April 2016

Crittenton Services, Inc.

Finance Committee Meeting

April 14, 2016

Administration Conference Room

10:00 A.M. 

NOTES

Members in Attendance: Nathan Moyer and Holly Fillipovich

Absent: George Krupica, Mato Kret and Pat Butler

Staff: Kathy Szafran, Phillip Powell, and Gloria Taylor-Admin Support

Holly Fillipovich requested the members take a moment to review the Minutes from the January 21, 2016 meeting for corrections and/or changes.  There were no changes recommended.  Nathan Moyer motioned the Minutes be approved.  George Krupica  seconded the Motion via email. The Motion passed unanimously and the Minutes were approved.

Phillip Powell reviewed the following agency Income Statements: 

The Florence Crittenton Combined Income Statement was reviewed through the eight months ending February 29, 2016.  The year-to date net, prior to implications, was a profit of $40,755. The year-to-date net, after implications, was a loss of $253,250.

The Income Statement for eight months ending February 29, 2016 for Wellspring Family Services was reviewed with the committee members.  The year-to-date net, prior to implications, was a profit of $108,376. The year-to-date net, after implications was a profit of $58,587.  

Phillip Powell briefly reviewed each Wellspring site with the committee: Team 1 – the net, after implications, was a profit of $28,502; Team 2 – the net, after implications, was a loss of $133; Team 3 – the net, after implications, was a loss of $711; Team 4 – the net, after implications, was a profit of $31,294; Team 5 – the net, after implications, was a profit of $9,537; Team 6 – the net, after implications, was a profit of $10,310; and Team 8 – the net, after implications, was a loss of $20,212. 

The Residential Services Level 2 Income Statement was reviewed through the eight months ending February 29, 2016.  The net, after implications, was a loss of $67,396. 

The Level 1 Residential Services Income Statement was reviewed through the eight months ending February 29, 2016.  The net, after implications, was a profit of $61,161.

The Childcare Services Income Statement for the eight months ending February 29, 2016 was  reviewed with the committee members.  The net profit after implications was $2,155. 

Mr. Powell reviewed the Balance Sheet as of February 29, 2016.  He reported that the agency has a current ratio of 1.76 which is up from 1.67 reported at the January Finance Committee meeting.  (Total current assets - $1,852,931.38 and total current liabilities $1,055,551.73).

Mr. Powell reported on the Endowment Performance.  As of February 29, 2016 the endowment had a value of $1,985,748.43 which included the reduction in value caused by the withdrawal of $156,144.44 to cover expenses for the residential addition and capital campaign.

Mr. Powell reported on the Accounts Receivable aging report.   

Mr. Powell reported that that credit line is currently at $467,000.

Robert Becerra and Lea Ridenhour from WesBanco attended the meeting and gave an update on the agency’s portfolio and endowment performance.  Mr. Becerra and Ms. Ridenhour answered questions from members of the Finance Committee.

Other Business

Ms. Szafran gave an update on the proposed contract and changes that are coming from the State

regarding unbundling and unleveling of Residential.  They have delayed the start of the changes from July 1, 2016 to September 1, 2016.

The meeting was adjourned at 1:00 p.m.