Finance & Compensation

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Enterprise Florida Finance and Compensation Committee Meeting | April 21, 2015

Enterprise Florida Board of Directors Finance and Compensation Committee Agenda April 21, 2015 2:00 pm – 3:00 pm (EST)

A meeting at: Enterprise Florida, Inc. 800 N. Magnolia Avenue, Suite 1100 Orlando, Florida 32803 Presiding Officer: Marlin Hutchens, Chair, Finance and Compensation Committee

1. Welcome • Roll Call and Statement of Public Notice

Marlin Hutchens

Pamela Murphy

(I)

2. Approve Minutes • Draft Minutes of January 15, 2015 Conference Call • Draft Minutes of January 21, 2015 Meeting

Tab 1 Marlin Hutchens (A)

3. Review Finance and Compensation Committee Charter Tab 2 Marlin Hutchens (I)

4. Financial Statements - Quarter Ending March 31, 2015 Tab 3 Pamela Murphy (D)

5. Public Comment Marlin Hutchens (I)

6. Vote on Action Items Marlin Hutchens (A)

7. Proposed Meeting Dates Tab 4 Marlin Hutchens (I)

8. New Business Marlin Hutchens (D)

9. Adjourn Marlin Hutchens (A)

CALL-IN NUMBER: (800) 501-8979

ACCESS CODE: 9565644#

KEY: (I) = Information (D) = Discussion (A) = Action

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NOTICE OF MEETING

Enterprise Florida, Inc. announces a public meeting to which all persons are invited: Date and Time: Tuesday, April 21, 2015 2:00 PM Place: Enterprise Florida, Inc. 800 N. Magnolia Avenue, Suite 1100 Orlando, FL 32803 Meeting: Finance & Compensation Committee Purpose: This meeting will discuss on-going issues, developing issues and other matters.

If an accommodation is needed for a disability or physical

impairment, please contact Pamela Murphy at (407) 956-5644 at

least one (1) day prior to the activity. Persons who are hearing

or speech impaired can contact the Florida Dual Party Relay

System at 1-800-955-8770 (Voice) and 1-800-955-8771 (TDD).

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DRAFT Minutes of a Regular Meeting of the

Finance and Compensation Committee

Enterprise Florida Finance and Compensation Committee Minutes | January 21, 2015

A regular meeting of the Expanded Enterprise Florida, Inc. (EFI) Finance and Compensation

Committee was held on January 21, 2015 at The Governor’s Club in Tallahassee, Florida.

Members Present: Hutchens, Marlin (Chair) Becker, Alan Connally, Stan Couch, Brett

Present Via Phone:

Gonzalez, Jorge Schaefer, Gene

Staff Present: Helton, Sean Latimer, Al Laubscher, Louis Murphy, Pamela Salmon, Griff

Agenda I. Welcome and Call to Order

• Statement of Public Notice II. CEO Succession III. Adjourn

A quorum being present, Marlin Hutchens, called the meeting to order at 1:15 p.m. Statement of Public Notice Pamela Murphy read the statement of public notice indicating that the meeting had been advertised according to Florida Sunshine Law requirements, and announced that a quorum was present. CEO Succession Alan Becker reported that the hiring of Bill Johnson had been approved by the Executive Committee at their meeting earlier that day. Mr. Becker stated that he had reviewed and drafted the contract and that it was similar to Gray Swoope’s contract with a few minor differences.

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DRAFT Minutes of a Regular Meeting of the

