Financial Advisory Committee – December 2018 Report

The group met 1 time this quarter.

Recent Activities

First Activity
We reviewed the recommendations from the Financial Working Group regarding the possible combination of ALCTS/LITA/LLAMA.

Jenny mentioned the merger could increase out capacity to better serve our LITA community. The merger could help the members of the three divisions come together the way we do in our libraries.
It was noted by a couple of committee members that they would like to see the in-person conference for the new division be held in a different year than PLA.

Jenny explained the basics of how budgeting for LITA works including revenue, expenses, the endowment, and overhead paid to ALA. Webinars and courses are a revenue stream that can make a significant difference.

We decided to meet on an as-needed basis instead of planning meetings far in advance. We need to meet early in January to review the draft budget before ALA Midwinter. We will meet during the All Committees Meeting at Midwinter. We will need to meet again in late February or early March to review the budget before it goes to the ALA Budget Analysis & Review Committee (BARC).
Meets LITA’s strategic goals for Organizational Stability and Sustainability

Second Activity
We voted on a proposal for outsourcing webinar and course logistics to eLearning Solutions.
Meets LITA’s strategic goals for Education and Professional Development

What will your group be working on for the next three months?
The draft budget will be available mid-February for our review. The Board will probably hold a virtual meeting in March, so FAC will have time to review and discuss it before it is submitted to the Board.

Submitted by Brian Rennick on 01/14/2019