Directors Meeting - 2017-02-16

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Directors meeting minutes for February 16th, 2017 at 6:30pm
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Minutes of the Free Geek Vancouver Directors' meeting held on Thursday February 16th, 2017, 6:30pm at the Free Geek Vancouver Facility

Call To Order

Meeting commenced at 6:40, Jonathan facilitating and taking minutes

Present

Nigel Cornwell (Pres), Rex Brocki (VP), Cindy Liu (Treas) George Rosenberg (Marketing), Jonathan Marks (Sec),

Apologies

Cori Peterson (Volunteers),

Previous Minutes

Minutes of previous meeting January 26th, 2017 were adopted unanimously without changes

Nigel clarified FGV's relationship with NCIX


Matters Arising from Previous Minutes

Marketing Strategy Progess

Progress is being made by George

Mills Basic Relationship

  • The first E-waste pickup is arranged and is anticipated in the the first week of March.
  • The board would like to acknowledge Micheal DuBelko's effort and timely contribution to complete the information flyer.
  • Let it be noted that we should be using de-facto standard and commonly available software for our operations.

HR Contract clean up

Completed. Should get new staff signed under this agreement, but not a priorty at the moment.

Zero Waste Council

Nigel proceeding with developing this relationship.

Laptop Art Project

Running a month behind schedule. Nigel to work on getting the artists to come to FGV on a future open help evening.

Financial Report

Cindy presented the 2016 financials and budget for 2017. FGV had an operating loss of just under $40K in 2016.

The 2017 budget is similar to the 2016 budget with a 5% increase in employee expenses and the following increases in revenue:

  • $50K - Keeping the store open extra time affords an extra $1,000 per week in revenue.
  • $20K - From additional initiatives such as participating in City of Vancouver recycling events where we get high quality recoverable equipment.
  • $25K - From organic growth - conservative projection as previous Y-Y growth greatly exceeds this number.
  • $20K - From grants.

With these changes FGV anticipates a $21K operating surplus at the end of 2017.

FGV is still vulnerable cash-flow wise - only able to cover ~60% of its 2 months expense reserve.

MOTION: Nigel tabled a motion to approve the budget. Rex seconded. Passed unanimously.

Cindy to distribute the approved budget to staff.

New Business

Vancity

Athenaise has initiated an relationship with Vancity with the view to Vancity possibly financially supporting FGV with a loan and / or grants. Nigel to participate as the Board representative in this initative.

Move to Adjourn

The meeting adjourned at 7:30p, next meeting is on Thurs, March 16th, 6:30pm at FGV's facility.