LCCA Board Meeting Minutes

July 11, 2011

In Attendance: Board Members & Staff: Janet Baltzer, Robert Harrison, Lexi Taylor, Terri Roush, Georgeana Cook, Brian Leyde, Barb Fulton, Shawn Westerveldt, Nia Bartolucci, & Sarah Rabel. Visitors: Bob Sundquist, Mac Langford, & Micki Ryan.

Minutes

The June Board meeting minutes were approved.

Finance Committee (F.C.) Report

- Brian presented the proposal for transferring $500,000 of the endowment funds to Private Management Group (PMG). He, Mac, and Bob expressed strong support for PMG and shared a spreadsheet on how the group compares to the Seattle Foundation. PMG’s returns/rates are consistently above Seattle Foundation’s.

- The F.C. skyped with PMG and were highly impressed by their investment strategies (e.g., they actively look for good values without continual buy/sell, and they would design a portfolio specific to LCCA) and their accessibility (e.g., the company president met with them, and daily portfolio snapshots can be viewed on-line via Charles Schwab).

- The largest downside to the transfer is a 90-day waiting period until the funds are fully available.

- Brian moved, and the Board approved, to transfer $500,000 from Seattle Foundation to PMG and to authorize the Treasurer and the F.C. to arrange for the details of the transaction.

Grant Report

- Micki presented a report on grant possibilities. She noted that the report changed to include a directional approach for LCCA funding rather than purely grant research. As grants do not subsidize fees overall (because this would be a non-sustainable funding request), the Board should consider an integrative fundraising plan that includes grants.

- She suggested seeking grants for capacity building and/or program-specific. It was noted that many northwest grantors are further defining who they fund (e.g., county-specific and/or pre-selected funding). While the noted northwest grants (in the report) are the recommended ones to pursue, national grants were also mentioned. It was also noted that LCCA can show a strong community match for certain grants. Small, program-specific, even event-specific, grants should also be considered.

Community Fee Structure

- The Board discussed whether to vote yet on the fee structure. While it was acknowledged that we are a new staff and a Board of fairly new members, and that this needs to be a well-thought-out decision, we agreed that, after 4 months of discussion, we owed it to the community to make decisions.

- Prior to voting, there was much discussion around daily, multi-day, and weekly rates. Balancing community perception with fiscal responsibility was also discussed. It was also noted that the Board needs to be unified around the decisions.

- After executive committee recommendations and further discussion on each decision, the Board moved and approved the following rates for all community events:

~ All rates do NOT include tech personnel. All tech personnel must be Center-approved.

~ Hourly Rates: $25/hour with no tech equipment, $35/hour with simple tech equipment, $45/hour with advanced tech equipment. These rates apply to all hours rented/event that is 1 full day or less.

~ Full Day Cap for a Single Day Rental: 12 hours

~ Flat Rate for Multi-Day Rental: $200/day with no tech equipment, $280/day with simple tech equipment, $360/day with advanced tech equipment. Renter may opt, instead, to pay the hourly rate for entire rental.

~ Flat Rate for Full Week Rental (up to 7 days): $1,000. This includes all indoor space and all tech equipment use. Rental dates & payment have to be committed to at time of booking.

~ No performance ticketed table (and no replacement for said table).

~ Riser fee omitted from website/fee structure and TBD case-by-case by office staff.

~ Pavilion rental fee to stay same as currently published.

~ Security deposit set at $50 and LCCA will add an equipment liability clause to contracts.

~ Free Wednesday mornings proposal approved.

~ Free days for schools set at 2 each for elementary, middle, & high. The security deposit and a cleaning deposit of $100 will be required for all school bookings (refundable if applicable). This will be in effect until January 2012. The Board will revisit it then to either keep the same or increase number of days/year.

Cleaning Fee & Private Event Rates TBD at August's meeting.

Endowment Draw

- Lexi introduced an endowment draw of $30,000 to the Board. The purpose is to allow LCCA to achieve break-even operations during 2011. The F.C., after much discussion in a committee meeting, support this draw. Brian moved, and the Board approved, to transfer $30,000 from Seattle Foundation to the Islanders Bank Money Market account with an offsetting entry to a temporarily restricted fund in the equity section of the balance sheet.

Event Updates

- The 4^th of July bbq event raised approx. $2,000 profit for LCCA.

- The Hapa concert brought in approx. $1,500 profit for LCCA, with an additional $260 from desserts and wine.

- The Home Tour committee requested that each board member contribute financially to support/sponsor the Home Tour. While the Board maintains no policy on this, and members are thus not expected nor required to donate financially to any event, the Board agreed to donate individually (Janet will collect any donations) at each person’s discretion.

Adjournment

- The meeting adjourned at 7:30. The next Board meeting will be Monday, August 8th at 5:15pm.