Finance Committee Annual Report 2023
submitted by Katie Buehner
Current Roster
- Katie Buehner, chair (2024)
- Elizabeth H. Cribbs, ex-officio (2024)
- Liza Vick, ex-officio (2024)
- Paula Hickner, ex-officio (2026)
- Serena Vaquilar, ex-officio (2026)
- Rahni Kennedy, ex-officio (2024)
List of Previous Goals and Progress Made
- 1. 2024 MLA Budget
- Budget drafted and approved by MLA Board, May 2023
- Budgeting process revealed MLA’s anticipated expenses ($513,935) are higher than its expected income ($433,550) , so the overall approach to budgeting was conservative. Measures to rein in spending and increase income are:
- Board Travel – sent one Board representative to IAML, not two. (+$3,730)
- Board Travel – move Fall Board meeting from in-person to online. (+8,600)
- Reclaim Hosting – save 10% with 3yr deal and pay from the MLA Fund
- Reallocate Emergency Relief Fund – reinvest the ERF, which had only one request in 2022, into the GCRF and a mini-grant program to support Strategic Plan initiatives.
- Donors Reception – scale down, per recommendation of donors
- Increased dues for Regular Member ($140 to $155), Institutional Member, US ($175 to $195), Institutional Member, Non-US ($185 to $205), Emergency Circumstances ($24 to $25), Retired ($105 to $115), Sustaining ($280 to $310), Corporate Patron ($790 to $870), and Corporate Member ($490 to $540). A longer arc increase is planned
- The Board voted to launch a small gifts campaign to raise income for the MLA Fund, in response to this years budget shortfall. Tentatively named, “High Five for MLA” the goal would be a one-year effort, with donors giving $5 per month for a total of $60 OR to give other gifted amounts with “5” in the dollar amount.
- IAML-US Dues remained the same, as IAML has not raised their dues
- Conference registration rates remained the same
- Honoraria remained the same
- Dependent Care Vouchers for MLA’s annual meeting will be made available, $200 per recipient up to $2000 total awarded. This budget request will in future come from the IDEA Committee.
- Budgeting process revealed MLA’s anticipated expenses ($513,935) are higher than its expected income ($433,550) , so the overall approach to budgeting was conservative. Measures to rein in spending and increase income are:
- Budget drafted and approved by MLA Board, May 2023
List of Future Goals
- 1. Continued Fiscal Planning that supports the Strategic Plan while operating within MLA’s resources
- Â The MLA Fund – the Finance Committee recommended that the Board consider proactive budgeting of the MLA Fund in lieu of “emergency funding” to show intentional investment of those dollars. This is represented in this years’ budget by the use of the Fund for the 3yr Reclaim agreement.
- More aggressive and targeted development initiatives may be required to provide start-up funding for new projects or to sustain existing programs, with ongoing shortfall in income and inflated/rising expenses.