NOFC Board of Directors Minutes June 16, 2009
In attendance: John Calhoun, Michael Smith, Victoria Baker, Scott Galante, Amy Lesen. Meeting held in New Orleans, LA 70119. Meeting called to order at 6:40pm.
- Official Board Minutes: The board amended the previous meetings minutes. John C. moved to adopt minutes as amended. The board approved the minutes unanimously.
- Selecting a new Treasurer. John C. read the bylaws section about the Treasurer, (Bylaws Article 3, Section 6). The Treasurer does not have to be a board member. The Treasurer will be in charge of financials, that all accounts payable and receivable are reconciled.
The board discussed potential members of the community to tap for a new treasurer. The board could send an email to the whole membership requesting qualified members who are interested in becoming a treasurer to contact the board. This email notification could include a call for members interested in sitting on the board to also step forward.
John will update the member list and Victoria will create the email and send it.
- Letter of Intent with the Healing Center. The NOFC board entered into
executive session to discuss the Letter of Intent with the Healing Center.
- Member Loan money. The NOFC is guaranteeing the members who are making loans that the loan money will not be spent until all the financing is in place. Some members, preparing to make loans, have asked about the time period that the co-op will allow until the NOFC returns the loan money.
The board needs to create a mechanism for keeping the loan money separate from the coop’s general funds. An Escrow account could be created to keep the money separate until all the financing is in place. This Escrow account could be made to bear interest.
The board should talk to an escrow attorney to gain advice about how to escrow the loans. The board should also talk to HOPE credit union about creating an escrow account with HOPE.
This type of mechanism will gain the NOFC credibility, allows a safeguard for the loan money, and create certainty in the process and time frame for the member loans.
- Planning a board retreat. Scott G. offered his house as a place for a day long
board retreat. Sunday June 28 was floated as a date. The board would create a structure for the retreat before hand.
- Alternative Business Plan. This could have more personal language, and use first person. The document would be available on the website, and could be given out to anyone who was interested. This document would not include proprietary information, such as information from the market study. The sources and uses budget would be included, but the 10 year financial projection would be left out. The business description already being distributed could be based on and potentially be replaced by this document. The new document will be referred to as the Executive Summary of the Business Plan.
The Project Assistant’s role with the co-op. The board entered into executive session to discuss the Project Assistant’s job description.
7. Co-op liaison. Victoria is acting as the NOFC liaison with the Healing Center.
8. Board email list. The board email list should be open only to board members.
Meeting adjourned at 8:20pm. The next meeting of the Board will be at the Board Retreat, tentatively scheduled for 10am June 28, 2009.