Board of Directors
Regular Meeting -- November 21, 2004
The Board of Directors held its annual retreat at Pamela Latham's (Oceanna's) house in Paige, Texas, starting at 1:50 pm, following a yummy potluck lunch. The following directors (constituting a quorum of the full board) were present at the meeting: President Pam Latham (Oceanna), Vice President Pam Chambers, Treasurer Kathy Lee, and Diane Luchild. The following director was absent: Secretary Owen McAleer. (Kathy Lee and Pam Chambers were appointed as temporary secretaries due to Owen's absence.) Robert McGarey (Executive Director) was also present at the meeting.
The Mission Statement was read aloud at the beginning of the meeting. Minutes from the previous meeting were read aloud and approved.
990's. Bob announced that our corporate income tax forms got into the mail on time (after two extensions), on November 15th.
Building Credit. Bob presented a proposal from the Finance Committee for building our credit. Since it will affect our financial decisions up to one year, he felt it needed Board approval.
The Finance Committee proposed that we withdraw $10,000 from our Bingo account place it in a Certificate of Deposit, and obtain a $10,000 line of credit from that same bank. We can then withdraw money from the line of credit, pay it back, and do that over and over, thus establishing credit very effectively.
To establish credit, however, we must pay back our withdrawals. Thus, we can only get a loan if we already have that much money already available. Furthermore, the Bingo account will be depleted so we won't be receiving additional checks from Bingo (above and beyond our regular monthly $2,500 check that we use to pay the mortgage) until it is replenished, which may be as late as next November. So it will crimp our style financially for the next year or so.
On the positive side, however, at the end of the year we'll have $10,000 in savings and much better credit. There was considerable discussion by the board. Bob explained that his Personal Growth Session practice has been growing, and he thinks we'll be able to make it through given our current financial situation. Also, INACS will start to pay us $400/month starting January, and that should give us some money to pay back any withdrawals we make from the line of credit.
Consequently, it was unanimously
RESOLVED, that Bob be authorized to withdraw $10,000 from the Bingo main account, deposit it in a Certificate of Deposit, and establish a line of credit for $10,000.
Mission Statement
Oceanna explained that a main focus of this retreat will be taking an initial stab at redefining our mission statement. A couple of hours of extensive discussion followed, and board members placed their tentative ideas for the mission statement in their Board notebooks. At the end of the discussion, Oceanna thanked everyone for their contributions and suggested that we plan on working more on the mission statement at another retreat in March or May or June.
Since there was no further business, the meeting adjourned at 5:58 pm.
Minutes submitted by Pam Chambers, Secretary pro tem, November 22, 2004.