Event:2016/10/24 Fundraising

Omni Fundraising/Finance Meeting - 24 October 2016

= Attendees =
 * Marcus, Mary Ann, Laura, David, Jenny

= Updates =
 * Jenny sent in sudo's vanguard application last week, should have arrived this morning. 30 days max til approval
 * Mary Ann and Brian working on end-of-year fundraising letter, DK to send some quotes on eg ADA elevator
 * Ed giving us another $3K loan tomorrow, on track for making November expenses
 * Would like to open escrow and exercise option before Nov. 1st
 * About to do plumbing work in CCL/back of entrance hall, DK could bring up the option transfer to John in the same go
 * EB will sign promissory note tomorrow. We should be good for Nov rent
 * Jenny will be training Liz on QB
 * Tax preparer is working on 2015 and then 2014
 * Sudo meeting on Wednesday with Jenny, Kyle, jesse, to go through details of resolution to change to Omni Commons etc. SUdo board will approve by unanimous written consent.

= Grants = Capital improvements & accessibility:
 * Stage accessibility - full commercial lift (~$15K)
 * Elevator cut out from section of ballroom bar up to mezzanine (~$125K)
 * No indication from potential grantor on limit of the grant
 * Reluctance to give much money in first 5 years of operation
 * However, this org is spending down 2016 funds
 * Can't install chair lifts in commercial properties, only those that have a UPS, functions for 6 up and down movements, mostly self-operable, certified UL listing, etc;
 * DK: Safest thing is to say we're not accessible - there are firms that go around and file predatory lawsuits for those who claim accessibility and aren't

= Discussion =
 * Mary Ann: How much are we selling the option for?
 * Laura: Nothing, IRS is primarily concerned with money transfers between two nonprofit orgs
 * Once you get to a certain dollar amount, a certain percentage *must* be spent on building improvements, up to a certain expenditure point at which the *whole* building must be upgraded for full accessibility (eg; sprinklers, fully-integrated fire alarm system)
 * Sewer lateral (PSL) test/upgrades (~$12 - 15K) built into the closing costs? (
 * DK: Good vibes from Aubrey @ the Oakland Planning Dept, saying "that place has become an institution, it's so important"
 * WE DISCOVER MARY ANN IS A LABOR LAWYER :D!

= Action Items =
 * Find published info on Omni social activity demonstrating there was never a 1-year gap in use for community assembly - DK / Evan
 * Investigate property tax welfare exemption requirements
 * Follow up with Jerry re: commercial lift - Jenny wrote to Jerry on 10/24
 * Schedule call with Mary Ann's son John re: new insurance policy (Laura). He will be in town as of the 18th and will be able to meet/come by the building.
 * DK: Nonprofit Insurance Association (NAIC or NIAC) - may want to talk to them as well
 * Would be really good to get new fire insurance as well for actual assessed value
 * Sewer lateral estimate (Laura)