EDA financial report shows $1M transfer to VIP account; board asks for clearer reconciliation

Cynthia Boone, Director, presented the February financial report showing a beginning general-account balance of $1,200,290.13 and a $1,000,000 transfer to establish a VIP Stable NAV Liquidity Account. The VIP account showed $523.11 in February income and a month-end balance of $1,000,523.11; board members noted the account was opened late in the month, which partly explained lower earnings.

Board members pressed for clearer reconciliation. David Boroughs identified an overlooked $245.69 unrealized gain on the VIP statement that, when included, reconciled the numbers. "Once that amount is included, the numbers reconcile correctly," Boroughs said. Travis Johnston and Dr. Brandy Rollins asked that future financial reports include a dedicated column for unrealized gains and losses so balances are transparent at a glance.

Johnston also questioned the timing of the VIP account opening compared with expectations that action would begin immediately after the February 5 meeting. Chairman Arnold Brown acknowledged timing concerns but noted board members are volunteers and said the work was completed in good faith. Dr. Rollins suggested updating bylaws to set timelines and backup procedures for financial responsibilities; the board discussed adding dual authorization by adding the Chair to the Truist account as a contingency while preserving the Treasurer's oversight role.

The financial packet also listed a $4,810 outgoing check for the Simply Cycle grant; Chairman Brown clarified the actual grant was $4,800 with $10 in service fees. Cynthia Boone confirmed the correction and agreed to follow up with VIP and the bank to clarify statements.