Convened: 6:35 pm
Present: Phil Rulon, Susan Osborne, Hal Osborne, Connie Hoffman, Mindy Gallagher, Syrilyn Tong
Minutes from November 10, 2015 meeting were accepted
Borough property tax paid 11/16 using JTEL debit card. Confirmed by Phil Rulon
P.O. Box rent paid for 1 year by Phil Rulon using his personal debit card ($88 + late fees to total $109). He will submit request for reimbursement. He picked up form to renew the Post Office Box, and Susan Osborne will turn it in. Susan, Monique Musick, and Phil, as Treasurer, Vice-President, and President will be listed as receiving mail at the box; these 3 plus Jasmine Stokes, board member, will have keys. The key Susan got from Connie wouldn’t open the box, so she will talk with postmaster to resolve this concern.
Once box rental was paid, Phil was given a huge box of mail, which he sorted, special attention paid to outstanding bills and bank statements.
Signing authority – we still need minutes from annual meeting election of officers. Phil will talk with Monique about these so they can be taken to the bank. Phil, Susan, and Monique as officers will be signers on the account.
According to October 31 statements Phil found in the P.O. box, savings account has $58,026.62, and checking has $919.51. He has been going through records to balance out the systems, located old log books and is cross-checking them with bank statements. He began this process with records from 2008, segregating out costs specific to the Passive House at 488 Village Road. Recent bank statements are now organized into a binder chronologically. Susan offered to take on a similar task, starting with present statements and working backwards. This will also give her insight into current bill situations.
Debit card – Connie’s debit card will be turned in and kept in a locked safe until signing authority change is complete, then it will be cut up. Connie forgot to bring the card, but said she would bring it later.
Biennial Report status – Connie reports this has been done, and there is no need to file paperwork for new officers.
To-Do list on the laptop – Community Revenue Sharing Report needs to get done. Other due dates are not close. There used to be a system with the monthly payments scheduled, but with automatic payments this isn’t used anymore. Phil said Word Press has an events list that isn’t being used, and there is also some community software. He will give a 10 minute tutorial on the word processor features of the program.
Need to record committee meeting hours and other volunteer times in log book. The book was passed around and everyone updated their hours. Phil had put in a lot of time over the past week working on the mail situation and balancing the books. Connie has a spread sheet of volunteer hours. This could go into Quick Books as in-kind contributions. Phil will set up a system, if someone else will enter the data. Mindy and Syrilyn offered to do the data entry.
“Can of Money” described by Connie last week was from the LiBerry Music Festival., plus some memberships. We were able to find bank records of $877 deposited 10/23/15. In the future, memberships will be tracked separately like they were before. Ledgers will be re-established.
Connie wrote a check to reimburse Deirdre Helfferich who paid Chris Campbell for chainsaw work at 488 Village Road. Check dated 10/9 for $220 was cashed 10/19. Susan will create a receipt form because the note from Chris did not include the amount and payment method. Susan will establish an invoice system, have people sign a receipt, and note payments in a ledger. Phil said he also has invoices to present, as does Connie.
Phil gave Susan his receipts for fuel system repair, P.O. box rent, general office supplies, and postage stamps. Connie took some bookkeeping classes and bought office supplies. She will bring in her receipts later.
Phil needs to buy paper for the printer, and will present that receipt as well.
Concern was raised about a limit for a single signer on checks. The previous policy was changed 2 – 3 months ago to allow Treasurer to write a check for $6000 for Scott Allan’s dirt work at 488 Village Road. Concern was expressed that this is too high for only one signature, leaving us vulnerable to improper charges to the organization. There was discussion that James Rogan may recall when this policy change was enacted, and if the new board wants to change this it needs to be brought up at the next board meeting.
Hale and Associates is the insurance broker we are using, they were again selected in the spring and payment for the year was made in the last couple of months. Cost was $600 plus $300 for the gazebo because it was part of a park? There was some confusion about it being a park, but it was tabled until we look this over in the spring when we start re-evaluating renewing the insurance. Policy also includes officer’s insurance.
