December 14, 2020

CFSB Board Meeting Minutes - November 19, 2020

Attendance:

Chris Voss, Bernard Friedman, John Colgate, Michael Harrington, Gary Burke, Harry Liquornik, Garrett Rose, Kim Selkoe, Mike Nelson

Absent: Gary Burke

Notes:

BR Hoover

Agenda:

  1. October Financials from QB - Garrett Rose

  2. E.D. Kim Selkoe Presentation on:

    • Multi-year comparison on revenue vs. spending

    • Budget vs. Actual on E.D. spending details

    • 2021 financial outlook

    • Programmatic priorities

  3. Board decide on where to draw funds from to pay for 2020 miscellaneous expenses: General Fund or 2020 surplus sources.

  4. Presentation of Waterfront Office lease details.

Chris Voss opened the meeting on November 19, 2020 at 3:00pm via Zoom

Approval Of October Meeting Minutes

The October meeting minutes were still under review at the time of the meeting. Voss requested that the vote on life rafts be amended to reflect Burke and Rose’s abstinence from the vote. 

The October minutes are now available to view on the CFSB website.

1. October Financials From QB - Garrett Rose

October financials look good. Main revenue sources include the boatyard, grants, and donations/memberships. Expenses were higher than usual for the Saturday Market due to the insert in the Independent, however this was covered by a grant. 

*Harrington noted that starting in 2021, the membership fee will be due in full and no longer be accepted in quarterly installments. This is to simplify and streamline the accounting process. 

Quota bank groundfish permit renewed.

2. E.D. Kim Selkoe Presentation

Multi-Year Comparison On Revenue Vs. Spending

Revenue was higher in 2020 compared to previous years due to increased grant funding. Spending was also higher in 2020 due to project execution (Safety, Foodbank Purchases), increased staff time, increased donations, and the Independent insert which was grant-funded. 

*Harrington reports that there is potential for an increase in boatyard rent expenses for 2021.

Budget Vs. Actual On E.D. Spending Details

We are projected to operate within budget for 2020. Actual spending on E.D. activities were lower in all categories except for on our Infrastructure Project. The increase in hours on infrastructure was covered by the SB Foundation LEAF grant with no problem because the consulting work budgeted for that grant funding was unspent, thanks to our consultants offering their involvement on a volunteer basis.

Selkoe is planning on scaling back E.D. hours in 2021 and will delegate some of the workload to new support staff.

2021 Financial Outlook

Going into 2021, we are in good financial standing. Projected revenue from Boatyard and Donations & Memberships revenues in 2021, plus the unencumbered funds from existing grants that can be carried over from 2020, will cover projected expenses for 2021. These projected expenses for 2021 include the rent and insurance costs for proposed waterfront office space.

Unencumbered funds are available from 2018-2019 fundraisers, 2nd round Foodbank, William Corbet Fdn, Cable 2020, Bensten, and Catch Together grants. These can be designated to specific expenses/projects or can be pooled and added to the general fund. With the latter, expenses/projects will not be specifically tied to specific grants. The board discussed the idea of being more intentional on how certain funds/donation money is spent to cultivate a better relationship with the donors.

Programmatic Priorities

*6% Admin Fee To New Grants

Selkoe reports that the new protocol was observed with the Catch Together Grant. This admin fee will be used to cover operational costs including Selkoe and BR’s hours working on administering the Foodbank donation program.

Saturday Market

Colgate raised concerns regarding the Crab Boil Station for the Saturday Market, and would like to further discuss this before implementing the project (CFSB received a grant to incorporate a crab boil station for the Saturday Fishermen’s Market). Selkoe informed the board that we are still a long way from executing the project, and details still need to be worked out with the waterfront department.

3. Board Decided On Where To Draw Funds From To Pay For 2020 Miscellaneous Expenses: General Fund Or 2020 Surplus Grant Sources.

These miscellaneous expenses are:

  • $5,600 PLF sea otter delisting

  • $1000 maritime museum

  • $1800 PCFFA

  • $1000 Ben Hyman

  • $9000 bookkeeping

The board decided on the General Fund as the source for these expenses, but will place CFSB’s large donations made in 2020 (which could be thought of as unsolicited grants) into the General Fund.

There was added discussion about the PLF sea otter delisting:

The board discussed how they would like more information about this process, especially since CFSB donated such a large amount of money. Michael will contact Jonathan Woods for updates on progress.

4. Presentation Of Waterfront Office Lease Details. Board Vote On Whether To Submit An Application.

Background: CFSB has an opportunity to lease a Waterfront Office space (125 Harbor Way #1). The Waterfront Department is looking for a 3-5 year lease. The application is due 12/1/2020.

Selkoe noted that the office will provide a physical address which is important for receiving grants (some grants will not give money to a P.O. box because it could be a fly-by-night operation). Selkoe and Hoover expressed that having an office space would be beneficial for CFSB related work.

Voss expressed his support and also noted the importance of having a presence in the harbor and that the office can be a nexus for the fishing community to go to, have meetings and be a repository for information and records. Voss reminded that last meeting, Burke said, the cable grant would be a likely source to pay for the office space. This would be 2 years worth of rent right off the get-go.

Concerns were raised by Colgate about what having an office space would mean for the direction of CFSB as an organization, in terms of the financial responsibility.

The board discussed what the additional costs, such as liability, equipment, etc. Harrington and Selkoe will need to confirm these numbers. Liquornik suggested these numbers be gathered and put on paper before the board decides to move forward with renting the space, and confirmed that submitting an application does not necessarily mean we are committed to renting the space.

A motion was made by Liquornik to submit the application for the office space and then get the expenses associated with it together and revisit the issue when we have all the numbers. Seconded by Colgate, unanimously approved (6-0).

Selkoe will gather the necessary materials (Credit score, business references, etc..) and submit the application by 12/1/2020.

Voss adjourned the meeting at 5PM.