Board meeting June 23, 2014

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AGENDA - 7:30pm - 180 Sudbury St

Please add your questions/updates. Absent - Kynan, Matt Late (9-9:30) - Dan

  1. Approval of Agenda (2min)
  2. Adoption of minutes from Jan - May Board meetings (15min)
  3. Finance update, budgeting - Kynan/Larry/Brian (10min)
    • Review of projections
      • Use of CIRA grant (and update on status)
      • Review of Tommy's questions, at bottom
    • Update on corporate annual return (due June 30)
    • Update on 51 Vine payments - Larry
    • Anything else?
  4. Grants/funding/partnerships/etc (Brian, Noah, Dan) (10min)
    • Trillium (Brian) - Deadline end of June
    • Alterna (Noah) - education-related, 5k max, deadline end of June
    • Hackernest (Dan) - partnership thoughts.
    • Endeavour
    • Any other updates?
  5. Operations Update - Brian/Dana/Charles/Dan (40min)
    • Update on progress of building committees
      • Recycling operations committee initial meeting summary (Dan/Dana/Larry)
      • Marketing committee update (Brian)
      • Education/Community hub, etc update (Brian)
    • Prioritizing and tracking of tasks (google spreadsheet from Kynan? Other?)
    • Further defining roles and recruiting - Mark Lane and Qian Dong?
    • Any "to do"'s to add for Board members?
  6. Strategic planning committee - Dan/Larry (5min)
  7. Schedule future Board meetings.
  8. Update on conforming with new not for profit act - Noah and Larry - no update
  9. Other items
  10. In camera Board priorities (if necessary)

Tommy's questions from last Board meeting with answers

  • How does a CIRA grant change FreeGeek vs. the TEF grant? (ng - no restrictions/demands for CIRA other than running the programs)
  • Do we still need CARC if we go CIRA grant only? (ng - not for CIRA; we'd just still need CARC if we want to go for a grant which just distributes funds to charities.)
  • Are there any clawback provisions in the CIRA grant (e.g. if we don't meet certain objectives, we have to return money)? (ng - no)

Income Statement Comments:

  • Space Rental revenue forecast - have we done anything to support this new initiative (A{answer} - Brian - The current marketing group working on building some ways of marketing the space, and Charles did some research on pricing. So far we haven't had a hit yet, but we're making another marketing push in the next few weeks. I think once we get a few going, it'll take off.)
    • (space planning, marketing, pricing, roles required, etc.)
  • Consulting & Technician Services, training revenue - I see this had prior revenue but we also do have forecasts for this. (A - just Michael Pacey is doing a small amount of repairs. No plans yet for future)
    • Similar to Space Rental, have we done anything to support this? (A - no, guesses at this point; projection will need to be adjusted as this gets going)
  • Similar question for Donations - have we planned anything to support the forecast? (A - The current plan call for making the call out for donations more visible within classes. Right now this is class revenue - as we'd like teachers to reach out to students and work on a PWYC model. There's thoughts but nothing concrete here yet.)
  • Similar question for Sales Shop forecasts - have we planned anything to support the forecast? (A - planning stages)
  • I see the comment about Shopify - is this live yet? (A - yes, it is live, but not yet marketed)
  • Grants - Besides the $45k, the rest of the grants is TEF? Should we plan on not having TEF? (ng - TEF is extended to March, 2015. If we want it renewed, we need to increase our income (not including grants) rapidly over the next 4 or 5 months. We are going for 100k+ from Trillium with the help of an experienced grant writer. Cautiously optimistic.)
  • Membership revenue - this is new? (A - It's an idea floated around, (which is not bad) that once we get rolling, to offer 'memberships' similar to Tool Library and Bike Pirates, with whom we have much in common. $50/annual membership is a pretty good deal, and you wouldn't need to have a ton of them to make some decent cash.)
  • Wages & Salaries, Rent, Repair & Maintenance, Volunteer Support - these are all increasing in the forecast. Any rationale for this? (A - assume that with more revenue, we'll pay more out. Very high level at this point)

Balance Sheet Comments: (A - Brian is refining the B/S and I/S and will balance and add clarity)

  • We have May 2014 A/R dropping to 100 from 12,877 in prior month (April). Is this accurate? (A - Not accurate, Brian is refining)
  • Similarly, we have May 2014 A/P dropping to 4,000 from 10,926 in prior month. Accurate? (A - Brian is refining)
  • And we have Prepaid Expenses dropping to 0 in April 2014 but increasing to 3,000 in forecasted months? (A - probably shouldn't be any prepaid expenses going forward.)
  • Cash balances on 'clean balanceBHS'!Row 4 and 'revenu forecasting'!Row37 do not match.
  • What happen to the paypal account on the balance sheet? I see it on balance 2014!D8 for Mar 2014 but it goes to zero for April 2014. (A - debugging to come.)