August 2018 Board Meeting Minutes

Water Street Studio Board Meeting
August 8, 2018

Attendance:

Dani, Buzz, Richard, Steve, Maureen, Chris, Stacey

Meeting Called to Order by Steve: 7:40 AM

Minutes: Motion to approve July meeting minutes - Richard, Seconded -  Buzz

Treasurer’s Report - Stacey

Stacey had sent report to Board Members on 8/7/2018 after having balanced the books. Both Dani and Stacey reminded the Board that this meeting is a full week prior to typical meetings, which reflected on the report in various manners such as checks not being deposited, new deposits not reflecting on the books yet, and there being a discrepancy with the Education line item. Moving forward, should we run into a similar issue with the Board meeting time, it was asked that the Treasurer’s Report be delayed and emailed to Board Members to mitigate any confusion or errors in the book.

Dani will be looking into the report. Stacey will be working with Dani and Mary Beth to figure out why there is a Gross Loss on this Education line item.

Stacey and Dani had attended a workshop during the first week of August to learn more about accounting regulations tied to operating a non-profit. From their workshop, they had met a consultant that Dani would be talking to after the meeting to discuss in what capacity their firm might be able to help us prepare for the audit.

Stacey will be developing a cash reserve policy and investment policy. These policies are a result of our grant funding arm that is continuing to grow.

President’s Report - Steve

Steve had reminded us that September Board Meeting will contain training for the newly inducted Board Members at the beginning of the session.

Steve had also brought up that our previous secretary, Ramon, will no longer be serving with us as a Board Member but is as committed as ever.

Note: We would prefer to have a current Member serve as the Secretary opposed to one of the new Board Members.

Executive Director’s Report - Dani

Financial Audit Bids Summary:

We were not able to approve any auditor during August’s meeting as the favored auditor from the prospectus process will have to provide more information regarding their background.

Request for Information Questions:

Are you a CPA, or will a CPA be conducting the Audit? (their signature did not contain the initials on the line)

NOTE: Pending approval based upon the auditor’s credentials, look for emails through the remaining week as a status update. Also, look for emails pertaining to the review of the Engagement Letter.

Strategic Plan:

Motion to accept the current strategic plan and publication of the documents available for marketing purposes - Rich, Seconded - Buzz

NOTE: This strategic plan is intended to be revisited on a yearly basis to ensure we are continuing to abide by our mission and promises to our stakeholders and the public.

NEA Grant Awarded for $10,000

Dani had informed us that Water Street Studios (WSS) has been awarded a grant from the National Endowment for the Arts with a max limit of $10,000. This grant is a reimbursement grant, the example used (and our intended use for the grant) was in relation to paying utilities. This is not a retroactive grant, we are able to start showing proof of payments only going forward till we reach the $10,000 limit.

Studios

Dani reported to the Board that she has not yet received any negative feedback to the cover letter sent last month in regards to the standardization of studio rent.

Dani had brought to the attention of the Board the new policy within the 3D Studio Space of putting priority on classes and not personal work. This policy came to fruition as a result of a dispute between two 3D Studio Space tenants.  

Gallery / Events

9th Year Anniversary Auction: Steve had updated the Board that there are currently 30 pieces that have been submitted and they are looking for more. Many of the pieces are valued at $500 opposed to last year’s $100. Steve is also in the process on creating an online auction site.

10th Year Event: Dani has formed the committee that consists of - Dani, Jaime, Maureen, Jessica, and Kerri Ann. The initial thought behind the anniversary was to hold a large event with a series of art unveiling. After reviewing the logistics it was decided that we would not be able to effectively execute the Anniversary to the fullest potential on a grand scale; rather it has been decided to still have a public art component but focus our efforts on a manageable scale.

Fashion Show: May 10th Event Date. The event will consist of several parts, Interactive Show, Panel Discussion, and Showroom that will have merchandise for sale.

Winterfest: The fest will be partnered with the Batavian Artisan Collective. The event will change from 2 weeks to 1 week. The Winterfest logo is currently being worked on by Batavia Artisan Collective and Dani.

NOTE: The loading dock will be donated to all the events listed above.

Old Business:

Fox River Arts: Fine Line was confirmed that they are not allowed to carry the entity on the books. As a result WSS will continue to review the LLP agreement that would have to be set up between Fine Line, Water Street Studios, and St. Charles Artist Collective. The Board has decided that it is still in our best interest to move forward with the Fox River Arts Podcast and collective as it directly services our mission to be community centric and focused.

To secure the $1,300 in association with the Fox River Art collective we would need to form the LLP by September.

You Name It Events Proposal: Dani and Jamie were not able to find comparable quotes to figure out the effectiveness of the program of event rentals hosted by WSS.

Insurance Policy: Dani gave a quick recap on the breakdown of insurance policies WSS is paying into.

Grant Matrix: Dani had generated a breakdown of all past grants that have been applied to by her offices.

Note: There is still a grant that is under review for $25,000 (First National Bank)

New Business

IL Give for Giving Tuesday - Goal $20,000

The board is moving towards the creation of an event around giving tuesday. We are going to distinguish ourselves by creating urgency around building community partnerships and matchmaking goals. There will also be an online component that is being explored.