September 16. 2012
Meeting Begins at 5:00pm
Present: All Board Members + Tunna, Karrin, Tareq & Jessica Seales
Rebecca has saved every receipt and has financial documentation for every expense. She’s happy to share them with anyone interested. She will have it all reconciled before we go onsite and then the onsite purchases will be added immediately after by Age. That will be publicly available with the Afterburn Report, which should be ready within 30 days after the event. The financials might be available earlier.
Numbers are approximate: Currently $33,000 in the black. Once everything is factored in, we should be a good $10,000 in the black, not counting the remaining $7,000 (which was left over after all budgeted expenses) and $20,000 set aside for special project. We’ve only had 1 rush charge so far, which was a vendor error.
TABLED - Bookkeeping/Accounting discussion - October BoD Meeting
Stopped at Walmart and the Gas Station and talked to them about our event, recommended products to stock and generally did some community outreach. Patrick also has good relationships with Fire Department in LaFayette and they seem to feel positively about the event. Patrick also consulted with the Chief Medical Examiner for the State and made sure we had everything in place for First Aid and EMT. Rebecca believes we’re much more prepared and she’s no longer concerned about EMS. The procedures are all in place, much more so than they ever have been before.
Becky quit. She decided she didn't have enough experience or understanding of Alchemy stuff, and that she should have started as a team lead. She didn't leave upset, she just never participated much and wanted to get out of the way.
Rebecca is getting her debit card at the event. We’ll be asking Becky for a write-up of her experience.
Definitely some critical areas of need, but we’re much better off than we were last year. Everyone is the most concerned about Parking, but the lanes should help significantly.
Justin has primarily been doing the location spotting, as Cory’s been busy with the Effigy. Current top choice is next to the B Complex. No grassy area outside, but plenty of camping area both outside and inside. Might be too expensive. Owner keeps quoting different prices, but Cory thinks he’d be happy with a check in his hand. Rebecca doesn’t want to spend more than $1,000. Age says he could spend $1,200 for the venue if it’s all weekend.
Age says assume $20 ticket price and 300 people, which gives us $6,000. If we cap it at $3,000, then we have $3,000 left over for the Art Fundraiser.
Cory says 3 big expenditures are venue, light/sound and fire (last 2, less than 1,000). AAA will cover insurance. Rebecca says they should budget money for potties. We talked about approving the total budget top number and let them make the decision on how to spend it.
VOTE: $3,000 budget for Decomp? All - YES.
Finalized top budget number as $3,000. We’ve chosen the first weekend of November, provided the venue is available then. We won’t set cap until we secure the venue. Whatever the venue’s cap is should be our cap.
Cory will talk to Justin and see if they can sort it out before Alchemy. Rebecca is willing to give them a check if the venue is secured before the event.
Decomp 2011 Afterburn Report - for reference.
Same weekend as Decomp - in same announcement. Not necessarily beginning of elections.
TABLED: Elections conversation for October Meeting
ACTION ITEM: Trevor to source people to broadcast Town Hall Meeting.
Art Fundraiser Event Leads
Sage has applied. App seems solid, but we don’t know much about him, as he’s new. Trevor will share his application with us.
TABLED: Discuss Art Fundraiser further in October Meeting.
TABLED: Call out for Alchemy & Euphoria Event Leads in October Meeting. Team Lead experience is now a requirement.
ACTION ITEM: Trevor to write a blog entry about his Art Fundraiser experience and call out for more lead apps via blog, using FB group to point.
Warehouse - Potential Special Project
Warehouse: After looking through many ads online, 4 places were chosen. We cruised around and looked at them. There was only one that was viable, and it's in East Point. It's 10,000 square feet, has a small part that is HVACed. It's in an industrial area, no residential neighbors.
$30,000 overage set aside for community project. The preferred warehouse is exactly at $30,000. Plan to pay the rent for the whole year, but try to bargain to get the rent less as it’s paid yearly. Based on current projected budget, we should have enough to pay rent for the year and pay the utilities for the whole year? What about repairs and improvements needed, like sprinklers?
This removes need for intown storage, which saves us money. It should be up and running for the Art Fundraiser, which saves us as much as $2,000. Could also use the space to host community events and take small amount of rent to cover costs.
Age corrects numbers: Commitment to AAA was 20% of $150,457 (Alchemy Gross Ticket sales) $120,365.60 total budget + 10% overage. $33,000 (20%) was commitment. Top number $45, 000 to get a warehouse, lease it for a year, and pay for the utilities. Based on current expenditures, we should have that whole $45,000, maybe plus a couple of thousand. That’s speculation, but we definitely have enough to pay rent. We should assume, for due diligence, that we don’t have that extra $15,000 until after Alchemy’s final numbers are ready for review.
If we rent the warehouse and move in before year’s end, we’ll end the tax year with anywhere between $4,000 - $15,000 in the bank.
Everyone seems interested in moving forward on warehouse, given that we have enough money left post-Alchemy. We all need to visit that, and possibly other warehouses, before finalizing. We’ll also need to get quotes for sprinklers and any other needed improvements, talk to the local government and to speak with the neighbors about parking.
Rebecca is okay with an accountant and believes that we’ve already signed up for that by deciding to shoot for 501c3. She feels that paying $45/hr for an bookkeeper isn’t a good idea, because they’ll mostly just be double-checking the purchasing ELT Member’s work.
ACTION ITEM: Source the community for a bookkeeper who is willing to donate their time - post-Alchemy, that won’t begin work until 2013.
Rebecca feels like this is a need that varies depending on the ELT and how comfortable they are with handling financials. Alchemy financials are pretty much done. Cory feels confident handling the financials for Decomp. Financials end at the end of the year. In January, we need to hire an accountant.
Rebecca is showing us the books today and will bring every other bank statement to every BoD meeting for everyone to see.
TABLE: Financials conversation until post-Decomp.
ACTION ITEM: Trevor to contact Barbara and let them know that we’re not interested in their services.
Change of name on website - Patrick says he can do it post-burn, so the site won’t be down. The domains have already been purchased and are waiting for the change over.
Euphoria Event report was added to the website.
Regional Status has been temporarily reinstated, based on the transparency of 2012’s financials so far. It’s very important that Alchemy 2012’s Event Report and Financials are done within a month for BM and community review, if we want to keep this status.
Ra$pa has spoken with Troy and Troy has committed to provide them with the financials.
Meeting adjourned at 6:46pm, as Rebecca shows us the books.