(Appendix 5.3 Continued)

VASFAA

BOARD - COMMISSIONER - COMMITTEE PLANS & REPORT FORM

(Add additional objectives and status reports as needed)

Committee: Budget & Finance

Commissioner/Board Position: Kerrie Roth/Treasurer-Elect

Year (e.g., 2005-06): 2005-06

Committee Members:

Bobby Clemmer (Blue Ridge Community College) - Chair

Rod Moore (Southwest Virginia Community College)

Keith Wellings (Hampden-Sydney College)

John Crowley (Sallie Mae)

Erik Melis (GMU)

Brenda Burke (VA Tech)

Standard Goal 1: Oversee the financial management of the Association and make recommendations to the Board of Directors, including oversight of VASFAA's fiscal affairs. (Strategic Plan Reference: Section 4.6 A (1-6))

Objective 1 (HOW the committee plans to achieve the stated goal): Work with the Treasurer and the Board on the development of the Association’s annual budget. Monitor budget throughout the year and provide Board with updates.

Status Reports of Objective 1 (Please report your progress toward achieving the stated goals – this is where the committee provides updates to the Board, including any suggestions or modifications to the goal and/or the Strategic Plan):

Date: 8/16/05

Report: Contacted the Treasurer and Conference Committee Chair concerning final figures for the 2005 spring conference. Final expenses are not yet available. Contacted the Vendor/Sponsor Chair concerning the status of the sponsorship process.

Date:

Report:

Date:

Report:

Objective 2 (HOW the committee plans to achieve the stated goal): Review and keep current the Associations insurance and bonding needs.

Status Reports of Objective 2 (Please report your progress toward achieving the stated goals – this is where the committee provides updates to the Board, including any suggestions or modifications to the goal and/or the Strategic Plan):

Date: 8/16/05

Report: Contacted Treasurer and Past Treasurer to review the status of our insurance and bonding needs

Date:

Report:

Date:

Report:

Standard Goal 2: Serve as a management source of the Sue D. Ross Scholarship Fund and work with the President's Council of the New Century Educational Trust for the purposes of investing and awarding. (Strategic Plan Reference: Section 4.6 A (1,4,6)

Objective 1 (HOW the committee plans to achieve the stated goal): Continue to review the investment policy of the Sue Ross Scholarship Fund and the New Century Educational Trust

Status Reports of Objective 1 (Please report your progress toward achieving the stated goals – this is where the committee provides updates to the Board, including any suggestions or modifications to the goal and/or the Strategic Plan):

Date: 8/16/05

Report: Keith recently reinvested a CD with Legg Mason

Date:

Report:

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Objective 2 (HOW the committee plans to achieve the stated goal):

Status Reports of Objective 2 (Please report your progress toward achieving the stated goals – this is where the committee provides updates to the Board, including any suggestions or modifications to the goal and/or the Strategic Plan):

Date:

Report:

Date:

Report:

Date:

Report:

BUDGET

Item (Broad general categories) Cost

Two Breakfast Meetings $350

Board Approved Amount: $ 350

Date: June 8, 2005

(Use separate sheet if necessary.)