During the month of July 2023, the members of the Finance Committee met three times and worked on the following projects and tasks:

Financial Reports: The Committee was joined by BPM, the contract accounting firm, to review their financial reports for June 2023. The reports were received by the Committee and the Treasurer posted them to the acawso.org website along with a written Treasurer’s Report.

Lease of New WSO Office and Storage Space: The committee reviewed an analysis and comparison of costs and benefits of a proposed 5-year lease of 7,172 square feet of office and storage space a few blocks from the current office in Signal Hill, California. A motion was adopted without objection to approve a recommendation that the proposed lease be executed by the WSO Board Chair to become effective August 1, 2023, and to terminate the leases of the current spaces as of July 31, 2023.

Discussed Alternatives to Chase Savings Account: The suggestion of a “ladder” of short-term Certificates of Deposit as an alternative to the very low rate of return being earned in the Chase savings account was discussed. This item will be considered further at future meetings after more research has been done.

Prudent Reserve Policy Target Minimum Calculation: The Committee members discussed the method of calculating the amount of this target minimum. A motion was adopted without objection to add direct labor costs that are part of the cost of goods sold into the operating costs used to calculate the target minimum.

Discussed Finance Committee Goals and Objectives: Members reviewed the list of Finance Committee priorities for the next year and discussed which were of a higher priority. Consensus seemed to be that finding ways to increase and sustain contributions was a high priority. Preparing for an independent audit of WSO when required by law is another high priority. The Committee will identify requirements and develop a plan and schedule for that event. Finding the means to upgrade financial management technology will be dependent upon success in increasing contributions.

Boca Raton Hotel Event: The Committee reviewed a budget estimate for this event and approved presenting it as a recommendation to the Board of Trustees. A more detailed separate budget for the event will be developed following approval by the Board.

Opening a Plaid Account: The Committee approved a motion to open a Plaid account. This will facilitate WSO’s ability to receive bank transfers for 7th Tradition contributions at a cost of a transaction fee of 1% or less.

Financial Management Technology Upgrade Plan: The Committee asked the IT Manager to prepare a 5- to 10-year plan for discussion by the Board of Trustees at their strategic planning meeting in October.

Program Access Issues: The Committee discussed the need to develop recommended policies and procedures for access to all financial systems.

IRS Form 990 for 2022: The Committee received a draft version of this form prepared by our accounting firm and will review it before forwarding it to the Board of Trustees for approval to file the form with the IRS.

Updated Trifold: The Committee reviewed an updated version of the trifold of suggested banking and accounting procedures for ACA groups and approved sending it to the Literature and Publishing Committees for consideration.

Anyone with a finance or business background, or just an interest in learning more about the Finance Committee, is welcome to contact me about joining. You do not have to be a finance or business professional to participate. Please email me at [email protected] or send a message on Slack.

Bradford H., OK – Chair

Sylvia M., CA – Vice Chair

Bill D., CA – Member

Brad L., MD – Member

Fredrik H., Sweden – Member

Norm P., Spain – Member