Treasurer

From: jcriemer@gmail.com <jcriemer@gmail.com>

Sent: Monday, August 5, 2019 12:13 PM

To: 'Board FP' <fullboard@folkproject.org>

Subject: Treasurer's Report

Greetings, projectiles –

The usual Departmental Report is attached, and just for laughs I’m also distributing the Operational Report. That essentially breaks down the details of what’s in the “Other” column in the Departmental Report.

We have $17,980 in checking, $37,182 in the Money Market, $280 in Petty Cash and $954 in the PayPal account (representing advance sales of Troubadour tickets). There’s also another $141,455 in the Vanguard account.

In other news:

• I did develop a tutorial for the PayPal sweep process and brought Gary up to speed on it. As a beta test, he took a first successful stab at replicating the June sweep, then started from scratch with July. I did the July sweep in parallel and the numbers matched. So I think this handoff can be considered successful. PayPal management and analysis will now be the responsibility of the PayPal Manager. Gary is also going to look into re-assigning the ownership of PayPal to himself. It’s still nominally owned by George Otto, who was the one to set it up many years ago.

• Mike Agranoff has also taken over the prep work for ASCAP and BMI reporting, taking another burden off the Treasurer. He will be working with the venues as required to prepare total Performance Rights Organization (PRO) liability numbers, as well as the transmittal paperwork required each quarter. The PRO Liaison will serve as power user, maintaining copies of the contracts and dealing with any questions that come up.

• And just this morning, I heard from Bill Dodds. He doesn’t feel there are any conflicts of interest involved in having a member prepare the taxes (as there might be if this was supposed to be an independent auditing exercise). He’s open to taking us on as a paying customer, and I think his cost estimate is reasonable. I can give you the details at the meeting, but I think we’ve found our Tax Man.

See you tomorrow.

Regards,

Chris

Chris Riemer

Treasurer

The Folk Project

www.folkproject.org

From: markschaffer100@gmail.com <markschaffer100@gmail.com>

Sent: Monday, August 5, 2019 5:35 PM

To: Mike.Agranoff@folkproject.org

Cc: Board FP <fullboard@folkproject.org>

Subject: Re: Treasurer's Report

Dear Board,

I researched the NJ statutes and the NJ accountants code of ethics, and then confirmed my understanding of both with Steve Humphries, Esq. and an independent CPA. There are no ethical or legal issues when a member of a nonprofit organization contributes accounting services to that organization as long as that member has no fiduciary responsibilities (such as writing checks or conducting audits). Bill obviously has no such fiduciary responsibilities.

Mark