September 2018 Board Meeting Minutes

Water Street Studios Board Meeting
Wednesday 9/12/18 7:30 am

Attendance:

Dani, Maureen, Steve, Buzz, Kurt, Jessica, Richard, Stacey, Kerri Ann, Christine (absent: Chris)

Meeting called to order: 7:38 a.m.

Minutes

Moved to approve by Kurt, Second by Buzz.  Motion passed.

Treasurer’s report

CPA Audit Selection

Steve and Stacey shared that they called references of two audit & tax preparer options:  Slupik and Porte Brown.

Steve, Dani and Stacy recommended the board consider moving forward with Slupik over Porte Brown based on a combination of references and cost estimates

Board discussed the pros and cons for each option.

Christine moved to hire Slupik, Kurt seconded.  Motion passed.

WSS Investment Policy & Cash Reserve Policy

Board discussed the need to form a Finance Committee to finalize a Water Street Investment policy

Buzz moved to approve the formation of the Finance Committee that would consist of the Water Street President, VP and Treasurer plus one other member of the board to be determined by the President, VP and Treasurer.  Jessica seconded. Motion passed.

Board briefly discussed the WSS Cash Reserve Policy submitted for review by Stacey (WSS Treasurer)

Kurt moved to approve the operating reserve policy as submitted to the board for review.  Maureen seconded.  Motion passed

Presidents Report

Secretary position

Steve said that although Chris was unable to attend today’s meeting, he spoke with him and confirmed he wanted to be installed as Water Street Secretary

Kurt moved that Christopher Mortenson be installed as Secretary, replacing Ramon who had to resign from the board due to a change in work/work schedule (Ramon will remain on Water Street’s Advisory Council).  Buzz seconded.  Motion passed.

New Business (New biz moved to 8:00 a.m. to accommodate guest speaker schedule)

Lawyer Julie Proscia held a training session for the board, reviewing several key areas of our by-laws and discussing associated legal issues to be aware of and vigilant about.

Executive Director’s Report

Adjusted Budgets

Water Street Studio’s budget has been updated to include two new staff positions (outreach assistant and executive assistant). The board discussed that the updated budget does not include any funds that are likely to be raised as a result of the 9th anniversary auction, Winterfest, or anything raised beyond $10K for giving Tuesday. Therefore, the feeling was that there was no immediate cause for concern relative to the projected shortfall.

Kurt asked if WSS class revenue was still on budget for the year because if that area was falling short it would further increase the budget gap. Christine/Dani to review budgets with Karine and report back on findings. (If available, we will invite Karine to next board meeting to discuss numbers). 

Executive Assistant Position 

Board discussed the proposed executive assistant position

Kurt moved to approve the position, Jessica seconded.  Motion passed

Giving Tuesday Campaign

Dani explained that we hope to raise money on #GivingTuesday in three ways: Individual peer to peer giving, matching donors, employer matching gifts

Board discussed how they would work to help raise money across the three fund raising areas above and briefly reviewed how to set up an individual social media peer to peer giving channel

Currently, budget assumes WSS will raise $10K during #GivingTuesday, but Exec Director and board feel that with some effort, actual fundraising could be as high as $40K

IACA Grant

Dani let the board know that WSS received a grant of $14,700 from the IACA

Gallery/Events

9th Anniversary Show & Silent Art Auction is Friday, September 14th.  Please be sure friends and family know!

Old Business

Fox River Arts Partnership

Dani reviewed the Fox River Art Partnership opportunity

Buzz moved we explore the possibility of a partnership with Fox River Arts. Kurt seconded.  Motion passed.

New Business

None discussed

Kurt motioned to adjourn at 9:32 a.m. Christine seconded