Board meeting May 27, 2014

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AGENDA - 7:30pm - 180 Sudbury St

Please add your questions.

  1. Approval of Agenda (2min)
  2. Adoption of minutes from Jan - Apr Board meetings (10min)
  3. Finance update, budgeting - Kynan/Larry/Brian (10min)
    • Review of statements to April
    • Review of projections
      • Use of CIRA grant (and update on status)
      • Review of Tommy's questions, at bottom
    • Answers to questions on statements from last meeting
    • Corporate Annual return (due June 30)
    • Update from Dan on 51 Vine
    • Plan for Review Engagement.
    • Anything else?
  4. Operations Update - Brian/Dana/Charles (30min)
    • Priorities, leadership, etc and how they'll be accomplished
      • Recycling, Build/Refurbishment program, Community hub, inventory, training, etc
    • Communication to staff, volunteers
    • Prioritizing and tracking of tasks (google spreadsheet from Kynan? Other?)
    • Succession/transition thoughts
  5. FGT Satellite (Bartley) update - Dan (5min)
  6. Training Committee update - Matt (10min) (or could combine with the Operations update)
    • Roles on Committee? Sufficient bodies?
  7. Grants/funding/partnerships/etc (10min)
    • Brian, Dan, Matt, RobW, Kynan.
    • CIRA, Trillium, Alterna, etc updates
  8. Communications and Marketing update (5min)
    • Website and marketing - updated by Brian (and others?)
    • Update on evaluation of sfdc-nonprofit, sugarcrm, civicrm (if still desired)
  9. Strategic planning committee - Dan/Larry (schedule a next session?) (5min)
  10. Schedule future Board meetings.
    • Anyone interested in future Chairing? Noah would do a gradual transition and help prepare next Chair.
  11. Plan to conform with new not for profit act - Noah and Larry
  12. Other items
  13. In camera Board priorities (may not be necessary. If so, others are dismissed)

Tommy's questions

  • 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.)
  • Also, when do we receive the $45k grant and is it a one-time lump sum only? (ng - yes, expected May 30 or soon after)
  • 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 likely gone after 2014 since our income (not including grants) has not increased at all since we moved to Sudbury. 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.)
    • What is prepaid expenses made up of?
    • Would be nice to understand these amounts as it impacts our working capital and ultimately our cash position month to month and they are material amounts (in thousands).
  • 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.)