COMMONWEALTH OF VIRGINIA ASSISTIVE TECHNOLOGY LOAN FUND AUTHORITY Board of Directors Meeting DRAFT MINUTES February 20, 2003 MEMBERS PRESENT David Clare Albert N. Smith Venson Wallin Ron Lanier Lori Epik Norman Walker Ginger Lynch BOARD MEMBERS ABSENT Richard McClenic Matt Joyner Andrew Larsen Sandy Halverson Karen Nuckols ALSO PRESENT Michael Scione Shilpa Joshi Dana Martin Johnson-Assistant Attorney General Jim Rothrock-Commissioner, Department of Rehabilitative Services Linda Wallis Prior to the call to order, Commissioner Jim Rothrock welcomed the ATLFA Board and congratulated the ATLFA on spinning off from DRS. He also indicated that DRS is working with the ATLFA on the potential management of the Consumer Service Fund and will collaborate with the ATLFA on issues of mutual interest and concern. Mr. Rothrock also talked about the emerging leadership group at Department of Rehab Services, currently working on creating virtual telecommuting/telework offices for Department of Rehab Services. He stressed the need for funding for telecommuting and telework. CALL TO ORDER Chairman, David Clare, called the meeting to order at approximately 10:35 AM APPROVAL OF MINUTES The November minutes were reviewed. Venson Wallin made a motion to approve the minutes. The motion was seconded, and the minutes were approved as presented. The motion passed. PUBLIC COMMENTS Linda Wallis introduced herself as a participant with Partners in Policy Making, a Federally funded, State run program from the Virginia Board for People with Disabilities. This program tries to teach self-advocacy and inform the programs available to families who are trying to get services for themselves or for the families. Ms. Wallis talked about the need to include people with non-physical disabilities but utilizing assistive technology. Ms. Wallis said that it would be of vital assistance for people needing therapeutic services and want to be responsible, a loan from ATLFA seems to be appropriate. She asked the Board if there is any possibility of including such services as assistive technology in future. Chairman, David Clare asked Ms. Wallis to provide more information about the institutions that provide educational and rehabilitative services for people with non-physical disabilities and said that ATLFA can certainly look into this in future. Program Treasurer's Report The Board was provided the Balance Sheet as of January 31, 2003 and a statement of Cash Flow from July, 2002 through January, 2003. Venson Wallin read the report to the Board. Local Government Investment Pool (LGIP- AFP) account has $2,733758.27 Local Government Investment Pool- Federal (LGIP- Federal) has $710,864.01. State funds are invested in the Local Government Investment Pool (LGIP) account totaling $43,3729.99. The SunTrust checking Federal account has $3,091.10. The SunTrust Bank checking account has $9,694.92 The SunTrust Bank checking- AFP account has $12,797.33. The SunTrust Money Market Federal account has $222,790.07 while the State funded Money Market account has $92,932.49. The SunTrust Money Market AFP account has $167,906.08. ATLFA's Wachovia Money Market account has $20,263.06. Total ATLFA's unrestricted cash assets are $4,407,827.32. Total account receivables are $139,911.50 and total assets are $ 4,629,207.52 There was a discussion concerning the investment of ATLFA funds into Department of Treasury’s Local Government Investment Pool (LGIP) vs other alternatives. Executive Director, Mike Scione stated that for the past couple of years the LGIP has appeared to be the best investment option, at least until interest rate rise to higher levels. Al Smith made a motion to approve the treasurer’s report as presented. The motion was seconded. All the Board members voted affirmatively. The Motion passed. UPDATES Equipment, Furniture and Office Space Mike stated that DRS was supporting administrative costs. With the spin off ATLFA will have to purchase equipment and furniture to set up the office. There were some funds left over from Title III grant with DRS. ATLFA used those funds with a permission of NIDRR . to purchase a computer, fax machines and printers. Office Space-Mike talked about the proposal to share office space with VATS at the Central DRS office. He also discussed the pros and cons of staying with VATS at DRS main building vs moving to some other area, like Innsbrook. Venson Wallin made a motion to authorize the Executive Director, Mike Scione to actively pursue with a realtor and develop a proposal for outside office space and let DRS know that they need to make a decision by Feb. 28, 2003. All the Board members voted affirmatively. The motion passed. Furniture – There was a discussion on getting the used furniture from the State at some cost-effective way. Lori Epik suggested to get on the list to buy things out of the State Warehouse. Dana Martin Johnson explained the procedure and stated that State Agencies and public bodies are allowed to get on the list. Business Loans Mike stated that the Business loans program is moving forward. SunTrust is issuing a press release with all major Virginia newspapers. Mike stated that ATLFA already has the first business loan application to send over to SunTrust. Loan Committee Appointment Mike announced that Ginger Lynch has resigned the loan committee. Andrew Larsen is being appointed as a loan committee member in her place. Consumer Service Fund MOU Mike discussed the Memorandum of Understanding between ATLFA and Department of Rehabilitative Services to all the Board members. Mike stated this agreement would allow: 1. ATLFA to become Fiscal Agent and the Administrator for Consumer Service Fund. 2. There is a possibility that ATLFA will have some financial benefit in the long run. 3. Simplified combined application for ATLFA and CSF will help consumers due no waiting for fund requests for up to $5,000.00. Mike asked the Board to set up another LGIP account for Consumer Service Fund and explained how the funds in this new LGIP account would be managed. Hiring Consumer Service Fund Manager Mike talked about the need to hire a Program Manager for the Consumer Service Fund. This position will also help ATLFA with some administrative work. Mike informed the Board that the advertisement is posted in the Sunday Paper of Richmond Times Dispatch. Mike stated the Board, that as per Code of Virginia, the Board needs to decide the compensation and benefits for this position. Spin Off Items Benefits package for ATLFA Employees David Clare said that the Executive Committee is working on developing a benefits package for