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Update on NCBA’s $2 Million Checkoff Cash Advance…

28 Jul

On August 28, 2009 the Cattlemen’s Beef Board agreed to advance its primary contractor $2 million in checkoff funds (available in the CBB Annual Report).  The June 16, 2011 CBB Executive Committee meeting minutes (available on the Beef Board web site) show that NCBA STILL OWES $1 million of that advance from checkoff coffers.  The CBB Executive Committee has directed staff to “refine” the repayment process.

The minutes also show that NCBA has asked to receive payment from the checkoff for vendors PRIOR to NCBA’s payment of those vendors.  

 Here’s the Financial Report section of the June 16 minutes:

Financial Report

Weldon Wynn, CBB secretary/treasurer, presented the Beef Board’s financial statements for the period ending May 2011. Mr. Wynn reported that domestic revenue and interest income was up from the same period last year and import revenues were down from this same time last year.

CFO Katherine Ayers updated the committee on the repayment of the $2 million advance on expenditures made to NCBA. Ms. Ayers reported that $1 million has been repaid, and staff is currently working on a plan for the repayment of the other $1 million. Ms. Ayers also reported that NCBA and CBB staff are working together on a process to modify the invoice review and approval process, whereby NCBA would request payment from CBB for agreed-upon vendors prior to NCBA’s payment of those vendors and NCBA would submit a monthly bill for estimated implementation expenses. CBB would true-up the estimated implementation expenses within an agreed-upon timeframe.

The Executive Committee directed staff to continue to work on refining the repayment process.

Ms. Ayers also presented an amendment to the FY 2011 detailed administration budget to the Executive Committee.

Dan Dierschke moved and Jane Clifford seconded to approve the amended FY 2011 detailed administration budget. Motion passed.

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Posted by on July 28, 2011 in Uncategorized

 

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