link to Home Page

Agenda
Board Meeting
Nov 15, 1998

1. Booking Service for Grant over $5,000 - Report Votecall by Secretary
 
One issue under discussion during the September meeting was inserting a fiscal control into Article 9 of the Bylaws such that a bonded bookkeeping service would be hired to disburse any grant over $5,000. Due to lack of a quorum, we conducted a votecall by e-mail. Our Secretary, Shirley, has reported the results of the Votecall. Accordingly, Article 9 Section 5 has been Changed from it's Former Wording, to include the sentence "Where the grant is over $5,000, a bonded bookkeeping service will be employed."
 
2. Jan as new Internal Auditor - Votecall Report by Secretary
 
One issue under discussion during the September meeting was replacing Ron as Internal Auditor with Jan. The Internal Auditor is appointed by the Board and serves at the pleasure of the Board. Due to lack of a quorum, we conducted a votecall by e-mail. Our Secretary, Shirley, has reported the results of the Votecall. Accordingly, the Treasurer will forward vouchers and receipt copies, and quarterly bank statements, to the Internal Auditor for review.
 
3. Keeper of Secretary Lockbox can be Officer - Votecall Report by Secretary
 
One issue under discussion during the September meeting was changing the Bylaws to allow an officer, as well as a non-officer Board member to maintain the Secretary's lockbox on US soil. Due to lack of a quorum, we conducted a Votecall by e-mail. Our Secretary, Shirley, has reported the results of the votecall. Accordingly, Article 4 Section 14 has been Changed from its Former Wording to remove the text stating "who is not an officer".
4. Fiscal Controls - Report by President
 
In accordance with new fiscal controls put into place, Jan as Internal Auditor will be receiving for review, on a monthly basis, a copy of the bank statement from any account(s) established by the Treasurer for Troubled Times, Inc and any Gift Pools established. He will also receive a copy of any voucher the Treasurer plans to pay, along with the attached receipt. This information can be faxed to Jan, but alternatively could be scanned and placed on the web in a private and temporary place.
5. IRS Form 941 Requirements - Report by President
 
As a corporation, Troubled Times, Inc. would be required to report quarterly to the IRS via Form 941 regarding any wages paid to employees. This is for the purpose of securing Workman's Comp, income tax withholding, and other funds employers are required to put into trust for their employees. This reporting not required if the corporation has no employees, nor any plans to have employees in the near future. A for profit corporation cannot bypass this requirement, but a nonprofit corporation can. The IRS has accepted this as our status.
 
6. Place of Business - Vote or NOT
 
When securing nonprofit status during IRS consideration of our Form 1023 submission, we changed our Bylaws to state that we would not disburse project related funds unless a Place of Business was associated with the project. During the September Board Meeting, the President presented a pending personal purchase of a home and land in Wisconsin where space would be dedicated at no charge to the corporation. The Site offers the potential for solution demonstrations, and the two Front Rooms, with their own entry, will be available to the nonprofit as entry and Office Space.
 
7. Year End Balance Sheet - Report by Brand
 
The Treasurer will prepare a year-end Balance Sheet. If accepted, or as amended, this will go into the Annual Report being drafted by the President for review at the January, 1999 Board Meeting. The Balance Sheet will reflect the current Budget prepared by the President.
8. Video Example, by Geson and Michel - Discussion
 
Geson prepared a Quicktime Movie Clip, differing in style somewhat from the Vivo Animation presented earlier by Michel. Geson has opened the floor for discussion on his approach. Michel has presented storyboard Sketches for the Board's review and comments also.