FEES TO MEMBERS REGISTRATION FEES: No increase in registration - PDF document

2/11/2014 FY 2014- ’15 BUDGET Process: • Lisa Beaty sent draft copy of proposed 2014- ’15 Budget to Executive Committee, Finance Chair, ION Treasurer and Satellite Division Treasurer for review (11/27/13). • Executive Committee approved 2014- ’15 Budget for formal presentation to Council (Jan 2014). • Budget presented to Council January 26, 2014 for Council ratification. FEES TO MEMBERS REGISTRATION FEES: • No increase in registration fees for ION GNSS+, JNC or ITM. PLANS registration fees were set and approved by ION and IEEE in 2013 during the PLANS budgeting process. • PTTI registration fees will increase in 2014 to the same rates as the ITM meeting. MEMBERSHIP DUES: • There is no proposed increase in membership rates. (Last dues increase was in 2005.) 1

2/11/2014 ITEMS TO NOTE • Government Fellows Program would require Executive Committee action to authorize expenditure of reserve funds. • Satellite Division and Military Division expenses include the rebates/commissions to the Divisions for Division meetings. The meeting commissions are included as expenses to the National organization as these funds are restricted for Division purposes. Satellite & Military Division expenses are for informational purposes only. Divisions retain autonomy to expend their funds separate from the national organization. RESERVE FUNDS INVESTMENTS January 2013 (reserve fund value $3,487,620): • Holding $200K excess cash reserves for MUC cash management • Holding $65K reserves Pacific PNT New Initiatives • $335K Program Excess from FY 2011- ’12 • Cancellation of JNC 2013 Pending • Made decision to defer the final $80K of the $400K transfer to the investment fund (approved September 2012) due to current economic conditions/pending JNC cancellation. December 2013 (reserve fund value $4,330,753): • Investments returned average 24% past 11 months. • $325K Program Excess from FY 2012- ’13 • MUC discontinued, books closed and grants finalized. • Pacific PNT operated at $104K profit (not including overhead). • All liabilities JNC 2013 cancellation accounted for. • PTTI 2013 operated at $67K profit (not including overhead). 2

2/11/2014 FY 2014- ’15 Reserve Fund Allocation Based on Reserve Fund Formula (approved June 2011) (as of December 31, 2013) $6,000,000 CURRENT BALANCES: TARGET BALANCES: $5,032,041 $5,000,000 Balance Reserves $4,000,000 Investment Long Term = Long Term Account Balance of Investments $2,647,218 3,603,125 $3,000,000 $2,000,000 Intermediate Term Account $837,842 Intermediate Term Budget Short Term Account $650,000 $1,000,000 $845,963 Short Term Budget $478,916 Operating Fund $701,288 Operating Account (Does Not Include Military Division and PTTI Restricted Funds) $300,000 $0 Actual Account Balances as of 12/31/13 Targets for 2014-2015 5 PROPOSED MOTIONS MOTION #1: • Council approves the 2014- ’15 National Budget as submitted. MOTION #2: • Council approves the following cash management transfers: – $300K transfer from ION’s cash/operating accounts to the Long Term Investment Fund in six monthly installments of $50K each. – $300K transfer from ION’s short term investment fund to the Long Term Investment Fun in six monthly installments of $50K each. MOTION #3: • Council approves CliftonLarsonAllen , CPA’s, to conduct ION’s FY 2013 - ’14 audit and prepare draft 990’s. 3