bank CD has an interest rate of .5% and the Great Plains CD has an interest rate of 2.34% and she changed this to a 12 month CD.
Becky Pribyl reported that our reserves remain good and we have not had to touch them.
Past President’s Report: Cindy Swinson reported that awards are ready to be distributed during the Awards Banquet. She spent $290 for Years of Service Awards. Those receiving these awards have a combined 235 years of service, including Clark Wold with 40 years.
Cindy Swinson reported she enjoyed being Past President and will be busy finding individuals to fill vacant slots on the SDASFAA Board. She also recommends that President Elect get together a good committee for the Spring 2010 conference. Since SDASFAA will be celebrating their 40th anniversary at that conference, President Denise Grayson gave the President Elect a tape showing what was done for the 25th anniversary.
President Elect’s Report: Tom Poloncic reported that the Leadership Conference he attended in Washington DC was excellent. At the conference there was much discussion with how all the State Associations are dealing with decreased Corporate Support and many reported having to dip into their reserves. There was also time spent on how to attract new individuals into the Financial Aid profession.
He also reported that most states are opting to have a Treasurer Elect to work with current Treasurer to make the transition easier. Becky reported the time she had with Laura during the Transitional Board meeting was sufficient and she is making notes for the next Treasurer. Tom Poloncic also reported that most of the State Associations have an outside firm audit the books every year. Cindy Swinson felt that since the Review Committee is made up of members not actively involved in SDASFAA, we should be okay.
There was discussion regarding putting the Excel spreadsheet used by the Treasurer on a web-based site so board members could review. This could be password protected and viewers would not be able to make changes.
Tom Poloncic asked if SDASFAA has insurance to cover Board members who may be hurt while attending a board meeting. Cindy Swinson reported we do not. Tom Poloncic will check with his insurance agent to see what the cost would be and report back at the next Board meeting.
He also reported that each State Association will be asked to contribute to the Dallas Martin endowment fund in the near future and will make this announcement at the Business meeting on April 1.
President’s Report: Denise Grayson reported that corporate support is down 40% this year and all SDASFAA Committees need to look at ways to save money. The Spring Conference committee did not budget for decorations. Another way to save money would be to have the Winter and Summer Board meetings by conference call. Denise Grayson did report this is an issue throughout RMASFAA and attendee numbers are down for conferences.
Denise Grayson reported that she sent a letter from SDASFAA to our Congressional Representatives regarding the PLUS loan auction but did not send one regarding eliminating the FFELP program because she did not get a consensus from the membership.
Denise Grayson reported that she had committee assignments done and would be passing those out during the Business meeting.
Robert Prouty made the motion to accept all the Officer’s Reports, Cindy Swinson second, motion passed.
Old Business:
The Policy and Procedures on the web don’t have the updates, therefore this issue was tabled and Denise Grayson will get with Starla Russell to make sure this is done before the next board meeting.
There was discussion regarding formal written procedures for the SDASFAA Treasurer. Denise Grayson reported she went to the RMASFAA and NDASFAA websites to see what they have and it matches what we have. There was discussion on President, President Elect, and Secretary having passwords to access information on checking account. Becky will draft new policy and procedures to present at next Board meeting.
President called for break from 10:10 am to 10:25 am.
New Business:
Denise Grayson reported that we need to look at Corporate Structure. Wells Fargo was not able to be a vender at the SDASFAA Spring Conference because the charge was too much based on the number of attendees. Jean Rock, as the Associate Member, will keep discussions open with other Associate members and report back during the Summer Board meeting what she found out. Although there was much discussion regarding corporate structure, the Board decided no decisions could be made at this time because of the uncertainty of the FFELP program the merger between EAC and Great Lakes. More discussion will follow at the Summer Board meeting.
The Board will also need to review SDASFAA’s refund policy if a vendor decides not to participate in an event after they already committed.
Denise Grayson passed out the 2009 budget. She reported that the $8650 income from annual sponsorships included the $1000 refunded to Great Lakes and USA Funds. She deducted the $1000 under the proposed expenses of $6000 for the annual conference.
Cindy Swinson reported that the $500 expense for the Review Committee should be $0 as there was no expense incurred for 2009 because all the individuals on the committee lived in Aberdeen and did not have to travel. There may be Review Committee expenses next year for the President Elect’s budget.
It was decided that the general printing of $500 could be lowered to $100 since the only expense for the last couple years has been the calendar. It was also decided to lower the postage expense from $100 to $50 since the treasurer stocked up on stamps last year.
There was discussion on whether registration refunds should be made for individuals who could not attend the Spring conference because of the weather. It was decided if individuals request a refund and did not attend any of the conference, it would be granted. If the individual attended part of the conference, a refund would not be issued. The President reported that the conference came in well below budget and issuing refunds should not be a problem.
Denise Grayson reported that High School Counselor income of $2300 is based on 115 attendees.
Cindy Swinson reported that the President will not have to attend the RMASFAA Executive Board meeting in August saving $105.
New Proposed Expenses for 2009 lowered to $16,808.52.
Item C under New Business will be tabled until Summer Board meeting.
Announcements:
Denise Grayson reminded officers that they need to make a report at the Business meeting on Wednesday.
Next Board meeting will be held the end of July 2009.
Tom Poloncic made a motion to adjourn meeting at 11:25 am, Becky Pribyl second, motion passed.
Respectfully Submitted,
Starla Russell,
Secretary
South Dakota Association of Student Financial Aid Administrators
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