Treasurer

From: Chris Riemer <jcriemer@gmail.com>

Sent: Monday, February 04, 2019 3:03 PM

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

Subject: Treasurer's Report

Greetings, folks -

As of January 31, we were showing about $5,200 in checking, $14,170 in the Money Market and the usual $280 in petty cash. The Vanguard balance was $125,280 (the same as it was on 12/31/2018, since it's only updated quarterly). And we have another $10,500 in Prepaid Expenses, representing deposits for Getaways Spring and Fall. That's something that shows on the assets portion of the Balance Sheet even though the money is not in our hands. If the events don't go forward, we'll get the money back.

A nicely profitable January across the board and a good start for the year. Concerts is showing as a negative because it's been billed for insurance but has not yet held any events. Getaway's Admissions represent advance sales for the Cliff Eberhardt house concert. (Please note that this is a preliminary P&L since not all venues have yet reported their January results.)

A couple of other things to consider:

• Workers' Comp

We got a notification from Liberty Mutual that they don't offer Workers' Comp outside of New Jersey, so would not be able to provide same after the Getaway moves to Stony Point. If you were around a few years ago, you likely remember the great Workers Comp debate. (If you weren't, the whole issue is exhaustively covered in the wiki.)

At the time, we all agreed that our performers are not employees, but also learned that in New Jersey contractors are sometimes considered to be employees in a Workers' Comp context. So we agreed to buy the WC coverage out of an abundance of caution.

After consultation with the inestimable Steve Humphries, as well as another attorney who is certified to practice in New York state, we've determined that we don't need to pay Worker's Comp for the Getaway. New York follows the basic IRS guidelines, which don't require WC for independent contractors. We've already paid for the 2019 coverage, but I've moved the Getaway's portion into FP General. We'll get it back at the end of the year.

• Old Songs

In December, we got a year-end solicitation from the folks who run the Old Songs Festival, asking if we could make a donation. There is some precedent for that.

Attached you'll find a scan of their ask and a QuickBooks report showing when and how we've made such donations in the past. I mentioned it to Paul before the last meeting, but with me being out sick it slipped through the cracks. I have no opinion, but we can certainly afford it. So I will make a motion that we make such a donation and you can think it over in the meantime. The real question is how much. $100, $250, $500?

Finally, all the performer 1099s went out on schedule.

If you have questions, I'll do my best to answer them.

Regards,

Chris

Chris Riemer

Treasurer

The Folk Project

www.folkproject.org