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HomeMy WebLinkAboutApproved minutes 51325[11,rill 1 ��ll lull, fflil F.1110-INIM 0=1� The Wilmington Regional Film Commission, Inc. (WRFC) held a regular meeting at 8:30 AM, onMay l3,202S. Chairman Hank Miller, Vice -Chairman Sabrina Davis, Mr. Kirk Englebright, Ms. Judy Girard, Honorable Bill Rivenbark, and Honorable Bill Saffo were present. Mr. Michael Scott joined by video conference. In addition, Mr. Johnny Griffin was present. the Board Meeting on January 6, 2 02 5, a copy of which is attached as EXHIBIT A, were M���-• VA IN Nil I ;1JJV 161[$10 Letter of Engagement from Goodson & Taylor, CPAs, a copy of which is attached as 3. APPROVAL OF BUDGET FOR FY 25/26. Mr. Griffin reviewed the proposed budget for FY 25/26, a copy of which is attached as EXHIBIT C. The budget was unanimously approved with the following condition: once the New Hanover County contribution is finalized by the County, Mr. Griffin will enter the amount and adjust the reserves to 4. PRODUCTION UPDATE. Mr. Johnny Griffin stated that film and television production throughout the country is experiencing an unprecedented drought. Mr. Michael Scott stated that the Cinespace facilities throughout the U.S. are slow but its' facilities in Canada are busy. Studios are making fewer and smaller projects it appears. The Commission is continuing to assist projects and is hopeful that it will see work 5. LEGISLATIVE UPDATE. Mr. Johnny Griffin reviewed the current legislative activity regarding possible improvements to the NC Film Grant program. Sen. Michael Lee has proposed language in the Senate budget. Mr. Johnny Griffin, along with board members Mr. Michael Scott, Jr. and Mr. Kirk Englebright met with lobbyist Tom Fetzer to suggest some changes / clarifications. Mr. Johnny Griffin will continue to monitor the progress of and assist with improvements to the NC Film Grant. There being no further business, the meeting was adjourned at 11:00 A.M. Resliectfully Submitted, Mr. Hank Miller, Chairperson 15 Lill 14 JA I I z 111, -4 IN z REGIONAL FILM COMMISSION, INC. 1223 NORTH 23rd STREET - WILMINGTON, NC 28405 910.343.3456 Tel - 910.343.3457 Fax commish@wilmingtonfilm.com - www.wilmingtonfilm.com &79__rffrffA7_PVrnz May 13, 2025 Hank Miller, Chairman Sabrina S. Davis, Vice -Chairman Kirk Englebright Judy Girard Honorable Bill Rivenbark Honorable Bill Saffo Michael Scott, Jr. 8:30 AM 1. Approval of the minutes from January 6, 2025 board meeting (EXHIBIT "A") 8:31 AM 2. Approval of the Letter of Engagement from Goodson & Taylor, CPAs to perform an audit of the Financial Statements of FY 24/25 (EXHIBIT "B") 8:33 AM 3. Approval of budget for FY 25/26 (EXHIBIT "C") 8:45 AM 4. Production update 8:55 AM 8. Legislative update 9:10 AM 9. Additional business Member of ASSOCIATION OF FILM COMMISSIONERS aircl INTERNATIONAL EXHIBIT "All MINUTES OF REGULAR MEETING OF THE BOARD OF DIRECTORS OF WILMINGTON REGIONAL FILM COMMISSION, INC. A North Carolina Non -Profit Corporation The Wilmington Regional Film Commission, Inc. (WRFC) held a regular meeting at 10:00 AM on January 6,2025. Chairman Judy Girard, Mr. Kirk Englebright, Mr. Hank Miller, Honorable Bill Rivenbark, and Honorable Bill Saffo were present. Mr. Michael Scott joined by video conference. In addition, Mr. Johnny Griffin was present. 1. APPROVAL OF MINUTES FROM MEETING ON OCTOBER 8, 2024. The minutes from the Board Meeting on October 8, 2024, a copy of which is attached as EXHIBIT A, were unanimously approved. 2. ELECTION OF OFFICERS OF THE CORPORATION FOR 2025. The following individuals were unanimously elected as officers of the corporation for 2025: Mr. Hank Miller (Chairman), Ms. Sabrina Davis (Vice Chairman), and Mr. Johnny Griffin (Secretary / Treasurer). 3. CONSIDERATION OF CONTRACT WITH FETZER STRATEGIC PARTNERS FOR LOBBING EFFORTS DURING 202S. A contract with Fetzer Strategic Partner for lobbying efforts during 2025, a copy of which is attached as EXHIBIT B, was unanimously approved. 