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

From Omni Commons
Jump to navigation Jump to search
The printable version is no longer supported and may have rendering errors. Please update your browser bookmarks and please use the default browser print function instead.

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