Issuu

EXECUTIVE & FINANCE Committee Meeting Agenda – February 22, 2024 – 8:30 – 9:30 AM Virtual Meeting Zoom Link: https://us02web.zoom.us/j/84710608335?pwd=Y0puRjJRd3dDNFZoUHN6Vk5OQmI0QT09 Meeting Call-In Number: 1-929-205-6099 Meeting ID: 847 1060 8335 Passcode: 048580

Directors are reminded that all Able Trust Board and Committee meetings are open and publicly noticed. Under Florida Sunshine Law, any meeting of 2 or more Able Trust Directors must be publicly noticed. Directors are prohibited from discussing Able Trust business outside of official meetings of the organization. Directors are reminded of conflict of interest provisions. In declaring a conflict, please refrain from voting or discussion and declare the following information: 1) Your name and position on the Board, 2) The nature of the conflict, and 3) Who will gain or lose as a result of the conflict.

Call to Order and Roll Call

Laurie Sallarulo, Board Chair

II.

Consent Agenda - Action a. Meeting Agenda b. November Executive & Finance Committee Minutes

Laurie Sallarulo, Board Chair

III.

IV.

Regular Business a. Financial Reports - Action i. Profit & Loss Sheet ii. Balance Sheet b. Legislative Session Update c. Banking RFP d. Major Gifts Campaign e. Strategic Metrics Scorecard f. FY 2024 – 2025 Budget Process g. RFP President & CEO Annual Evaluation New Business Public Comment Next Executive & Finance Committee Meeting: May 2, 2024, 8:30 – 9:30 AM Adjourn

Doug Hilliard, Treasurer

Allison Chase, President & CEO (items b-f)

Laurie Sallarulo Laurie Sallarulo, Board Chair

Please Note: Agenda subject to revisions and additions per the discretion of the Chair of the Board of Directors. Notification will be sent of any such revisions or changes. Members of the Public: Please notify Arnaldo Ramos at Arnaldo@abletrust.org if you wish to make public comment on particular agenda items no later than 1-hour prior to beginning of the meeting.

Florida Endowment Foundation for Vocational Rehabilitation, dba The Able Trust DRAFT Executive & Finance Committee Meeting Minutes Executive/Finance Committee Meeting – November 29, 2023 – 8:30 AM Virtual Meeting Members in Attendance Chip Byers; Laurie Sallarulo; Members Absent

Mavara Mirza-Agrawal; Doug Hilliard

Staff & Guests in Attendance

Allison Chase, President & CEO; Arnaldo Ramos, Executive Assistant;

Item Call to Order and Roll Call EXECUTIVE COMMITTEE CONSENT AGENDA a. Meeting Agenda b. August Executive & Finance Committee Minutes

Action/Discussion Chip Byers called the meeting to order at 8:36am. A quorum was confirmed.

REGULAR BUSINESS a. Financial Reports i. Profit & Loss Sheet ii. Balance Sheet

b. Legislative Research Report Update c. Strategic Plan Update d. Legislative Funding Request e. President & CEO Evaluation - Planning

UNFINISHED BUSINESS PUBLIC COMMENT NEXT MEETING ADJOURN

Motion made to approve the consent agenda and the May meeting minutes by Director Byers, seconded by Director Sallarulo. Motion carried.

Allison Chase, President, spoke on the expenditures and revenue to date for the current fiscal year. Updates provided on the following items: • Quarterly Investments of Endowment Funds • High School High Tech Funding • Organizational expenses such as travel Once the update and committee discussion were complete, Director Sallarulo made a motion to approve the financial reports, and Director Byers seconded. Motion carried. Allison Chase, President, provided an update on the following: • Legislative Research Report • Strategic Plan Updates • Legislative Funding Requests Committee decided to hold on discussing the President & CEO Annual Evaluation process till next committee meeting on February 22, 2024.

There was no discussion. No public comment was offered. February 22, 2024 at 8:30am The meeting adjourned at 9:09am.

