Tony D: The Conference is now in session. I have asked Debbie from Illinois to read We Can Recover.
Debbie B: reads “We Can Recover”.
Tony D: Roll Call. We will start on the left side this morning, please. There are 137 votes and the quorum is 92. The Finance committee will be first
OPENING REPORT
C.A. WORLD SERVICE CONFERENCE 2013
FINANCE CCOMMITTEE REPORT
INTRODUCTION AND OPENING COMMENTS:
The Finance Committee met at the World Service Conference in the Florida, and had email and phone conversations throughout the year. We worked closely with the WSB Treasurer. All referrals were addressed and either worked on in committee or sent forward to other committees.
Budgets are being addressed and may be revised during the 2013 Conference.
There is a large concern due to our Current 7th Tradition being down over 20% in the last year after a 30% reduction the prior year. CAWS has had its 3rd successful event in a row. We hope to have continued success with the CAWSC’s. We have carefully reviewed the budget for the 2013-2014 year and will have to raise revenue to operate at the current levels.
COMMITTEE INTRODUCTIONS:
Chair Alan S
Co-Chair Buster C
Secretary
WSOB Treasurer Barry J
Trustee Brian T
Member Heidi J
Member Jackson H
Member Caryl S
WSOB Member Bob C
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REFERRALS THAT WERE WORKED ON DURING THE YEAR:
Last year we either answered or passed on all referrals to the proper committees
CLOSING COMMENTS:
The Finance Committee is looking forward to a productive WSC 2013. We welcome any “words of wisdom” and questions you might have. Just ask us. If you are so inclined, join our committee, we’re not just “Pencil Pushers”. What we are, is the committee charged with keeping the life blood in our fellowship. If you have ANY ideas on how to do this WE NEED YOU! Your help is urgently needed. Please help us on the road to CA “Financial Security”.
GO FINANCE!!!
Tony D: Any questions? Please proceed to the center mic. Seeing none; please thank the committee.
Tom P: Is there a balance sheet?
Barry J: Yes, we should be able to get one within the hour.
Tom P: What other areas other than the additional employee are we looking at that contributed to our overage?
Barry J: A lot of the expenses were for the utilities, employee benefits, and expanded inventory.
The balance sheet will reflect this.
Susan B: Is it prudent to continue w/o all the financial documents?
Tony D: Yes.
Joy H: Why did we spend so much over budget on Chips and literature?
Barry J: We spent so much on these items b/c of being in foreign languages and we have the inventory.
Eric F: Is it possible to be able to add 2yr prior column for comparison?
Sara T: How much money is in the savings account?
Barry J: I do not have the current statement. I do have the statement from July 24th…not very much has changed since then.
Teresa H: How can we get that information?
Barry J: We have that information in the office.
Cynthia C: Why did LCF fall well over budget?
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Barry J: Sales are steady and we spend more on inventory
John M: Why do we have a prudent reserve and a savings account?
Barry J: We were asked to have a prudent reserve for operating expenses.(3 months). The savings account is not used like the prudent reserve. Sara T: How much was the t/f of funds?
Barry J: The convention money is t/f to the savings account. Additional donations are delegated where most needed. (savings/operating expense).
Barry J: Transactions are available in the office; I do not have them with me.
Peter O: Did I hear there was an over spend on Literature and Chips?
Barry J: Yes. We fulfill the requests by the fellowship and try to inform the fellowship of how to donate to WSO to help with these expenses. Again, we spent money on inventory and went over budget, but will make money on the inventory when sold. Cynthia C: Have you looked at lowering the price of HFC II?
Barry J: No. The sale of HFC II has not varied. Current inventory has been paid for?
Cynthia C: Have we recouped costs?
Barry J: The inventory is paid for, but I cannot say if we have recouped costs..
John H: Why is the actual cost in legal fee 300% over budget?
Bob C: Legal fees…trademark issues…European lawyers….these are things that come up and if we have to call the lawyers, it costs. The inventory cost is over budget but we have inventory to sell and make a profit. Our operating costs have gone up, but we have saved in other areas…like salaries.
Tony D: I think that the confusion comes from having partial information.
Vonya Q: Why we have opted out of disclosures? Is there a cost for it?
Barry J: There is a major cost associated.
Tom P: How long will the WSO be able to operate losing 40,000 a year?
Barry J: 6 years.
Dianne F: How much are we going to gross from the inventory in the long run?
Barry J: The profit from our inventory helps with operating costs, and I cannot give an exact amount of profit.
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Dianne F: It would be nice to have had information as to what our inventory is worth.
Tony D: Any other questions? Lets thank the committee.
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