<html><head><meta http-equiv="Content-Type" content="text/html charset=us-ascii"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; ">Hey everyone,<div><br></div><div>I regret that I won't make it to this evening's board meeting. I've got the crud (a deep cough) and don't wish to contaminate any of you. Nevertheless, I would like to offer some contribution to the planned topics. </div><div><br></div><div>We've recently discussed development of a budget, and John has put out a 2018 budget. We've also discussed the possibility of a <i>pro forma</i> cash flow analysis as a tool for addressing (concern over) our substantial account balance, with the idea of ultimately quantifying (targeting) an appropriate long term minimum threshold account balance -- the feeling being that as a non-profit we shouldn't grow a stockpile of funds indefinitely. </div><div><br></div><div>John appropriately kept the 2018 budgetary summary at a high level -- his effort would have grown exponentially if it were to have individually addressed all of the scores of expense elements at play. Similarly, any potential <i>pro forma</i> cash flow analysis should be done at a high level and focus on the big drivers -- lest the effort involved get out of hand. I've considered how we might approach a cash flow analysis and have identified parameters that would likely have the greatest effect (favorable or adverse) on our future cash flows, see the attached one-page Excel paper.</div><div><br></div><div></div></body></html>