MINUTES
WICPA FINANCE COMMITTEE
January 27, 2006
WICPA Office
Brookfield, Wisconsin

Present:
Gerald Denor, Chairperson, WICPA Secretary/Treasurer
Dave Christianson, WICPA President
Linda Dicks, WICPA President-elect
Bill Heinrich, Vice President
Neil Keller
Keith Kulas (phone)
Ann Dee Allen, Director of Public Relations & Communications
Keith Chrisler, Director of CPE
Tammy Hofstede, Executive Assistant
LeRoy Schmidt, Executive Director
Denise Wagner, Director of Administrative Services 

Denor called the meeting to order at 10:10 a.m.

Schmidt announced the Foundation has received a check for $155,000 from the estate of LeRoy Seifert, who was active in the WICPA and also served on the Educational Foundation Board as President.

Schmidt also announced that Christianson will be presenting the Annual WICPA President’s Awards at the CPAs in Industry Conference in March, along with recognizing Ralph Kauten, the inductee to the AICPA Industry Hall of Fame. 

Schmidt summarized WICPA December 2005 financial statements and gave an overview of what he expects for the rest of the fiscal year.  He answered questions from the committee.  The committee is comfortable with the current financial position of the WICPA.

Schmidt gave an overview of the WICPA proposed budget for fiscal year 2006/07.  The budget was presented with a net gain of $2,685.  Schmidt stated there are no expenses budgeted for the hiring of the new Executive Director.  Denor stated this cost will go directly against the WICPA reserve.  The planned start date for the new Executive Director is October 1, 2006.  Schmidt’s retirement date is October 31, 2006. 

The 2006/07 budget reflected a dues increase of $5 to the Certified category.  Seminar registration fees have increased and decreased, depending on the seminar.  All conferences registrations fees were increased by $5 except the Tax Conference. 

The committee discussed the proposed budget.  Keller made a motion to recommend the proposed 2006/07 WICPA budget to the WICPA Board of Directors.  Heinrich seconded and the motion was passed.

The committee reviewed the WICPA Equity Guideline.  The committee directed Schmidt and Wagner to get a history of the WICPA Equity Guidelines and fund balances for the June meeting to discuss the Equity Guideline in more detail.  Heinrich made a motion to recommend approval of the current Equity Guideline to the WICPA Board of Directors.  Dicks seconded and the motion was passed.

The committee reviewed the WICPA Investment Policy.  Christianson made a motion to recommend approval of the WICPA Investment Policy to the Board of Directors.  Keller seconded and the motion was passed.

Denor thanked Heinrich and Keller for their time, involvement and commitment on the Finance Committee and also invited them to attend the June meeting.

Denor reported this is the final (third) year of the audit contract with Kerber, Eck & Braeckel LLP.  The Finance Committee recommended that Denor discuss terms and fees with Kerber, Eck & Braeckel for an extension of 1 – 3 years.

The next meeting is scheduled for June 28, 2006, 9:00 a.m. at the WICPA to review the 2005/06 audit with Kerber, Eck & Braeckel LLP.

The meeting adjourned at 11:35 a.m.