HomeMy WebLinkAbout2020-02-05 Trustees of Osgood Hill Board Meeting Minutes Trustees of Osgood Hill Board Meeting
Minutes of Board Meeting conducted February 5, 2020
Called to order 6:34pm at Stevens Estate, Library
Voting Members Present(4): David Brown, Ellen Mosier(chair), Robin Ellington,Jeanne Irwin.
Voting Member Remote (1): Jerome Justin
Voting Member Absent(1): William Swiggart
Town Officials(2): Joanna Collantine (Estate Director),Andrew Shapiro(Director of Economic and
Community Development)
Attachments:
• Bookings report dated 2/7/2020
• P&L template dated 2/7/2020
• FY20 and FY21 financials
1. Previous minutes from January 21, 2020 meeting were unanimously approved.
2. Debrief from Open Meeting Law Training session
a. Robin updated the group on the training session held Tuesday, 2/4. Presentation
materials have been distributed by Jillian Brothers.
b. Action: Andrew to confirm if Trustees can get a North Andover town email account.
This will aid in separating personal correspondence from the Board information.
3. Marketing update
a. Ellen, Robin and Joanna met on Monday, February 3,to discuss increased marketing
efforts on behalf of the estate.
b. On March 22 from 10am-2pm a Bridal Expo will be held at the Estate. This will involve
participation from past couples who have held weddings at the estate,with prospective
couples interested in getting information for an upcoming event.
c. Numerous other outreach activities were discussed to increase the visibility of the
Estate. Updates will be provided at future meetings.
4. Financial update
a. FY20 status
i. Joanna estimated the FY20 projected revenue and expenses at$355k and $387k
respectively,for a projected loss of$32k. Key factors driving this loss include
the 6 month bookings moratorium in early 2019, and lack of Estate resourcing
to support marketing efforts.
ii. It was noted that the transfer of funds to capital has been removed from the
FY20 expense budget and will no longer be included as a line item going
forward.
iii. Board discussed the need to review allocated indirect expenses that have
impacted the cumulative Retained Earnings of the Estate.
iv. Motion (made by E Mosier,second by J Irwin): Fund from FY20 operating
budget by the amount necessary to pay for an independent forensic audit of
the Stevens Estate budget. Approved 5-0(J Justin remote).
v. Motion (made by J Irwin,second by D Brown): J Irwin to send a letter to Town
Manager and Town Accountant related to the prior motion with an
explanation of the purpose and intent of the audit. Approved 5-0(J Justin
remote).
b. FY21 budget proposal
i. Requested budget was reviewed on Monday, February 3,with Joanna,Andrew,
and Town Manager. The outcome of that meeting set a budget of$416k for
revenue, and $345k for expenses.
ii. It is worth noting that FY21 does not include the allocation of indirect costs as a
budget line item.
iii. FY21 salary budget is proposed at$150k. As noted in the FY20 budget review
this resourcing may impact the Director's ability to drive marketing activities.
Additional support from the Trustees and Friends of Stevens Estate is needed to
meet the revenue target.
5. Other Business
a. Motion (made by D Brown,second by Justin): E Mosier to send a letter to Town
Manager requesting a response to the request for information and documents
requested 12/31/2019. Approved 5-0(J Justin remote).
6. Upcoming Meeting schedule—all meetings at the Stevens Estate Library
a. Tuesday, 2/18,Sam
b. Wednesday, 3/11, 6:30pm
7. Meeting adjourned 8:46 pm