Respectfully submitted, Laurie Sallarulo, Committee Chair

The Able Trust Profit & Loss Budget to Actual 7.1.22 - 12.31.23 Actual 1 Cash on Hand prior FY @ 6/30/23 2 Cash on Hand 600.101 1,080,000.00 3 Sinking Fund 250,459.00 4 Cash in Public Investment Accounts 300,000.00 Ordinary Income 5 Endowment & Bequests 6 Managed Account Contributions 602.301 50,000.00 7 Fees Earned for Managing Family Funds (1.5%) 603.016 21,625.11 8 Grants 9 New Grants 603.017 200,125.02 11 Project Based Revenue 600.105 25,000.00 12 Sponsorships & Unrestricted Gifts 603.003 25,283.91 13 State Appropriations or Other Federal/State/Local Sources 603.006254,500.00 14 Investment Income 15 Investment Income (including sales): State 603.117 540,000.00 16 Investment Income (including sales): Private 661.100 137,504.00 17 Total Income 2,884,497.04

18 Expense 19 DVR Support & Activities 20 DVR Staff Events 780.000 21 Grants & Other Support to VR 781.000 ArtCIE Federal Grant Project (includes Grant Mgmt) 22 Grants, Support & Sponsorship 23 Grants & Capacity Building 802.000 24 Donor Directed Grants 802.010

Budget

$ Over Budget

% of Budget

1,080,000.00 176,720.00 300,000.00

75,000.00 45,000.00

-25,000.00 -23,374.89

66.67% 48.06%

100,000.00 2,041,462.00 100,000.00 1,018,000.00

100,125.02 -2,016,462.00 -74,716.09 -763,500.00

200.13% 1.22% 25.28% 25.00%

1,080,000.00 137,504.00 6,153,686.00

-540,000.00 0.00 -3,269,188.96

50.00% 100.00% 46.87%

33,171.51 114,476.14 34,800.00

60,000.00 300,000.00 1,891,462.00

-26,828.49 -185,523.86

55% 38%

11,783.55 0.00

300,000.00 75,000.00

-288,216.45 -75,000.00

4% 0%

25 Sponsorships 803.303 26 Programs and Projects 27 High School High Tech 28 Grants to Sites 807.100 29 HSHT Annual Training 807.150 30 Project Venture 807.200 31 HSHT Educational Materials 807.140 32 HSHT Supplies & Postage 807.145 33 HSHT Travel 807.121 34 DEAM (Disability Employment Awareness Month) 807.600 35 Inclusive Florida 36 Research/Data Analysis 808.601 38 Content Experts 808.604 42 Travel 808.602 43 Fundraising & Donor Development 44 State License Registration 805.122 45 Endowment Funds & Investment Management 46 Investment & Bank Account Charges 730.000 47 Marketing & Communications 49 Website 805.135 50 Marketing & Support Materials 805.110 51 Board Related Expenses 52 Board & Committee Meetings 793.050 53 Board Retreats 793.001 54 CEO Program Management (see 413.615(9)j FS 55 CEO Travel 794.010 56 CEO Memberships & Registrations 794.030 57 Operations & Overhead 58 Amoritization Expense 59 Interest Expense 59a Miscellaneous 60 Office 776.100 61 State Storage Facility (or destruction)776.101 62 Furnishings, Equipment & Software

