FY16 BOD Meeting Minutes

Cantus
Board of Directors Meeting—1201 Marquette Avenue, Suite 100
March 28, 2016
 
 
Present: Katie Berg, Pete Cochrane, Jim Dorsey, Chris Foss, Martha Graber, Wendy Holmes, Patricia Kirkpatrick, Libby Larsen, Noel McCormick, Brock Metzger, Marit Smaby Nowlin, Chuck Peterson, Jeff Reed, Karl Reichert, Paul Rudoi, Craig Shulstad
 
Staff: Jeff Bina, Joey Hillesheim, Mary Lee, Carly Thornberry
 
Artists: Paul Scholtz
 
Absent: Julie Carver, Liz Cutter, David Ranheim
 
 
BOARD AGENDA
6-8 pm
​
  1. WH: Call to order
    1. Wendy Holmes presiding                                                        6:02pm
  2. WH: Approve: Minutes of FY16 February meeting
Motion: Pete Cochrane, 2nd Brock Metzger; motion approved.
  1. Proposed and agreed that the board minutes could contain less specificity.
  1. WH: Summarized McKnight Foundation Site Visit.
    1. We received very positive feedback from Vicki Benson.
  2. Chuck: Treasurer’s Report
    1. Balance Sheet/Statement of Position
      1. Cash flow is as strong as last month. We keep two pay periods in the bank at any given time.
      2. Chuck reviewed timeline for releasing temporarily restricted net assets.
    2. Income Statement
      1. Staff is keeping expenses down wherever possible.
      2. Ticket revenue will be booked on the statement of position until after the concert at which time it will flow into the income statement.
  3. Accept: FY16 February Financials
Motion: Chuck Peterson, 2nd Craig Shulstad; motion approved.
  1. Chuck: Present Corporate Borrowing Resolution (NAF loan)
    1. The Finance Committee will continue to meet monthly. This month’s meeting was focused on the NAF loan. Allison Wagstrom from NAF was in attendance
    2. Mary will prepare a preliminary FY17 budget for the May meeting. We hope that a three-year financial picture will be available in June.
    3. NAF believes in Cantus and thinks we will be stronger after these challenges. Allison suggested reanalyzing our expectations for Cantus over the next three years.
    4. We’ve drawn $100,000 on the line of credit – which means that it is fully drawn. This should have been paid off in November 2015, but NAF extended our deadline, recognizing we cannot pay off the line of credit as we normally have.
    5. NAF has created a new payment plan based on our cash flow projections, but has also shown willingness to be flexible within the terms.
    6. They propose a $2,600 monthly payment with $2000 going to principal and $600 going to interest.
    7. Wendy will explore PRI options as an alternative to NAF’s proposal.
    8. Jeff Reed reviewed the promissory note and raised concerns about the repayment due date. As written, NAF can demand payment in full in 12 months.
    9. Jeff offered to speak directly with NAF and to draft a letter describing the intentions behind the promissory note. (Note to board: this was sent to board members on March 29,2016.)
  2. Approve: NAF Corporate Borrowing Resolution
Motion: Craig Shulstad, 2nd Karl Reichert; Opposed: Paul Rudoi, Libby Larsen; motion approved.
  1. Katie: I am in favor of drafting a record of our understanding of the resolution.
  1. ML/CF/PJR: Update on Jodi Davis work
    1. A three-hour consultation will take place on Tuesday, March 29. Jodi will provide an assessment and actionable recommendations.
  2. Katie/Brock: Bridge Fund Activities
    1. Katie and Brock met twice to draft a plan for identifying $23,000 in additional giving. They identified $40,000 of potential, giving us 50% odds of reaching our goal. In addition to identifying donors, they identified individuals (among the board, staff, and singers) who might be best to make specific asks.
    2. Brock and Katie asked for the board’s help in identifying additional potential donors.
  3. CF/PJR: Would You Harbor Me?
    1. Reviewed upcoming program.
  4. ML: Update on Romeo & Juliet
    1. The next workshop will take place at the end of April.
    2. Mary will meet with the Guthrie in the next few weeks to finalize the project details from an administrative perspective.
    3. The company hopes to have a longer workshop in August with the singers who will actually participate in the production.
    4. Though an exciting project, we also need to make sure we are on track financially.
  5. ML: April Board Meeting
    1. We’ll hold an additional meeting in April for those who are available.
    2. April 25, 6-7:30pm
  6. Carly: Cantus Idol
    1. We have 11 tables left to fill to reach our goal of 300. Carly will be following up with those who have come in the past, but who have not yet purchased.
  7. Discussion: Company or committee updates
    1. World Symposium of Choral Music – Barcelona
      1. The final decision is pending a financial discussion with staff and singers.
  8. Review of upcoming calendar
    1. See agenda.
  9. WH: Adjourn                                                                                        7:57pm
Motion: Brock Metzger, 2nd Craig Shulstad; meeting adjourned.