Minutes for the regular National Finance Committee meeting April 26, 2011.

Meeting convened at 8:36 PM (ET) a quorum being present, the Chair and Secretary being present.
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Attending: Ken Aaron, Jim Boyd, Bill Crosier, Campbell Johnson, Kim Kaufman, R. Paul Martin, Tracy Rosenberg, Alex Steinberg, Barbara Whipperman, Lavarn Williams, Bruce Wolf, also attending was Executive Director Arlene Englehardt.
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Agenda:

1. Approve Draft Agenda (10 minutes) 
2. Approve April 12 Minutes (10 minutes) 
3. Updates on Treasurers Meeting, PNB re: timeline and underwriting (15 minutes) 
4. Midyear Budget Review (1-2 Stations) (45 minutes) 
5. New Business (15 minutes) 

Motion : That a spreadsheet be maintained on the NFC Yahoo Group documenting the status of the different business units In compliance with the Budget Time Line.  This to be maintained by the secretary based on emails he receives from the committee members.

Motion from Tracy Rosenberg
Motion: That station financial statements include a list of grants held in restricted funds that cite the name of the provider and the named restrictions on the use of the funds.
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Motion: (Tracy Rosenberg) “To approve the agenda.” (Passed without objection)

Approve April 12 Minutes 8:42 PM (ET)

Motion: “To approve the minutes of the April 12, 2011, meeting.” (Passed without objection)

Updates on Treasurers Meeting, PNB re: timeline and underwriting 8:43 PM (ET)

Treasurers Meeting 8:43 PM (ET)

The CFO reported that the Treasurers, Business Managers and she had met on April 19 and had discussed the internal timeline for the FY12 budget.

PNB re: timeline 8:45 PM (ET)

The Chair reported that the April 7, PNB meeting hadn’t gotten to the NFC report. She sent the schedule to the PNB and it will be gotten to at a future PNB meeting.

Underwriting 8:45 PM (ET)
The Chair noted that allegations had been made that WBAI and Pacifica had accepted underwriting of programs from the corporation Goldman Sachs. She has researched these allegations and has issued a written report on them. Her research revealed that WBAI had been given two donations, one for $5,000 and one for $10,000. These donations were a donor advised gift from an individual given to the station through Goldman Sachs Gives, a charitable institution. The donor had recommended that the funds be used for the WBAI News Department and for a series on hydro-fracking, but that there were no restrictions on the funds. She recommended that the money be reclassified as an unrestricted gift from a major donor and not as grants.

The committee discussed this topic. It was noted that the claims of underwriting had come from two individuals and not from the WBAI LSB. It was also noted that the KPFA News had reported that WBAI had taken underwriting from a corporation.

Midyear Budget Review 9:11 PM (ET)

The committee heard a report on KPFT’s compliance with its FY11 budget for the first half of the year. The station had weather and transmitter problems during an on-air fund raiser which resulted in missing it’s listener support goal by about 12 to 13%. With KTRU using KPFT’s HD-2 channel they are getting some younger listeners.

The committee discussed the report.

The committee discussed what the format of the formal, written reports should be.

It was reported that the Business Manager of WPFW is having a hard time getting reports from the National Office due to being locked out of the server due to the audit. WPFW is doing a little better than goal with more realistic goals for listeners support. The station is using “soft sell” reminders to listeners that they need money for rent, etc. This has gotten an additional $12,000. A LSB fund raiser raised about $6,500. They are near or approaching goal with car donations. Old bills are being paid off. Some FY11 income went to pay bills from FY10. There are some unexpected legal fees that will cost $5,000 a month for a while longer. The station’s antenna location will have to be moved a year sooner than expected because of a changed schedule for lead abatement in the building. There was a saving on salaries for the first quarter because there was no General Manager. The station expects to have a new, improved Web site by May 1. A major donor committee has been formed.

The committee discussed the report. The decision by Staff to cut salaries by 50% has helped a lot.

New Business 10:04 PM (ET)

Motion: (Ken Aaron) “That a spreadsheet be maintained on the NFC Yahoo Group documenting the status of the different business units in compliance with the Budget Time Line. This to be maintained by the Secretary based on E-mails he receives from the committee members.” (Passed without objection)

The committee discussed the motion.

Motion: (Tracy Rosenberg) “That station income statements include a list of grants held in restricted funds that cite the name of the provider and the named restrictions on the use of the funds.”

Amendment: (Ken Aaron) “To add ‘at donor discretion.’ after ‘provider.’” (passed without objection)

The committee debated the motion and amendment.

Motion as amended: “That the station income statements include a list of grants held in restricted funds that cite the name of the provider, at donor discretion, and the named restrictions on the use of the funds.” (passed as amended 10 for, 1 against)

Adjourned 10:36 PM (ET)

Submitted by R. Paul Martin, Secretary