Principles of Product Stewardship

PSI FINANCE COMMITTEE CONFERENCE CALL MINUTES March 5, 2009

Board Participants: Jack Price, Scott Mouw PSI Staff: Bill Honohan, Brian Korby (PSI Accountant) Absent: Scott Cassel

 Minutes from the February 5, 2009, Finance Committee conference calls were unanimously approved.  Scheduled date/time for Finance Committee in April call was reviewed and agreed upon (see below).

REVIEW REVISED REVENUE CATEGORIES  BH gave an overview of the updated revenue categories and structure of the financial statements.  JP and SM agreed this new structure is much easier to read and follow. Especially helpful is the information contained on the “Revenue Detail” tab which provides additional information including: funding organizations, projects, amounts, received/open invoices, etc.

REVIEW FINANCIAL STATEMENTS: An overview of the revenue and expenses from the “Financial Statements” spreadsheet was discussed. The following was noted:  67% of the fiscal year has elapsed (note the financial statement erroneously stated 58%.) 51% of targeted revenue has been received and 73% has been both received and committed.  Approximately $341K is still needed to be raised in overall revenue in order to reach projected income goals.  In order to reach revenue goals, BH mentioned that staff is diligently working on multiple proposals to governments, foundations, etc. He mentioned PSI is looking to other funding opportunities other than EPA, including proposals to be submitted or already submitted to USDA, USAID (via the Confederation of Indian Industry), USDHHS/NIH, and Merck Family Foundation.  JP inquired how the funding with Louisa Kreisberg Family Foundation came about. BH noted this was received through Joel Kreisberg from Teleosis Institute and his participating in the pharmaceutical dialogue meetings. He is impressed with PSI’s work on this matter and voluntarily committed this funding from his family’s foundation.  JP was pleased to see revenue targets were exceeded in both the State/Local and NGO'S/ Universities categories.  JP asked about status of Waste Management Founding Partner status. BH informed group that because of restructuring at WM and recent financial losses, WM has not pursued the Founding Partner opportunity with PSI.  JP suggested that PSI should put the WM partnership on hold and continue with it in a few months or next FY.  SM suggested that membership payments due MORE, MA and Humboldt County Waste Management Authority be removed since payment is not expected.  JP and SM suggested continued focus should be placed on limiting expenses due to not meeting projected income targets.  SM suggested a thorough review of cash flow be conducted for the next quarter ending period/next Finance Committee call with a focus on meeting payments commitments and targeting an Ending Cash Balance amount.  BK will work with BH to put together a list of fixed monthly expenses in order to better project the cash flow for the remaining quarter of the FY and the expected Cash Balance.

MISC:  JP and SM will not be able to attend the 2009 Forum due to budget limitations at their organizations and the perception of attending such an event due to limited available funding.

Future Finance Committee Calls

Date: Tuesday, April 7 Date: Monday, June 8 Time: 10:00 ET Time: 2:00 ET Dial-in Number: 1-270-696-2525 Dial-in Number: 1-270-696-2525 Participant Access Code: 754907 Participant Access Code: 754907

Date: Thursday, May 7 Time: 10:00 ET Dial-in Number: 1-270-696-2525 Participant Access Code: 754907

Product Stewardship Institute, Inc. 2 Finance Committee Minutes