Event:2016/08/26 In-Person Meeting with Stephaney from NCCLF

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In-Person Meeting with Stephaney Kipple 26 August 2016

Attendees

Stephaney, Laura, Jose, Jenny

Agenda:

  • Go over Pro Formas
  • Process for moving forward w/ donor & backup plan

Donor-Lender

  • Need to give the money to another nonprofit org that would pass through the $1m donation
    • Possibly BACLT? NCCLF?
    • Ask Jesse about Omni-affiliated orgs
    • Kenneth Rainen Foundation?
    • Jose's workplace? Movement Strategies
  • With the land trust, could you restrict the deed so that the property can only be used for nonprofit and social justice work?
    • Donor *was* into the land trust for donating, but less so for loaning. If we flake out, they don't want there to be restrictions on what they could do with the building
    • Loan could go through the land trust, in such a way that they would inherit the property if we failed to pay
  • Donation and loan will come as stock, so we have to open a brokerage account. Laura contacted Vanguard
  • Timeline: Need time to do the paperwork and move money around.
    • Open Vanguard account to receive the donation - needs to be a different 501c3 that can handle a $1m income influx
    • Need to raise funds for an appraisal ($4500)
  • New Market Tax Credit - pays for ~22% of costs, project needs to be around $7mil

Also factor in:

  • Put away 3% of Operating Income for Operating Reserve and $500 for capital reserve
  • Capital Needs Assessment ($2500-5K)
  • Sewer Lateral Inspection (upwards of $12K)
  • Roof Maintenance costs

Action Items

  • Stephaney will look over business plan and fundraising plan and give feedback
  • look into Non-profit learning lab webinars on budgeting and planning, affordable. Join mailing list/listserv
    • YNPNSFBA@googlegroups.com

Old Action Items

Links