November 2018 Board Meeting Minutes

Water Street Studios Board Meeting
Wednesday 11/14/2018 7:30 am

Attendance:

Dani Hollis, Steve Newman, Rich DeVeau, Buzz Miller, Kurt Hagemann, Jessica Breugelmans, Stacey Sargent, Christine McFadden, Chris Mortenson (Kerri Ann Reavis & Maureen Gasek Absent)  

Meeting Called to Order: 7:50 am

Minutes:

Motion to approve October Minutes by Kurt, Seconded by Buzz. Motion Passed.

Note: Christine wanted to check that language in October Minutes had been updated to per her advice, Chris was able to confirm that the October Minutes reflected the update.

Treasurer’s Report

Audit Overview with Slupik CPA

Ashley and Ted (Auditors) were in from 8:00 am to 8:25 am to present their findings and answer questions Board Members might have.

Auditors provided the Board with an overview of their findings and suggestions moving forward to continue being responsible and adhering to best practices. The recommendations were as follows:

-       Treasurer of the Board will be reviewing bank reconciliation forms on a scheduled basis.

-       Dani and Stacey are to start recording outstanding checks in a spreadsheet to get a more accurate and accessible view of cash on hand.

-       The Board will open a new account specifically for Security Deposits.

Transfer of funds to Money Market – Approval

Stacey brought to the Board a proposal to transfer all but $35,000 to bring to a Money Market Account. The account would operate as a traditional Money Market Account with some of the functionality of a Checking Account.

Steve advised that the account be set up provided the following was met while maintaining the proposed Money Market Account:

1.     The account be reviewed no less than on a Quarterly basis;

2.     Should our current accounts reach in excess of $35,000, we are to transfer funds to the Money Market Account.

Prior to establishing the proposed Money Market Account, we must complete the following:

1.     Set up a Security Deposit Account per the Auditor’s recommendations.

2.     Build up our current Account with the proposed $35,000.

Provided the above stipulations were met, the Board would approve the proposed Money Market. Under these conditions Christine Motioned to approve the proposition, Kurt seconded the motion.  

President’s Report

Update on Board Positions & Recruitment

Steve had notified the Board that a board member may resign due to personal reasons. In the same discussion, it was reiterated that another board member is looking to resign near the months of January and February. There are two potential individuals the Board is looking to meet with in the coming weeks to recruit.

Resident Artist Requirement – Discussion

The Board was reminded about the language in our organizing documents, “… it is recommended that there is an artist that serves on the Board…”

Executive Director’s Report

Giving Tuesday

Dani had reminded the Board to set up their individual donation page by the 23rd and to continue to have their networks to donate to Water Street Studios in the coming weeks.

Water Street is now hosting a Giving Tuesday event with Kiss the Sky to raise funds on the day of. There will be a 50/50 split in proceeds with the Fox Valley Music Foundation.

-       Create Page: Deadline November 23

-       Update on pledges

-       Share video and get pledges with friends and family

Update on Executive Assistant

Ryan, Water Street Studio’s new Executive Assistant, has been a great addition to the daily operations of the facility. He has show interest in the artist community, been enthused to be part of gallery openings, and is actively giving tours of the gallery space to visitors.

Studios

Water Street Studios has developed a new welcome packet and brochure for new Resident Artists. There has also been a formal exit interview process that has been developed. Both, the welcome packet and exit interview have not been utilized yet since their development.  

Education/Outreach

Ripple Effect classes are being moved to Water Street on-site facility classrooms. This shift only applies to Batavia classes, North Aurora and Aurora classes are still going to be off-site.

Gallery/Events

Chicago Capital Gallery (Approval)

No vote or motion. There have been changes made to the document after it was distributed to the Board for review. In light of this, the Board can-not vote upon the proposal. Steve will review the revised document and a vote will be conducted via email.  

Winterfest Art Market – Update

-       There will be a vendor pre-party to go over the procedures and how the event will occur with all vested parties.

-       It has been identified that the event is in need of more bartenders.

-       Dani is looking into insurance on the venue.  

Old Business

Advisory Council

Dani reiterated that the Advisory Council are all individuals working on their own projects and are contributing to WSS through their own assets or unique community.

Special Event Coordinator Proposals

There have been four new proposals. The Board will be reviewing proposals between the months of December and January.

Fox River Arts MoU (Approval)

Brief question session to clarify language. Chris Motioned the Fox River Arts MoU as currently proposed, Buzz seconds, no objections.

New Business

Grant for Mural at Dunham Fund

Mural project is currently underway.

Kurt Motioned to adjourn at 9:27 am. Buzz Seconded.