May 11, 2004 Unapproved Minutes

Present: Laura, Steve, Adam, Jonathan, Myron, Winsor, Marlaine,
Alan, Clay, Manny

# Sean Daly, Marlaine Noel, Brian Jepson, Clay Rockefeller,
# Winsor Pop, Alan Addison, Michael Chazan, Jonathan Bonner, Adam Reich,
# Steve Durkee, Mary Ann Hewitt-Howe, Sara Archambault, Myron Beasley

Not Present: 

Staff: Bert, Robin, Rachel, Lucie, Shawn

1) Steve: Call to order, 6:07

2) Approval of the Minutes:

  MOTIONED: Jonathan
  SECONDED: Laura
  SO MOVED

3) Board Chair report (Steve)

  * Need 100% involvement from Board members in the Capital Campaign

  * Multiyear committment for financial support

4) Fiscal Report (Shawn)

  * Looking for a Treasurer (Sean Daly is acting as Treasurer)

  * Fiscal COmmittee (Treasurer, Ray, Shawn) will meet prior to board meeting

  * Board received a handout showing quarterly P&L and a cash analysis.
    The handout included the promised report for the board showing 
    Budget vs. Actuals.

    - In terms of cash, we are $196k favorable to budget.

    - However, some of that figure is restricted (for example,
      some of the Lila Wallace money came in earlier than 
      expected).

    - This money is broken down on the second sheet.

    - Reality of the budget is a $30k budget shortfall as of the end
      of March. (Exactly what staff projected six months ago). Right 
      now, it's more like $36k

    - But it looks like we'll offset this with some unanticipated
      gains from the Fools Ball (Fools Ball Committee has exceeded
      expectations.

    - Jonathan asked whether, and Shawn agreed that, one way to look at 
      the shortfall is that $12,000 of it is from last year's deficit.

    - One potential offset it is that we've decided to charge 20% overhead
      to the Capital Campaign for the the time that Bert and Mark spend, as
      well as office resources.

      + (There are a number of grants that are exempt from overhead, though)

      Also, one goal of the campaign is to eliminate debt, currently costing
      us around $35k per year.

5) Capital Campaign Report (Lucie)

  * We have committed (in writing) $851,000

  * In the pipeline, $250k (some of these are pledges within ranges,
    between a and b, etc.)

  * Prospects of $450k


6) Fools Ball Report (Myron)

  * We have some handouts showing the breakdown

    - Showing $41k profit
    - $11k will go into Event shop for future events
    - Total profit of about $30k

  * Two weeks to go

  * Sell those tickets ($25 tickets will be available at the door)

  * We need volunteers

  * Alan showed off the silent auction pieces, which are awesome

7) Communications Committee (Bert)

  * Conclusion was that we could define the role of a communications
    person/publicist (although no budget exists for this), assess
    whether there is a need, and define the responsibilities.

  * Staff has started updating the board with information, and that's in 
    the process of being turned into fewer information-rich, rather than
    many random email messages.

  * Sam wants direction from us in terms about whether he should come
    every month and talk about Broad St, whether we have specific questions,
    and is very open to input from the Board.

    Several Board members indicated they would like to see Sam attend the
    Board meetings.

8) Director's Report (Bert)

  * Pretty much covered in Communications Committee

  * Broad Street got an award at the first lighting of WaterFire

  * Call to action: Board members need to think about their contacts in
    the community and how they might be able to help us reach potential
    donors and supporters. Don't overlook the contacts you have or
    access you may be able to provide.

9) New Business (Robin)

  * Annual Fund, four funds that donors can contribute to

9) Adjourned at 7:18
  MOTIONED: Laura
  SECONDED: Alan
  SO MOVED