Finance and Compensation Committee

Enterprise Florida Finance and Compensation Committee Minutes | January 21, 2015

Mr. Becker pointed out that Section Two allowed for Mr. Johnson to be available as a resource to his current employer for a de minimus salary through June 2015. He also reported that Mr. Johnson’s salary would be $265,000. Mr. Becker explained that historically the President/CEO’s salary included base compensation equal to the Governor’s salary, plus Tier 1 compensation, which was the difference between the Governor’s salary and the President/CEO’s contract amount. Since the current Governor receives a token salary, Mr. Becker explained that he combined base compensation plus Tier 1 compensation as Mr. Johnson’s base salary. He further explained that Tier 2 compensation was at the committee’s discretion with a target payout of 100%, but that the committee had the flexibility to award more or less than the target based on performance. Mr. Becker also explained that Section 3(B) stipulated that Mr. Johnson’s base salary and any incentive compensation be paid from private funds. Alan Becker stated that a few years ago, The Beacon Council had commissioned a compensation study for their President/CEO and that EFI’s President was at the bottom with local EDO’s making more. Public Comment Chairman Hutchens asked if there was any public comment, for which there was none. Vote on Action Items Marlin Hutchens called for a motion to approve the contract for incoming President/CEO Bill Johnson. Stan Connally made the motion, Brett Couch seconded and the motion was approved unanimously. There being no other business, Stan Connally motioned to adjourn and Brett Couch seconded the motion. The meeting was adjourned at 1:32 pm.

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ENTERPRISE FLORIDA, INC.

FINANCE & COMPENSATION COMMITTEE CHARTER

Role The Finance & Compensation Committee’s (“Committee”) role is to monitor the present and future finance and compensation requirements and opportunities pertaining to Enterprise Florida, Inc. (“EFI”) and its affiliates business and to review and provide guidance to the Board of Directors (“Board”) and management about all major financial and compensations items. Membership The membership of the Committee consists of the chair and two to four members, each of whom is to be free of any relationship that, in the opinion of the Board, would interfere with his or her exercise of independent judgment. The members of the committee shall be appointed by the Board Vice-Chair and serve for one or more years. The Board Vice-Chair will also recommend the chairperson of this Committee for Board approval. Operations The Committee meets four times a year. Additional meetings may occur as the Committee Chair or the Board Vice-Chair deem advisable. The recommendations of the Committee go to the Executive Committee for approval or recommended approval by addition to the Consent Agenda or to the full Board agenda. The Committee will be governed by the same rules regarding meetings (including meetings by conference telephone or similar communications equipment) as are applicable to the Board. The Committee will keep adequate minutes of all its proceedings, and members will be furnished with copies of those minutes at the next scheduled meeting. The Chair of this Committee is also a member of the Executive Committee. Authority In coordination with the Executive Committee, the Committee will have the resources and authority necessary to discharge its duties and responsibilities, including the authority to retain outside counsel or other experts or consultant, as it deems appropriate. The Finance & Compensation Chair is a member of and reports to the Executive Committee. Responsibilities Subject to applicable corporate governance laws, the principal responsibilities and functions of the Committee are as follows:

• Oversee annual funding of EFI • Approve internal quarterly and annual financial reports and tax returns • Approve annual operating budget • Review and approve annual updates to the EFI Operations Plan • Provide advice and consultation on EFI insurance and benefit plans • Recommend working capital funding and use • Review and approve EFI investment policy and any material changes • Other analysis and evaluations as assigned by the Executive Committee Chair

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The Committee is expanded for administering compensation responsibilities to include the Vice-Chair and either the Immediate Past Vice-Chair or the Vice-Chair Elect. Compensation responsibilities include:

• Evaluate and recommend annual salary, benefits, and incentive compensation plans • Review the senior management team’s annual performance evaluations • Review, conduct, and approve the President and CEO’s annual performance evaluation

Staff Support The Committee is assisted by the Administration unit of EFI. Primary staff contact for the Committee are:

Louis Laubscher, SVP Administration and MASBEC T (407) 956-5631 E llaubscher@enterpriseflorida.com

Pam Murphy, VP Finance and Accounting T (407) 956-5644 E pmurphy@enterpriseflorida.com

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Enterprise Florida Finance and Compensation Committee Meeting | April 21, 2015

Enterprise Florida Financial Report Quarter Ending March 31, 2015 - Unaudited

The following financial information for the fiscal year ending March 31, 2015 and 2014, is unaudited, and is derived from internally generated financial statements. This report is provided to the Board of Directors to assist in its understanding and analysis of EFI’s financial performance and accountability. These statements have been generated by management and the fairness of their presentation is the responsibility of management.

