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)