Directors Meeting - 2017-06-15

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Directors meeting minutes for June 15th, 2017 at 6:30pm
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Minutes of the Free Geek Vancouver Directors' meeting held on Monday June 15th, 2017, 6:30pm at the Free Geek Vancouver Facility

Call To Order

Meeting commenced at 6:30, Jonathan facilitating and taking minutes

Present

Nigel Cornwall (Pres), Rex Brocki (VP), Cindy Liu (Treas), George Rosenberg (Marketing), Cori Peterson (Volunteers), Jonathan Marks (Sec).

Guests

Mike Frost, Robert Pilkington, Michele White.

Staff and Director Presentations

Robert spoke about the Makers Faire: Getting leads into SFU for recycling, Science World, and a business leasing company who is willing to donate equipment. Vendors at the Fair were also interested in what we were doing? Our focus on Reuse is what differentiates us from other recyclers. Robert recommends we do it every year. Robert to work with Athenaise with the logistics around future events - specifically creating a professional image, and paying more attention to the details.

George spoke about the Vancouver Board of Trade event he just attended where he was making FGV's refurbish and reuse pitch: Upcoming Chair of the Board of Trade is interested in what we do and wants to meet in September. She advised that Telus may be interested in offering their $9.95 internet packages bundled with our equipment. Councillor Geoff Meggs is interested in what we do. George also was speaking to an international logistics/moving company, who says there clients who are moving from Vancouver always have computers they need to dispose of which presents a great opportunity.

Mike expressed his desire to see more detailed information in the Director's minutes. In the ensuing discussion it became apparent that this request is motivated by what appears to be a communication bottleneck in both directions between staff and board. It was discussed that perhaps the Board Minutes are perhaps not the appropriate place for this additional detail. Rex volunteered to work with staff on a periodic newsletter to facilitate this required bidirectional communication.

Both staff and board appeared pleased with this type of communication before board meetings and remarked that it should occur more often.

The guests left the meeting at 7pm.

Previous Minutes

Minutes of previous meeting May 18, 2017 were adopted unanimously without changes

Matters Arising from Previous Minutes

Deferred to next meeting, because of Financial and OCA requiring the remaining time allotted to this meeting.

Financial Report

Cindy Presented the Financial Report for April 2017.

We have received $20,000 from Vancity in April. $10,000 was given as a grant, which was recorded as our revenue immediately. Since another $10,000 was required to be paid back within 2 years, it was recorded as "loan payable", not revenue.

In the month of April only, there was a profit of $8170. If we do not count the $10,000 grant, there was a small loss of $1,830. However, this April was $3,300 better than last April (2017: Loss $1,830, 2016: Loss $5,130).

For the first four months, our net profit was increased by $26,000 compared to the same period time of last year (2017: Profit $16,000, 2016: Loss $10,100). Even if we excluded the grant, there would be still $16,000 increase.

Since the beginning of this year, cash balance has increased by about $22,000 to $65,000 as of April 30.

In the ensuing discussion on finances:

  1. The reason for the disparity of the revenue numbers from the store differing with those in the accounts has been identified. The store numbers are gross including GST and PST, and the numbers recorded in the books are Revenue net of GST and PST.
  2. Desktop grants, are not being run through the store as sales, where the item price is listed, and then deducted as a grant value, so we can track the quantity and value of computer grants. This is a very important metric that is needed to support grant applications and to promote ourselves in the non-profit world.
  3. The purpose of the Vancity $10K grant is for us to use as we please and is available to support business operations. The $10K loan shall only be used towards projects that can generate a higher return to the organization, so we still have the funds to pay back the loan when due. The $10K representing the loan in the chequing account is to be exchanged with $10K of the funds in our deposit account.
  4. May's net sales figures are down (est $33K) which is below our May expenses, and there is uncertainty about June #'s meeting budget.
  5. It appears that up to end April FGV was turning the corner, but perhaps not at a pace sufficient to truly dig ourselves out of our cashflow crunch. Factoring in May's estimates, the cash flow is concerning. Excluding the $20K from Vancity, at the end of April we are only ~$2K ahead of where we were at the end of December. At the end of May, our cash position is estimated at about ~$8 less than where we were in December. The board is concerned about the financial situation and is looking forward to seeing the increases in revenue with the new staff and extended hours.

New Business

Pop Up Shop in 200sq Ft space in Gastown

Motion: For the board to direct staff to arrange and prepare a pop up store for sales and collection of donations out of this location. Staff to coordinate with Nigel. Passed unanimously.

Premises Lease Renewal

Nigel and Jonathan to review lease before signing, may be necessary to get a legal opinion, especially around clauses to exit lease.

Vancity / Propeller OCA

Directors discusssed their action plans, and agreed to submit updates to Nigel by Monday, so he can finalize the report for Propellor.

Move to Adjourn

Meeting adjourned at 8:40pm, next meeting on July 20th, 2017, 6:30pm at FGV's facility.