(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: Zita Barree/Treasurer-Elect

Year (e.g., 2005-06): 2006-07

Committee Members: Bobby Clemmer - Chair

Rod Moore (Southwest Virginia Community College)

Keith Wellings (Hampden-Sydney College)

John Crowley (Sallie Mae)

Erik Melis (GMU)

Brenda Burke (VCU)

Kerrie Roth (ODU)

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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.

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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: 5-24-2006

Report: 2006-2007 VASFAA Budget developed and approved by VASFAA Board

Date: 10-10-2006

Report: Received update from Vender/Sponsor Chair on Lottery Sponsorship. Current level of vendor sponsorship is currently $79,750.

Date: 10-10-2006

Report: Sent revised Budget Figures to VASFAA President and Past President for review.

Objective 2 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: 8-31-2006

Report: Policy coverage for Computer Property paid to State Farm (Kerrie) $135

Date: 11-07-2006

Report: Coverage for Crime Policy was paid (Kerrie) $467. Policy is good for three years. Next renewal is due 10/10/2009

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: 8-15-2006

Report: Keith reinvested one CD on the Sue Ross account on 7/18/06 in a 1 year CD at 5.2%

Date:

Report:

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:

BUDGET

Item (Broad general categories) Cost

Board Approved Amount: $ 350.00

Date: May 24,2006

(Use separate sheet if necessary.)