AGENDAExecutive CommitteeDecember 19, 2012

12-1:30 PMDonald Ross Grill – Sun Room

1. Call to Order – Chairman Dick Higginbotham

2. Approval of Consent Agenda Itemso November 2012 Minuteso November 2012 Financials

3. Other Businesso Approval of capital expense for computerso Other Discussion

4. Adjournment

December 2012 EC meeting materialsPage 1 of 15

Executive Committee MinutesMonday November 19, 2012

Donald Ross Grill – Sun Room

Present: Dick Higginbotham, Mike Gorenflo, Jeff Hutchins, Andrew Lyons, Claudia Miller, Tommy Phillips, and Pat Taylor. Also present: Patrick Coughlin and Linda Parsons. Having determined a quorum present, the meeting was called to order at 12:13P by Chairman Dick Higginbotham.

Consensus Agenda Approval of October 2012 Minutes and Acceptance of October 2012 Financials: Chairman Higginbotham asked if there were any questions or corrections of the October meeting minutes. Claudia Miller moved acceptance of the minutes. Michael Gorenflo seconded. Motion carried. Jeff Hutchins moved acceptance of the financials. Claudia Miller seconded. Motion carried.

Strategic Planning:Budget: Patrick Coughlin presented the highlights of the draft budget. The executive committee asked several questions about membership revenue, events, and capital expenditures. Discussion ensued regarding how these lines should be altered before presentation to the board: membership retention should be stretched to 87%, increasing renewal revenue; event revenue should increase to cover the expense of event management fees; options for phone systems should be presented. The committee said they would prefer the 2013 surplus target be between $5,000-10,000.

2012 Capital ExpensesPatrick Coughlin discussed the need for upgrading computers. He requested the committee approve spending some of the 2012 surplus to replace three computers in the office. The committee agreed with the final amount to be approved at the December meeting.

Other Business There being no further business, the meeting was adjourned at 1:45 PM.

December 2012 EC meeting materialsPage 2 of 15

November 2012 Financial Report Cover

SummaryCash is down $9,894 from previous period but up over previous year. Accounts receivable is down slightly from previous period. Accounts payable are current.

Revenue exceeds budget for the period but is below budget YTD by $28,966 due to shortage in marketing (event) revenue and cancellation of membership programs (customer service seminar and sustainability symposium).

Expenses are below budget for the period by $9,378 and YTD by $41,272 due to savings in membership (program expense), timing with community development (MCLI expense), and savings in marketing (event expense).

2012 YTD revenue is $3,771 below 2011 YTD. YTD expense is $31,047 below 2011 YTD.

Net income for the period is ($7,884) versus a budget of ($19,375). 2012 YTD surplus is $28,306 vs. a budget of $16,001 and $1,030 in 2011.

December 2012 EC meeting materialsPage 3 of 15

12:39 PM 12/12/12 Accrual Basis

Moore County Chamber of Commerce Profit & Loss

January through November 2012

Jan - Nov 12 Jan - Nov 11 $ Change % Change

IncomeCommunity Development Income 28,272.00 33,281.00 -5,009.00 -15.05%Finance & Operations Income 35,967.78 40,584.65 -4,616.87 -11.38%Governmental Affairs Income 5,910.00 3,000.00 2,910.00 97.0%Marketing & Comm. Income 74,679.36 91,621.31 -16,941.95 -18.49%Member Services Income 288,431.05 266,763.84 21,667.21 8.12%4500 · Other Income 794.24 2,574.75 -1,780.51 -69.15%

Total Income 434,054.43 437,825.55 -3,771.12 -0.86%

Gross Profit 434,054.43 437,825.55 -3,771.12 -0.86%

ExpenseCommunity Development 11,074.81 10,356.48 718.33 6.94%Finance & Operations Expenses 356,419.88 373,655.47 -17,235.59 -4.61%Governmental Affairs Expenses 3,572.89 2,361.12 1,211.77 51.32%Marketing & Comm. Expenses 33,056.67 37,169.26 -4,112.59 -11.06%Member Services Expenses 2,976.93 12,091.75 -9,114.82 -75.38%4006 · Reconciliation Discrepancies 0.00 -90.00 90.00 100.0%5500 · Other Expense 655.52 1,250.72 -595.20 -47.59%

