Date: October 04, 2022
The Finance Committee of the Baltimore Children & Youth Fund, Inc. meeting was held on Tuesday, October 4, 2022, via video conference.
In Attendance (Board): John Morris-Treasurer, Jacqueline Caldwell-Board Secetary, Louis Williams III- Board Member
Absent (Board): Marcus E. Pollock-Board Member
In Attendance (Staff): Alysia Lee-President, Sarita Edwards, Executive Assistant to the President
Absent (Staff): None
Call to Order
Morris called the meeting to order at 5:02 pm.
Welcome & Agenda Overview
J. Morris welcomed everyone and asked if they had received the agenda. Everyone accepted the agenda. The schedule was adopted with no objections or abstentions.
J. Morris asked that the April and June minutes be accepted for the record. The motion was seconded and approved unanimously.
A. Apr 4, 2022
B. Apr 11, 2022
C. Jun 24, 2022
Financial statements May – July 2022
A. Lee provided an overview of the statement of financial position and budget v. actuals for May, June, and July. Lee pointed out that FY22 budget areas with overspent expenditures. These expenditures are connected to hiring in progress.
Budget changes – Personal Protective Equipment
To support the mitigation of COVID-19, the staff requested adding a line item in the FY23 budget for PPE. A staff survey was conducted, and 100% of the team requested the provision of PPE for staff and guests.
Section 125 Memo
BCYF offers employees a Section 125 plan to pay qualified medical, dental, or dependent-care expenses on a pretax basis through its professional employer organization (PEO) Insperity. Due to delays in completing the paperwork for the Section 125 plan that was out of employees’ control, the PEO did not take the deductions from payroll checks until August 2022. BCYF will not require employees to pay the missed deductions, as the error was not due to employee actions.
Succession Plan for Vice President of Finance & Administration
A. Lee shared the Succession Plan for the VP of F&A that outlined an interim course of action until a new hire is made. CLE business services have been hired to assist staff.
Morris adjourned the meeting at 5:33 pm.