Board Meeting Notes 2025-11-04: Difference between revisions

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 * Building purchase
 ** Earnest money paid - was check cashed? (anyone with chase access)
+***Yes, $25k cashed 10/31
 ** Check on status of buyer info (james/carl)
 ** Do we have a closing plan? (james/carl)
@@ Line 23: / Line 24: @@
 *** A quote was provided - do we want to sign?
 ** How much cash to be paid at closing? Do we have it? Vote to unlock contingency fund?
+***$250,000 down, minus $25,000 earnest money, plus $14,762 closing costs ~ $240k?
 * Membership audit (nick, jennie, sky)
 ** We need to do one. How do we do that?
@@ Line 44: / Line 46: @@
 === Financial Report ===
-* '''Chase Checking:'''
+* '''Chase Checking:''' $246,511.34
-* '''Chase Savings:'''
+* '''Chase Savings:''' $10,016.79
 * '''PEX:'''
 * '''PayPal:'''
@@ Line 51: / Line 53: @@
 * '''Contingency Fund:''' $40,000
 **''note that the Building and Contingency funds are within the bank accounts, not separate from them''
-* '''Available for Votes:'''
+* '''Available for Votes:''' -8,471.87
 **''note that as of 9/2/2025, this is calculated as (Checking + Savings) - (Building Fund + Contingency Fund)
 **''note that due to the accelerated closing on the building 12/1, the board would not actually spend any money on votes right now
@@ Line 66: / Line 68: @@
 === New Business ===
+* Building purchase
+** Earnest money paid - yes, $25k cashed 10/31
+*** There is some discussion of bank balances and our treasury team
+*** Carl fired Jennie and Ian, so there is no treasury team beyond our treasurer
+*** Uwe says that we never reviewed our officer appointees earlier this year, and that the board members are all neglecting our fiduciary duty
+** James and Carl are not here to ask about the buyer info/closing plan
+** Building insurance (nick)
+*** A quote was provided - do we want to sign?
+*** There is a monthly payment option, so we don't have to cash outlay $10k immediately
+*** David (our insurance agent) shopped the quote around and says it is a good deal
+*** Board votes to sign the policy
+** We have made our last lease payment
+*** "Hey guess what?  We made out last rent payment.  I should turn off auto pay." - Carl
+*** Someone should confirm that this happens
+** Our taxes are also a thing
+*** Due later this month
+*** We think it's either sent or ready to be sent - Nick to check with Carl and/or James
+*** Discussion ensues about PEX cards/receipts, taxes, and whether we should all just do our jobs better
+** How much cash to be paid at closing? Do we have it? Vote to unlock contingency fund?
+*** Nicks estimate: $250,000 down, minus $25,000 earnest money, plus $14,762 closing costs ~ $240k?
+*** Wingate says January 1st, 32k property taxes, plus potentially 2.5k in property for the remainder of 2025
+*** Jennie says there is a secret $11k in Paypal
+**** We should ask Carl to move money from Paypal to Chase
+*** Jennie suggests cost cutting measures, like putting cleaning on hold or scaling it back
+*** There is much discussion of budgeting, treasury, and related topics.
+*** Nick says that he has loose plans to try and figure out budgety things, but it is difficult because he is not the treasurer.
+**** We need a group to figure out where we stand for closing out 2025 (including remaining area budgets) and purchasing the building
+**** We need to use that info to decide what's reasonable for 2026. 1-6 month budget instead of full year?
+**** We need to send out budget sheets and potentially schedule meetings with area hosts soon
+* Membership audit
+** Sky says we last did one in April, she has a spreadsheet that makes it easier
+*** We will find a day to do this
+** There is a bunch of conversation about volunteer management for some reason
+*** Nick and James have done some work towards this.
+*** Nick suggests that no one wants to play bad cop, and that perhaps this is why we have 5 directors at large, so that people can pick up the tasks that are not assigned to the officer positions.
+* 2026 BoD Elections
+** Nominations will close next tuesday, the 11th
+** There are 5 accepted nominations, one that is not accepted. Donzell says he'll reach out to the non-accepted
+* Jennie forwarded an email from Industrial CNC host about an expense that would exceed his budget
+** Nick will answer the email
 === Old Business ===
 == Votes ==
+*Board votes to sign the insurance policy with monthly payment option
+** Vote passes
 [[Category:Board_Meetings]]
 [[Category:2025 Board Meetings]]