Board Minutes August 2015: Difference between revisions
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* YCR2 has huge grant funding. Dont see them needing support from EBC budget. I used the same budget as last year ($2k) for them. | * YCR2 has huge grant funding. Dont see them needing support from EBC budget. I used the same budget as last year ($2k) for them. | ||
* Spoke. Last year we paid honorarium for coordinator. $1800 for supplies and food. | * Spoke. Last year we paid honorarium for coordinator. $1800 for supplies and food. | ||
* Discussion notes: | * Discussion notes: | ||
** Anna: Previously, we had 4 tabs on the budget - Overhead costs, BWS budget, BWN budget, and Total. Could separate out two more tabs - YCR2 budget and Spoke budget? This would allow us to give YCR2 and Spoke their annual budget that is distinct and precise. If they can track their own revenue & expenses and confirm with our monthly financial reports, I think they will have better understanding of their financial capacities. | ** Anna: Previously, we had 4 tabs on the budget - Overhead costs, BWS budget, BWN budget, and Total. Could separate out '''two more tabs - YCR2 budget and Spoke budget'''? This would allow us to give YCR2 and Spoke their annual budget that is distinct and precise. If they can track their own revenue & expenses and confirm with our monthly financial reports, I think they will have better understanding of their financial capacities. | ||
** Neil: I can tell them how much they have spent. I cant tell them how much they ..... YCR2 has their own partner funding that we dont know about so I dont know a lot about their info. | ** Neil: I can tell them how much they have spent. I cant tell them how much they ..... YCR2 has their own partner funding that we dont know about so I dont know a lot about their info. | ||
** Jon: one concern YCR2 has is that they cant control their expenses. Would like them to have their own account so they have signing authority to do this within their budget or their own account. | ** Jon: one concern YCR2 has is that they cant control their expenses. Would like them to have their own account so they have signing authority to do this within their budget or their own account. | ||
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** Jon: If they manage their own budget, we could ask in return some sort of mamagement fee and a report with direction on where they are going. | ** Jon: If they manage their own budget, we could ask in return some sort of mamagement fee and a report with direction on where they are going. | ||
** Geoff: When YCR2 presented to us last month, they seemed to be looking for integration with EBC. Jon: I"m only speaking about financial. Operationally would all continue to be integrated but that EBC would be compensated for the soft costs of keeping the org running. There is a lot of value in having a fully functioning board and org to help them go. But financially, they need ability to plan out how they are going to run their program, how to manage their funds, etc. Neil: They have other bank accounts with other organizations (eg. Rotary). Jon: Rotary funding was a condition because $ had to be held by charity so EBC could not do that. | ** Geoff: When YCR2 presented to us last month, they seemed to be looking for integration with EBC. Jon: I"m only speaking about financial. Operationally would all continue to be integrated but that EBC would be compensated for the soft costs of keeping the org running. There is a lot of value in having a fully functioning board and org to help them go. But financially, they need ability to plan out how they are going to run their program, how to manage their funds, etc. Neil: They have other bank accounts with other organizations (eg. Rotary). Jon: Rotary funding was a condition because $ had to be held by charity so EBC could not do that. | ||
** | ** Chris Ch: Instead of management fee, could we incorporate fees into their project for overhead? Neil: Yes, if they want to be more integrated and be seen more like a department of EBC (more like BW) which is a distinction in the software that I use to track costs and revenues. This would be easier to assign a department a budget. | ||
** Anna: should we bring this option of integration to YCR2 to decide? | ** Anna: should we bring this option of integration to YCR2 to decide? | ||
** Coreen: When we have a Program Coordinator for YCR2 and Spoke, this will bridge the communication much better to EBC. | ** Coreen: When we have a Program Coordinator for YCR2 and Spoke, this will bridge the communication much better to EBC. | ||
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** '''Bikeology donation'''? Adrian: I was on their board last year and didnt receive arts council grant for this year. Neil: BUdget should be what we expect to spend, so if we are not expecting to spend it we should leave it out. If it comes up, then we can make a decision at that time to alter the budget. | |||
** Bikeology donation? Adrian: I was on their board last year and didnt receive arts council grant for this year. Neil: BUdget should be what we expect to spend, so if we are not expecting to spend it we should leave it out. If it comes up, then we can make a decision at that time to alter the budget. | * | ||
** Nancy: Is there opportunity for other organizations that we may want '''seed funding''' to support them? IF we put $1k in the budget, let other orgs know we have $ available, then we can allocate it to them as it comes up. Anna: I like the idea of $1k that we could give out as $250 to 4 initiatives/events or $1k to a big one. Chris Ch: How would this affect charitable status? Jon: We could not support other organizations if we were a charity. Anna: Could support other "events"? Chris: Should we just add this $ to the Events line? | |||
* | |||
