Finance Committee Annual Report 2021

submitted by Casey Mullin

Current Roster

  • Susannah Cleveland, Past President (2022)
  • Marci Cohen, Assistant Fiscal Officer (2022)
  • Elizabeth Hille Cribbs, Administrative Officer (2023)
  • Casey Mullin, Fiscal Officer (2022)
  • Tracey Rudnick, Assistant Administrative Officer (2022)
  • Liza Vick, President (2023)

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 17-18, 2021, prior to a full Board meeting on May 19. During the meeting, the Committee discussed the proposed annual operating budget and examined ways to balance the budget. A provisional convention budget was set, pending the recommendations of the MLA 2022 Annual Meeting Task Force; this budget reflects a hybrid modality, with some attendees in person and some streaming only.
    • Specific issues discussed during the Committee’s spring meeting included:
      • The retention of the Emergency Circumstances membership category
      • Updating the list of special officers receiving honoraria and/or gratis membership and/or conference registration
      • An unusually large one-time expense associated with MLA’s current strategic planning efforts
      • Subsidizing an MLA workshop focused on diversity, equity and inclusion (DEI) efforts, as well as funding a second Diversity Scholarship award
      • The continued suspension of Board travel (over FY2021 and FY2022), due to travel concerns/restrictions during the pandemic, but also in the interest of containing costs
      • Amending expenditures in FY2021 for various website expenses
    • Membership rates and IAML dues for FY2021 remained the same as the previous year. Advertising rates remained the same.
    • Honoraria amounts were raised to $1,400 for each of the following positions: Administrative Officer (soon to be renamed the Chief Financial Officer), Convention Manager, Membership Management Officer (new position), 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 FY2022 budget to the Board at its May 2021 meeting that anticipates a ~$56,000 deficit, which will be mostly offset by approved funds from the MLA Fund for FY2022 ($54,000), should this deficit materialize. It should be noted that in recent years (FY2018 through FY2020) the Board has similarly relied on such potential use of the MLA Fund to balance the budget, though in the end, deficits have not materialized, and the MLA Fund has not been tapped. Last year (FY2021), in anticipation of a difficult financial year due to COVID, the Board balanced the budget, even excluding potential use of the MLA Fund.

List of Future Goals

  • Support the Strategic Action Plan by considering fiscal priorities and how they relate to organizational goals.
  • Given that planned potential deficits and use of the MLA Fund have not been materializing, continue working toward a more balanced budget that doesn’t rely on theoretical supplementation from the MLA Fund, by estimating expenses and anticipating income more precisely by FY2023.