Memorandum

To: Jim White, WASFAA President

FROM: Kay W. Soltis, WASFAA Fiscal Planning Committee

SUBJECT: Year End Report

DATE: April 7, 2005

Committee Members: Kay Soltis, Jim White, Kate Peterson, Steve Herndon, Lana Walter, Peter Miller, Judy Saling Field, Katie Anderson, Theresa Bosworth

Committee Goals:

1) To make fiscally sound recommendations to the Executive Council regarding the financial affairs of the Association.

2) To develop effective policies regarding the fiscal-related activities of the Association.

Committee Accomplishments during 2004-05:

1) The committee developed a schedule for short-term investment of cash. Treasury Bills were converted to Certificates of Deposit and now are strategically set for maturity at intervals that more closely concise with times that require cash availability to the association.

2) Developed travel reimbursement policy that more accurate reflects the travel needs of the Executive Council and committee members of the association.

3) Developed an Inventory of the Association’s Equipment and Assets that will be maintained by the Treasurer of the Association.

4) Developed an initial Long Term Investment Plan for the Association

5) Provided draft of 2005 budget and subsequent approval by EC

Overall, the year has been very successful. All of the goals established were accomplished. The committee recommended or set policy and procedures to ensure the financial health of the Association, however, it should be noted that Fiscal Planning Committee recommends regular review of the policies and Investment Plan.

Respectfully,

Kay W. Soltis, Chair