Total Expense 407,756.70 436,794.80 -29,038.10 -6.65%

Net Income 26,297.73 1,030.75 25,266.98 2,451.32%

December 2012 EC meeting materialsPage 4 of 15

Moore County Chamber of Commerce Statement of Financial Position

As of November 30, 2012

Nov 30, 12 Nov 30, 11 $ Change % Change

ASSETSCurrent Assets

Checking/Savings1010 · Petty Cash 45.00 45.00 0.00 0.0%1060 · Cash in Bank - Business Money 51,642.82 53.83 51,588.99 95,836.88%1200 · BB&T - Operating 179.69 22,254.67 -22,074.98 -99.19%1210 · BB&T - BIDA 1,572.00 1,000.00 572.00 57.2%

Total Checking/Savings 53,439.51 23,353.50 30,086.01 128.83%

Accounts Receivable1120 · Accounts Receivable 18,410.91 15,408.94 3,001.97 19.48%1130 · A/R - Other 28,058.00 12,452.00 15,606.00 125.33%1150 · Allowance for Doubtful Accounts -10,429.00 -23,299.38 12,870.38 -55.24%1160 · A/R - Returned Checks 0.00 1,628.95 -1,628.95 -100.0%

Total Accounts Receivable 36,039.91 6,190.51 29,849.40 482.18%

Other Current Assets1499 · Prepaid Expenses 625.00 0.00 625.00 100.0%

Total Other Current Assets 625.00 0.00 625.00 100.0%

Total Current Assets 90,104.42 29,544.01 60,560.41 204.98%

Fixed Assets1530 · Furniture & Fixtures 37,675.28 37,675.28 0.00 0.0%1540 · Machinery & Equipment 47,186.83 47,186.83 0.00 0.0%1550 · Computer Equipment 27,010.08 27,010.08 0.00 0.0%1580 · Buiding Renovations 53,826.12 53,826.12 0.00 0.0%1590 · Building - New 536,620.43 536,620.43 0.00 0.0%1600 · Land 56,967.02 56,967.02 0.00 0.0%1720 · Less Accumulated Depreciation -534,778.87 -510,671.87 -24,107.00 4.72%

Total Fixed Assets 224,506.89 248,613.89 -24,107.00 -9.7%

TOTAL ASSETS 314,611.31 278,157.90 36,453.41 13.11%

LIABILITIES & EQUITYLiabilities

Current LiabilitiesAccounts Payable

2010 · Accounts Payable 282.92 1,142.22 -859.30 -75.23%Total Accounts Payable 282.92 1,142.22 -859.30 -75.23%

Credit Cards2020 · BB&T VISA 1,202.73 556.27 646.46 116.21%

Total Credit Cards 1,202.73 556.27 646.46 116.21%

Other Current Liabilities2100 · Payroll Liabilities

2200 · Medical Ins. (Section 125) -1,075.20 -258.03 -817.17 316.7%2210 · Dental Ins. (Section 125) 536.91 545.81 -8.90 -1.63%

December 2012 EC meeting materialsPage 5 of 15

Moore County Chamber of Commerce Statement of Financial Position

As of November 30, 2012

Nov 30, 12 Nov 30, 11 $ Change % Change

2220 · FICA Tax Withheld 375.24 375.24 0.00 0.0%2300 · Accrued SUTA Tax -1,016.55 -1,016.55 0.00 0.0%2310 · United Way Contrib. W/H 477.80 477.80 0.00 0.0%2380 · 401K - Employee -18.74 -18.74 0.00 0.0%2390 · 401K Company Contribution -0.21 -472.32 472.11 -99.96%

Total 2100 · Payroll Liabilities -720.75 -366.79 -353.96 96.5%

2400 · Deferred Income 10,914.27 9,190.75 1,723.52 18.75%2410 · Deferred Income - Events 5,015.00 0.00 5,015.00 100.0%2550 · Deposit - Rental 1,000.00 0.00 1,000.00 100.0%

