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HomeMy Public PortalAbout160_010_fottminutes51514 Friends of the Tybee Theater Regular Board Meeting May 15, 2014 Present: Bill Blakey, Rene DeRosset,Paul DeVivo, Keith Gay,Charlene Grissom,Sarah Jones,Jim Kluttz,Sloan Knudson, Rich Rutherford, Dick Smith, Dan Turberville,Alfie Waite and Barry Brown(Council Liaison) Absent: Richard Adams,Jenny Orr,Karen Penick and Greg Stoffler Invited Guest: Melissa Turner(Executive Director) Call to Order: Jim Kluttz called the meeting to order at 5:00 pm. Minutes: The minutes of the March 20th and April 17th board meetings were approved. Fundraising/Capital Campaign: Jim said the Theater had received the publically traded shares of stock that had been promised. The shares have been sold and the approximately$106,000 proceeds from the sale are now in the Theater's account at Vanguard. Sarah Jones is preparing a request for a Fox Institute Grant. If approved this grant will provide up to$30,000 to match funds we raise over a 9 month time period. The funding will go for the lobby and ticket booth at the Theater. Finance: Alfie distributed the April 30,2014 balance sheet and profit and loss statements for the one and four months then ended. He also distributed a comparison of results for the 4 months of 2014 versus the 4 months of 2013. Cash at April 30 was$214,000 including funds at Vanguard and we have minimal current liabilities. On the 2014 profit&loss YTD comparison April revenues were approximately$114,600 and net ordinary income was$108,900. Year to date net ordinary income was$134,400. A comparison of results for the first 4 months of 2014 versus 2013 shows total income up$112,300 and net ordinary income up by$106,500 Alfie said that our tax return was due today and we had filed for an extension,which has been approved. In connection with accessing the contributed funds now at Vanguard Jim said that the Theater should set up a separate checking account at The Savannah Bank to be used for"restoration funds." This would be a second account in addition to our current account there. The account there will now serve going forward to hold funds for"operations." After discussion the Board approved the opening of a second account at The Savannah Bank designated for"restoration funds." Signers on this second account,as on the"operations"account will be Jim Kluttz,Keith Gay,Alfie Waite and Bill Blakey. Event and Activities Recap: After discussion the Board voted to hold the 2015 Wine Festival on April 4,2015. Regarding the 2014 Wine Festival,results are not yet final(we are still waiting for some information from participants). We believe that there is more cash to come to the theater than those obligations that remain outstanding. Part of finalizing results will include a breakdown by event so we can focus on those which are most profitable for the theater. We also need to focus on staffing(for example having one Board member plus Volunteers per event)these events earlier. A wine festival volunteer"thank you"party was discussed. Building Update: Dick Smith had previously distributed an estimate from JT Turner to substantially complete the new building behind the theater. The total estimated cost was approximately$516,000. After discussion it was concluded that we would not move forward on that proposal until we have the theater open. Spending money like that now doesn't make sense when the focus should be on the inside of the theater and what is necessary to get a certificate of occupancy("CO"). The theater guys from Atlanta will be on Tybee next week to help map out what needs to be done on the inside,how to get that accomplished and what it will cost. That meeting will be next Wednesday at the Lighthouse and although it is a building committee meeting,all Board members are encouraged to attend. After discussion the building committee was authorized by the Board to interview both architects and contractors and solicit bids to perform the needed work on the interior as outlined by the Theater Guys. Once the committee has reached decisions of who we should hire for architectural and contractor services and has secured estimates that information will be forwarded to the Board for discussion and approval. With regard to what exactly is necessary to get a CO, Barry Brown indicated three basic requirements:mechanical,electrical and plumbing systems in place and functioning. Barry will coordinate with the appropriate city and county employees to flesh out specifics. Director's Report: Melissa discussed possible fund raising events: A concert at the Legion in July,a Tybee's Got Talent show,a relook at the Brew Fest. She discussed setting up an events committee on the Board. Melissa also plans to make sure going forward our events reflect the Theater as a brand. She also said she was going to travel to Springfield this week to visit with folks at the Springfield Theater,which is a 200 seat theater recently reopened there. Theater Seating Status: We currently have two possible alternatives to get rid of the old seats,seat covers and trash in the theater. There is the chance that we will earn up to$500 of scrap value on the removal of the seats. At the same time getting the trash out of the theater is absolutely necessary. We also need to make sure we have storage space available for the seats we now have that will eventually be put in the theater. These seats are in pretty good condition and the principal issue is the cost of installation which is about$25.00 per seat. Adjourned: 6:17 pm.