July 2018 Board Meeting Minutes

Water Street Studio Board Meeting
July 11, 2018

Attendance: Dani, Buzz, Stacey, Richard, Steve, Maureen, Chris, Jessica, Christine, Kerri, Kurt

Meeting Called to Order by Steve:  7:38 AM

Minutes:  Motion to approve the minutes - Kurt, Seconded - Chris

Board Member Installation

Christine motioned to install three new board members: Jessica Breugelman, Maureen Gasek, Kerri Ann Reavis

All were in favor; new board members were installed!  Welcome Maureen, Jessica and Kerri!

Treasures Report - Stacey

Water Street previous year budget to actual were very close to matching exactly. No financial surprises over the last month. Detailed reporting will be sent out after the meeting. Dani, Stacey and Walt will spend the coming month reviewing balance sheet. Water Street now required to do an annual audit as we are over $300K in contributions.  Estimate to do this audit each year is about 2% of annual contributions. For this year we are assuming cost will be $8K as this will be our first time.  Walt does not do audits, but provided us with recommendations of people who do.  We will also need to get a few other quotes from other firms to ensure due diligence. Audit is due December 2018. Walt suggested the board set a threshold for Water Street depreciable assets.  Recommendation was to set at $500. Chris moved to set the threshold for depreciable assets at $500

Kurt Seconded.

Motion passed

President’s Report - Steve

As we now have three new board members, the board discussed if monthly meeting time should remain at 7:30 a.m.  Everyone agreed it should remain as-is.

Insurance requirements are such that the board was asked to sign a document saying they would waive any rights to workman’s comp.  Anyone with questions were directed to talk with Steve/Dani.

Executive Director’s Report - Dani

Director of Education Salary Proposal

Move to approve Karine’s salary proposal as submitted - Kurt

Seconded - Buzz

Motion Passed

Outreach Assistant Proposal: This new position would work with Karine on a variety of necessary outreach activities.  Hours per week would be approx. 6 - 8 hours with a max of 30 hours per week and/or 40 hours per month.  Hours will be tracked via existing weekly time sheets. Already have someone identified for this position who has been doing this work on a volunteer position.

Pay per hour for the position was discussed and will be taken back to a smaller group of Dani, Kurt and Chris for further research and recommendation.

Karine/Dani will also rewrite the formal job description to include maximum hours and specifics on how time will be tracked.

Executive Assistant to Executive Director: Dani has developed a job description for this new position Before we formally fill the position let’s get through the first quarter of the year before we approve the proposal to ensure dollars are available.  Dani does not have someone in mind.  Part time position to start, average of 25 hours per week. 

Pay per hour for the position was discussed and will be taken back to a smaller group of Dani, Kurt and Chris for further research and recommendation.

Studios - Kurt

Standardization of Studio rent update is as follows: It’s recommended that current resident artist rent changes will occur over a period of three years: Year 1 rental increases will be no more than 3%, year 2 will be no more than 5%, and year 3 increase will be whatever is needed to get to the final standardization amount, based on rent standardization chart that was previously developed.

To provide time for acclamation of rent standardization, everyone that has renewals coming in the next three months will remain at the same rent for the first 3 months of the year and will move to the new rent for the final 9 months of the year.

A letter will be sent out to all resident artists from the board outlining all changes.  This letter will be sent to all board members for review and comment ASAP, then letter will be sent to all resident artists

Education/Outreach- Christine

Nothing new to report this month. 

Gallery/Events - Dani

Water Street Studios’ ten-year anniversary is next year.  A committee is being formed to drive this effort.

Jaime obtained a proposal from “You Name It Events,” an organization that helps organizations to build event programs and packages.  They can also be used as source for event customers, bringing events to us on commission.  Board discussed the overall need for this kind of support, the proposal and potential costs (financial and otherwise) associated with partnering with them.

Board agreed that we should look at this in phases, with phase 1 being development of a more formalized business plan around events at Water Street.  Dani will go back to the organization to get more info on how they would help that initial phase and will report back.

Old Business - Dani

The Water Street Studios summer intern has started work.  She can only work with us for 8 weeks, so Dani is using her primarily to build marketing material and do other design work.

Blues & Roots update: Net income for this event in 2016 was $440.  In 2017, it was $2,800.  In 2018 the projection is $8,500.  Water Street Studios gets half of these amounts. At this point we plan to participate in next year’s Blues & Roots event. 

Town Hall & Strategic Plan Update: Overall the meeting went very well.  Dani is to develop a one page synopsis of meeting outcome(s) relative to strategic plan. Board will review document as soon as it is available with goal to make public in August.

New Business - Dani

Winter Fest Art market is going forward, we now have a partnership with Artisan Collective Batavia which will dramatically reduce the time needed to run the event (without reducing potential profits).

Fox River Arts partnership was briefly discussed; next step is to develop/understand full mission, operations, etc. of the new organization.  More info will be gathered and discussed over the coming months.

Motion to Adjourn Regular Board Meeting:

Motion to adjourn regular board meeting - Christine

Seconded- Buzz

Regular Board Meeting Adjourned at 9:37 am