August 25, 2020 Executive/Finance Minutes

August 31, 2020

Date:               Tuesday, August 25th, 2020

Time:              11:30 AM

Location:        THINC Board Room

Present:          Bill Stump, Ted Arnold, Jamey Jackson, Leonard Phillips

Others:           Gerald Wyatt, Regan Mock

The meeting began at 11:30 AM.

  • Welcome- Gerald Wyatt, THINC CEO
  • P&L- Gerald Wyatt, CEO
    • Reviewed July reports.
    • $8,580.69 disbursed in July, majority of the disbursements went toward audit fees, insurance liability premium and monthly accounting fees.
    • Interest gained from certificates of deposit for July is $2,866.71 and $881 from KIA employee donations.
    • $1,165,586 YTD carryover.
    • $1,294,119 in future sustainability.
    • No July donations.
    • $55,000 will reflect next month from KIA to be used for 3D printers.
    • Randy Jackson balance is sitting at $79,365
  • Audit- Gerald Wyatt
    • Audit committee rep will discuss our 2019 audit in our Board meeting
    • No findings
  • Strategies for Fundraising- Gerald Wyatt
    • Difficulty visiting in the community due to COVID and aren’t able to bring visitors in house which is making face to face conversations challenging.
    • Reviving and enhancing the original community support letter and sending to current and potential partners.
    • Dr. Jane Robinson, former THINC instructor, is a grant writer. Plans to reach out to her to write some grants for THINC as an individual contractor.
  • NCAC- Gerald Wyat
    • Asked to present again this year, but it will be held virtually.
    • Funds have been moved from travel since no conference travel is anticipated.

Meeting Adjourned