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Home My WebLink AboutWRCF Minutes 2015-06-29MINUTES OF SPECIAL MEETING OF THE BOARD OF DIRECTORS OF THE WILMINGTON REGIONAL FILM COMMISSION, INC. A North Carolina Non -Profit Corporation Board of Directors of the Wilmington Regional Film Commission, Inc. (WRFC) held a special meeting on June 29th, at 8:30 a.m. Chairman Hon. Beth Dawson, Hon. Bill Saffo, Ms. Carey Jones, Mr. Jimmy Smith, and Mr. William Vassar were present. In addition Johnny Griffin and Karin LeMaire were also present. 1. APPROVAL OF MINUTES FROM REGULARLY SCHEDULED MEETING ON JANUARY 13TH, 2015. The minutes from the Board Meeting on January 13 "', 2015, a copy of which is attached as EXHIBIT A, were unanimously approved. 2. DISCUSSION OF CHANGE TO CITY CONTRACT. Director Johnny Griffin outlined a change in the contract with the City of Wilmington, included as Exhibit "B ". This is not a change specific to the Commission and is a change in length of contract being made on all City contracts going forward. The City "would like to emphasize that the relationship with the WRFC has been exemplary:' 3. APPROVAL OF BUDGET FOR FY 2015 -2016. Revisions were made to a previously considered 2015 -2016 budget per the instructions of the Board, a copy of which is attached as EXHIBIT "C ". After discussion and review, the 2015 -2016 WRFC budget was unanimously approved. 4. APPROVAL OF LETTER OF ENGAGEMENT FROM AUDITOR KEMMY GOODSON. A motion to approve Letter of Engagement to audit FY 14-15 financial statements, a copy of which is attached as EXHIBIT "D ", was unanimously approved. 5. OLD BUSINESS. A general discussion on the film grant, the legislative session, and the state of TV and film business in NC was held. 6. NEW BUSINESS. No new business was proposed. There being no further business, the meeting was adjourned at 9:35 a.m. Respectfully submitted, Hon. Beth Dawson, Chairman p WILMINGTON REGIONAL FILM COMMISSION, INC. 1223 NORTH 23rd STREET • WILMINGTON, NC 28405 www.wilmington•film.com • commish ®wilmington- film.com Attachment "A" Member of i ASSOCIATION OF FILM COMMISSIONERS INTERNATIONAL BOARD OF DIRECTORS Honorable Belh Dawson, Chairman Honorable Bill SaHo, Vice-Chairman Carey Jones James LF. Smilh William Vassar MINUTES OF REGULARLY SCHEDULED MEETING OF THE BOARD OF DIRECTORS OF THE WILMINGTON REGIONAL FILM COMMISSION, INC. A North Carolina Non -Profit Corporation Board of Directors of the Wilmington Regional Film Commission, Inc. (WRFC) held a regularly scheduled meeting at 8:30 AM on January 13t. Chairman William Vassar, Vice Chairperson Ms. Carey Jones, Hon. Beth Dawson, Hon. Bill Saffo and Mr. Jimmy Smith were present. In addition Johnny Griffin and Karin LeMaire were also present. 1. APPROVAL OF MINUTES FROM REGULARLY SCHEDULED OCTOBER 14TH, 2014 MEETING. The minutes from the Board meeting on October 14t, 2014, a copy of which is attached as EXHIBIT A, were unanimously approved. 2. INTRODUCTION OF BETH DAWSON AS THE NEW HANOVER COUNTY COMMISSIONER MEMBER REPRESENTATIVE TO THE WRFC BOARD OF DIRECTORS. Honorable Beth Dawson has been reappointed as the New Hanover County representative to the Board. 3. SELECTION OF AT LARGE MEMBER OF THE WRFC BOARD OF DIRECTORS. Vassar, Saffo, Dawson, and Jones voted unanimously to select James L. F. Smith for the At-Large Board position. Jimmy abstained from voting. 4. ELECTION OF OFFICERS FOR 2015. Honorable Beth Dawson was unanimously elected as the Chairman. Honorable BiII Saffo was unanimously elected as the Vice- Chairman. Johnny Griffin was unanimously reelected as Secretary /Treasurer. 5. PRODUCTION UPDATE. 2014 was a banner year for film and TV production in the SE region. We estimate finishing at around $170 million for local spending. We finished strong in the 4th quarter - a traditionally quiet quarter. We had 2 feature films, 2 TV series, and 2 smaller projects to finish out the year. For 1st quarter 2015 we currently still have Sleepy Hollow season 2 and Bolden filming. Inquiries and leads are significantly down due to uncertainty regarding the stability of the NC Film incentives. 6. DISCUSSION ON FILM GRANT IMPLEMENTATION. The new grant guidelines were posted and a 20 day public review period culminating in a public hearing on January 131". By January 26th the grant process should be complete and the state will start taking applications for the grant. Johnny will attend the public hearing in Raleigh later today. 