Statement of Financial Position (Attachment A) The Statement of Financial Position provides a comparison of the assets, liabilities and net assets of EFI as of March 31, 2015 and 2014, and is presented in a combined format on Attachment A-1. Attachment A-2 provides the detail of EFI’s Financial Position by category or activity. Operations are directly related to our agreement with the State of Florida Department of Economic Opportunity. Administered are funds awarded by the State to various grantees and administered by EFI. Corporate is investor activity and the use of those funds. Restricted is funding earmarked for a specific use only for programs such as Base Protection, Florida Defense Support Task Force, Small Business Technology Growth Fund, State Small Business Credit Initiative, Rural Strategic Marketing, and Technology related programs. Statement of Activities (Attachment B) The Statement of Activities provides a comparison of EFI's revenues and expenses compared to the budget approved by the Board. Information for the prior year is presented for comparative purposes. Information is presented for the quarter ending March 31, 2015 and 2014 on Attachment B-1. Attachment B-2 provides the detail through nine months of the fiscal year, formatted in the same manner as EFI’s Financial Position. Revenues Revenues include state funding, investor contributions, program fees, and interest. The revenues are either collected or billed by year end. For the quarter ending March 31, 2015, the third quarter revenue from the state has been recorded and is expected to be received in May 2015. Corporate contributions were budgeted at $1,600,000 for FY 2014/15, a $200,000 increase over FY 2013/14. Contributions are budgeted on a straight-line basis throughout the fiscal year, with collections varying based on the anniversary dates of the investors. The amount collected as of quarter-end was $1,100,000.

Revenue earned and collected through the end of March was on track with the budget and it is anticipated that EFI will end the year on track as well. Expenses Through the end of the year, EFI had incurred expenses of $14.7 million compared to $14.0 million in 2014 and is under budget year-to-date. Most of the other expense categories are under budget year-to-date. As for Advertising & Marketing, commitments have been made on these funds in support of the Team Florida Marketing Program.

Additional Schedules In addition, to assist in the analysis of EFI’s financial performance, included on the last page is a schedule of the administered activity detailing the category of programs by award year. The first column, the Contract Award, is a memo column indicating the expected total to be awarded. The next three columns track the actual flow of funds from the State to EFI, then to the Recipients. The last column total supports the Administered category of activity included in the detail of EFI’s Financial Position included on Attachment A-2 for March 31, 2015. For additional information, contact: Pamela Murphy, Vice President, Finance and Accounting T 407-956-5644 pmurphy@eflorida.com

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Enterprise Florida and Florida Sports Foundation Combined Statement of Financial Position - Unaudited

Attachment A-1 ($ in Thousands)

Enterprise Florida Finance and Compensation Committee Meeting | April 21, 2015

$ %2015 2014 Change Change

Assets1 Cash and Cash Equivalents - unrestricted 13,535$ 12,090$ 1,445$ 11.95% (A)

2 Cash and Cash Equivalents - restricted 41,432 26,088 15,344 58.82% (B)

3 Cash and Cash Equivalents - escrow 85,763 49,499 36,264 73.26% (C)

4 Accounts Receivable 5,392 5,129 263 5.13% (D)

5 Accounts Receivable-SSBCI 2,860 12,586 (9,726) -77.28% (AB)

6 Loans Receivable-SSBCI 20,034 15,980 4,054 100.00% (E)

7 Loans Receivable-FSBTGF 450 150 300 100.00% (F)

8 Investments-FSBTGF 600 - 600 100.00% (G)

9 Other Assets 1,045 808 237 29.33% (H)

10 Total Assets 171,111$ 122,330$ 48,781$ 39.88%

Liabilities and Net Assets11 Accounts Payable and Other Liabilities 1,502$ 1,188$ 314$ 26.43% (I)

12 Deferred Revenue 3,523 3,059 464 15.17% (J)

13 Escrow Payable 85,710 49,468 36,242 73.26% (C)

14 Grants Payable 2,356 751 1,605 213.72% (Z)

15 Total Liabilities 93,091 54,466 38,625 70.92%

Net Assets16 Temporarily Restricted 64,390 54,994 9,396 17.09% (B)

17 Unrestricted 13,630 12,870 760 5.91% (K)

18 Total Net Assets 78,020 67,864 10,156 14.97%

19 Total Liabilities and Net Assets 171,111$ 122,330$ 48,781$ 39.88%

(A)

(B)

(C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met.The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis.

