In early 2023, a new, fully constituted Finance Committee was formed at SRA. The Committee includes three CPAs as well as current and former CFOs. This group has been hard at work on a number of important financial initiatives. They have streamlined and automated the monthly financial reporting process to reduce staff time required to generate routine reports. They opened a brokerage account that allows SRA to earn higher interest on Reserve funds, while completely conforming our Investment Policy. All SRA accounts are within the limits covered by the Federal Deposit Insurance Corporation (FDIC) for bank deposits, and Securities Investors Protection Corporation (SIPC) for funds held in brokerage accounts. They updated the SRA capitalization and cash management policies and implemented improved internal financial controls. They engaged an external auditor and oversaw the audit of our December 31, 2022 financial statements. Finally, with the departure of our General Manager, the Committee stepped in and completed the 2024 budgeting process.
SRA is certainly in good hands with this experienced group, and their work is much appreciated.
