Treasurer

From: Chris Riemer <jcriemer@gmail.com>

Sent: Sunday, August 05, 2018 1:40 PM

To: 'Folk Project' <fullboard@folkproject.org>

Subject: Treasurer's Report

Greetings, projectiles -

The usual report is attached. As of July 31, we had about $9,400 in Checking, $28,700 in the Money Market, $280 in Petty Cash and $128,000 in the Vanguard Account. (I must pause monetarily to reflect on how jaw-dropping those numbers would seem to the Folk Project board of August 1988...) We're showing a paper profit of over $21,000 YTD, but a lot of that cash will go out for UkeFest, and even more for the Fall Getaway.

In related news, we've been notified by the New Jersey State Charities Registry that we haven't filed in several years. This is true, because you're only required to report if you collect more than $10,000 in direct donations in a given fiscal year. We never do, since virtually all of our income is considered fees for services. We did report in 2015, because that was the year of the $10K donation for the MUF sound system. I'm awaiting some further paperwork from Trenton, but my feeling is that even if we aren't required to file, we should. Right now if anyone searches "The Folk Project" in the charities registry, they'll find us with the tag of "Noncompliant." That's kind of unsavory. (We do have the option of telling them we're no longer solicitating donations in New Jersey, and they will delete us from the database altogether. I don't think that alternative is any better.)

There's a $30 fee for each year's filing, and there will also be a $25 late fee to fill in each gap year. But the process isn't particularly onerous. Starting in 2018, it's done on line, and all the information we need is in QuickBooks. I want to wait until I get the additional paperwork before making a firm recommendation. However, if I were recommending that we not file, I think I'd need Board approval. Since I'm recommending that we do, I think I can do it on my own recognizance.

Finally, depending on the timing, I may not be able to join you on Tuesday. Judy's daughter Emily is finishing a one-year gig as an au par in Paris, and flying in to Newark on Tuesday afternoon. We plan on going out for dinner to celebrate her return.

Let me know if you have questions.

Regards.

Chris

Chris Riemer

Treasurer

The Folk Project