** Nancy: Is there opportunity for other organizations that we may want seed funding to support them? IF we put $1k in the budget, let other orgs know we have $ available, then we can allocate it to them as it comes up. Anna: I like the idea of $1k that we could give out as $250 to 4 initiatives/events or $1k to a big one. Chris Ch: How would this affect charitable status? Jon: We could not support other organizations if we were a charity. Anna: Could support other "events"? Chris: Should we just add this $ to the Events line? | ** Geoff: '''Bike Builder position''' (BB)? Chris Ch: CUrrently not paying for itself. If we want it and need to boost it with other revenue, that is a decision to be made. | ||
** Geoff: BB | |||
** Jon: Are there intangible benefits? Coreen: Yes! This position frees me up a lot, help to manage the shop, teach volunteer, teach classes/workshops, has been some of the most important support I have been getting! Everytime BB is doing something that is not building bikes, it is literally covering other things that BW needs to have done. Alex: Should consider calling it something else other than BB if this is not the full nature of the position. Chris Ch: Need to have a conversation about what staffing needs are. Jon: Current budget is $7k to BB position. What is revenue from BB? Chris: I only have data for first 2 months which was less than what we were getting in bike sales when you factor in wages and hours spent on building bikes. There are a lot of estimations so income didnt increase by emplying bike builder. | ** Jon: Are there intangible benefits? Coreen: Yes! This position frees me up a lot, help to manage the shop, teach volunteer, teach classes/workshops, has been some of the most important support I have been getting! Everytime BB is doing something that is not building bikes, it is literally covering other things that BW needs to have done. Alex: Should consider calling it something else other than BB if this is not the full nature of the position. Chris Ch: Need to have a conversation about what staffing needs are. Jon: Current budget is $7k to BB position. What is revenue from BB? Chris: I only have data for first 2 months which was less than what we were getting in bike sales when you factor in wages and hours spent on building bikes. There are a lot of estimations so income didnt increase by emplying bike builder. | ||
** Jon: Did bikes fetch higher price than they would have if volunteer have repaired? Chris: My estimation is that BB does add much more value to bikes. Jon: Can we express that in terms of how much we pay the BB? | ** Jon: Did bikes fetch higher price than they would have if volunteer have repaired? Chris: My estimation is that BB does add much more value to bikes. Jon: Can we express that in terms of how much we pay the BB? | ||
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** Neil: Another possiblity may be the provincial STEP grant for funding. | ** Neil: Another possiblity may be the provincial STEP grant for funding. | ||
* | * | ||
** Neil: Bookkeeper position. Currently in budget but assumption is it will be someone "in house." Someone external/professional would cost probably double. Finding someone who does this a lot for a few other NFP would be best option. Coreen: Would this work load increase if we go to a charity? Neil: Could be a number of months for CRA to review and approve application, so more likely for 2017. But yes, it would be more admin and paperwork! | ** Neil: '''Bookkeeper position'''. Currently in budget but assumption is it will be someone "in house." Someone external/professional would cost probably double. Finding someone who does this a lot for a few other NFP would be best option. Coreen: Would this work load increase if we go to a charity? Neil: Could be a number of months for CRA to review and approve application, so more likely for 2017. But yes, it would be more admin and paperwork! | ||
** Chris: What were quotes from other applicants and did they do AGCL reporting? Anna: Dont remember. I can look into it. | ** Chris: What were quotes from other applicants and did they do AGCL reporting? Anna: Dont remember. I can look into it. | ||
** Chris Ch: We are not planning on new position to be accounting-related. | ** Chris Ch: We are not planning on new position to be accounting-related. | ||
** Jon: Double the current line in budget and add $1k. | ** Jon: Double the current line in budget and add $1k. | ||
* | * | ||
* Jon: We can afford to run a deficit budget this year. Neil: Needs to be a plan for how its not going to be a permanent deficit. Jon: Plan is that we have decided to move to become a charity. We dont know what that means in terms of additional revenue, but we will know what happens in the first year (likely 2017). Then we will be able to know how and by how much we can get out of deficit. Nancy: We need the capacity to be able to work toward charitable status. Cutting back on any staffing at this point that would help us move forward is not an option to me. Coreen: Who is going to be writing these additional grants when we are a charity, etc. | * Jon: We '''can afford to run a deficit budget''' this year. Neil: Needs to be a plan for how its not going to be a permanent deficit. Jon: Plan is that we have decided to move to become a charity. We dont know what that means in terms of additional revenue, but we will know what happens in the first year (likely 2017). Then we will be able to know how and by how much we can get out of deficit. Nancy: We need the capacity to be able to work toward charitable status. Cutting back on any staffing at this point that would help us move forward is not an option to me. Coreen: Who is going to be writing these additional grants when we are a charity, etc. | ||
** Chris Ch: With $300k budget, this is about a 3-4 month reserve. Neil: If all other revenue got cut off other than our casino, so net of our casino we are at $260k which is 4-5 months if no other revenue alone. Chris: Program Coordinator will go up to 40 in Oct (20 of that would come from YCR2 acct). Outreach will go to 30 hrs in Oct and begin benefits. | ** Chris Ch: With $300k budget, this is about a 3-4 month reserve. Neil: If all other revenue got cut off other than our casino, so net of our casino we are at $260k which is 4-5 months if no other revenue alone. Chris: Program Coordinator will go up to 40 in Oct (20 of that would come from YCR2 separate acct). Outreach will go to 30 hrs in Oct and begin benefits. | ||
* <span style="background: lime;">Action Items:</span> '''Anna''' will share HR folder of past bookkeeper by (date). '''Neil''' will make changes that we discussed and send us update to pass at Sept meeting. | |||
=== Vacant Board Positions / Board Intentions (15 min) Nancy === | === Vacant Board Positions / Board Intentions (15 min) Nancy === | ||