Statement of Completion needs to be done for the Community Revenue Sharing monies for FY 2015. Phil will complete this for last year with Deirdre’s input. The plan is to renovate the white building to make it into the business office and rare books collection. This would allow the Clausen cabin to be open to the public without board members present. The CRS money is approximately $5000. Word has recently been received that the FY2016 CRS monies were being sent and should arrive soon.
Connie said the priorities had been (1) to complete the deck behind the Clausen cabin, which has been done, (2) install a ramp at the front entrance, and then (3) fix the electrical system, adding conduit, etc. There are some credit balances with local businesses which need to be inventoried.
Connie also said that there is a blacksmith who has offered to do an ironwork sign for us, not clear if this was for 488 Village Road or for Clausen cabin or both. This would require board action.
The Parking and driveway permit for 488 Village Road has been obtained, no further action needed at this point. Since no money is needed, this was tabled to bring up at board meeting.
Property improvement inventory. Connie had mentioned last week that she had started an inventory of improvements made to the various parcels of land and buildings. Mindy offered to continue on with the project in an email. Connie passed on some paperwork and a file folder to Mindy and said there were some miscellaneous Gazebo papers which she had left on the table last week, and if anyone runs across them, to set them aside.
Further explanation of “Expense” portion of accounts – Connie said the GAAP division of records is by restricted/ non-restricted/ partially restricted. Her list from JD Accounting firm outlines what needs to be done. We could pay them to create books about our finances, including FASB Board Statement, Financial Position, Income Statement, and Statement of Cash Flows.
The IRS financial filing form includes revenue, assets, liabilities, functional expenses, and is segregated by organization service. IRS Form 990 from 2014 was a good estimate. If the organization made more than $50,000 this needs to be filed. Details need to be filled out such as cash contributions, grants, memberships, solicitation permit, etc. Double-entry books can be done with Quick Books. Form 990 is due on the 15th day of the 5th month after the fiscal year (as determined by when the annual meeting is held). This would make this form due March 15? It was emphasized that although as a 501(c)(3) non-profit corporation we would not owe taxes, we do need to file a financial statement, and confirm that we are still working towards our stated mission as a library. She also mentioned that the last section of the financial policies needs to be revised because it implies that we don’t have to file paperwork with the IRS.
We discussed having a work party for Saturday, November 21 so that we can familiarize ourselves with the files in the cabinets and assist Phil with the task of organizing the records. Phil said he would be arriving around 9:30 or 10, and would let us know more definitive information when he knows. Mindy suggested that another work party could also be held the next Saturday over the 4-day weekend, but the decision was to see if we needed that extra time.
Next meeting was scheduled for December 1, 2015, because November 24 is 2 days before Thanksgiving and some people felt they would need that time for holiday preparations.
Connie stated that she would be heading out of town to spend time with her sister, so she wanted to complete turn-over of records tonight. Phil had thought she would be able to come to one more meeting, but she said she couldn’t. Mindy did ask if she would leave her JD Accounting list, but she wanted to keep it. It is possible we could get a copy of this at a later date.
Connie turned over the following records:
- Spreadsheets to Phil and files to merge with the bank statements he has been organizing.
- Statement of Activities information to Susan (note: Connie called this a Profit/Loss Statement, which as a non-profit we don’t have, but document may have this latter title)
- Financial Scan paperwork – Rasmusson Foundation does their vetting using these methods (left in the office area?)
- Non-Profit Procedures and Guide “the green book” to be left at JTEL office.
- Examples of Profit/Loss charts (left in the office area?) (The term Profit/Loss was Connie’s, but it may reflect the title of the paperwork, so am leaving it as she said it. As a non-profit, future references to this document should be corrected to Statement of Activities).
Meeting was adjourned at 9 pm.
Respectfully submitted by Mindy Gallagher