The Museum School

Finance Committee

Tax Return Review Meeting - Tuesday April 30th, 2019 @7:00 PM

Meeting Minutes

Attendance Summary

Name Status Arrival Time Departure Time
Katie Cota present chair On Time At Adjournment
Shelina Ali not present member
Judith Wohl present member On Time At Adjournment
Josh Horne not present member
Danielle Royden present member On Time At Adjournment
Tamara Richards present member On Time At Adjournment
Tish Craig present member On Time At Adjournment
Laci Hood not present member

Tax Return Review

The committee is checking on the requirements to post the tax return on the TMS website. The tax return availability will be updated on the tax return according to the requirements. The committee agreed to break the expedition costs out of supplies on Part IX to make the expenses more clear. The committee has requested the statement of functional expenses from the auditors to verify the audit amounts tie to the tax return. On Schedule G, Part II, Line 5, remove noncash prizes. Need the breakdown of the GAAP/GAAS difference. Tish is looking into the $66,304 prior period adjustment.


The committee will submit final comments to Tish by Monday, May 6 with a final draft expected on Friday, May 10.

The Meeting was Adjourned

The meeting adjourned at approximately 8:41 pm

Motion to adjourn

By: Tamara Richards Seconded by: Katie Cota

There was no notable discussion on the motion.

2019-2020 Budget Review

QBE revenue is still conservatively estimated based on preliminary numbers from Dekalb; it is expected to be higher once actual QBE is known in July. Expenses are conservative and take the new Media Center into consideration. Interest expense was increased in case the line of credit needs to be utilized. The committee will submit final comments to Tish by Friday, May 10. Public budget meetings will be May 14 and May 21. Danielle will work with Katherine to have the public meetings and draft budget posted on the website.