24:2 (2009:05) Committee Annual Report: FDC

May 27, 2009 at 12:57 pm | Posted in Financial Development | Leave a comment

FINANCIAL DEVELOPMENT COMMITTEE
May 1, 2009

Committee members: Rachel Frick, Institute of Museum and Library Services, Peter McCracken, Serials Solutions, Zac Rolnik, now publishers (chair), Peter Whiting, University of Southern Indiana
Board liaison: Jill Emery

May 1, 2009

Since the last report, there has been a change in the chairperson of this committee with Zac Rolnik succeeding Denise Novak in this capacity.  

The members of the FDC were asked to investigate other banking/savings account options such as an ING account to potentially replace our current checking/savings account with Bank of America. What the board is particularly looking for is a greater return on the savings account and some concern related to recent bail-out activity with Bank of America. It is understood that credit card transaction capabilities with low interest rates is important with these accounts.

The committee doubts that NASIG would benefit by switching to another bank. No banking account, other than a completely online one like ING, is going to provide a good return on that money, and ING isn’t an option because NASIG must have paper checks. The better and easier solution is to manage it closely, and keep as much in a money market account as possible, link the money market account to the checking account, and transfer between the two as needed.  In terms of the safety of NASIG funds, as long as the bank is covered by FDIC we should be safe.  You can find the current information on the FDIC insured deposits at http://www.fdic.gov/deposit/deposits/index.html.

The FDC is responsible for creating and implementing a multi-faceted fundraising program designed to support NASIG programs and activities. In its first year, the committee’s objectives are:

  • Consider various development scenarios and strategies appropriate to NASIG
  • Develop a written, comprehensive development (fundraising) plan for NASIG, designed to attain the committee’s goals.

The FDC is in process of preparing a new financial development plan to the NASIG Board.  It is premature to make suggestions, but the areas we are looking at for financial development include the annual conference (exhibits and organizational sponsorship), Newsletter advertising, NASIG homepage (banner ads), and sponsorship for training grants (institutional sponsorship through NASIG).   We have enlisted the support of Dan Tonkery to advise us in the preparation of said plan.

Sponsorship for the 2009 NASIG conference is being directed by Char Simser and Dan Tonkery and conference exhibits are planned to start in 2010 based on the recommendations of this committee in the last report dated 1/15/09.

Respectfully,
Zac Rolnik, chair

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