7. DISCUSSION OF PROCESS FOR IMPROVEMENTS TO THE FILM GRANT. Johnny and others have submitted notes, comments, clarifications, and suggestions. We would like to see the grant fully funded, clean up some language to clarify requirements and expectations, and add real life to the program by extending or eliminating a sunset date. 8. )ENTER INTO CLOSED SESSION FOR THE PURPOSE OF CONSIDERING A PERSONNEL MATTER. Discussion was held among the Board. 9. UPON COMPLETION OF THE CLOSED SESSION THE BOARD RETURNED TO OPEN MEETING. As a result of the closed session no action was taken. 10. NEW BUSINESS: A. The City Of Wilmington And New Hanover County passed a Resolution in Support Of Film. The Board thanks both the City and the County. B. Chairman Beth Dawson has asked Board members to review the bylaws and provide feedback regarding any changes needed. There being no further business, the meeting was adjourned at 10:20 AM. Respectfully submitted, Honorable Beth Dawson, Chairperson WILMINGTON i REGIONAL FILM COMMISSION, INC. ' 1223 NORTH 23rd STREET • WILMINGTON, NC 28405 www.wilminglon-film.com • commish@wilmington-film.com Attachment "B" Member of aftoASSOCIATION OF FILM COMMISSIONERS INTERNATIONAL BOARD OF DIRECTORS Honorable Belh Dawson, Chairman Honorable Bill Soffo, Vice - Chairman Carey Jones James L.F. SmBh Williom Vassar May 20, 2015 Johnny Griffin 1223 N. 23rd Street Wilmington, NC 28405 Y v �" Dear Mr. G 'Kn. This letter is notification, pursuant to paragraph 4 in the City's contract with the Wilmington Regional Film Commission (WRFC), which the City of Wilmington is letting the current contract expire. The timing and purpose of this letter is intended to meet the 12 month prior notification of non - renewal in the contract. The City of Wilmington staff has a desire to continue a relationship the WRFC as an economic development colleague. The City established a Civic Development Partnership process 2 years ago with the intent of transitioning contracts with economic development agencies to a standardized format with synchronized expiration dates. The City would like to emphasize that the relationship with the WRFC has been exemplary. We expect to continue with an economically productive and meaningful relationship moving forward. Contingent upon City Council approval, the WRFC should expect similar and continued funding in fiscal year 2016, albeit governed by a more contemporary and standardized performance agreement. It is my understanding that you earlier discussed this state of affairs with staff and understand the City's intent. Should you have questions or concerns, please don't hesitate to contact me at your convenience. Sincerely, XJ Sterli g Cheatham CC: City Council Tony Caudle Roger Johnson Bill Wolak C:fTI - ILM I l V GT O ��tzrr [ u�tttat.i� to� City Manager's Office 102 North Third Street PO Box 1810 Wilmington, NC 28402 -1810 910 342 -2786 910 341.5839 fax wilmingtonnc.gov Dial 711 TTYNoice May 20, 2015 Johnny Griffin 1223 N. 23rd Street Wilmington, NC 28405 Y v �" Dear Mr. G 'Kn. This letter is notification, pursuant to paragraph 4 in the City's contract with the Wilmington Regional Film Commission (WRFC), which the City of Wilmington is letting the current contract expire. The timing and purpose of this letter is intended to meet the 12 month prior notification of non - renewal in the contract. The City of Wilmington staff has a desire to continue a relationship the WRFC as an economic development colleague. The City established a Civic Development Partnership process 2 years ago with the intent of transitioning contracts with economic development agencies to a standardized format with synchronized expiration dates. The City would like to emphasize that the relationship with the WRFC has been exemplary. We expect to continue with an economically productive and meaningful relationship moving forward. Contingent upon City Council approval, the WRFC should expect similar and continued funding in fiscal year 2016, albeit governed by a more contemporary and standardized performance agreement. It is my understanding that you earlier discussed this state of affairs with staff and understand the City's intent. Should you have questions or concerns, please don't hesitate to contact me at your convenience. Sincerely, XJ Sterli g Cheatham CC: City Council Tony Caudle Roger Johnson Bill Wolak WILMINGTON REGIONAL FILM COMMISSION, INC. 1223 NORTH 23rd STREET • WILMINGTON, NC 28405 www.wilmingion•film.com • eommish@wilmington•film.com Attachment "C" Member of a f .""" di ASSOCIATION OF FILM COMMISSIONERS INTERNATIONAL BOARD OF DIRECTORS Honorable Beth Dawson, Chairman Honorable Bill Saffo, ViceChairnon Carey Jones