(D)(E)(F)(G)

(H)

(I)

(J)

(K)

(L)

(M)

(N)

(O)(P)

(Q)(R)(S)

(T)

(U)

(V)

(W)(X)

(Y)

(Z)

(AA)

(AB)

Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis.

Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase.

Advertising & marketing is on track to spend based on their marketing plan.

International offices higher than last year at this point in time, but on track with the budget for the year.

Professional Fees are in line with the budget.

The travel budget was increased for FY 2014/15 to support the needs of the organization.

Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on when funds are received from the State, as well as, when payments are made to the grantees.

Unrestricted net assets to be used for operations and administered programs.

State operating funds for Florida Sports Foundation.State operating funds for Enterprise Florida.

Program expenses related to the FL Sports Foundation.

Accounts receivable includes the third quarter appropriation and trade accounts receivable.

Other assets include fixed assets and prepaid expenses.Accounts payable increased related to general operations.

Loan receivables administed under the Florida Small Business Technology Growth Fund Program.Investments made under the Florida Small Business Technology Growth Fund Program.

Unrestricted funds for operations and administered programs.

Loan receivables administed under the State Small Business Credit Support Initiative Program.

March 31

Accounts receivable related to the SSBCI program for capital and administrative expenses.

Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase.

Revenue related to events directly offset event expenses.Other revenues from administrative fees, interest, and sponsorships.Payroll and benefits is comparable to last year but under budget for the year.Operating, general and administrative costs are slightly under budget for the year.Program expenses and events are offset by event related revenue.

Major grants awarded by FL Sports. Grants are funded by revenues received in the current and previous fiscal years.Legislative appropriated grants administered by EFI.

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Enterprise Florida and Florida Sports Foundation Combined Statement of Financial Position - Unaudited

Attachment A-2 ($ in Thousands)

Enterprise Florida Finance and Compensation Committee Meeting | April 21, 2015

Operations Administered Corporate Restricted TotalAssets

20 Cash and Cash Equivalents - unrestricted 7,418$ 3,191$ 2,926$ -$ 13,535$ 21 Cash and Cash Equivalents - restricted - - - 41,432 41,432 22 Cash and Cash Equivalents - escrow 85,763 - - - 85,763 23 Accounts Receivable 5,392 - - - 5,392 24 Accounts Receivable-SSBCI - - - 2,860 2,860 25 Loans Receivable-SSBCI - - - 20,034 20,034 26 Loans Receivable-FSBTGF - - - 450 450 27 Investments-FSBTGF - - - 600 600 28 Other Assets 1,031 - - 14 1,045 29 Total Assets 99,604$ 3,191$ 2,926$ 65,390$ 171,111$

Liabilities and Net Assets30 Accounts Payable and Other Liabilities 1,499$ 3$ -$ -$ 1,502$ 31 Deferred Revenue - 3,188 - 335 3,523 32 Escrow Payable 85,710 - - - 85,710 33 Grants Payable 2,356 - - - 2,356 34 Total Liabilities 89,565 3,191 - 335 93,091

Net Assets35 Temporarily Restricted - - - 64,390 64,390 36 Unrestricted 10,704 - 2,926 - 13,630 37 Total Net Assets 10,704 - 2,926 64,390 78,020

38 Total Liabilities and Net Assets 100,269$ 3,191$ 2,926$ 64,725$ 171,111$

Operations Administered Corporate Restricted TotalAssets

39 Cash and Cash Equivalents - unrestricted 7,846$ 2,794$ 1,450$ -$ 12,090$ 40 Cash and Cash Equivalents - restricted - - - 26,088 26,088 41 Cash and Cash Equivalents - escrow 49,499 - - - 49,499 42 Accounts Receivable 4,686 - - 443 5,129 43 Accounts Receivable-SSBCI - - - 12,586 12,586 44 Loans Receivable-SSBCI - - - 15,980 15,980 45 Loans Receivable-FSBTGF - - - 150 150 46 Investments-FSBTGF - - - - - 47 Other Assets 793 - - 15 808 48 Total Assets 62,824$ 2,794$ 1,450$ 55,262$ 122,330$

