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Financial Planning Task Force
Executive Summary
The Financial Planning Task Force was formed in the Fall of 1999 and presented its report to the Executive Board on Sept. 15, 2000. The full 13-page report is available in PDF format.(Requires Adobe Acrobat Reader)Preliminary Findings:
- Recruiting and retaining members is a common problem among MLA chapters.
- Other MLA chapters are exploring or using various means to contain or support meeting costs (i.e. using meeting planners, etc.).
- MAC meeting expenses may rise more rapidly than meeting income over the next few years.
- Funding for non-academic librarians to attend meetings like MAC is not expected to increase.
- MAC practices for setting fees and honoraria, and for categorizing some expenditures, are not as clear and complete as is desirable.
- Income from MAC membership dues has declined since 1998.
- The original intent of travel reimbursement support for MAC members may need to be reaffirmed.
- Some expenses incurred for MAC related activities are subsidized by institutions, not by MAC.
Recommendations:
- Maintain current MAC dues, but consider an increase in 1-2 years and thereafter every 4-5 years.
- Streamline some existing financial accounting procedures and processes. Re-emphasize the Board’s responsibility for approving certain expenditures. Clearly delineate program, LAC, and PDC meeting expenditures to aid budgeting projections and compliance.
- Initiate or continue to support the following:
- Current level of travel reimbursement for Executive Board, committee, and task force members
- MLA registration and Roundtable luncheon costs for Chapter Council Representatives
- MLA annual meeting expenses for chapter MLA award winners nominated by MAC
- $500-$1000 to support MLA programs or endowments
- Manage treasury investments for liquidity, rate of return, and term.
- Charge PDC with reviewing accounting procedures for scholarship fund-raising and for financing educational awards.
- Consider alternative sources of generating income for MAC, such as raffles, silent auctions, personal recognition gifts, and non-traditional vendors at annual meetings.
- Annual Meeting planning considerations:
- Emphasize the goal of cost recovery for annual meetings.
- To contain costs, consider the following: fewer social events, location of meeting, fewer CE, joint meetings, no registration gifts.
- Charge the Executive Board with establishing clearer guidelines for honoraria and speaker expenses, including expenses for MAC members.
The above recommendations regarding annual meetings will be referred for consideration to an Annual Meeting Task Force to be charged by the Executive Board after this annual meeting.
Steve Squires, MAC Chair
Beverly Murphy, Financial Planning Task Force Chair