Treasurer
From: Chris Riemer <jcriemer@gmail.com>
Sent: Monday, January 07, 2019 4:18 PM
To: 'Folk Project' <fullboard@folkproject.org>
Subject: Treasurer's Report
Greetings, folks -
The attached shows the full January-to-December results for 2018.
As of December 31, we had about $6,300 in Checking, $14,166 in the Money Market and $280 in Petty Cash. The Vanguard fund was down somewhat at $125,28313. And if you were to look at a Balance Sheet for that date, you'd also notice $10,000 in Prepaid Expenses (which includes a $1,000 advance to Susan Werner and a $9,000 deposit for the new Getaway location). These are still on the asset side of the register, since the assumption is we'd get the money back if the event didn't happen for some reason.
No special commentary this time. As I said at the annual meeting, 2018 was a good year, if not a great year. We ended with Net Operating Income of about $4,800 thanks to the strength of Special Concerts and Getaway. Minstrel was really a break even, but deserves a special shout out for moving ahead with Concert Window. Our virtual admissions for the year were over $1,000; most of that went to Minstrel, but Member Concerts and OpenStage were also beneficiaries. The Vanguard account took a hit in Q4, so we had a net annual loss there of about $7,400. Remember that we drew down this account by $14,000 last January to finance some of the investment in HSNOI. That's a contributing factor.
Sometime this year I'm going to work with our Accident, Liability and Directors Insurance agent to see what if anything they can do for us around Workers Comp. They're very easy to work with, and have a nice self-service portal with lots of useful alerts. We're now buying Workers Comp through Liberty Mutual and they are shockingly behind the times. They're the kind of company that still sends letters in which blank pages carry the words "this page left blank intentionally." Today they sent me three cardboard signs to post at our locations so employees will be notified of coverage. They came in three separate first class mailings. They know we don't have employees. Why three? Beats me. We have four locations listed in the policy. I've had no trouble with Howe Insurance, who is the agent for LM. But I'd be glad to see the last of Liberty Mutual.
If you have questions I will do my best to answer them. I'm am keenly aware that my days as Treasurer are numbered. (Like sands through the hour glass...) If anyone is interested in the job, I'd be happy to provide some orientation. I've been documenting what the Treasurer does over the past few years, so there's a very detailed write up in the back office.
https://sites.google.com/a/folkproject.org/backoffice/work-in-progress/job-descriptions/treasurer
It sounds worse than it is. ;-)
Regards,
Chris
Chris Riemer
Treasurer
The Folk Project
www.folkproject.org
From: Chris Riemer <jcriemer@gmail.com>
Sent: Tuesday, January 08, 2019 10:58 AM
To: 'Folk Project' <fullboard@folkproject.org>
Subject: Old Songs Solicitation
We can consider this at the meeting, but here's the background. We received through the Post Office Box a request from the Old Songs Festival for financial support. (Scan attached.)
That's not something we usually do, but we have from time to time. We supported Waynestock, for example, and the NJ Storytelling guild. We support MUF with the annual benefit concert. The second attachment is a ledger of all such donations made since we moved to QuickBooks Online in 2007.
So think about it. I will likely make a motion such as "I move that the Folk Project make a donation of $100 to Old Songs, in response to their end-of-year fundraising drive." I don't think there's much discussion needed, and we should be able to vote it up or down pretty quickly.
Regards,
Chris
Chris Riemer
Treasurer
The Folk Project
www.folkproject.org