Total Other Current Liabilities 16,208.52 8,823.96 7,384.56 83.69%

Total Current Liabilities 17,694.17 10,522.45 7,171.72 68.16%

Long Term Liabilities2650 · Note Payable - BB&T 381,511.68 388,621.02 -7,109.34 -1.83%

Total Long Term Liabilities 381,511.68 388,621.02 -7,109.34 -1.83%

Total Liabilities 399,205.85 399,143.47 62.38 0.02%

Equity3010 · Operating Fund -110,892.27 -122,016.32 11,124.05 -9.12%Net Income 26,297.73 1,030.75 25,266.98 2,451.32%

Total Equity -84,594.54 -120,985.57 36,391.03 -30.08%

TOTAL LIABILITIES & EQUITY 314,611.31 278,157.90 36,453.41 13.11%

December 2012 EC meeting materialsPage 6 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

November 2012

Nov 12 Budget Nov 11 Jan - Nov 12 YTD Budget Annual Budget

IncomeCommunity Development Income 0.00 2,575.00 28,272.00 36,164.00 36,164.00Finance & Operations Income 2,884.85 1,848.00 2,982.65 35,967.78 25,124.50 26,972.50Governmental Affairs Income 250.00 0.00 5,910.00 4,500.00 4,500.00Marketing & Comm. Income 20.00 34.00 163.00 74,679.36 98,184.84 108,211.84Member Services Income 17,366.59 16,467.00 15,937.00 288,431.05 297,672.00 309,218.004500 · Other Income 65.00 125.00 140.00 794.24 1,375.00 1,500.00

Total Income 20,586.44 18,474.00 21,797.65 434,054.43 463,020.34 486,566.34

Gross Profit 20,586.44 18,474.00 21,797.65 434,054.43 463,020.34 486,566.34

ExpenseCommunity Development 863.53 956.00 235.25 11,074.81 18,209.00 19,915.00Finance & Operations Expenses 26,152.22 31,308.66 28,590.23 354,410.88 353,275.41 384,273.07Governmental Affairs Expenses 0.00 1,207.69 3,572.89 3,500.00 3,500.00Marketing & Comm. Expenses 472.24 778.00 370.00 33,056.67 46,767.00 47,965.00Member Services Expenses 982.26 4,706.00 787.61 2,976.93 24,168.00 24,992.00

0.005500 · Other Expense 0.00 100.00 0.00 655.52 1,100.00 1,200.00

Total Expense 28,470.25 37,848.66 31,190.78 405,747.70 447,019.41 481,845.07

Net Income -7,883.81 -19,374.66 -9,393.13 28,306.73 16,000.93 4,721.27

December 2012 EC meeting materialsPage 7 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

Member Services

Nov 12 Budget Jan - Nov 12 YTD Budget Annual Budget

IncomeMember Services Income

Membership Income4000 · Membership Renewals 13,453.59 9,541.00 204,183.83 193,504.00 202,258.004001 · Voluntary Contribution 320.00 280.00 4,010.00 4,290.00 4,500.004002 · Membership Dues - New 2,548.00 1,622.00 23,837.71 25,118.00 27,000.004003 · Initiation Fee 200.00 100.00 2,855.00 2,500.00 2,700.004004 · New Member Packages 0.00 0.00 300.00 300.00

Total Membership Income 16,521.59 11,543.00 234,886.54 225,712.00 236,758.00

Programs Income4010 · HREA 0.00 4,160.00 3,640.00 3,640.004013 · Other Seminars 845.00 4,424.00 1,636.00 6,320.00 6,320.004030 · Chamber Champions 0.00 40,710.00 45,000.00 45,000.004035 · Business After Hours 0.00 500.00 4,000.00 5,500.00 6,000.004036 · Job Fair 0.00 1,490.004041 · Region Sustainability Symposium 0.00 1,000.00 9,000.00 9,000.00

