Notes from Finance Committee Meeting – May 11, 2009

Present: Jane Duel, Becky Davidson-Neilsen, Andrew Marietta, Donna Shipman

Susan O’Handley, Executive Director

Absent: Scott Dunlop, Yvette DiMaggio

Susan distributed latest financials with suggestions for adjustments.

Discussion of 3-way ticket projections both for Revenue and Expense. Susan said that the Chamber gets $1. per ticket. Sold @$1500 last year, figure raised to $4500 for revenue and $4350 for expenses based on sales of 150 tickets at average of $30 per ticket. . Committee queried why the increase. Susan explained that it was possibly due to skewed billing by the HofF during the past 2 fiscal years. Susan to do an analysis of past year’s sales history and present it to the committee. Suggested that ability to buy museum tix at the Chamber be put on the web site. Further discussion about putting together packages to make the purchase more attractive – discounts at retail shops, glass of wine or dessert at restaurants etc. Susan will investigate further to see whether members would be interested. She will bring it up at the upcoming packaging meeting saying that the Chamber is going to do this and asking for interested participants.

Asked that gift certificates be good for one year of date of purchase. Presently no expiration date (this has been discussed previously)

Changing anticipated revenue from banner ads from $5000 to $4000 because program started later than anticipated.

Susan will check URL for PumpkinFest dedicated web site.

Insurance liability increased from4500 to 8000. Theoretically because of law suit. It was agreed that this was an extremely large increase. Andy suggested that the broker be invited to the next possible Board meeting (July) to explain the results of the law suit – how much was paid and by whom, to answer questions from the board and to explain services offered to justify his/her remaining as Chamber’s broker.

Susan said that maintenance of the building is an issue. Ramp needs to be painted and the surface redone to prevent slipping in winter – very slippery surface when there is ice. Susan to put together a list of all anticipated maintenance expenses to present to the board for discussion. Possibility of donated materials and labor discussed. Susan to talk to Marc as he has mentioned several times that he has people who would donate time and materials. Also suggested that the Board could help out. Don’t want to increase maintenance hours for this kind of work. Discussed re-evaluating maintenance needs and expenses, including payroll expenses, for FY09/10.

Concerns discussed about the parade. Presently there are $2750 in sponsorships with a possible $1250 coming. Expectations of the Chamber too high by Village and HofF. After parade, a meeting will be set up between the Executive Committee and the principals at the Hall of Fame to talk situation over and make it clear what the expectation can be for 2010. A contract must be drawn up between the Chamber and the HofF to make responsibilities totally clear and so there is no room for misinterpretation. Has to be made clear that it is not a Chamber Event.

All events income and expense lines changed to be a wash. If revenue is made, to the good but shouldn’t be anticipated.

Meeting adjourned at 9:40 Am

Next meeting June 8 at 8:30 AM at Wilber Bank

Submitted by

Jane Duel