Tunabananas at 16:30, 11 August 2016

2016-08-11T16:30:00Z

← Older revision		Revision as of 16:30, 11 August 2016
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	* Pro Forma folder w/ updated financials: https://drive.google.com/open?id=0B4_Q7DQvNFT-VGhfbFdfa0M1QW8		* Pro Forma folder w/ updated financials: https://drive.google.com/open?id=0B4_Q7DQvNFT-VGhfbFdfa0M1QW8
	* New Market Tax Credit Map: https://www.cohnreznick.com/NMTC-Mapping-Tool		* New Market Tax Credit Map: https://www.cohnreznick.com/NMTC-Mapping-Tool

			[[Category:Fundraising]]

Tunabananas: Created page with "Call w/ Stephaney - 1 August 2016 = Attendees = * Jose, Laura, Stephaney, Jenny = Discussion = * Identifying debt capacity and financial risk using the 5 c's of credit, and..."

2016-08-02T00:20:19Z

Created page with "Call w/ Stephaney - 1 August 2016 = Attendees = * Jose, Laura, Stephaney, Jenny = Discussion = * Identifying debt capacity and financial risk using the 5 c's of credit, and..."

New page

Call w/ Stephaney - 1 August 2016

= Attendees =
* Jose, Laura, Stephaney, Jenny

= Discussion =
* Identifying debt capacity and financial risk using the 5 c's of credit, and a mitigation plan around those risks
* Starting a financial model based on the LOIs (subleases & fiscal sponsorship agreements)
* Event Rental income reflects set amounts in contract; donations received are separately categorized
** We should look more at event rentals $13000 so far for events in 2016. Aiming for $23000 this year. Understand this year will be lower becasue of ballroom renovations. Next year anticipating $31,000. WOUld like to have more information about how that figure was arrived at. It woul be prudent to have supporting numbers behind the rental projections.
** Jenny will work on that.
* On cost side there are a lot of repairs and maintenance expenses - %27,000 projected. We need to think more about a capital plan, reserves. on top of that you will have to get together a capital needs assessment, including major systems, roof, etc. HOw much life is left and how much to replace, leading to plan to save for these costs.
** This report costs $2200-5000, can be part of the underwriting process.
** Rough construction estimate, Stephaney can forward some contacts
* Based solely on revenue, or also equity/assets? They look at all of that; equity getting you in the door. Still a startup, awaiting 501c3 status. Also looking at capacity to refinance in ~10 years. Lending market - 10 year deals w/ 20 year amortization, interest at 5-6%. May likely be a need for a guarantor
* Laura has a contact to a person who will give us a deal on an appraisal:
* Phase I or II Environmental Report - has owner done any of these?
* Stephaney has questions about some expense line items - she will talk to Jenny individually about
* One estimate: Debt service - $35K/yr - would have to make $44K/yr after costs for a 20yr amortizing loan at 6%, could borrow up to roughly $580,000
* Nonprofit lenders will be more comfortable with our diversity of income streams
* Current assets and current liabilities
* Should have 60-90 days of savings as part of cash reserve, operating expenses over 365 days / 90
* Fundraising: No specific plan; need a more robust plan. Currently working on a crowdfunding campaign for the commercial kitchen; increasing occupancy & listing venue in directories.
* Need to factor in that we'll be extracting rent expense in our loan application financials
* Stephaney on vacation from Aug 12-22nd

== Fiscal Sponsorships ==
* Compatability with Omni's nonprofit activities and mission; consensed on by the Board
* Contingent on organizational status of the collective (whether it becomes a project or a sublease) - 501c3s or for-profits have subleases
* All agreements are currently one-year terms, though Omni is open to short-term sponsorships
* Fee determined on fit, internal process of space & resource allocation
* GCS / YES: "We propose to pay $100 a month in rent plus utilities for the first three-months until we receive grants to support our program. After the first three months we will pay $200 for rent plus utilities."
* Let Steph know if we need any resources. Need to specify roles and functions, best practices.

== Improvements ==
* Commercial kitchen renovation - $50K
* ADA Bathroom
* Plumbing
* Roof repair
* HVAC

= Action Items =
* Create a worksheet for Event Rental income [Jenny]
* Talk about if we want to meet in person with Stephaney, and where and when
* Stephaney will send examples of supporting numbers worksheet
* Stephaney will send some contacts re: construction estimate
* See if there are any recent reports (environmental, appraisal) of the building [Jenny/DK]
* More robust fundraising plan [Fundraising WG]
* Operating expenses worksheet - granular [Jenny/Stephaney]

= Next Meeting =
* Timeline working back from our option
* Going over report w/ updated numbers
* Training etc; on fiscal management?

= Reference Links =
* LOIs (subleases & fiscal sponsorship agreements): https://drive.google.com/drive/u/0/folders/0B4_Q7DQvNFT-M0FnWmdzLWh1Yzg
* New Rent Roll (Jenny, simplified): https://drive.google.com/open?id=1jf_uGStPFhTnj-xqkcAUOg9i_MAb6d-FDH8OX5HxtSQ
* Old Rent Roll (Matt): https://drive.google.com/open?id=1O8nDyJsiMzCanXFyllUUrjG5ergodGnJVkWljew6-eA
* Pro Forma: https://drive.google.com/open?id=1DCFMb5KomLhrfz1nD5QFvuEkV-LDTCsYgmfyKu-yUkU
* Pro Forma folder w/ updated financials: https://drive.google.com/open?id=0B4_Q7DQvNFT-VGhfbFdfa0M1QW8
* New Market Tax Credit Map: https://www.cohnreznick.com/NMTC-Mapping-Tool

Event:2016/08/01 Fundraising Call w/ Stephaney - Revision history

Tunabananas at 16:30, 11 August 2016

Tunabananas: Created page with "Call w/ Stephaney - 1 August 2016 = Attendees = * Jose, Laura, Stephaney, Jenny = Discussion = * Identifying debt capacity and financial risk using the 5 c's of credit, and..."