Agenda - 01-22-1991 - Laserfiche WebLink

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The ArtsCenter Draft Business Plan Proposal Another option to be considered is to ask: the Public Private Par "tner" ship to 'take on the negotiated pavabl.e::- as a special project. This will al.so be discussed at the board meeting„ Meanwhile, we are continuing to make the minimal payments on the schedule arranged by the Private -Publ ii- arrtner_hip. We have .paid a few of the problem outstanding debts (such�as Transactors) and are diligently working on maintaining the payment schedule. OVERHEAD /INDIRECT COST ALLOCATION To .assist in the management of the allocation of general administrative and overhead cost, we intend to apply to the IRS fora federally negotiated indirect coat rats:. If we can get a federally approved rate, each program can be assessed a percentage of the supporting cost and the federal contract will support that cost. The budget; prepared for this report use this concept in determining overhead cost. The application for this rate will be submitted by the end of November and will ask, for. approval of a tentative rate for the current fiscal ear, ( 1190/91) to be determined final upon receipt of that year's audit and actual submission. Each year^, the rate will be renegotiated to provide an equitable distribution. The contract received from the IFS is acceptable to all federal and most state grants. It is also allowed by a number of private funding institutions. FISCAL CONTROL The ArtsCenter has instituted wighte.r fiscal control ever - expenditures. A new computer system has been instituted and is currently in place. Monthly management reports are prepared and will be submitted to the board on a quarterly basis. The Finance Committee is reviewing the system and will design the quarterly reports. The system is a fund accounting system and income is directly attributed to the correct program as it is received. Procedures will be written detailing the financial systems and brought to the December board meeting for approval. -12- zo