16,000.00

30,000.00

-14,000.00

53%

484,000.00 0.00 0.00 0.00 0.00 4,194.78 12,269.21

990,000.00 30,000.00 30,000.00 1,000.00 1,000.00 15,000.00 25,000.00

-506,000.00 -30,000.00 -30,000.00 -1,000.00 -1,000.00 -10,805.22 -12,730.79

49% 0% 0% 0% 0% 28% 49%

60,000.00 14,000.00 13,980.05

60,000.00 60,000.00 13,000.00

0.00 -46,000.00 980.05

100% 23% 108%

358.75

350.00

8.75

103%

52,016.09

110,000.00

-57,983.91

47%

2,496.73 1,697.45

7,140.00 16,500.00

-4,643.27 -14,802.55

35% 10%

500.00 261.59

500.00 14,000.00

0.00 -13,738.41

100% 2%

9,887.98 748.08

20,000.00 2,500.00

-10,112.02 -1,751.92

49% 30%

0.00 10.00 1,697.45 26,085.78 0.00

0.00 0.00 0.00 60,000.00 1,000.00

0.00 10.00 1,697.45 -33,914.22 -1,000.00

0% 0% 0% 43% 0%

64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97

Computers & Equipment 750.000 Copier 776.104 Depreciation 738.000 Software & Licenses 750.100 Insurances - non-health BOP & Business Auto 758.100 Directors & Officers 758.300 ERISA Bond-401K 758.500 Liability Umbrella 758.200 Worker's Compensation 758.400 Staff Memberships & Registration 710.000 Staff Training & Development 710.500 Staff Travel & Outreach 711.000 Telephone & Internet 790.000 Printing & Mailing 775.000 Office Supplies 770.000 Staffing & Consultants Salaries 701.002 Benefits Health Insurance 703.001 Dental Insurance 703.002 Life Insurance 703.102 Short Term Disability/Long Term Disability 703.101 401(k) Match & Expenses 704.000 Payroll Taxes & Expense Payroll & Unemployment Taxes 702.000 Payroll Processing Fees 701.200 Consultants & Contractors Finance & Record Keeping 701.250 Grant Writing 791.000 Audit & Tax 766.000 IT Support 790.100 Lobbying 765.200 Legal 765.000

753.04 391.81 0.00 13,450.48

9,000.00 5,000.00 4,500.00 18,500.00

-8,246.96 -4,608.19 -4,500.00 -5,049.52

8% 8% 0% 73%

3,348.00 2,003.28 813.11 0.00 1,869.00 2,783.77 10,663.87 4,899.29 814.24 1,939.48

6,896.26 2,703.75 1,000.00 6,896.26 2,703.75 20,000.00 10,000.00 32,000.00 5,000.00 6,000.00 5,000.00

-3,548.26 -2,703.75 1,003.28 -6,083.15 -2,703.75 -18,131.00 -7,216.23 -21,336.13 -100.71 -5,185.76 -3,060.52

49% 0% 200% 12% 0% 9% 28% 33% 98% 14% 39%

343,409.17

766,500.00

-423,090.83

45%

29,500.55 1,988.35 415.80 1,691.88 15,031.32

67,722.52 4,797.67 1,359.44 7,476.89 38,278.30

-38,221.97 -2,809.32 -943.64 -5,785.01 -23,246.98

44% 41% 31% 23% 39%

25,562.97 195.50

66,927.84 1,260.00

-41,364.87 -1,064.50

38% 16%

24,860.00 21,000.00 19,874.00 1,133.74 18,249.91 0.00

75,000.00 42,000.00 31,447.50 18,000.00 54,000.00 2,500.00

-50,140.00 -21,000.00 -11,573.50 -16,866.26 -35,750.09 -2,500.00

33% 50% 63% 6% 34% 0%

98 Total Expense

1,441,077.70

5,425,922.18

-3,984,844.48

27%

1,443,419.34

727,763.82

-715,655.52

198%

Net Ordinary Income

603.008 · Investment Income 603.009 · Bank Accounts 610.001 · Interest/Dividends 610.025 · Interest/Div Bank Accts Current 610.018 · Interest The First Sinking Fund 987.07 Total 610.025 · Interest/Div Bank Accts Current Total 610.001 · Interest/Dividends Total 603.009 · Bank Accounts

987.07 987.07 987.07

603.011 · Investments State Endowment 610.026 · Int/Div Invest Accts Current 610.021 · Interest/Dividend MSSB(2)

111,530.14

610.031 · Interest/Dividend Wells Fargo

313,405.72

Total 610.026 · Int/Div Invest Accts Current Total 603.011 · Investments State Endowment

424,935.86 424,935.86

603.014 · Gain/Loss on Investments 662.000 · Realized Loss/Gain Invest-State Total 603.014 · Gain/Loss on Investments

42,118.52 42,118.52

Total 603.008 · Investment Income

468,041.45

Other Income/Expense Other Income 603.015 · Gain/Loss Investments-Private 662.001 · Realized Gain/Loss Invest-Priva

-16,199.12

661.001 · Unrealized Gain/Loss Inv Privat

97,463.97

Total 603.015 · Gain/Loss Investments-Private

0.00

602.001 · Endowments & Bequests 602.101 · Endowment Contrib-Private Accts 602.196 · Account Contribution McKeon

