​FY19 August BOD Meeting Minutes

1._fy18_august_bod_meeting_minutes.pdf
File Size: 82 kb
File Type: pdf
Download File
Cantus
Board of Directors Meeting
1201 Marquette Avenue, Suite 100
August 27, 2018

Present: Pete Cochrane, Jim Dorsey, Chris Foss, Nancy Gaschott, Jonathan Guyton, Brock Metzger,  David Niles, Jeff Reed, Paul Scholtz
Absent: Katie Berg, Katie Gabriel, Patricia Kirkpatrick, Francie Nelson, Craig Shulstad, Kevin Stocks, Beth Anne Thompson
Staff: Joe Heitz, Joey Hillesheim, Kelsey Sieverding
 
BOARD AGENDA
 
 
  1. Call to order                                                                                                                 5:37pm
    1. Approve: Minutes of FY18 July Meeting
      1. Correction suggested: Line 6D change Nancy to Wendy.
Motion: Brock Metzger, 2nd: Chris Foss; approved as amended.
  1. Vote on Nancy Gaschott as new treasurer
Motion: Pete Cochrane, 2nd: David Niles; approved.
  1. Chris/Paul: Artistic Report
    1. Reported successful initial rehearsals with new singers.
      1. Board discussion re: onboarding, learning curve for new members.
    2. Libby Larsen will be workshopping her piece in rehearsals this week.
    3. Reminded the board of upcoming performances:
      1. Season preview on Thursday at Studio 125.
      2. MPR Bring the Sing on Friday at State Fair.
    4. Provided overview of Lorelei collaboration concert program and format.
  2. Joe: Executive Director’s Report
    1. Reported a major gift from relatively new donors.
    2. Described new season administrative efforts, including onboarding new singers, company goals, and updating office procedures.
    3. Reported an additional Christmas concert has been added to the home concert offerings.
    4. Thanked BOD members who are hosting Lorelei singers.
    5. Described publicity developments for the Lorelei concert, including a livestream by MPR.
  3. Nancy/Joe: Finance Committee Report
    1. Cashflow Outlook
      1. Joe reported cashflow is tight through September but continues to improve.
      2. Vulnerabilities: Lorelei ticket sales and timing of Target Foundation’s payment.
    2. Bridge Loan
      1. Joe reported opportunity to get pre-approved for a bridge loan should Target funding be delayed.
      2. Board discussion re: terms of loan, no cost for pre-approval
Motion to get pre-approved: Jonathan Guyton, 2nd: Pete Cochrane; approved.
  1. FY18 Year End
    1. Nancy reported FY18 ended with surplus.
  2. Restricted Funding
    1. Nancy provided overview of nonprofit accounting procedures (restricted vs. unrestricted, funds awarded vs. funds received).
  3. Board discussion re: past years’ surplus vs. deficit
  4. Signatory Policy
    1. Joe reported insurance provider will insure at a higher level if dual signatory is required for checks over a certain amount.
    2. Nancy and Joe recommend policy requiring dual signature on checks exceeding $7,500, with other signator being a board officer.
      1. Board discussion re: who should be authorized, verbiage of policy, pros and cons of implementing policy, alternatives to policy.
    3. Proposed Policy Language: The Executive Director has the authority to approve expenditures and sign checks on behalf of the organization. Checks exceeding $7500 require one additional signature from an officer of the Board of Directors.
Motion to implement dual signatory policy: Nancy Gaschott, 2nd: Jim Dorsey; approved.
  1. Board member suggestion that the Financial Committee investigate the possibility of reducing revolving credit card balance.
  1. Brock/Jon/Joey: Engagement Committee Update
    1. Distributed open rehearsal sign-up.
    2. Board discussion re: singers’ perspective on open rehearsals.
      1. Showcasing collaborative model, accessible; possible ways to expand.
      2. Other times, locations could expand audience.
        1. Joey requested suggestions, contacts be sent to him. Engagement committee will pursue.
    3. Invited board members to Season Preview.
    4. Reported an engagement committee strategy session was held earlier this month.
      1. Chris Foss will be joining committee, providing a singer perspective.
    5. Reported end-of-year giving exceeded goal and FY19 is already off to a great start thanks to a few generous recent gifts.
    6. Reported single tickets go on sale 9/4; subscription sales are trending ahead of last year.
      1. Likely due to inclusion of chamber series as a subscription option.
    7. Provided overview of upcoming marketing campaigns for Lorelei concert.
    8. Invited board members to “Bring the Sing” at the State Fair.
    9. Reported board pledge forms will be distributed at next month’s meeting.
  2. Jeff: Board/Administration
    1. Calendar and Involvement
      1. Distributed an overview calendar with important dates for the upcoming year.
      2. Will be “living document” throughout the year.
    2. Documents
      1. Described need for subcommittee to update existing documents approved by past BODs, evaluate committee structures, etc.
      2. Jeff requested board members let him know if they are interested.
    3. Strategic Planning in the Fall
      1. Jeff reported the next three board meetings will feature discussion about a goal from the strategic plan.
  3. Adjourn                                                                                                                                       6:59p