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
- Work on pro forma [Jenny, see link below]
- Work on business plan to include fundraising plan [Jenny]
- Send contacts re: construction estimates [Stephaney]
- Send some fundraising plan worksheet examples [Stephaney]
- Apply for grants for working capital! https://drive.google.com/drive/u/0/folders/0B-AL95NlI75qMEpZX2lEMTZZRFk [Mary Ann / Marcus]
- Post updates to our Patreon - https://www.patreon.com/omnicommons
- Proposal for John owner-finance [Marc]
- Proposal for donor as guarantor or owner-financier [Laura]
- Follow up on Doodle [Jenny] - replied 8/15 suggesting the 24th or 31st
- Contact Kapor Center contact [Jose]
Links
- Previous mtg w/ Stephaney: https://omnicommons.org/wiki/Event:2016/07/13_Fundraising_Call_with_Stephaney
- Pro Forma: https://docs.google.com/spreadsheets/d/1rvkMc5lmd8PovoViNLdvlrv0tSyvrH7iB0SmGqaFec8/edit#gid=1281242457
- Will Omni Make It Next Month: https://docs.google.com/spreadsheets/d/1PU2CZbjRDOccfu9drVvU52xYbLl640ahbPornJkTqAs/edit
- TValue Loan Software: http://www.timevalue.com/products/tvalue/overview.aspx
- Business Plan: https://docs.google.com/document/d/1iVyHJ-FtFy15pdGkFzjVPphy1XAIlTY0B0ca9D7sPxY/edit#
- Nonprofit Learning Lab: http://www.nonprofitlearninglab.org/
- Join their mailing list: YNPNSFBA@googlegroups.com (young nonprofit professionals network)