James L.F. Smith William Vassar 6121159:31 AM Wilmington Regional Film Commission, Inc. Proposed Budget for 2015 - 2016 Jul '15 - Jun '16 Income 4010 - City of Wilmington 119,500.00 4011 • New Hanover County 119,190.00 4023 - New Hanover County Marketing 25,000.00 4012 - Memberships 65,000.00 4016 • Interest Income 50.00 Reserve 0.00 Total Income 328,740.00 Expense 5010 • Salaries 135,562.00 5011 • Payroll Taxes , 12,201.00 5012 - Car Rental Expense 4,500.00 5013 - Retirement 13,556.00 5014 • Insurance - Employee 18,750.00 5015 • Insurance -Workman's Comp 1,100.00 6016 - Insurance -Auto 1,500.00 5017 - Insurance - Liability 1,900.00 5021 • Membership Drive 8,000.00 6022 - Communications /Postage 1,500.00 5023 - PromotionlTravel /Conference 8,903.00 5024 • Copier Rental 2,500.00 5025. On -line services 1,500.00 5028 - Equipment 500.00 6029. Office Supplies 1,300.00 5031 - Rent 15,468.00 6032 • Marketing 40,000.00 6033 • Property Insurance 900.00 6034 • Location Scouting 3,000.00 6035 • Policy Board 3,000.00 6036 . Accounting 4,000.00 6037 . Bank Fees 100.00 5039 - Income Taxes 0.00 5043 - Reel -Scout Lease 14,000.00 6048 - Consulting Services 25,000.00 5050 • Contingency 10,000.00 Reserve 0.00 Total Expense 328,740.00 Page 1 of 1 WILMINGTON REGIONAL FILM COMMISSION, INC. 1223 NORTH 23rd STREET • WILMINGTON, NC 28405 www.wilmington-Pilm.com • commish @wilmington•film.eom Attachment "D" Member of n ASSOCIATION OF aft FILM COMMISSIONERS INTERNATIONAL BOARD OF DIRECTORS Honorable Beth Dawson, Chairman Honorable Bill Salle, Vice-Chairman CoroyJones James L.F. Sm1h William Vassar Goodson & Taylor CFAs Clement Goodson, CPA Lynn Taylor, CPA May 28, 2015 Mr. Johnny Griffin Wilmington Regional Film Commission 1223 North 23rd Street Wilmington, NC 28405 Dear Mr. Griffin: '.. _ —.11-1-I � .r_. "s - We are pleased to confirm our Understanding of the services we will be providing for the Wilmington Regional Film Commission, for the year ended June 30, 2015. 771 S. Kerr Ave. Wilmington, NC 28403 Voice 910.392.4850 Fax 910.392.3240 We will audit the statement of financial position of Wilmington Regional Fihn Commission, as of June 30, 2015, and the related statements of activities, functional expenses, and cash flows for the year then ended. The objective of our audit is the expression of an opinion about whether your financial statements are fairly presented, in all material respects, in conformity with U.S, generally accepted accounting principles and to report on the fairness of the additional information referred to in the first paragraph when considered in relation to the financial statements taken as a whole. We will conduct our audit in accordance with U.S. generally accepted auditing standards and will include tests of the accounting records of Wilmington Regional Film Commission and other procedures we consider necessary to enable us to express an opinion that the financial statements are fairly presented, in all material respects, in conformity with U.S. generally accepted accounting principles. If our opinion is other than unqualified, we will fully discuss the reasons with you in advance. It for any reason, we are unable to complete the audit engagement, we will not issue a report as a result of this engagement. As part of our audit, we will obtain an understanding of the organization's internal control to plan the audit and to determine the nature, timing, and extent of auditing procedures necessary for expressing our opinion concerning the financial 'statements. Our audit is not designed to provide assurance on internal control or to identify reportable conditions. However, we will inform the Board or the Audit Committee of any matters involving internal control and its operation that we consider reportable conditions under standards established by the American institute of Certified Public Accountants. The management of Wilmington Regional Film Commission is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by the management are required to assess the expected benefits and related costs of internal control policies and procedures. The objectives of internal control are to provide management with reasonable, but not absolute, assurances that assets are safeguarded against loss from unauthorized use or disposition, that transactions are executed in accordance with management's authorizations and recorded properly to permit the preparation of financial statements in accordance with U.S. generally accepted accounting principles. Management's responsibility includes the establishment and maintenance