JESSE KLUMP MEMORIAL FUND STAFF AND BOARD

JESSE KLUMP MEMORIAL FUND, INC.

Finance Committee

May 6, 2024

Present: Ed Tudor, Donna Black, Kathy Bassett, Ron Pilling via ZOOM

Meeting called to order at 7:11 p.m.

Special thanks to Ed Tudor for having provided current Statements of Operation, budget and bank information to every committee member.

First Order of Business:

2024 Budget

Focusing on payroll, the largest single budget item. Ron estimated that, based on the payroll expense for the first 3 months of 2024, the annual gross pay would be:

Donna Gleckler $12,000 (allowing for expected additional hours in summer and fall)

Katrin Huber $14,400 (20 hours/week starting 6/3/24)

Exec Director pay Jan-March (Jennifer LaMade) $3,259

LOSS Team Coordinator $18,000

TOTAL: $47,659

Budgeted for 2024: $54,000

This would reduce the projected deficit for calendar year 2024 from -$26,450 to -$20,109

Donna is currently paid $19,hour. Katrin will be paid $30/hour. Kim told Katrin it would be a minimum of 15 hours a week, but that 20-25 would be more likely.

Next item of business was the two Certificates of Deposit

Bank of Ocean City: Current Balance $46,889 Interest rate .5% Matures 6/24/24

First Shore Federal: Current Balance $49,046 Interest rate 3.51% Matures 1/8/2026

It was agreed that Ron would research current interest rates in advance of the maturation of the Bank of Ocean City CD. Ed reported having received a god rate for a short term CD at First Shore Federal. A short discussion concluded that unless there was a significant difference in interest between a local bank and a remote bank, it would be advisable to remain local. Ron will report to the committee members well in advance of June 24.

There were no new items of business. The meeting adjourned at 7:45 p.m.