0.00

602.197 · Account Contribution Pettengill

50,000.00

Total 602.101 · Endowment Contrib-Private Accts

50,000.00

Total 602.001 · Endowments & Bequests

50,000.00

661.000 · Endow. Unrealized Loss/Gain

479,476.06

663.001 · Invest Private Endow Int/Div 663.194 · Invest Private-Int/Div-Gallimor

15,973.50

663.195 · Invest Private Int/Div-Hibbard

10,552.06

663.196 · Invest Private Int/Div-McKeon

21,561.21

663.197 · Invest Private Int/Div-Petteng

991.08

663.198 · Invest Private Int/Div-Thomas

22,089.61

663.199 · Invest Private Int/Div-Ward

14,381.23

663.192 · Invest Private Int/Div-LeRoy

9,159.82

Total 663.001 · Invest Private Endow Int/Div

94,708.51 624,184.57

730.501 · Managed Account Fees

9,966.24

730.502 · Managed Acct Able Trust Adm Fee

21,625.11 31,591.35 592,593.22

Net Income

The Able Trust

Balance Sheet As of December 31, 2023 ASSETS UNRESTRICTED December 31, 2022

December 31, 2023

UNRESTRICTED

RESTRICTED

PARTIALLY RESTRICTED

Current Assets/Bank Accounts 108.000 · The First Reserve

671,229.35

(24,982.99)

109.000 · The First Operating

13,113.09

42,903.27

109.200 · The First Admin Sinking

301,399.41

278,429.66

10,000.00

78.81

178.81

207,482.55

617,926.29

109.300 · First Choice 8 109.001 · Petty Cash 109.002 · ICS 001 109.003 · ICS 716 110.061 · Morgan Stanley Smith Barney (2)

191,478.91

164,222.48

110.200 · Wells Fargo

374,870.50

287,191.15

Total Current Assets/Bank Accounts

1,552,170.07

1,583,351.22

164,222.48 287,191.15 1,131,937.59

451,413.63

Current Assets/Accounts Receivable 12000 · Undeposited Funds

174.72

120.001 · Accounts Rec - General

5,000.00

65,000.00

120.006 · Accounts Rec - Comm/DEAM

7,500.00

28,800.00

120.007 · Accounts Rec - SOF/DOE/VR

120.008 · Accounts Rec - Endowment Admin Fees

128.000 · Prepaid Expense

258.200 · Allowance for Doubtful Accounts

(60,000.00)

12,674.72

33,800.00

110.061 · Morgan Stanley Smith Barney (2)

8,914,637.15

9,137,954.31

110.200 · Wells Fargo

8,623,627.49

9,214,597.37

17,538,264.64

18,352,551.68

684,216.99

19,829.88

Total Current Assets/Accounts Receivable

State Endowments

Total Other Current Assets

18,352,551.68

Long Term Assets 260.000 · Present Value-Deferred Contrib. Total Long Term Assets

684,216.99 -

684,216.99

Fixed Assets 205.000 · Computers 208.100 · Leaseholder Improv (T'ville Rd) 211.000 · Furniture & Fixtures

19,829.88 -

94,079.70

(111,059.03)

(111,629.03)

2,850.55

2,280.55

250.100 · Security Deposit

4,200.00

255.000 · Rec. re: Griffith Ins. Policy Estimated

97,750.00

257.000 · PFG Stock (273 shares @ $59.96)

16,369.08

258.000 · Lease Asset

153,279.19

230.000 · Accumulated Depreciation Total Fixed Assets

Other Assets

258.100 · Accumulated Amortization Total Other Assets

TOTAL UNRESTRICTED ASSETS

Unaudited for Management Purposes Only

(51,093.11)

(76,639.69)

