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Finance Committee Report

Finance Committee Report

Prepared by Bob Gaines



The proposed budget envisions spending down the existing dedicated funds (that is, those funds set up by the Meeting for a specific purpose). The budget shows the source of funds for those budget items where there is a dedicated fund. The dedicated fund will be drawn down first, and if exhausted, the General Fund will be used.


Some funds set up initially to receive restricted donations (such as Adult Education, Olmstead, and Turkle) now either have only the funds transferred to them from the annual budget, or any restricted donations remaining will be expended during this fiscal year (the PYM “Treasurer's Guide” (p. 16) recommends that restricted funds be expended before dedicated or unrestricted funds).


The committee recommends that these funds be reviewed to see whether they have outlived their usefulness and can be replaced by annual budget items. The committee's proposed 2014 budget does not include transfers from the General Fund to the Olmstead, Turkle, and Adult Education Funds, as has been done in past years.

The committee recommends that the garden memorial for Jeanette Young be purchased immediately and that fund closed, as stated in the minute establishing it. The funds from sales of Jeannette's books can be used for the maintenance of the garden, as in the minute.


Finance Committee recommends that the the number of funds the treasurer must track and report on be limited to just those essential to the efficient management of the Meeting's funds. In the past, the Finance and Building committees have recommended maintaining reserves targets ($7,000 for the General and $5,000 for the Maintenance Fund). This can be most efficiently accomplished by monitoring by the treasurer without setting up more dedicated funds.

Apart from a decision by the business meeting, we do not have a specific provision for authorizing "As Needs Arise" donations. If the need is immediate, the committee suggests allowing the Clerk, Clerk of M&C, and Finance Committee convener to decide, which is the procedure used for Emergency Assistance and Scholarship funds. The Finance convener and treasurer can report the disbursement at the next business meeting.

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