Total Programs Income 845.00 4,924.00 52,996.00 69,460.00 69,960.00

Services Income4021 · Affinity Programs 0.00 548.51 2,500.00 2,500.00

Total Services Income 0.00 548.51 2,500.00 2,500.00

Total Member Services Income 17,366.59 16,467.00 288,431.05 297,672.00 309,218.00

Total Income 17,366.59 16,467.00 288,431.05 297,672.00 309,218.00

Gross Profit 17,366.59 16,467.00 288,431.05 297,672.00 309,218.00

ExpenseMember Services Expenses

Membership Expense5000 · Dues Expense 0.00 250.00 0.00 2,750.00 3,000.005001 · New Member Packages 1,055.42 1,055.42 1,750.00 1,750.005002 · Operation Thank You 0.00 0.00 550.00 550.005003 · Less Doubtful Accounts 0.00 -294.00

Total Membership Expense 1,055.42 250.00 761.42 5,050.00 5,300.00

December 2012 EC meeting materialsPage 8 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

Member Services

Nov 12 Budget Jan - Nov 12 YTD Budget Annual Budget

Programs Expense5010 · HREA -85.40 986.21 942.00 1,100.005013 · Other Seminars 0.00 4,000.00 500.00 4,500.00 4,500.005030 · Chamber Champions 0.00 207.19 1,500.00 1,500.005035 · Job Fair 0.00 480.005039 · Region Sustainability Symposium 0.00 0.00 7,392.00 7,392.00Programs Expense - Other 0.00 416.00 0.00 4,584.00 5,000.00

Total Programs Expense -85.40 4,416.00 2,173.40 18,918.00 19,492.00

Services Expenses5022 · Member Orientations 12.24 40.00 42.11 200.00 200.00

Total Services Expenses 12.24 40.00 42.11 200.00 200.00

Total Member Services Expenses 982.26 4,706.00 2,976.93 24,168.00 24,992.00

Total Expense 982.26 4,706.00 2,976.93 24,168.00 24,992.00

Net Income 16,384.33 11,761.00 285,454.12 273,504.00 284,226.00

December 2012 EC meeting materialsPage 9 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

Governmental Affairs

Nov 12 Budget Jan - Nov 12 YTD Budget Annual Budget

IncomeGovernmental Affairs Income

4104 · State of Series 250.00 5,910.00 4,500.00 4,500.00Total Governmental Affairs Income 250.00 5,910.00 4,500.00 4,500.00

Total Income 250.00 5,910.00 4,500.00 4,500.00

Gross Profit 250.00 5,910.00 4,500.00 4,500.00

ExpenseGovernmental Affairs Expenses

5103 · Moore County Summit 0.00 112.015104 · State of Series 0.00 3,460.88 3,500.00 3,500.00

Total Governmental Affairs Expenses 0.00 3,572.89 3,500.00 3,500.00

Total Expense 0.00 3,572.89 3,500.00 3,500.00

Net Income 250.00 2,337.11 1,000.00 1,000.00

December 2012 EC meeting materialsPage 10 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

Community Development

Nov 12 Budget Jan - Nov 12 YTD Budget Annual Budget

IncomeCommunity Development Income

Mililtary Affairs4202 · Military Affairs 0.00 0.00 2,000.00 2,000.00

Total Mililtary Affairs 0.00 0.00 2,000.00 2,000.00

4200 · MCLI4203 · MCLI Projects 0.00 1,203.00 500.00 500.004205 · MCLI Graduation non-profit 0.00 2,210.00 4,520.00 4,520.004207 · Leadership Speaker Programs

4208 · Franklin Covey Leadership 0.00 3,874.00 3,354.00 3,354.004209 · Chick-Fil-A 0.00 7,080.00 12,000.00 12,000.00

Total 4207 · Leadership Speaker Programs 0.00 10,954.00 15,354.00 15,354.00

4210 · MCLI Fees 0.00 13,905.00 13,790.00 13,790.00Total 4200 · MCLI 0.00 28,272.00 34,164.00 34,164.00

