BOARD OF DIRECTORS
MYRNA LOY CENTER
MAY 13, 2002
MINUTES
The Board of Directors of the Myrna Loy Center met May 13, 2002 for its annual meeting. President, Bob Anderson called the meeting to order. Board members present: Bob Anderson, Melinda White, Hattie Jo Lehman, Lori Hood, Lisa Kuntz, Peter Bovingdon, Jill Gerdrum, and Ali Sheppard. Non-board members present: MLC Executive Director Ed Noonan and Development Director Linda Carlson.
Approval of Minutes
Ali Sheppard moved the adoption of the April minutes. Lisa Kuntz seconded the motion. Motion carried.
Election of Officers
Hattie Jo Lehman presented the following slate of officers to the board:
President:				Melinda White
Vice President Business:		Ali Sheppard
Vice President Programming:		Hattie Jo Lehman
Treasurer:				Jill Gerdrum
Secretary:				Lisa Kuntz
Ali Sheppard moved to accept the slate of officers. Hattie Jo Lehman seconded the motion. Motion carried. At that time Bob congratulated Melinda and turned the meeting over to her.
Nominations of Board Members
Ali Sheppard moved to extend Bob Anderson's board term. Hattie Jo Lehman seconded the motion. Motion carried.
Executive Committee
No report. The Committee will establish a regular meeting time.
Finance Committee
Jill Gerdrum reported for the Finance Committee. Jill presented the following financial policies developed by the Committee:
 
 
A. Reserve Policy
1. The Myrna Loy Center shall strive to have a reserve of at least three months operating expenses (currently approximately $100,000). Upon achieving the desired reserve, the Myrna Loy Center will open a separate account in which to hold the reserve dollars.
2. The finance committee will review the financial statements on an ongoing basis to identify deficits that would require the use of the reserve to balance the budget. If a deficit is identified, the finance committee will inform the Board at the next board meeting.
3. The finance committee must approve any unexpected expenses in excess of 10% of any months budgeted expenses. The finance committee will then examine the need for budget adjustments to compensate for budget overruns. The Board must approve all budget amendments.
B. Borrowing Policy
1. Upon identification of significant shortfalls in cash flow, the first source of borrowing will be from the reserve identified in the Reserve Policy #1.
2. The Myrna Loy Center will establish an unsecured, revolving line of credit with a local financial institution. This line of credit will be secondary to the reserve and used only with Board approval.
C. Restricted Funds Policy
1. Restricted funds will only be used for their designated purpose.
Jill Gerdrum moved to adopt the financial policies as presented. Lisa Kuntz seconded the motion. Motion carried.
Jill next presented the budget for fiscal year 2002-2003. The budget was prepared for two six-month terms. After presenting the budget, Jill Gerdrum moved to adopt the six-month budget for July to December 2002. Lisa Kuntz seconded the motion. Motion carried. The second six-month budget for January to June 2003 will be presented for board adoption in either July or August.
Financial Statements: Ending cash for April was $63,554.
Staff raises: Jill informed the board that all staff members were budgeted to receive a raise except for Ed. The Committee recommended that Ed receive a minimum bonus of $1000 with the executive committee having discretion to increase that amount if the budget allows. Ali Sheppard moved to accept the recommendation of the Committee. Lisa Kuntz seconded the motion. Motion carried.
 
Fundraising Committee
Linda Carlson reported for the Committee. There will be performances and fundraising events throughout the summer and Linda encouraged board members to attend at least some of these events. Linda also presented her ideas for increasing earned income. In the first weeks of June Linda plans to launch a membership campaign, made up partly of board members and volunteers, to canvass local neighborhoods and solicit memberships. Another possibility for increasing earned income would be to open a gift shop and sell film memorabilia. This could potentially be on-site or on the internet or both.
Board Development
No report.
Programming Committee
Ed presented the 2002-2003 season. Ed also said the Committee had met and was recommending that the Programming and Marketing Committees combine. Hattie Jo Lehman moved to accept the Committees recommendation. Jill Gerdrum seconded the motion. Motion carried.
Marketing Committee
No report.
Building Committee
Ed presented for the Committee. The public meeting was held on the parking proposal and overall comments were in favor of the proposal.
Old Business
None
New Business
Next meeting is June 17, 2002 at 6:00 p.m. (Bring cake for Lisa, it's her birthday!) 
Bob Anderson moved to adjourn the meeting. Lisa Kuntz seconded the motion. Motion carried-meeting adjourned.
Minutes approved by: