April 2024 CMF Exec Subcommittee Minutes
Extracted text (via pymupdf)
6146 characters
Meeting Minutes Chandler Museum Foundation Executive Subcommittee Regular Meeting April 1, 2024 | 1:00 p.m. Chandler Museum, Saguaro Room 300 S. Chandler Village Drive, Chandler, AZ Call to Order The meeting was called to order by Barbara Meyerson at 1:07 p.m. Roll Call Board Member Attendance Staff Attendance Barbara Meyerson, Chair Jody Crago, Museum Manager Joan Clark, Vice-Chair Tiffani Egnor, Museum Programs & Ops Mgr Tom Escobedo, Treasurer Absent Scheduled and Unscheduled Public Appearances None. Consent Agenda 1. March 2024 Museum Foundation Executive Subcommittee Meeting Minutes Tom Escobedo made a motion to approve the meeting minutes of the Museum Foundation Executive Subcommittee Meeting from March 4, 2024. Joan Clark seconded the motion. Motion carried unanimously (3-0). The minutes were approved as written. Action Item 2. Recommend Approval of Changes to the Museum Foundation Bylaws Joan Clark made a motion to recommend the approval of the Museum Foundation Bylaws. Tom Escobedo seconded the motion. Motion carried unanimously (3-0). Briefing 3. Banking Account Options Paulina Woo and Dana James from Western Alliance Bank attended the meeting. Banking information was distributed to the Executive Subcommittee Members. Discussion ensued on the definition of an Insured Cash Sweep account. This account gives the account owner access FDIC insurance on deposit balances exceeding Page of 2 3 $250,000 through partnerships between the account owner’s bank and other banks. In summary, Western Alliance Bank partners with other banks so the account balance never exceeds the FDIC insured limit of $250,000. The account holder still has access to all the funds. The Foundation’s checking account was opened at JP Chase Morgan Bank. The Endowment Fund account is with Western Alliance Bank. As the Endowment Fund earns interest and brings the account balance over $250,000, the monies above that threshold will be in one of the partnership banks. The Foundation’s banking points of contact are still just JP Morgan Bank and Western Alliance Bank. Any withdrawals or deposits are made to the respective bank (whether going into checking or endowment account). The account holder (Foundation) will receive monthly statements. Online access is available to the President and City Staff who handles the Foundation’s budget. Western Alliance Bank staff has offered to speak to the full board and other subcommittees (such as the Finance Subcommittee), if needed. 4. Museum Strategic Plan Support Request As the Museum completes its first five years, a comprehensive Strategic Plan will help direct the Museum over the next decade. The Strategic Plan will focus on the mission, environmental analysis, goals and objectives, audience development, exhibit and program development, and financial stability. Jody Crago obtained four quotes, which ranged from $35,000-$45,000. This Strategic Plan will be different than the one the Museum Foundation has recently approved. This plan will be researched and written by an outside firm. A Change Request (formerly Decision Package) has been submitted by staff as part of the City of Chandler’s FY25 budget cycle. City management has requested the Museum Foundation help support the strategic plan financially to the best of their abilities. This request is to fund a portion of the total cost. If approved in the budget, a Request for Proposal (RFP) will be publicly posted for submittals. This strategic plan will be more focused on current and future space, staffing levels, and other needs to help grow the Museum. The Chandler Museum Strategic Plan proposition will be an Action Item on the full board meeting scheduled for April 15, 2024. 5. Review Museum Foundation Board Fundraising Commitment Letter The Executive Subcommittee reviewed the Fundraising Commitment Letter written by Barbara Meyerson. The subcommittee felt the letter was well-written and suggested only a few minor edits. Barbara Meyerson will email the edited letter to Tiffani Egnor and Jody Crago. City staff will print on letterhead and mail out. When accepting donations through Square, a notation will be made so can track donations from other revenue received through Square. 6. Review and Discuss Museum Foundation FY25 Draft Budget Jody Crago adjusted a few items, which are highlighted on the draft budget copy included in the meeting packet. Page of 3 3 The full board will review the draft agenda at the April 15th board meeting, then it will be reviewed by the Financial Subcommittee before returning to the full board for approval. 7. Workgroup Report-Outs Reviewed last meeting. Will review updated report-outs at a future Executive Subcommittee Meeting. Member Comments Joan Clark announced that Brenda Abney wants to be removed from the Governance Subcommittee. The plan is to not replace that position. Does the Governance Subcommittee Charter need to be updated in terms of membership? According to the Charter, the membership is the Chandler Cultural Foundation Vice-Chair and at least 2 other board members, but no more than 5 board members. Since there are still two board members, in addition to the Board Vice-Chair, on the subcommittee, the Charter would not need to be updated. The Governance Subcommittee Members are Joan Clark, Martin Sepulveda, and Rich Feely. The annual meeting needs to be scheduled for May. It can be in addition to or in place of the currently Regular Meeting scheduled for May 20, 2024. At this annual meeting, the new slate of officers will be elected. Member Announcements None. Calendar 8. The next Museum Foundation Board Meeting will be held on Monday, April 15, 2024, at 5:30 p.m., at the Chandler Museum, Saguaro Room, 300 S. Chandler Village Drive, in Chandler, Arizona. 9. The next Executive Subcommittee Meeting will be held on Monday, May 6, 2024, at 1:00 p.m., at the Chandler Museum, Saguaro Room, 300 S. Chandler Village Drive, in Chandler, Arizona. Adjourn With no other business to discuss, the meeting was adjourned at 2:18 p.m. Barbara Meyerson, Chair Jody Crago, Staff Liaison