Total Community Development Income 0.00 28,272.00 36,164.00 36,164.00

Total Income 0.00 28,272.00 36,164.00 36,164.00

Gross Profit 0.00 28,272.00 36,164.00 36,164.00Expense

Community DevelopmentMilitary Affiars

5202 · Military Affairs 0.00 0.00 780.00 780.00

Total Military Affiars 0.00 0.00 780.00 780.005200 · MCLI

5204 · MCLI Projects 0.00 1,082.70 500.00 500.005205 · MCLI Graduate non-profit 0.00 13.27 2,500.00 3,250.005207 · Leadership Speaker Programs

5209 · Chick-Fil-A 0.00 4,056.58 6,202.00 6,202.00

Total 5207 · Leadership Speaker Programs 0.00 4,056.58 6,202.00 6,202.00

5210 · MCLI Participants Expense 863.53 956.00 5,922.26 8,227.00 9,183.00Total 5200 · MCLI 863.53 956.00 11,074.81 17,429.00 19,135.00

Total Community Development 863.53 956.00 11,074.81 18,209.00 19,915.00

Total Expense 863.53 956.00 11,074.81 18,209.00 19,915.00

Net Income -863.53 -956.00 17,197.19 17,955.00 16,249.00

December 2012 EC meeting materialsPage 11 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

Marketing & Communications

Nov 12 Budget Jan - Nov 12 YTD Budget Annual Budget

IncomeMarketing & Comm. Income

Events Income4032 · Golf Tournament 0.00 14,655.00 22,680.00 22,680.004033 · Annual Banquet 0.00 23,290.00 27,000.00 27,000.004034 · Culinary Showcase 0.00 19,000.00 29,850.00 29,850.004043 · Festival of Beers 0.00 14,214.00 15,090.00 15,090.00

Total Events Income 0.00 71,159.00 94,620.00 94,620.00

Map Income4303 · Map Sales 0.00 34.00 183.00 350.00 377.004304 · Less Sales Tax 0.00 -17.64 -40.16 -40.16

Total Map Income 0.00 34.00 165.36 309.84 336.84

4300 · Lifestyles 0.00 0.00 10,000.004301 · Membership Directory 0.00 150.00 150.00 150.004307 · Mailing Lists 0.00 300.00 150.00 150.004309 · Newcomer Welcome Package 0.00 900.00 1,100.00 1,100.004310 · Lobby Display 0.00 1,950.00 1,800.00 1,800.004311 · Relocation Packages 20.00 55.00 55.00 55.00

Total Marketing & Comm. Income 20.00 34.00 74,679.36 98,184.84 108,211.84

Total Income 20.00 34.00 74,679.36 98,184.84 108,211.84

Gross Profit 20.00 34.00 74,679.36 98,184.84 108,211.84

ExpenseMarketing & Comm. Expenses

Event Expenses5032 · Golf Tournament 0.00 2,077.76 3,900.00 3,900.005033 · Annual Banquet 0.00 19,305.94 20,500.00 20,500.005034 · Culinary Showcase 250.00 250.00 4,973.71 10,600.00 10,850.005043 · Festival of Beers 0.00 3,602.39 4,050.00 4,050.00

Total Event Expenses 250.00 250.00 29,959.80 39,050.00 39,300.00

December 2012 EC meeting materialsPage 12 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

Marketing & Communications

Nov 12 Budget Jan - Nov 12 YTD Budget Annual Budget

5300 · Lifestyles 0.00 30.005304 · Website 123.00 120.00 582.00 3,560.00 4,000.005307 · PR with Members 99.24 200.00 487.58 1,700.00 2,000.005308 · Lobby Display 0.00 0.00 165.00 165.005309 · Other Marketing Expense 0.00 208.00 1,897.29 2,292.00 2,500.005311 · Community Support 0.00 100.00

Total Marketing & Comm. Expenses 472.24 778.00 33,056.67 46,767.00 47,965.00

Total Expense 472.24 778.00 33,056.67 46,767.00 47,965.00

Net Income -452.24 -744.00 41,622.69 51,417.84 60,246.84

December 2012 EC meeting materialsPage 13 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

