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Home My WebLink About2021-08-19 Meeting Agenda Airlie Gardens Foundation August 19, 2021 Board Meeting Agenda Mark Tyler, President Hank Estep, Treasurer Bonnie Nelson, Secretary Tara Duckworth, Director of Parks and Gardens MISSION To ensure and help preserve Airlie Gardens as an outstanding, historic public garden with cultural and environmental programs developed to serve New Hanover County residents and other visitors. August 19, 2021; 8:15 am: Airlie Cottage (896 Airlie Road) Meeting Called to Order Mark Tyler, President Recurring Consent Agenda Items of Business 1. Approval of the June Minutes Regular Agenda Items of Business 1. 2. a. Financial Update for period ending July 31, 2021 3. 4. Development/Marketing & Outreach Report: Janine Powell 5. Other Business: All Board Members Next Meeting: September 16, 2021 AIRLIE GARDENS FOUNDATION BOARD PAGE 2 REGULAR MEETING JUNE 17, 2021 ASSEMBLY The Airlie Gardens Foundation Board met in Regular session at the Airlie Cottage on Thursday, June 17th, 2021 at 8:15 a.m. Present: Mark Tyler (presiding), Eric Blaesing, Mike Creed, Hank Estep, Coo Hocker, John Russ and Commissioner Rob Zapple. Via Telephone: Teddy Davis. Excused: Ted Davis, Jr., Deb Hays and Charlie Rivenbark. Staff: Scott Childs, Tara Duckworth, Bonnie Derks (Intern), Andy Johnson, Rebecca Pearce and Janine Powell. WELCOME AND APPROVAL OF MINUTES. Mark Tyler called the meeting to order and welcomed those present for the first face-to-face meeting since March of 2020. He then asked if there were any changes or corrections to the minutes of the May meeting. No changes were noted, and the following motion was presented: MOTION: Eric Blaesing MOVED; SECONDED by Commissioner Rob Zapple, that the minutes of the April meeting be approved with the corrections as stated. Upon vote, the MOTION CARRIED UNANIMOUSLY. 1. Mark welcomed those in attendance term on the board ended with the June meeting. She will be given a token of appreciation for her years of service. st 2. Hank shared the following financial information for the moth ending May 31. The month of May set a record at Airlie Gardens for membership revenue. Membership revenue for the month of May was $50K. There has been a very steady uptick in new family members in recent months. Additionally, there have been a few upgrades in membership, and it seems that some of the upper-level members are coming back. Gate and gift shop revenue also remained strong. Gate and gift shop revenues for the month were $60K and $10.5K, respectively. Wedding season is in full swing and portrait sessions continue to be very busy. Grant Revenue consists of $62,500 EEG Grant, $5,000 from Landfall Foundation for the 2021 Owl Exhibit, and an unrestricted grant of $2,500 from the Mitchell Foundation. New Enchanted Airlie decorations were purchased per board approval. A new expense line on the financial statements was created for Grounds Maintenance. This has captured the expenses related to specific fertilizer and expenses related to the Airlie Oak. These expenses have been covered between donations raised specifically for the Airlie Oak, a $5,000 unrestricted donation in June from Stanley Smith Horticultural Trust, as well as the Penderlea Live Oak tree sale which resulted in $5,000 in proceeds. The endowment continues to grow with a fiscal year-to-date unrealized gain of nearly $1.6 million. AIRLIE GARDENS FOUNDATION BOARD PAGE 3 REGULAR MEETING JUNE 17, 2021 3. Director/Operations Report. Tara shared that the annual audit time is approaching. Funds over $500,000 in the operating account will be swept into the endowment at the end of the fiscal year. Memberships have increased tremendously over the past year. During the next fiscal year will look at all aspects of membership to re-evaluate. Will have to look at how to manage the number of nd people at events as well. Concerts will resume with the first one taking place on Friday, July 2. Our events such as the butterfly releases and bird hikes continue to be sold out. 4. Budget: Fiscal Year 21-22. Tara reviewed the budget for the upcoming fiscal year. Some highlights were as follows: ~ Reduced expenses for buses used during concerts as fewer will be needed due to the new parking location (Northeast Library). ~ Enchanted Airlie expenses increased due to addition of another pod for storage, propane and other supplies. ~ Program expenses are under budget this fiscal year due to grant offset. ~ Wedding & Garden expenses increased due to more receptions, which require more deputies. After a few questions and some discussion, the following motion was presented: MOTION: Commissioner Rob Zapple MOVED; SECONDED by Commissioner Rob Zapple, that the budget for fiscal year 21-22 be approved as presented. Upon vote, the MOTION CARRIED UNANIMOUSLY. 