TSDA/TCDA Board of Directors Meeting from Feb. 28, 2019

CONFERENCE CALL

Finance Committee Meeting (conference call)
February 28, 2019
7:00 pm
Present:  Francis Raley, Keelee Page, Donna Walker, Jeri Jessee
Francis gave us an overview of her current processes:
Trials
• She receives trial entries which records on an Excel spreadsheet and puts in a folder
• She manages any changes until the closing date of the trial
• Draws the run order
• Prints run order and score sheets
• Holds entry checks until trial is over
• Deposits checks
• Calculates payout and writes checks
• Balances out after each trial
Ongoing bookkeeping
• Utilizes desktop version of QuickBooks, not the online version
o The bank account is not linked to QuickBooks so Francis has to manually enter everything
o She has not yet finished entering/doublechecking 2018
o She knows QuickBooks has some standard reporting functionality, may need help in running them
• After she finishes reviewing QuickBooks, she takes her laptop to the CPA firm in Waco (June timeframe).  One person reviews the information and another one files the tax forms.
Francis walked us through the information she provided regarding 2018 financials.  We discussed that we wanted to make sure everything had been captured so we added Fort Worth and San Antonio income/expenses.
Next steps: 
• Jeri to prepare a draft 2018 income statement for the committee to review
• Once final, then the committee will work to prepare a 2019 budget
• Committee to meet onsite with Francis during the Crawford Novice/Ranch trial in March to view the QuickBooks system and reporting functionality
• After March books are closed, prepare a 3+9 reforecast

Call adjourned 8:00 pm
 

Francis Raley - Feb. 28, 2019