Liabilities and Net Assets49 Accounts Payable and Other Liabilities 1,185$ -$ -$ 3$ 1,188$ 50 Deferred Revenue - 2,794 - 265 3,059 51 Escrow Payable 49,468 - - - 49,468 52 Grants Payable 751 - - - 751 53 Total Liabilities 51,404 2,794 - 268 54,466

Net Assets54 Temporarily Restricted - - - 54,994 54,994 55 Unrestricted 11,420 - 1,450 - 12,870 56 Total Net Assets 11,420 - 1,450 54,994 67,864 57 Total Liabilities and Net Assets 62,824$ 2,794$ 1,450$ 55,262$ 122,330$

March 31, 2014

March 31, 2015

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Enterprise Florida and Florida Sports Foundation Combined Statement of Activities - Unaudited

Attachment B-1 ($ in Thousands)

Enterprise Florida Finance and Compensation Committee Meeting | April 21, 2015

Actual Budget Difference Actual Budget Difference

Revenues:58 State Appropriations - EFI 10,800$ 10,800$ -$ (L) 10,800$ 10,800$ -$ 59 State Appropriations - FSF 3,014 2,963 51 (M) 1,881 1,650 231 60 Private Cash Contributions 1,100 1,200 (100) (N) 1,261 1,446 (185) 61 Registration and Participation Fees 868 1,070 (202) (O) 1,574 1,874 (300) 62 Other Revenues 1,059 939 120 (P) 460 1,226 (766) 63 Total Revenues 16,841 16,972 (131) 15,976 16,996 (1,020)

Expenses:64 Payroll and Related Costs 6,354$ 6,445$ (91)$ (Q) 6,197$ 7,024$ (827)$ 65 Operating, General and Administrative 2,317 2,338 (21) (R) 2,679 2,330 349 66 Program Expenses and Events - EFI 1,495 1,446 49 (S) 1,449 2,406 (957) 67 Program Expenses and Events - FSF 1,004 1,120 (116) (T) 362 687 (325) 68 International Offices 1,543 1,593 (50) (U) 1,323 1,548 (225) 69 Professional Fees 678 812 (134) (V) 517 713 (196) 70 Advertising & Marketing 578 1,129 (551) (W) 1,058 1,088 (30) 71 Travel 701 548 153 (X) 418 479 (61) 72 Total Expenses 14,670 15,431 (761) 14,003 16,275 (2,272)

73 Change in net assets - operations 2,171 1,541 630 1,973 721 1,252 74 Change in net assets - temp restricted 6,590 - 6,590 (Y) 15,280 - 15,280 75 Change in net assets - committed grants (1,450) (1,541) 91 (Z) (934) (721) (213) 76 Net assets, beginning of period 70,709 - 70,709 51,545 - 51,545 77 Net assets, end of period 78,020$ -$ 78,020$ 67,864$ -$ 67,864$

78 Revenue - Pass Throughs & Grants 1,096 - 1,096 (AA) 1,301 - 1,301 79 Expenses - Grants to Other Organizations 1,096 - 1,096 (AA) 1,301 - 1,301

80 Revenue - Temporarily Restricted 12,055 - 12,055 (Y) 19,414 - 19,414 81 Expenses -Temporary Restricted 5,465 - 5,465 (Y) 4,134 - 4,134

82 FSF Grants - Committed 1,450 1,541 (91) (Z) 934 721 213

(A)

(B)

(C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met.The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis.

(D)(E)(F)(G)

(H)

(I)

(J)

(K)

(L)

(M)(N)

(O)

(P)

(Q)(R)(S)

(T)

(U)

(V)

(W)(X)

(Y)

(Z)

(AA)

(AB)

Major grants awarded by FL Sports. Grants are funded by revenues received in the current and previous fiscal years.Legislative appropriated grants administered by EFI.

Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase.

Unrestricted funds for operations and administered programs.

Accounts receivable includes the third quarter appropriation and trade accounts receivable.Loan receivables administed under the State Small Business Credit Support Initiative Program.Loan receivables administed under the Florida Small Business Technology Growth Fund Program.

Advertising & marketing is on track to spend based on their marketing plan.

Operating, general and administrative costs are slightly under budget for the year.Program expenses and events are offset by event related revenue.

Payroll and benefits is comparable to last year but under budget for the year.

Program expenses related to the FL Sports Foundation.

International offices higher than last year at this point in time, but on track with the budget for the year.

Other assets include fixed assets and prepaid expenses.Accounts payable increased related to general operations.

Unrestricted net assets to be used for operations and administered programs. State operating funds for Enterprise Florida.

Investments made under the Florida Small Business Technology Growth Fund Program.

State operating funds for Florida Sports Foundation.Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis. Revenue related to events directly offset event expenses.Other revenues from administrative fees, interest, and sponsorships.

Accounts receivable related to the SSBCI program for capital and administrative expenses.

Professional Fees are in line with the budget.

The travel budget was increased for FY 2014/15 to support the needs of the organization.Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase.

Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on when funds are received from the State, as well as, when payments are made to the grantees.

March 31, 2015 March 31, 2014

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Enterprise Florida and Florida Sports Foundation Combined Statement of Activities - Unaudited

Attachment B-2 ($ in Thousands)

Enterprise Florida Finance and Compensation Committee Meeting | April 21, 2015

Operations Administered Corporate Restricted Total

Revenues:83 State Appropriations-EFI 10,800$ -$ -$ -$ 10,800$ 84 State Appropriations-FSF 3,014 - - - 3,014 85 Private Cash Contributions - - 1,100 - 1,100 86 Registration and Participation Fees 868 - - - 868 87 Other Revenues 1,059 - - - 1,059 88 Total Revenues 15,741 - 1,100 - 16,841

Expenses:89 Payroll and Related Costs 6,354$ -$ -$ -$ 6,354$ 90 Operating, General and Administrative 1,622 - 695 - 2,317 91 Program Expenses and Events-EFI 1,495 - - - 1,495 92 Program Expenses and Events-FSF 1,004 - - - 1,004 93 International Offices 1,543 - - - 1,543 94 Professional Fees 678 - - - 678 95 Advertising & Marketing 578 - - - 578 96 Travel 701 - - - 701 97 Total Expenses 13,975 - 695 - 14,670

98 Change in net assets - operations 1,766 - 405 - 2,171 99 Change in net assets - temp restricted - - - 6,590 6,590 100 Change in net assets - committed grants (1,450) - - - (1,450) 101 Net assets, beginning of period 10,388 - 2,521 57,800 70,709 102 Net assets, end of period 10,704$ -$ 2,926$ 64,390$ 78,020$

103 Revenue - Pass Throughs & Grants - 1,096 - - 1,096 104 Expenses - Grants to Other Organizations - 1,096 - - 1,096

105 Revenue - Temporarily Restricted - - - 12,055 12,055 106 Expenses -Temporary Restricted - - - 5,465 5,465

107 FSF Grants - Committed 1,450 - - - 1,450

Operations Administered Corporate Restricted Total

Revenues:108 State Appropriations-EFI 10,800$ -$ -$ -$ 10,800$ 109 State Appropriations-FSF 1,881 - - - 1,881 110 Private Cash Contributions 248 - 1,013 - 1,261 111 Registration and Participation Fees 1,574 - - - 1,574 112 Other Revenues 460 - - - 460 113 Total Revenues 14,963 - 1,013 - 15,976

Expenses:114 Payroll and Related Costs 6,197$ -$ -$ -$ 6,197$ 115 Operating, General and Administrative 2,313 - 366 - 2,679 116 Program Expenses and Events-EFI 1,449 - - - 1,449