5. Development Report. Janine Powell shared that the live oaks sold extremely well, and all have been picked up. Funds raised were $5,000 with plans to do again in the fall with larger and a different variety of trees. (Plans will be made for the board to have a field trip to see the process of how the trees are grown and tour Penderlea Farms). 6. Other Business. None to report. th 7. Next Meeting. The next board meeting will take place at the Airlie Cottage on Thursday, August 19 at 8:15am. ADJOURNMENT MOTION: Coo Hocker MOVED; SECONDED by Eric Blaesing, that the meeting be adjourned. The meeting adjourned at 9:08am. Respectfully submitted, Tanya Gurganious Administrative Coordinator -Please note that the above minutes are not a verbatim record of the New Hanover County Airlie Gardens Foundation Board meeting. Airlie Gardens Foundation, Inc. Balance Sheet As of July 31, 2021 (FY 2022) Foundation Endowment Total ASSETS Current Assets Cash Accounts Petty Cash $1,500 $0 $1,500 South State Checking $345,426 $0 $345,426 SS - Temp Rest (Weddings) $132,950 $0 $132,950 Total Current Assets $479,876 $0 $479,876 Long-Term Assets Endowment Charles Schwab - Endowment $0 $6,950,312 $6,950,312 Total Endowment $0 $6,950,312 $6,950,312 Total Current/Long Term Assets $479,876 $6,950,312 $7,430,188 Other Assets Inventory - Gift Shop $14,430 $0 $14,430 Net Property and Equipment $24,745 $0 $24,745 Prepaid Expenses $250 $0 $250 AR - Sales Taxes $8,543 $0 $8,543 AR - Other $0 $0 $0 Total Other Assets $47,967 $0 $47,967 TOTAL ASSETS $527,843 $6,950,312 $7,478,155 LIABILITIES & EQUITY Liabilities Current Liabilities Deferred Wedding & Event Revenues $132,950 $0 $132,950 Deferred Sponsorship Income $15,000 $0 $15,000 Accounts Payable - NHC $19,034 $0 $19,034 Accounts Payable - Sales Taxes $0 $0 $0 Accounts Payable - Vendors $6,289 $0 $6,289 Total Current Liabilities $173,272 $0 $173,272 Equity Opening Bal Equity/Retained Earnings $312,659 $6,974,147 $7,286,806 Net Income $41,912 ($23,835) $18,077 Total Equity $354,571 $6,950,312 $7,304,883 TOTAL LIABILITIES & EQUITY $527,843 $6,950,312 $7,478,155 Airlie Gardens Foundation, Inc. Profit & Loss Prev Year Comparison (FY 2022) July 2021 July 2020 $ Change % Change OPERATIONS Operating Income 4100 Concert Series - Revenues $12,282 $0 $12,282 100.0% 4200 Enchanted Airlie - Revenue $0 $0 $0 0.0% 4300 Oyster Roast - Revenues $0 $0 $0 0.0% 4400 Grant Revenues $0 $0 $0 0.0% 4500 Contributions Income $1,553 $513 $1,040 202.76% 4600 Gate Revenues $45,566 $32,778 $12,789 39.02% 4700 Membership Revenues $23,052 $13,886 $9,166 66.01% 4800 Merchandise Revenues $14,319 $2,848 $11,470 402.69% 4900 Environmental Education $1,492 $141 $1,351 958.16% 5000 Wedding & Garden Events $11,050 $3,025 $8,025 265.29% 5100 Other Revenue $0 $0 $0 0.0% 5200 Interest $209 $284 ($75) -26.38% 5500 Exhibit Revenues $11,500 $0 $11,500 100.0% Total Operating Income $121,024 $53,475 $67,549 126.32% Operating Expenses 6100 Concert Series - Expenses $3,969 $500 $3,469 693.86% 6200 Enchanted - Expenses $0 $6,500 ($6,500) -100.0% 6300 Oyster Roast - Expenses $50 $0 $50 100.0% 6400 Grant Expenses $0 $0 $0 0.0% 6600 Gate Expenses $275 $0 $275 100.0% 6700 Membership Expenses $0 $0 $0 0.0% 6800 Merchandise Expenses $8,061 $1,566 $6,494 414.61% 6900 Environ Education Exp $0 $0 $0 0.0% 7000 Wedding & Gardens Events $0 $13 ($13) -100.0% 7100 Other Expenses $1,421 $1,037 $385 37.14% 7200 Lake Management $1,331 $0 $1,331 100.0% 7300 Grounds Maintenance $0 $0 $0 0.0% 8000 Administrative Support $21,518 $19,955 $1,564 7.84% 9000 Salaries Paid to NHC $19,034 $19,034 $0 0.0% 10002 Special Exhibits $23,453 $20,679 $2,773 13.41% Total Operating Expenses $79,112 $69,283 $9,829 14.19% TOTAL NET OPERATING INCOME $41,912 ($15,808) $57,720 365.13% Donated to Gardens & Endowment Capital Projects $0 ($4,000) $4,000 100.0% Donated to Gardens & Endowment $0 ($4,000) $4,000 100.0% Endowment Investment Income $3,482 $3,555 ($73) -2.04% Investment Expenses ($11,698) ($8,024) ($3,674) -45.79% Unrealized Gains/Losses ($15,619) $225,575 ($241,194) -106.92% Total Endowment Income/(Loss) ($23,835) $221,106 ($244,941) -110.78% TOTAL NET INCOME $18,077 $201,298 ($183,221) -91.02%