Finance Committee Annual Report 2020
submitted by Anne Shelley
Current Roster
- Susannah Cleveland, President (2022)
- Elizabeth Hille Cribbs, Assistant Administrative Officer (2024)
- Casey Mullin, Assistant Fiscal Officer (2022)
- Tracey Rudnick, Administrative Officer (2022)
- Anne Shelley, Fiscal Officer (2021)
- Liza Vick, President-Elect (2024)
List of Previous Goals and Progress Made
Support the Strategic Action Plan by considering fiscal priorities and how they relate to organizational goals.
- The Finance Committee met virtually May 20-21, 2020, prior to a full Board meeting on May 22. During the meeting, the Committee discussed the proposed annual operating budget and examined ways to balance the budget. A convention budget was not set, due to uncertainty of the 2021 Annual Meeting format.
- Specific issues discussed during the Committee’s spring meeting included: significant changes to planned spending and projected income compared to the previous fiscal year due to COVID-19, and creating a new membership category and dues rate for members who are unemployed or experienced a significant loss of income due to employment circumstances.
- Membership rates and IAML dues for FY2021 remained the same as the previous year. Advertising rates remained the same.
- Honoraria amounts were set at $1,200 for each of the following positions: Administrative Officer, Convention Manager, NOTES Editor, Open Access Editor, and Web Manager.
- The Committee reviewed the approved vendors list and presented it to the Board, who accepted it.
- The Fiscal Policy Handbook is updated as needed.
Continue working toward a balanced budget.
- The Committee presented a balanced FY2021 budget to the Board at its June 2020 meeting, with no recommendations to use approved funds from the MLA Fund for FY2021.
List of Future Goals
- Support the Strategic Action Plan by considering fiscal priorities and how they relate to organizational goals.
- Continue working toward a balanced budget.