HomeMy Public PortalAbout140_020_fottminutes22014 Friends of the Tybee Theater
Regular Board Meeting
February 20, 2014
Present: Bill Blakey, Rene DeRosset,Paul DeVivo, Keith Gay,Charlene Grissom,Sarah Jones,Jim Kluttz,Sloan Knudson, Karen Penick,Rich
Rutherford,Dick Smith,Dan Turberville,Alfie Waite and Barry Brown(Council Liaison)
Absent: Richard Adams,Paul Gilker,Jenny On and Greg Stoffler
Invited Guest: Melissa Turner(Executive Director)
Call to Order: Jim Kluttz called the meeting to order at 5:05 pm.
New Member: Charlene Grissom was introduced as a new Board member
Minutes: January 16th Board Meeting minutes were approved.
Building Update: Dick Smith explained that phase I(as outlined in Turner's letter of February 20)of the building plan was now estimated at
$575,000 to$625,000 and that to get a certificate of occupancy it would probably cost another$85,000 to$115,000(phase II). This plan included a
new building in back of the present building that would be 32 feet deep. The intention is to get this to Turner Construction for an actual cost
estimate. The electrical upgrade and all HVAC duct work(in total about$225,000)are included in the$575,000 to$625,000 estimate. Dick
reiterated that all the numbers are estimates only and will be until we get a formal quote from the builder.
There was a general discussion of what the order was to get different things done so as to minimize the cash outlay while at the same time
obtaining a CO. The general consensus was that if the ultimate cost of the building that housed the HVAC was too significant an interim alternative
had to be developed as we did not want to spend about$600,000 on this next round and still not be able to open the building. There was a
consensus that greater detail behind the estimates was necessary and we needed to be sure we knew exactly what the minimum requirements
were that we had to have to get a CO.Jim said that what we really need at this stage is for everyone to put forward their questions about how we
do this so we can have a"building only"meeting to finalize a course of action.
Fundraising Update: We still do not have a signed agreement with Kristin Boylston but believe we are close to getting that finalized. Kristin had a
problem with operating on a strictly commission basis. Within the fund raising community this was not viewed as being ethical.
Jim Kluttz and Kristin met with Jim Turner recently. During that meeting Jim Turner emphasized that to make this process successful all Board
members had to make a financial contribution,this would demonstrate the support of the Board. Jim Kluttz indicated that it was very important to
show the level of Board commitment. How much each Board member contributed was an entirely personal matter.
Committee Reports:
Finance: Alfie distributed the December 31,2013 balance sheet and profit and loss statement for the year then ended. Alfie also provided a third
document that converted the profit and loss statement into a full year cash flow.
At year end Cash was$84,000,fixed assets$988,000 and long term liabilities$343,000. Full year income was$79,000,expenses were$45,000
providing net ordinary income of$34,000. In addition we received grants of$25,000.This provided a total of$59,000. At the same time we
expended$114,000 on improvements to the theater and paying down the mortgage.
Event and Activities Recap:
Tybee Yard Sale: The Yard Sale was held on February 15. We had sales of approximately$2,700. In the process we were able to collect some
items which we will be able to use in the auction at the Wine Festival.
Wine Festival: A budget for the Wine Festival was handed out and discussion followed. The Board approved an expense budget for the festival of
$35,925. The Social Club's dinner event during the festival has already sold out and we have asked them to sponsor another with a different menu.
Ticket sales to date are approximately$13,000 a level we did not reach last year until the end of February. There will be between 600 and 650
tickets for Saturday. Rich Rutherford will be the coordinator of the auction. We will need auction items as well as sponsorships and program ads.
Our goal is to raise$20,000 from the festival operations,$15,000 from the auction and$10,000 from sponsorships for a total of$45,000. We need
to have all material for the festival program ready for printing by the 15th of March. There was a discussion of the media access policy
IKEA Donation: We received a donation of Ikea flooring which is stored in the lobby and upstairs at the theater. It is about 4,000 sq.ft.and has a
value of$5,000. We will use it for the lobby and upstairs flooring.
City of Tybee Island FY2015 Budget: It was recommended that we ask the City for a contribution of$50,000 to assist in our efforts to open the
theater in 2014.
Annual Meeting: We will hold this when we have specific numbers on what work on the Theater will cost.
Membership in League of Historic Theaters: This would cost$350 per year and as there is no current benefit to the theater we will not join this
year.
Theater seating storage: We have seats we previously purchased that are in storage. We recently had to move them to a new storage location.
That cost about$900 to move them over one weekend. Where they are now stored costs about$100 per month.
Other Business: From the$500 payment from the polar plunge which we approved in January$300 will go to the city and$200 to the life guards.
Adjourned: 6:23 pm.