February 2018 Board Meeting Minutes

Water Street Studios Board Meeting
February 21st, 2018

Attendees: Dani, Steve, Buzz, Kurt, Christine, Stacey, Richard

Meeting Called to Order at 7:38 a.m.

Minutes from January 17th approved

Motion: Kurt; Second: Buzz

Treasurer’s Report: Stacey

Reviewed QB reports and cash on hand. Will move from two WSS checking accounts to one. Less opportunity for errors and easier reporting. Community Foundation/Endowment Fund: Stacey to request a breakdown of investments that go into fund. Rules around fund have been determined: Once a year can take out 4% the average of the previous 12 months.  Can take out the very end or very beginning of our fiscal year. If we come up with a specific use of those funds for this year, we may consider taking 4% out. Otherwise we will leave money in so it can roll over for another year.  Will discuss whether to take out at next fiscal budget meeting.

990 Review: 990 was made available for all board members for review and we discussed. The numbers on 990 look very good year over year (will be good for fundraising). Report will be filed and made available to the public, minus specific names of people who donated funds (will redact for privacy) 

Presidents Report: Steve

6th Amendment to the Lease was reviewed and approved

Move to approve: Kurt, Second: Buzz

Provided an update on Strategic planning meeting.  Discussed there will be three main committees:  Gallery, Education, Studio.

Report on Studio Rental Issues & Opportunities (Kurt)

Rental prices must be reviewed and made more uniform. Going backwards on price per foot: Ave $18 per sq foot in 2008, Ave $16.20 per sq in 2017. Also, we are not uniform with cost per sq foot across studios. Main goal:  Over next 3 years move back to a standardized cost per sq foot across the board (looking at 3D space and 2D space differently.  Agreement that 3D space is worth more) Next step:  Form committee to make recommendations to the board on plan to standardize rents and close financial gap identified

Art Education & Makers Space opportunities (Christine)

This area is generally at break even (within $3K) and running smoothly with Karine’s leadership. Key committee goal:  Help Karine to implement already identified revenue generating opportunities. Next Step:  Christine to meet with Karine to discuss immediate needs and action items

Gallery (Steve)  

More limited on what we can do to cover revenue gap relative to gallery. Steve to work with existing gallery committee to determine how to best drive additional revenue. Insurance for artwork. Currently have a $1K deductible which may be high considering average value of artwork typically on display.  Looking at other options with lower deductibles. Need to determine if and how we continue offering insurance.  Steve to determine next steps/options.

ED Report (Dani)

Committees: Board representatives chosen and committee responsibilities were discussed. Board representatives for each committee are as follows: Studios Committee: Kurt. Education: Christine (Karine B. - chair). Gallery & Events: Richard (Steve S. - chair). Finance: Stacey. Fundraising: TBD (Need to discuss structure of this group within strategic committee). Going forward, each individual above will be responsible for helping to develop and further the goals of each area indicated, and providing associated progress reports at each board meeting

Annual report: Report is finished and Dani will make available online

Updated studio lease: Key change: Clarification and enforcement of rules relative to private instruction within individual studios. Karine will send out a cover letter communicating why we are enforcing new lease. Dani/Karine will meet with individual artists as needed

Print Lab/Clay Lab: Discussed downsizing print making and increasing clay lab opportunities/space. Equipment in print lab not being used and could be sold.  Kim has provided estimated worth of equipment to Dani. Discussed moving clay lab to print lab space.  Provides ability to: Increase class sizes. Increase clay lab makers space sales. Issue identified: mess that clay lab generates closer to artwork

Invoice from Kim Romano reviewed by board. Concern that invoice may be high based on work actually completed. Requested clarification on monthly breakdown on work completed. Dani to make request of Kim

Dunham Fund request was submitted by Dani.  She will report back when she hears more

Dani has secured an in-kind marketing sponsorship $5K from printing company (Fast Color)

Gallery

Looking for live art performance bookings.  Board is encouraged to provide recommendations.  Applications are on line. Gallery is booked for 2018. Currently booking for 2019.

Old Business - Dani

Classroom space renovations: Subject to submitted itemized budget to the board, funds were approved to renovate.  Motion: Kurt  Second: Christine

Marketing internship: Dani has identified an Aurora university student for the position, however she’s Canadian and is waiting for her work visa.  Timing TBD.  Dani will provide an update as it becomes available.

Security cameras: Being installed at entry/exit points of the building

 New Business - Dani

WSS participating in Fox River arts ramble. We are one of two headquarters for event (with Fine Line). Dani working with steering committee to organize; should generate extensive exposure. Dani meeting with Austin about Arts District Partnership

New public hours have been implemented

Two new resident artists have joined WSS. Stephanie Teta: Mixed Media. Terry Ross: Art Dealer

Blues on Water Street planning is underway. Dani is responsible for sponsorships (we make ½ of all sponsorships).  She will be reaching out for help from the board.

 Meeting Adjourned @ 9:29 a.m.

Motion: Kurt; Second: Christine