Bricolage Academy

Finance Committee

Finance Committee Meeting - Wednesday April 29th, 2020 @3:00 PM

Meeting Minutes

Attendance Summary

Name Status Arrival Time Departure Time
Merritt Lane present Treasurer On Time At Adjournment
Yvette Jones present chair On Time At Adjournment
Melissa Carollo present member On Time At Adjournment
Harlan Bush not present member
Norman Barnum not present member

Welcome and Call to Order, Merritt Lane

The meeting will be called to the order, beginning with the pledge of allegiance.

Approval of Minutes

Approve the minutes as submitted

By: Yvette Jones Seconded by: Melissa Carollo

There was no notable discussion on the motion.

CFO Report, Lauren Orgeron

  • Update on PPP Loan, Hope Credit Union Account
  • Lauren Orgeron provided an update on the status of the PPP application. The loan was approved on April 28.
  • Melissa Carollo notified the committee of the new SBA guidance and certification that "without the loan the organization would be unable to continue operations". The committee discussed the certification requirements. Yvette Jones, Lauren Orgeron, and Merritt Lane will contact Bricolage's legal advisors on how to proceed.

  • Review Financial Statements for 3/31/2020
  • Review Year-End Projection for FY 2020
  • Lauren Orgeron reviewed the financial report which included statements for March 31,2020 and an updated re-forecast for June 30, 2020.

  • Bricolage 403(b) Plan
  • Lauren Orgeron reviewed the proposed changes to the 403(b) plan document.
  • Yvette Jones suggested the changes be approved at the finance committee and then reported to the board.

Approve 403b Plan Changes

to approve changes to 403b Plan.

By: Yvette Jones Seconded by: Melissa Carollo

There was no notable discussion on the motion.

FY2021 Budget, Lauren Orgeron and Troave' Profice

Troave' Profice shared strategies related to the FY21 budget -

  1. salary freeze,
  2. reducing staff amenities (coffee/swag/staff lunches and celebration/color copies),
  3. reaching out to vendors to renegotiate contracts, and
  4. possibly reducing the retirement match from 6% to 4%

Benefit Review, Carolyn Louden

  • Carolyn Louden reviewed the proposed benefit changes to the employee handbook. 
  • Melissa Carollo advised to revisit leave for the secondary caregiver.
  • The proposed changes to the handbook will be presented to the board at the June meeting. 

The Meeting was Adjourned

The meeting adjourned at approximately 4:15 pm

Motion to adjourn

By: Melissa Carollo Seconded by: Merritt Lane

There was no notable discussion on the motion.