2021-10-21 Agenda
Airlie Gardens Foundation
October 21, 2021 Board Meeting Agenda
Mark Tyler, President
Hank Estep, Vice Chair
Bonnie Nelson, Treasurer
Coo Hocker, 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.
October 21, 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 September Minutes
Regular Agenda Items of Business
1.
2. Bonnie Nelson, Board Treasurer
a. Approval of Audit
b. Financial Update for period ending September 30, 2021
3.
4. Development/Marketing & Outreach Report: Janine Powell
5. Other Business: All Board Members
Next Meeting: November 18, 2021
AIRLIE GARDENS FOUNDATION BOARD PAGE 1
REGULAR MEETING SEPTEMBER 16, 2021
ASSEMBLY
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The Airlie Gardens Foundation Board met in Regular session at the Airlie Cottage on Thursday, September 16,
2021, at 8:15 a.m.
Present: Mark Tyler (presiding), Eric Blaesing, Mike Creed, Hank Estep (via Teams), Coo Hocker, Bonnie Nelson,
Sandra Ray, Commissioner Rob Zapple, Shane Johnson, and Teddy Davis.
Excused: Ted Davis, Jr., Charlie Rivenbark and John Russ.
Guest. Eric Bregman, Earney & Company (via Microsoft Teams)
Staff: Scott Childs, Tara Duckworth, Tanya Gurganious, Julie Holtz, Andy Johnson, Rebecca Pearce, and Janine
Powell.
WELCOME AND APPROVAL OF MINUTES. Mark Tyler called the meeting to order and asked if there were any
changes or corrections to the minutes of the August meeting. There were no changes or corrections, and the
following motion was presented:
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MOTION: Commissioner Rob Zapple MOVED; SECONDED by Bonnie Nelson, that the minutes of the August 19
meeting be approved. Upon vote, the MOTION CARRIED UNANIMOUSLY.
1. Mark shared that the audit will be reviewed today. The gardens continue to do well.
2. Audit Report. Eric with Earney & Company reviewed the audit. He reviewed the Statement of Financial
Position and detailed the cash position which was $440,000 last year and is now $874,000, which was a
significant improvement. The endowment value increased by $2 million, which was market driven. Under the
Statement of Activities, public support was down slightly over the prior year (had a grant in 2020 which we
did not have in 2021). Revenue was up $300,000 (membership/gate significant increases over prior year).
Expenses went down and everything is looking very good. On the statement of cash flows, cash generated
was up. Lastly, Eric shared that they are required to do an assessment of internal controls. There were no
significant deficiencies or material weaknesses. The audit report will be voted on at the next board meeting.
3. Bonnie Nelson shared the following financial information for the month ending August
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31. Current assets were $590,519 with the total endowment at $7,696,705. Concert revenues include $7,500
in sponsorships. The August revenue was up over last August in every category. Environmental education
revenue includes $1,000 in revenue from the Hops & Talks programs. The difference in Exhibit revenue
(sponsorships) is just due to timing (recorded in Sep last year). There is $7,500 in Grounds Maintenance
expense that was for the health assessment of the Sister and the Darlington Oaks. The increase in
administrative support is mainly due to higher bank fees due to the increase in online transactions. However,
online donations are higher as well. The pier lighting capital project was started in August.
4. Director/Operations Report. Tara shared that gift shop numbers are awesome. After running a report going
back to 2016, discovered that the numbers have doubled. At the next board meeting, Tara will share how
much time each staff member spends working at Airlie as opposed to the County. Also working on the CIP.
Staff has drafted a list of capital projects. The oak assessment will be part of the CIP.
AIRLIE GARDENS FOUNDATION BOARD PAGE 2
REGULAR MEETING SEPTEMBER 16, 2021
5. Development Report. Janine Powell shared that the oyster roast sold out very quickly. Membership redeemed
oyster roast tickets in record numbers. The tables were sold out within a week of the last board meeting. Will
work with Penderlea Farms to have another fall/winter tree sale. (The Arboretum has agreed NOT to have a
tree sale.)
