2014 South Carolina Nurses Association Convention

2014 South Carolina Nurses Association
Meetings of the Board of Trustees
The SCNF Board of Trustees has met twice this year with meetings scheduled for August 15 and November
14, 2014 at SCNA Headquarters, 1821 Gadsden St. Columbia, SC.
Summary of Fiscal Information
A mid-year financial report is not available based on the review schedule. A full report will be available at
the end of the fiscal year and presented to the full membership at the annual meeting.
Scholarships Awarded
SCNF manages a number of different scholarship funds. These scholarships are awarded at different times
throughout the calendar year. A report will be presented to the full membership at the annual meeting of the
membership.
Committee Activities:
Finance Committee
This committee continues to monitor the Foundation’s investment portfolio through management by the
Janney Corporation. SCNF moved from a preserve model to a conserve model as the market showed
improvements. The Board of Trustees has used discretion and not increased investments with the Janney
Corporation given market volatility. The Foundation has deposited funds from matured CDs into the
checking account. The Board has developed a Financial Advisory Committee to include non-voting
members with expertise in fund-raising and other money management areas.
The following insurance policies with the Sullivan Company were renewed: Director’s and Officer’s
Liability; Dishonesty/Crime and General Liability policy.
An independent audit in compliance with Government Auditing Standards was conducted by McGregor
and Company, LLP, for the 2013 fiscal year due to changes in officers. The Board of Trustees views audits
as sound accounting tools to be used periodically. All federal reporting requirements were met and no
outstanding deficiencies were noted.
The accounting aspects of the Foundation continue to be managed by McGregor and Company with
quarterly reports provided to the Board for review.
The 2014 application for registration as a charitable organization was filed with the Secretary of State and
Form 990 Exempt Organization Tax return was filed as required.
The Business and Professional License was renewed in April 2014.
The SCNF continues to hold its sales tax exempt status.
Bylaws Committee
The current bylaws are being reviewed, revised and updated. The recommendations for change are currently
under review by the BOT. This is an ongoing process.
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