220,505.16

194,958.58

20,010,682.13

20,851,159.02

1,362,976.72

19,488,182.30

Page 1 of 2

The Able Trust

Balance Sheet As of December 31, 2023 December 31, 2022

December 31, 2023

110.020 · Pettengill Ability Fund

5.30

110.216 · McKeon Ability Fund

638,434.96

604,254.49

110.217 · Ward Ability Fund

431,810.48

401,593.24

110.215 · Hibbard Ability Fund

313,365.09

297,293.04

110.231 · Gallimore Ability Fund

561,261.31

633,879.93

110.232 · Thomas Ability Fund

776,516.33

876,923.24

UNRESTRICTED

RESTRICTED

PARTIALLY RESTRICTED

Private Endowments 5.30

110.233 · Pettengill Ability Fund

26,779.33

30,781.77

110.234 · LeRoy Ability Fund

129,297.28

146,094.44

170,386.59

110.235 · Cantwell Ability Fund Total Endowments

2,877,470.08

3,161,212.04

22,888,152.21

24,012,371.06

TOTAL MANAGED FUNDS AND ASSETS RESTRICTED AND UNRESTRICTED 22,888,152.21

TOTAL ASSETS AND ENDOWMENTS

30,781.77

3,130,424.97

30,787.07

1,362,976.72

22,618,607.27

30,787.07

24,012,371.06

1,362,976.72

22,618,607.27

30,787.07

LIABILITIES & EQUITY Current Liabilities 320.000 · Accounts Payable

35,890.13

27,674.92

2110 · Direct Deposit Liabilities

(1,606.83)

(25,773.33)

320.994-999 · Payroll Liabilities

89.82

144.27

329.000 · Accrued Leave

10,628.00

321.000 · Unearned Revenue

50,000.00

330.100 · Current Lease Liability

50,223.00

145,224.12

112,896.86

49,647.34

24,155.48

49,647.34

24,155.48

684,217.21

879,088.67

821,269.55

1,901.59

795,212.48

(30,351.14)

117,830.06

22,860,187.63

(820,772.95)

213,083.82

22,009,063.54

23,191,101.51

22,888,152.21

24,012,371.06

Total Current Liabilities

1,901.59

110,995.27

Long Term Liabilities 330.000 · Lease Liability Total Long Term Liabilities

24,155.48 -

24,155.48

Deferred Inflow of Resources 270.000 · Deferred Inflow of Resources Total Deferred Inflow of Resources

TOTAL LIABILITIES

684,217.21

Equity Retained Earnings 690.000 · Fund Balance Net Revenue Total Equity TOTAL LIABILITIES & EQUITY

Unaudited for Management Purposes Only

Page 2 of 2

REQUEST FOR PROPOSAL (RFP) HUMAN RESOURCES CONSULTING SERVICES I. PURPOSE The Able Trust is seeking proposals for Human Resource Consulting Services. The primary objective is to partner with a firm or consultant which has experience working with nonprofit organizations and/or public agencies to assist its Board of Directors with creating, improving, and executing its annual performance evaluation for the President & CEO. This process may include developing and facilitating board and staff surveys, recommending performance measures based on feedback received, conducting the evaluation, and communicating results to the board of directors. II. SCOPE OF WORK The selected firm or consultant will be expected to create a formalized process for evaluating the performance of- and recommending an appropriate compensation package for- the President & CEO on an annual basis. The list below includes a sample of the types of services which may be required: • • •

Meet with the Executive Committee of the Board of Directors to define specific goals of the evaluation process. Design, conduct, and analyze an annual performance review of the President & CEO. Report findings and recommendations, including recommendations for an appropriate compensation package, to the Executive Committee no later than June 2024.

III. PERIOD OF AGREEMENT The term of the agreement will be for a period of up to three (3) months with the possibility of an extension. Extension of the agreement will be based on satisfactory performance and ongoing needs as determined by The Able Trust. This agreement is expected to commence by March 31, 2024 and end June 30, 2024, unless an extension(s) is approved by The Able Trust. Should the project need to end sooner The Able Trust will provide 30 days prior notice. III. CONTRACT TERMS The Able Trust will negotiate contract terms upon selection including scope, budget, timeline, and other necessary items. All content, materials, resources, and supports produced from this project are the property of The Able Trust. IV. EVALUATION OF CRITERIA The Able Trust will conduct a comprehensive, fair and impartial evaluation of all Proposals received in response to this RFP. The Able Trust may appoint a selection committee to perform the evaluation. Each Proposal will be analyzed to determine overall responsiveness and

qualifications under the RFP. Additional information may be requested from firms at any time prior to final approval of a selected firm. The Able Trust reserves the right to select one, more, or none of the firms to provide services. Please note that The Able Trust is not required to accept the lowest bidder. Proposal materials relating to this RFP must be received by The Able Trust on or before March 15, 2024 4:00 PM. Proposals submitted after the due date will not be considered. Information provided will not be returned, do not send original or one-of-a-kind materials. Questions regarding the contents of this RFP can be submitted via email Arnaldo@abletrut.org. SUBMIT PROPOSALS TO: The Able Trust Attn: Arnaldo Ramos, Executive Assistant to the President & CEO arnaldo@abletrust.org