ATLFA employees. It is hoped that the ATLFA will be able to offer benefits to its employees that are comparable to those offered by the state. Mike will share a matrix with the Executive Committee that he has developed regarding the comparison of benefits that are usually available to Non-Profit organizations with the benefits State offers. This matrix is based on the information provided to him by a Board member Karen Nuckols. Norman Walker made a motion to authorize the Executive Committee to develop a benefits package by the next Board meeting for ratification by the Board. All the Board members voted affirmatively. The Motion Passed. Financial Issues Mike said that a budget was submitted to ATLFA Treasurer, Venson Wallin. However, as the ATLFA does not pay rent and will be hiring additional personnel, that it is not a meaningful budget. A full budget for fiscal year 2004 will be developed for review at the May Board meeting. Venson briefed the Board about the Meeting with CPA firm, Wells, Coleman and Company, LLP. Venson stated that the CPA firm will perform a compilation and review of financial statements and review internal controls. They will also provide recommendations regarding the accounting policies and procedures. Travel Policies Mike stated that per the Code of Virginia, Public Bodies may follow State Travel Policies or follow the policies of a funding source. Dana Martin Johnson said that the ATLFA does not have to follow the policies but should be in substantial compliance. Mike indicated that hotel stays both for the Board and for staff will be approved at 50% above the state rate, but the meals per diem will follow the state’s policy. Venson Wallin suggested that the mileage reimbursement be tied to the rate to IRS. Venson Wallin made a motion to change the mileage reimbursement rate from $0.325 a mile to $0.36 per mile. All the Board members voted affirmatively. The motion passed. Dana Martin Johnson offered to help write the policies for travel. Staffing Needs Mike said that he had indicated in the past a need to hire a part-time employee to handle communications and marketing, in light of the public service announcement. Mike stated that he would like to hire a person with disability for this position. However, the CSF Manager position would be hired first, and the part-time position employed if it was still needed. Other Authorized Purposes Mike briefed the Board about the Loan Committee and Subcommittee meeting held on January 16, 2003 on ‘Other Authorized purposes’. Mike reviewed a summary of the discussions held at that meeting. Dana Martin Johnson suggested the ATLFA list all the other authorized purposes that could be funded through the funding sources and include an Appendix what cannot be covered by ATLFA. Mike asked the Board members to send any suggestions within next two weeks to be included in the Loan Policy Manual. Public Service Announcement Mike Scione talked about the proposed aggressive marketing strategies for ATLFA. Mike thanked Andrew Larsen in his efforts to get GE financial as a sponsor for the Public Service Announcement. The Public Service Announcement would include one minute of taping for Television advertisement and a radio spot of 30 and 60 seconds. Dana Martin Johnson talked about the legalities in using actual ATLFA clients in PSA. Mike indicated that he will pay a stipend to individuals who will be videotaped. Mike asked the Board members to suggest persons with disabilities who would like to help us with the Public Service Announcement. Closed Session Venson Wallin made the following motion to go the executive session: I move that this meeting convene in a closed session for the purpose of reviewing and discussing the status of Direct Loans and certain notes guaranteed by the ATLFA and to discuss various legal issues. Closed session will be held to maintain confidentiality of financial, medical, rehabilitative and person information of the applicants according to 2.2-3711 A-1 of Freedom of Information Act. RESULTS OF THE EXECUTIVE SESSION A motion was made and seconded to convene the Board meeting in regular session. The motion passed. David Clare asked the Board if the only matters discussed in closed session were those for the purpose of the closed session. All members answered in the affirmative. The motion passed. During Executive Session, the Board reviewed 9 loans, approved 4 loans including two approved with counter offers and declined 5 loans. Board decided to charge off two Direct Loans. A motion was made to ratify the decisions made by the loan committee since the last Board Meeting. Motion was seconded. The motion passed. Collections Purchasing defaulted loans Lori Epik made a motion to purchase all notes falling in the category of ‘four delinquent payments within a six month period.’ Motion was seconded. All the Board members voted affirmative. The motion passed. Collections RFP-2003 Mike stated that Collections RFP issued in July of last year is going to be up for renewal. We need to issue a new RFP for this year. In view of the increased volume on more slow pay loans and defaulted loans and the experience with collection agent, Bryan Lacy for the past 12 months, Mike suggested the Board find an organization that’s more set up to deal with these issues. Mike also asked the Board, their opinion regarding legal actions on defaulted loans. Dana Martin Johnson suggested that ATLFA should request the OAG for debt collection. If Attorney General’s office could not do the debt collection for ATLFA, then ATLFA can request Attorney General’s office to appoint outside collector. Federal Grant Outlook AT Act – Title III- Mike talked about the requirements for cash match for Title III funding and said that this year Federal Government has $36 million dollars in Title III grant. Mike Scione expects less competition for this grant this year, thereby increasing the chances of ATLFA getting this grant using the matching funds from a grant from Children’s Hospital. Telework /Telecommuting Mike also talked about the $20 million proposed Telecommunications through the Rehabilitation Services Administration in collaboration with Department of Rehabilitative Services. ATLFA has some state funding from its original appropriation that may be used for matching funds. ADJOURNMENT The next ATLFA Board meeting is scheduled for May 15, 2003. The meeting location was not decided at this time. David Clare asked for a motion to adjourn. A motion was made and seconded. The motion passed. The meeting was adjourned.
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