Finance Division
June 17, 2003 Report

  1. Board members should have received May 2003 financial statements via email on Saturday June 14, 2003. An update of PVS and Club meet financials was sent to all Board members on Sunday June 15.
  2. Don Smith is proceeding to purchase the new equipment that was approved at the April 2003 Board meeting. He has purchased approximately $9,500 worth of equipment from Colorado Timing Systems including new touch pads, cable harnesses and timing console. He has also purchased the 4 new PCs and printers from COMPUSA for about $6,500. The PC and printer purchase includes a 2 year warranty on all equipment that covers among other things, water damage. He is working on but has not finalized the purchase of the radios.
  3. Allfirst bank where PVS does most of our banking has merged with M&T Bank Corporation. Effective on July 4, 2003 all Allfirst branches and accounts will be converted to M&T Bank. All PVS accounts will automatically convert to similar types of accounts at M&T Bank with no change in banking fees.
  4. We are still experiencing sporadic problems collecting PVS meet entry fees from clubs prior to the meets. While the problem is much improved from what we were experiencing last year there are still some clubs not complying with the requirement to pay entry fees before the meet starts. Perhaps the Board should consider imposing a penalty on clubs who do not pay entry fees before a meet begins. Adding a 10% surcharge for delinquent entry fees might fix the problem. This is intended to be an item for discussion at the Board meeting rather then a formal proposal.
  5. The issue of how to administer the Travel Assistance Budget needs to be addressed at the Board meeting given the direction we received at HOD.