Program Expenses and Events-FSF 362 - - - 362 117 International Offices 1,323 - - - 1,323 118 Professional Fees 517 - - - 517 119 Advertising & Marketing 1,058 - - - 1,058 120 Travel 418 - - - 418 121 Total Expenses 13,637 - 366 - 14,003

122 Change in net assets - operations 1,326 - 647 - 1,973 123 Change in net assets - temp restricted - - - 15,280 15,280 124 Change in net assets - committed grants (934) - - - (934) 125 Net assets, beginning of period 11,028 - 803 39,714 51,545 126 Net assets, end of period 11,420$ -$ 1,450$ 54,994$ 67,864$

127 Revenue - Pass Throughs & Grants - 1,301 - - 1,301 128 Expenses - Grants to Other Organizations - 1,301 - - 1,301

129 Revenue - Temporarily Restricted - - - 19,414 19,414 130 Expenses -Temporary Restricted - - - 4,134 4,134

131 FSF Grants - Committed 934 - - - 934

March 31, 2014

March 31, 2015

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Enterprise Florida and Florida Sports Foundation Detail of Administered Activities by Program

Enterprise Florida Finance and Compensation Committee Meeting | April 21, 2015

Funds FundsReceived Funds In

Contract From Paid To HouseAwarded State Recipients 3/31/2015

Base Protection:132 Awarded in 12/13 8,580 8,580 6,181 2,399 133 Awarded in 11/12 18,950 18,701 18,701 -

Defense Infrastructure:134 Awarded in 14/15 1,600,000 - - - 135 Awarded in 13/14 1,600,000 450,000 200,000 250,000 136 Awarded in 12/13 1,581,245 777,402 336,849 440,553 137 Awarded in 11/12 1,581,245 1,423,484 593,697 829,787 138 Awarded in 10/11 5,000,000 4,702,583 3,926,682 775,901 139 Awarded in 09/10 1,367,325 1,385,457 1,256,479 128,978 140 Awarded in 08/09 10,600,000 10,599,925 10,599,925 - 141 Awarded in 07/08 2,782,000 2,112,414 2,112,414 - 142 Awarded in 06/07 5,314,500 3,635,718 3,582,756 52,962 143 Awarded in 04/05 3,550,000 3,020,000 2,568,697 451,303

Defense Reinvestment:144 Awarded in 14/15 850,000 - - - 145 Awarded in 13/14 850,000 850,000 593,895 256,105 146 Awarded in 12/13 850,000 817,162 817,162 - 147 Awarded in 11/12 850,000 810,232 810,232 - 148 Awarded in 10/11 850,000 774,809 774,809 -

Interest (payable to the State of Florida)149 Received 14/15 - - - 3,348

150 Ending Balance 39,253,845 31,386,467 28,198,479 3,191,336

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Enterprise Florida Finance and Compensation Committee Meeting | April 21, 2015

Enterprise Florida Board of Directors Finance & Compensation Committee 2015 Proposed Meeting Dates

PROPOSED DATES PROPOSED AGENDA ITEMS

July 2015 - TBD Teleconference

• Approve Draft Minutes of April 21, 2015 meeting • Review and approve unaudited financial statements for the quarter ending

June 30, 2015 • Review and approve budget for FY 2015/16 • Review and approve incentive compensation pool of funds for staff for FY

2014/15

August 19, 2015 In Person – Ponte Vedra

• Review the Senior Management Team FY 2014/15 Performance Evaluations • Review, conduct, and approve the President and CEO’s FY 2014/15

Performance Evaluation

October 2015 - TBD Teleconference

• Approve Draft Minutes of July and August meetings • Review and approve unaudited financial statements for the quarter ending

June 30, 2015

October 21, 2015 In Person – Orlando

• Annual joint meeting with EFI’s Audit Committee • Review and approve annual audited financial statements for FYE 6/30/2015 • Review and approve retirement savings plan audited financial statements for

calendar year 2014 • Review and approve internal audit report on Enterprise Florida’s Capital

Programs – Phase 2 (if completed) • Conduct Executive Session with Audit Firms

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