of adequate records and effective internal controls over financial reporting and compliance, the selection and application of accounting principles, and the safeguarding of assets. Management is responsible for adjusting the financial statements to correct material misstatements and for confirming to us in the management representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. We understand that you will provide us with the basic information required for our audit and that you are responsible for the accuracy and completeness of that information. We will advise you about appropriate accounting principles and their application and will assist in the preparation of your financial statements, but the responsibility for the financial statements remains with you. This responsibility includes maintaining adequate records and related internal control policies and procedures, selecting and applying accounting principles, accepting actuarial methods and assumptions used by the actuary, and safeguarding assets. Management is also responsible for identifying and ensuring the organization complies with applicable laws and regulations. As part of our engagement, we may also propose standard, adjusting, or correcting journal entries to your financial statements. Management, however, has final responsibility for reviewing the proposed entries and understanding the nature and impact of the proposed entries to the financial statements. It is our understanding that management has designated qualified individuals with the necessary expertise to be responsible and accountable for overseeing the services performed as part of this engagement. Our procedure will include tests of documentary evidence supporting the transactions recorded in the accounts, may include tests of the physical existence of inventories, and will include direct confirmation of receivables and certain other assets and liabilities by correspondence with selected finding sources, creditors, and financial institutions. We will request written representations from your attorneys as part of the engagement, and they may bill you for responding to the inquiry. At the conclusion of our audit, we will also request certain written representation from you about the financial statements and related matters. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number of transactions to be examined and the areas to be tested. Also, we will plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether from errors, fraudulent financial reporting, misappropriation of assets, or violations of laws or governmental regulations that are attributable to Wilmington Regional Film Commission or to acts by management or employees acting on behalf of Wilmington Regional Film Commission. However, because of the concept of reasonable assurance and because we will not perform a detailed examination of all transactions, there is a risk that material errors, irregularities, or illegal acts, including fraud or defalcations, may exist and not be detected by us. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or governmental regulations that do not have a direct and material effect on the financial statements_ We will inform you, however, of any matters of that nature of which we become aware during our engagement. Our responsibility as auditors, is limited to the period covered by our audit and does not extend to matters that might arise during any later periods for which we are not engaged as auditors. We expect to begin our audit on any time after that would be convenient for you after July 20, 2015 and to issue our report no later than September 15, 2015. Our fee for these services will be at our standard hourly rates plus out -of- pocket costs (such as report reproduction, typing, postage, copies, or telephone calls), except that we agree that our gross fee, including expenses, will not exceed $1,100-00. Our invoices for these fees will be due upon completion and are payable on presentation. In accordance with our firm policies, work may be suspended if your account becomes 30 days or more overdue and may not be resumed until your account is paid in full. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. In addition, Clement Goodson will be your contact person and the primary person who will perform the audit. We appreciate the opportunity to be of service to Wilmington Regional Film Commission and believe this letter accurately Summarizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and return it to us. Sincerely, CIement E. Goodson, CPA APPROVED: Title Date