June 2003
Since the March 03 Board of Governors meeting we've:
1. Posted on the NSS Financial Information web page (http://www.caves.org/nss-business/fiscal-information/index.html) for down-load:
a. Board-approved NSS FY03-04 budget
b. FY02-03 Operating Fund Fiscal Report
c. Final 2002 NSS Convention Fiscal Report
d. Recent detailed monthly expense reports
2. Submitted our FY01-02 NSS federal tax return.
3. Jerry Mercer Inc has completed their audit of our FY01-02 final fiscal report. The report will be distributed separately.
4. Completed the final FY02-03 Operating Fund fiscal report.
5. Obtained liability insurance for NSS general liability, office fire, NSS cave property, NSS conventions and NCRC above-ground training courses. The cost was significantly higher than in the past and our budget.
Dave Irving reports that despite horrendous sales at the NSS Bookstore everyone kept their expenses down and the FY02/03 Operating Fund ended up with a surplus of $7,599.17.
In FY 02/03 the National Park Service transferred $5,000 to the NSS without identifying its purpose. By the time we found out the NPS intended the funds for the NSS cave restoration book it had been inadvertently spent by the Mammoth Cave Restoration Project to reimburse participants at last August's field camp. Karen Dennis reports Park Service personnel are working on a new $90,000 grant for the Mammoth Cave restoration work, but they have not planned anything immediately. Karen estimates, based on past experience, that it is likely to take a year or more before the new grant is finalized and the money received. She reports Park Service people are aware of the problem with last August's field camp. They are in agreement that once the $90,000 grant goes through that $5,000 can be used for the reimbursements for the 2002 field camp.
Dave is waiting for fiscal reports from the NSF, NCRC, and the 2003 Convention so he can complete the final FY02/03 NSS fiscal report.
After much effort Ted Kayes was able to find only one company willing to provide the NSS general liability insurance. The policy does not provide fire insurance and excludes caving, underground activities and athletic competitions. The cost of the NSS general liability policy increased from $16,000 to $20,450 which includes $5,000 for convention liability insurance. The cost for the NSS office fire insurance was $5,042.
The cost of convention liability insurance increased from $1,500 to $5,000 and does not cover athletic events. Ted believes there is no practical, cost effective way to obtain liability coverage for that element of the Convention. To ameliorate the problem we have taken out medical insurance that will cover only those participating in the vertical contest and the speleolympics. Speleolympics would seem to present the much greater risk. The convention may obtain liability waivers from all speleolympics participants. This will not protect the Society in the event of a suit but the should reduce the risk of a suit.
Ted obtained a certificate for an additional insured on the NSS insurance policy at the request of the NRO after they agreed to pay $1,000. The NRO sought liability insurance for their spring meeting. Unfortunately this price is much higher than what we have been able to obtain in the past and became known just before the NRO meeting. Ted believes that is the least that the Society will be charged for certificates in the future. So we will not be too much help to the Regions or Grottos for other events. In the past we provided as many as three per year for such functions.
The Executive Committee decided the 2003 Convention auction proceeds will be allocated to the Great X Fund (75%) and Education Fund (25%).
Sephanie Searles attend a 3-day course by Phil Winkler on LedgerMaster and NSSTrack. She reports "I received so much helpful information. DataEase is a powerful database and there is so much we can do with it. ... I really don't think we can find a better database."
Stephanie Searles works almost full time performing NSS accounting and fiscal functions. Dave Irving helps Stephanie reconcile LedgerMaster accounting at the end of each month and develops fiscal reports. Ted Kayes prepares the NSS budget working with the officers. Kevin Smith serves as a consultant for our audit and tax return preparation effort. I lead all of the Department's efforts and participate in all of the above activities and more.
Secretary-Treasurer - Paul Stevens
Chief Accounting Officer - David Irving (Finance Committee)
NSS Budget - Ted Kayes (Finance Committee)
NSS Audit and tax return - Kevin Smith (Finance Committee)
NSS Restricted Funds Accounting - Nancie Carrigan (Finance
Committee)
NSS Operations Manger - Stephanie Cothron
Insurance Committee - Ted Kayes (Chairman)
Personal Property Committee - Vacant
2002 NSS Convention Treasurer - Joe Levinson
2003 NSS Convention Treasurer - Amy Ponsetti
2004 NSS Convention Treasurer - Martina Golden
NSS Convention Bank Account Reconciler - Peggy Kesner
MCNP Cooperative Agreement Treasurer - Karen Dennis
MCNP Cooperative Agreement Bank Account Reconciler - Marilyn
Walker
Caves & Karst Education Program Treasurer - Peggy Kesner
Caves & Karst Education Program Bank Account Reconciler -
Cheryl Jones
NCRC Financial Officer - Kathy Welling [Bank Account Reconciler]
NCRC Northeast Region Financial Officer - John Evans
NCRC Eastern Region Financial Officer - Steve Myers
NCRC Central Region Financial Officer - Anmar Mirza
NCRC Pacific Northwest Region Financial Officer - John W. Punches
NCRC Western Region Financial Officer - Mark Bowers
NCRC 2002 Seminar - John Evans
NCRC 2003 Seminar - John Punches
NSS News Ad Treasurer - Bert Ashbrook
NSS News Ad Bank Account Reconciler - Nancie Carrigan
Fine Arts Salon Treasurer - Wm Shrewberry
Fine Arts Salon Bank Account Reconciler - Marian McConnell
Junior Speleological Society Treasurer - Rick Bowersox
Junior Speleological Society Bank Account Reconciler - Ted Kayes
Corporate Bank Account Reconciler - Dave Irving
NSS Office Bank Account Reconciler - Nancie Carrigan
Credit Card Account Reconciler - Ted Kayes
Payroll Bank Account Reconciler - Nancie Carrigan
Restricted Fund Accounts Reconciler - Nancie Carrigan
Our priority between now and the next Board meeting will be to continue to process our financial transactions in a timely manner and provide timely reports. Other tasks include:
1. Complete our final FY02-03 fiscal report.
2. Obtain independent professional certification that our FY02-03 accounting records conform to Generally Accepted Accounting Practices and properly state our finances.
3. Continue to codify our business and financial policies and procedures. Seek to make it easier for the Board to transition our knowledge and responsibilities to our successor.
Paul Stevens
NSS Secretary/Treasurer
7/16/03