6. Other Business. None to report.
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7. Next Meeting. The next board meeting will take place at the Airlie Cottage on Thursday, October 21 at
8:15am.
ADJOURNMENT
The meeting adjourned at 9:01am.
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 September 30, 2021 (FY 2022)
Foundation Endowment Total
ASSETS
Current Assets
Cash Accounts
Petty Cash $1,500 $0 $1,500
South State Checking $469,998 $0 $469,998
SS - Temp Rest (Weddings) $96,450 $0 $96,450
Total Current Assets $567,948 $0 $567,948
Long-Term Assets
Endowment
Charles Schwab - Endowment $0 $6,817,477 $6,817,477
Total Endowment $0 $6,817,477 $6,817,477
Total Current/Long Term Assets $567,948 $6,817,477 $7,385,426
Other Assets
Inventory - Gift Shop $20,487 $0 $20,487
Net Property and Equipment $24,745 $0 $24,745
Prepaid Expenses $250 $0 $250
AR - Sales Taxes $1,612 $0 $1,612
AR - Other $0 $0 $0
Total Other Assets $47,094 $0 $47,094
TOTAL ASSETS $615,042 $6,817,477 $7,432,520
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Deferred Wedding & Event Revenues $96,450 $0 $96,450
Deferred Sponsorship Income $38,500 $0 $38,500
Accounts Payable - NHC $57,101 $0 $57,101
Accounts Payable - Sales Taxes $4,673 $0 $4,673
Accounts Payable - Vendors $7,996 $0 $7,996
Total Current Liabilities $204,719 $0 $204,719
Equity
Opening Bal Equity/Retained Earnings $306,847 $6,974,147 $7,280,994
Net Income $103,476 ($156,669) ($53,193)
Total Equity $410,323 $6,817,478 $7,227,801
TOTAL LIABILITIES & EQUITY $615,042 $6,817,478 $7,432,520
Airlie Gardens Foundation, Inc.
Profit & Loss Prev Year Comparison (FY 2022)
YTD Sept 2021 YTD Sept 2020 $ Change % Change
OPERATIONS
Operating Income
4100 Concert Series - Revenues $12,133 $0 $12,133 100.0%
4200 Enchanted Airlie - Revenue $0 $0 $0 0.0%
4300 Oyster Roast - Revenues $5,421 $0 $5,421 100.0%
4400 Grant Revenues $0 $0 $0 0.0%
4500 Contributions Income $11,995 $2,265 $9,729 429.53%
4600 Gate Revenues $112,146 $84,597 $27,548 32.56%
4700 Membership Revenues $67,776 $51,732 $16,044 31.01%
4800 Merchandise Revenues $33,230 $8,840 $24,390 275.89%
4900 Environmental Education $5,152 $456 $4,696 1,029.83%
5000 Wedding & Garden Events $63,365 $16,950 $46,415 273.83%
5100 Other Revenue $1 $0 $1 100.0%
5200 Interest $302 $969 ($667) -68.87%
5500 Exhibit Revenues $11,500 $12,500 ($1,000) -8.0%
Total Operating Income $323,019 $178,310 $144,709 81.16%
Operating Expenses
6100 Concert Series - Expenses $28,226 $1,700 $26,526 1,560.37%
6200 Enchanted - Expenses $10,498 $7,655 $2,843 37.14%
6300 Oyster Roast - Expenses $17,403 $0 $17,403 100.0%
6400 Grant Expenses $0 $17,725 ($17,725) -100.0%
6600 Gate Expenses $4,630 $3,117 $1,513 48.55%
6700 Membership Expenses $3,903 $418 $3,485 833.66%
6800 Merchandise Expenses $19,140 $5,600 $13,540 241.76%