4. PRODUCTION UPDATE. Mr. Johnny Griffin stated that during 2024 film and television productions spent $302 million in North Carolina, of which $201 million was spent in the Wilmington region. This was the second highest total in the last ten years. Heading into 2025, there are no productions confirmed at this time; however, there are three productions currently considering the region which may begin in the next two months. Additionally, there were three television series filmed in the region during 2024 which the Commission is hopeful will be renewed in 2025. Nationwide, film and television production levels are still lower than expected. Overall the industry is hopeful for a resurgence in production activity as 2025 progresses. There being no further business, the meeting was adjourned at 11:00 A.M. Respectfully Submitted, Mr. Hank Miller, Chairperson Goodson & Taylor, CPAs EXHIBIT 11 . B" Clement Goodson, CPA Lynn Taylor, CPA 763 S. Kerr Ave Wilmington, NC 28403 Phone 910-392-4650 Fax 910-392-3240 913� Mr. Johnny Griffin Wilmington Regional Film Commission 1223 North 2' )rd Street Wilmington, NC 28405 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, 2025. We will audit the statement of financial position of Wilmington Regional Film Commission, as of June 'DO, 2025, 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. If, for any reason, we are unable to complete the audit engagement, we will not issue a report as a result of this engagement. C, t) 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 establishinc, and maintaininc, 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 tD 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 t, 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 g and ensuring the organization complies with applicable laws and regulations. Z:p 1-� As part of our engagement, we may also propose standard, adjusting, or correcting j oumal 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 understandinc, that management has designated qualified individuals with the necessary ZD Z=� 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 funding 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 Z:� 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, includinc, 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 duninc, our engagement. Our responsibility as auditors, is limited to the period covered by our audit and does not extend to matters that might anise during any later periods for which we are not engaged as auditors. ZD We expect to begin our audit any time after that would be convenient for you after July 20, 2025 and to issue our report no later than September 15, 2025. 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 $1,600.00. 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 3 ) 0 days or more overdue and may not be resumed until your account is paid in fall. 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, Clement E. Goodsoh, CPA APPROVED: Title Date 4/23/2510:01 AM Wilmington Regional Film Commission, Inc. 20=0'mam 1 112 MILAN ', Jul'25 - Jun'26 EXHIBIT "C Income 4010 - City of Wilmington 142,055.00 4011 - New Hanover County 163,699.00 4012 - Memberships 45,000.00 4016 - Interest Income 9,000.00 Reserve 15,326.00 Total Income 375,080.00 Expense 5010 - Salaries 167,000.00 5011 - Payroll Taxes 15,030.00 5012 - Car Rental Expense 9,700.00 5013 - Retirement 13,500.00 5014 - Insurance - Employee 19,500.00 5015 - Insurance - Workman's Comp 1,200.00 5016 - Insurance - Auto 0.00 5017 - Insurance - Liability 3,200.00 5021 - Membership Drive 2,000.00 5022 - Communications/Postage 1,300.00 5023. Promotion/Travel/Conference 7,000.00 5024 - Copier Rental 1,850.00 5025 - On-line services 2,700.00 5028 - Equipment 1,000.00 5029. Office Supplies 1,000.00 5031 - Rent 18,600.00 5032 - Marketing 25,000.00 5033 - Property Insurance 1,800.00 5034. Location Scouting 3,000.00 5035 - Policy Board 2,000.00 5036 - Accounting 5,100.00 5037 - Bank Fees 100.00 5039 - Income Taxes 0.00 5043 - Reel -Scout Lease 15,500.00 5048 - Consulting Services 55,000.00 5050 - Contingency 3,000.00 Reserve 0.00 Total Expense 375,080.00