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FINANCE/INVESTMENT COMMITTEE MEETING
September 20 @ 11:00 am - 12:00 pm
REGIONAL ACCESS PROJECT FOUNDATION
FINANCE/INVESTMENT COMMITTEE MEETING
Monday September 20, 2021 at 11:00 AM or immediately following Executive Committee Meeting
41550 Eclectic St.
Palm Desert, CA 92260
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CALL-IN Information 1 669 900 6833 Meeting ID: 822 3605 1531
This meeting is being conducted as a hybrid meeting utilizing teleconferencing via Zoom and also at our physical location. Reasonable accommodation: Any individual with a disability who requires reasonable accommodation to attend or participate in this meeting, please contact firstname.lastname@example.org.
I. Public Comments: Persons wishing to speak are requested to be recognized at the appropriate time. General comments regarding non-agenda items will be called for at this time. Specific comments regarding agenda items will be called for during discussion of each item. Please be prepared to limit your Public Comment remarks to three (3) minutes.
II. CALL TO ORDER
III. APPROVAL OF THE AGENDA
IV. ACCEPT AND FILE MEETING MINUTES from July 12, 2021 Special meeting (Attach. A) Action Item
Staff Recommendation: To approve the July 12, 2021 Meeting Minutes
V. FINANCIAL REVIEW
a. The Fiscal Year Ending (FYE) 6.30.21 Financials are provided for review and will need board adoption (Attach. B)
b. The Monthly Financial Reports ending July 30, 2021 are provided for review and action. (Attach. C)
c. The Monthly Financial Reports ending August 31,2021 are provided for review and action. (Attach D)
Staff Recommendation: To recommend approval of the Fiscal Year Ending (FYE) 6.30.21, and monthly
Financial Reports ending 7/30/ 21 and 8/31/21.
VI. The Board previously approved a CEO Discretionary Grant amount to be determined on a yearly basis depending on the budget. The Grants budget for FY 2021-2022 did not include an amount. The request is to allocate $25,000 for the FY.
Staff Recommendation: Approve the CEO to exercise discretion for approving emergency grants when the amount is $25,000 or less and is consistent with the Funding Priorities.
VII. CEO Discretion to authorize investment actions Attach E (Previous resolution)
Staff Recommendation: Approve the CEO to exercise discretion for investment/trading purposes when the amount is $25,000 or less and is consistent with the Investment Policy.
VIII. Modification of current Health Insurance coverage for employees. With the addition of a new employee it was found that premiums are based on age and can exceed the previous approved limit. Fiscal impact is only $2580 a year increase.
Staff Recommendation: RAP to contribute up to $1100 a month for health care benefits which can be used for the employee or eligible family member, or at a minimum the cost for the employee’s coverage, consistent with other employee’s coverage. An employee is required to apply for Medicare upon reaching the age of 65. If an employee has health care insurance through other means, the employee can choose a cash out option which cannot exceed 80% of $1100.
IX. Change the Finance Committee meetings to coincide with the new Executive Committee meetings on the third Monday of each month.
X. Board/Committee Member/Staff Comments
XI. Adjournment – Next meeting – October 18, 2021 at 11:00am or immediately following the Executive Committee meeting.
Agenda Posting: Agendas will be posted on the Foundation website – www.rapfoundation.org – a minimum of 72 hours prior to the meeting date. All public record documents for matters on the open session of the Agenda are available for inspection at the meeting listed in this Agenda, and at the following location three (3) days prior to the meeting date: Regional Access Project Foundation, 41-550 Eclectic St., Palm Desert, CA 92260. If a public record document that relates to a matter on the open session of the Agenda is distributed less than 72 hours prior to the meeting date, the public record document shall be available for inspection, at the same time it is distributed, at the address listed above. Upon request, this agenda will be made available in appropriate alternative formats to persons with disabilities, as required by Section 202 of the Americans with Disabilities Act of 1990.