UNIVERSITY STUDENT UNIONCALIFORNIA STATE UNIVERSITY, NORTHRIDGE

FINANCE COMMITTEE MEETING MAY 08, 2015

MINUTES

I. Call to OrderThe meeting was called to order by Chair, Perlita Varela at 1:17 p.m.

II. Roll Call

Present Absent Staff/GuestsFrancisco Contreras, Student Representative (voting)

Jimmy Francis, SRC Director

Sharon Eichten, University Representative (voting)

Shahtaj Kahn, Board Vice Chair

Brenda Flores, Student Representative (voting)

Jonathan Navarro, Accounting Manager

Stephanie Ibarria, Student Representative (voting)

Demontae Thompson, Student Board Representative

J. Illuminate, Executive Secretary (non-voting)Debra Hammond, Executive Director (non-voting)

Pierre Jackson, Student Representative (voting)

Jesus Martinez-Ramirez, Board Chair (non-voting)

Arianna Mesbahi, Student Representative (voting)

David O’Neill, Student Board Representative (non-voting)

Dr. Shelley Ruelas-Bischoff, Student Affairs Representative (voting)

Perlita Varela, Committee Chair (voting)

Asia Wheaton, Student Board Representative (voting)

David O’ Neill arrived at 2:15 p.m. Shahtaj Khan arrived at 2:30 p.m. Arianna Mesbahi left at 2:05 p.m. and returned at 2:29 p.m. Jesus Martinez-Ramirez left at 2:10 p.m. and returned at 3:15 p.m.

III. Approval of Agenda

M/S/P (A. Mesbahi/B. Flores) Motion to approve the agenda for May 08, 2015.

M/S/P (A. Mesbahi/B. Flores) Amendment to the main motion to change the description of Action Item D from ”2015-16 Proposed Operating Reserves Budget” to “2015-16 Proposed Operating Budget”.

Amendment to the main motion passes by general consensus

Main motion, as amended, passes by general consensus

IV. Approval of MinutesM/S/P (F. Contreras/A. Wheaton) Motion to approve the minutes for April 17, 2015. Main motion passes by general consensus

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UNIVERSITY STUDENT UNIONCALIFORNIA STATE UNIVERSITY, NORTHRIDGE

FINANCE COMMITTEE MEETING MAY 08, 2015

MINUTES

V. Chair’s ReportChair, Perlita Varela announced that Asia Wheaton was the recipient of the annual BOD Committee Member of the Year award which was presented to Asia at the Year-End Celebration on May 01, 2015.

VI. Action Items

A. 2015-16 Major Purchases & Major Repairs and Replacements BudgetM/S/P (B. Flores/A. Mesbahi) Motion to recommend approval of the 2015-16 Major Purchases and Major Repairs and Replacements Budget Proposal in the amount of $828,878.

Asia Wheaton presented the proposed budget to the committee. She explained the justification for each line item in the table below:

Jimmy Francis explained the purpose of the NRC Renovation Feasibility study in depth.

Motion passes 8-0-0

B. 2015-16 USU Capital Outlay Budget ProposalM/S/P (P. Jackson/F. Contreras) Motion to recommend approval of the 2015-16 USU Capital Outlay Budget Proposal in the amount of $136,173.

Asia Wheaton presented the proposed budget to the committee. She explained the justification for each line item in the table below:

Motion passes 7-0-0

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UNIVERSITY STUDENT UNIONCALIFORNIA STATE UNIVERSITY, NORTHRIDGE

FINANCE COMMITTEE MEETING MAY 08, 2015

MINUTES

C. 2015-16 USU Reserves Budget ProposalM/S/P (B. Flores/A. Wheaton) Motion to recommend approval of the 2015-16 USU Reserves Budget Proposal in the amount of $874,945.

Asia Wheaton presented the proposed budget to the committee outlined in the table below

Motion passes 8-0-0

D. 2015-16 USU Operating Budget ProposalM/S/P (A. Wheaton/F. Contreras) Motion to recommend approval of the 2015-16 USU Operating Budget Proposal with projected revenues and expenses of $14,169,271.

Chair, Perlita Varela noted that the committee would be recommending for approval the budget in the “2015-16 Proposed Budget” column in the table.

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UNIVERSITY STUDENT UNIONCALIFORNIA STATE UNIVERSITY, NORTHRIDGE

FINANCE COMMITTEE MEETING MAY 08, 2015

MINUTES

Perlita explained that the operating budget proposal is prepared in accordance with the USU’s long-term financial plan. It was pointed out that the student headcount assumption for the USU’s financial plan was less than the campus headcount assumption for fiscal years 2015-16 through 2018-19. As a result, the long-term financial plan presented in the Budget Message will be updated to reflect campus headcount assumptions prior to the June Board of Directors’ meeting.

Perlita explained the reasons for the dollar and percentage variances between the 2014-15, 6&6 budget and the 2015-16 proposed budget.

Motion passes 8-0-0

VII. Discussion Items

A. 2015-16 Finance Committee Goals Year-End ReviewPerlita provided an update on the committee’s progress of completing its goals for the fiscal year.

No. Goal Progress to Goal Completion1 Create a Hospitality Policy Partially Completed – the USU drafted a policy, but will not implement

it until the campus has finalized its Hospitality Policy. The USU policy must be in accordance with the finalized campus policy.

2 Determine if the USU is required to have a Public Relations Policy

Partially Completed – the USU would not be required to have a Public Relations Policy if the Foundation or University Advancement were officially designated as the entity (or entities) on campus to expend public relations funds. If this were the case, the USU would rescind its current Public Relations Policy. However, this determination has not been made because the campus does not have a Public Relations Policy that addresses this issue.

3 Review the Travel, Corporate Credit Card, and Purchasing Policies and Procedures

Travel Policy – Completed: recommended for approval on 4/17/15.

Corporate Credit Card Policy – Completed: recommended for approval on 3/13/15.

Purchasing Policy – Not Completed: the policy was not reviewed.4 Review the long-term financial

plan to determine whether there are sufficient net assets to provide funding for current operations and future initiatives

Completed – the long-term financial plan was reviewed several times throughout the fiscal year and it was determined that there are sufficient net assets to provide funding for current operations and future initiatives.

5 Determine the feasibility of implementing the campus procurement card (P-Card)

Completed – It is feasible to implement the P-Card. The implementation of the P-Card would significantly reduce the quantity of purchase orders, invoices, vouchers, and checks. Brenda Flores and Arianna Mesbahi presented the features of the P-Card at the 12/19/14 meeting.

The committee’s most significant achievements were that the majority of student committee members participated in completing the goals:

1. Asia Wheaton presented three budgets. 2. Perlita presented the quarterly budgets and the operating budget.3. Francisco Contreras and Perlita presented the travel policy. 4. Truitt Leth and David O’ Neill presented the credit card policy. 5. Brenda Flores and Arianna Mesbahi presented the P-Card policy.

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UNIVERSITY STUDENT UNIONCALIFORNIA STATE UNIVERSITY, NORTHRIDGE

FINANCE COMMITTEE MEETING MAY 08, 2015

MINUTES

B. Committee Member Appreciation

Chair, Perlita Varela presented all student committee members with certificates of appreciation for their service on the committee.

VIII. AnnouncementsThe last committee meeting of the spring semester is scheduled for 5/29/2015, but will most likely be cancelled since several student members indicated they would not be available to attend.

IX. AdjournmentThe meeting was adjourned by Chair, Perlita Varela at 3:50 p.m.

Respectfully submitted by,

Joseph IlluminateAssociate Director, Finance & Business Services

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