6900 Environ Education Exp $0 $92 ($92) -100.0%
7000 Wedding & Gardens Events $288 $172 $116 67.02%
7100 Other Expenses $4,542 $4,252 $290 6.82%
7200 Lake Management $1,331 $0 $1,331 100.0%
7300 Grounds Maintenance $7,500 $0 $7,500 100.0%
8000 Administrative Support $36,204 $30,979 $5,225 16.87%
9000 Salaries Paid to NHC $57,101 $57,101 $0 0.0%
10002 Special Exhibits $23,537 $21,296 $2,241 10.52%
Total Operating Expenses $214,302 $150,108 $64,195 42.77%
TOTAL NET OPERATING INCOME $108,716 $28,202 $80,514 285.49%
Donated to Gardens & Endowment
Capital Projects ($5,240) ($29,000) $23,760 81.93%
Donated to Gardens & Endowment ($5,240) ($29,000) $23,760 81.93%
Endowment
Investment Income $23,074 $17,786 $5,288 29.73%
Investment Expenses ($11,698) ($8,024) ($3,674) -45.79%
Unrealized Gains/Losses ($168,045) $296,452 ($464,498) -156.69%
Total Endowment Income/(Loss) ($156,669) $306,214 ($462,883) -151.16%
TOTAL NET INCOME ($53,193) $305,416 ($358,609) -117.42%
Airlie Gardens Foundation, Inc.
Profit &Loss Budget Comparison
(Operating Only)
YTD Actual YTD Budget
Sep FY22 Sep FY22 $ Change % Change
OPERATIONS
Operating Income
4100 Concert Series - Revenues $12,133 $10,500 $1,633 15.55%
4200 Enchanted Airlie - Revenue $0 $0 $0 0.0%
4300 Oyster Roast - Revenues $5,421 $0 $5,421 100.0%
4400 Grant Revenues $0 $736 ($736) -100.0%
4500 Contributions Income $11,995 $5,000 $6,995 139.89%
4600 Gate Revenues $112,146 $42,000 $70,146 167.01%
4700 Membership Revenues $67,776 $32,000 $35,776 111.8%
4800 Merchandise Revenues $33,230 $6,200 $27,030 435.97%
4900 Environmental Education $5,152 $1,575 $3,577 227.11%
5000 Wedding & Garden Events $63,365 $31,660 $31,705 100.14%
5100 Other Revenues $1 $0 $1 100.0%
5200 Interest $302 $0 $302 100.0%
5500 Exhibit Income $11,500 $11,500 $0 0.0%
Total Operating Income $323,019 $141,171 $181,848 128.81%
Operating Expenses
6100 Concert Series - Expenses $28,226 $17,290 $10,936 63.25%
6200 Enchanted - Expenses $10,498 $4,000 $6,498 162.45%
6300 Oyster Roast - Expenses $17,403 $0 $17,403 100.0%
6400 Grant Expenses $0 $736 ($736) -100.0%
6600 Gate Expenses $4,630 $12,730 ($8,100) -63.63%
6700 Membership Expenses $3,903 $5,500 ($1,598) -29.05%
6800 Merchandise Expenses $19,140 $4,200 $14,940 355.71%
6900 Environ Education Exp $0 $1,250 ($1,250) -100.0%
7000 Wedding & Gardens Events $288 $1,200 ($912) -76.0%
7100 Other Expenses $4,542 $3,500 $1,042 29.78%
7200 Lake Management $1,331 $6,250 ($4,919) -78.7%
7300 Grounds Maintenance $7,500 $7,500 $0 0.0%
8000 Administrative Support $36,204 $34,375 $1,829 5.32%
9000 Salaries Paid to NHC $57,101 $57,101 $0 0.0%
10002 Special Exhibits $23,537 $25,000 ($1,463) -5.85%
Total Operating Expenses $214,302 $180,632 $33,671 18.64%
TOTAL NET OPERATING INCOME $108,716 ($39,461) $148,177 375.51%