Finance & Operations

Nov 12 Budget Jan - Nov 12 YTD Budget Annual Budget

IncomeFinance & Operations Income

4400 · Rental Income 2,883.00 1,848.00 31,395.00 20,332.00 22,180.004401 · Organizational Development 0.00 4,556.25 4,792.50 4,792.504403 · Interest Income 1.85 16.53

Total Finance & Operations Income 2,884.85 1,848.00 35,967.78 25,124.50 26,972.50

4500 · Other Income4501 · Other 65.00 125.00 794.24 1,375.00 1,500.00

Total 4500 · Other Income 65.00 125.00 794.24 1,375.00 1,500.00

Total Income 2,949.85 1,973.00 36,762.02 26,499.50 28,472.50

Gross Profit 2,949.85 1,973.00 36,762.02 26,499.50 28,472.50

ExpenseFinance & Operations Expenses

Employee Related Expenses5400 · Salaries 15,301.02 17,110.75 180,135.61 188,218.25 205,329.005402 · Employee Retirement 0.00 884.00 1,055.11 4,416.00 5,300.005403 · Employee Drug Testing 0.00 49.00 60.00 60.005404 · Employee Health Insurance 2,962.96 1,546.50 18,374.00 17,011.50 18,558.005405 · Payroll Taxes 1,107.28 1,522.83 14,261.61 16,751.17 18,274.005406 · Employee Life & Disability 184.69 160.58 2,032.71 1,766.42 1,927.00

Total Employee Related Expenses 19,555.95 21,224.66 215,908.04 228,223.34 249,448.00

Insurance5440 · Building 0.00 2,652.00 2,290.00 2,290.005441 · D & O 0.00 1,200.00 1,200.00 1,200.005442 · General Liability 0.00 919.00 641.00 641.005443 · Worker's Compensation 0.00 908.00 954.00 954.00

Total Insurance 0.00 5,679.00 5,085.00 5,085.00

Interest Expense5450 · Building 1,894.46 1,600.00 21,320.01 17,600.00 19,200.00

December 2012 EC meeting materialsPage 14 of 15

Moore County Chamber of Commerce Statement of Activities Budget vs. Actual

Finance & Operations

Nov 12 Budget Jan - Nov 12 YTD Budget Annual Budget

Total Interest Expense 1,894.46 1,600.00 21,320.01 17,600.00 19,200.00

Operations Expenses5420 · Organizational Improvement 266.02 350.00 4,150.07 3,900.00 4,100.005421 · Supplies -893.21 500.00 6,682.40 4,760.00 5,000.005422 · Postage 300.00 300.00 3,968.98 4,400.00 5,000.005423 · Mileage 0.00 0.00 233.07 233.075424 · Utilities 1,722.77 1,650.00 18,180.08 18,150.00 19,800.005425 · Repairs & Maintenance 1,558.68 1,950.00 27,685.52 22,625.00 25,000.005426 · Bank Charges 501.50 375.00 3,961.28 4,650.00 5,000.005427 · Depreciation 0.00 2,009.00 20,090.00 22,099.00 24,107.005428 · Dues & Subscriptions 0.00 900.00 3,882.98 5,000.00 5,300.005429 · Professional Development 0.00 300.00 6,332.17 4,700.00 5,000.005431 · Professional Services 1,246.05 150.00 16,570.35 11,850.00 12,000.00

Total Operations Expenses 4,701.81 8,484.00 111,503.83 102,367.07 110,540.07

Total Finance & Operations Expenses 26,152.22 31,308.66 354,410.88 353,275.41 384,273.07

5500 · Other Expense5501 · Other - 0.00 100.00 655.52 1,100.00 1,200.00

Total 5500 · Other Expense 0.00 100.00 655.52 1,100.00 1,200.00

Total Expense 26,152.22 31,408.66 355,066.40 354,375.41 385,473.07

Net Income -23,202.37 -29,435.66 -318,304.38 -327,875.91 -357,000.57

December 2012 EC meeting materialsPage 15 of 15