MINUTES

2005 - 2006
MASFAA Audit and Finance Committee
Report for Fall 2005 Board Meeting

November 3, 2005

I have reviewed the monthly bank statements for the 1st quarter of the new fiscal year. Each is in good order.
I am working with Ann Margaret to get all the materials needed for the 2004-2005 annual review.
I have contacted Paul Calhoun (Haddox Reid Burkes & Calhoun PLLC) and asked for the MASFAA Form 990 (Return of Organization Exempt from Income Tax). This must be signed by the MASFAA President and filed with the IRS by 11/15/05.
I have reviewed the insurance renewal form from the John Stroud Agency for the D & O policy (Directors and Officers Liability Insurance) and am providing it to the MASFAA President for a signature. The payment is due by 11/11/05. The payment for the Dishonesty Bond is also due by 11/11/05.
Payment for the Hartford Insurance liability policy is due by 11/15/05.
The CD Report of June, 2005 is attached. I will work with Ann Margaret to get the new balances and submit them at a later date.
The MASFAA listing of physical property assets is attached.

Respectfully Submitted,

Robert W. Givens

MASFAA CD Report
June 2005

BancorpSouth $10,000.00 - 2.79% maturing on 9/10/2008 - 48 month term - interest is paid monthly to MASFAA checking account.
BancorpSouth $10,620.94 - 4.00% maturing on 5/23/2008 - 55 month term - interest compounds quarterly and is added to the CD.
Bank PLUS $11,748.00 - 3.55% maturing on 11/14/2006 - 19 month term - interest is capitalized every three months to the CD

MASFAA Asset List (as of 11/11/05)

Equipment	Serial/Model Number	Date of Purchase	Purchase Price	Current Usage Status	Current Holder
Sony Digital Still Camera	MVC-FD92	Unknown	Unknown	Usable	Garry Jones - to be donated to silent auction at MASFAA 2006 Conference
Dell Laptop + (wireless card - S/N BDH20D380154)	PP01L-Ref No 99123, IC Class B ICES-003 DS/N TW-09C748-12800-191-01284	Unknown	Unknown	Usable	Nancy Gault
Sony MicroCassett Recorder	M-560V	11/3/2004	$40.40	Usable	Jackie Boone
Dell Laptop	PP01L-Ref No 99123, IC Class B ICES-003 DS/N TW-09C748-12800-161-1882	Unknown	Unknown	Usable	Ann M. Mullins
Hewlett Packard Desk Jet 932C Printer	CN0BR1S1KS	Unknown	Unknown	Usable	Ann M. Mullins
MASFAA Seal	N/A	Unknown	Unknown	Usable	Ann M. Mullins
Netgear 8-port Fast Ethernet Switch	FS6914CCB238625	May 2005	$55.00	Usable	Nancy Gault
Sony Digital Camera - Cyber-Shot DSC-H1 (includes 512MB Sony Memory Stick Pro, high speed USB memory stick card reader, 2.0x telephoto lens, .5x super wide angle lens, 3 filters, 1 hour AC/DC charger, 4 rechargeable batteries, tripod, and a camera bag	Will get from Garry ASAP	October, 2005	$664.94	Usable	Garry Jones