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2022-02-17 Agenda Airlie Gardens Foundation February 17, 2022, 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. February 17, 2022; 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 January Minutes Regular Agenda Items of Business 1. 2. Bonnie Nelson, Board Treasurer a. Financial Update for period ending January 31, 2022 3. 4. Development/Marketing & Outreach Report: Janine Powell 5. Other Business: All Board Members Next Meeting: March 17, 2022 AIRLIE GARDENS FOUNDATION BOARD PAGE 2 REGULAR MEETING JANUARY 20, 2022 ASSEMBLY th The Airlie Gardens Foundation Board met in Regular session at the Airlie Cottage on Thursday, January 20, 2022, at 8:15 a.m. Present: Mark Tyler (presiding), Eric Blaesing, Hank Estep, Shane Johnson Bonnie Nelson, Charlie Rivenbark, John Russ, Commissioner Rob Zapple. V ia Teams: Mike Creed and Teddy Davis. Excused: Ted Davis, Jr., Coo Hocker and Sandra Ray. Staff: Scott Childs, Tara Duckworth, Tanya Gurganious, Julie Holtz (via Teams), Andy Johnson, 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 November meeting. There were none and the following motion was presented: th MOTION: Eric Blaesing MOVED; SECONDED by Bonnie Nelson, that the minutes of the November 18 meeting be approved. Upon vote, the MOTION CARRIED UNANIMOUSLY. 1. Mark shared that weddings and merchandise sales continue to do well. Owls are finding their way to new homes. Gardens will be closed on Mondays through February. Staff is working on rolling out the new membership updates which were approved last month. Mark reminded the board about our policy to transfer funds from the checking account into the endowment. 2. Bonnie Nelson reviewed the financials for month ending December 2021 and briefly reviewed November financials as well. During November grant revenues were received from the Landfall Foundation as well as International Paper. November also saw $15,475 raised for the Airlie Oak fund. For December, the total assets were $8,231,020. Except for the Oyster Roast where most tickets were member tickets, the revenue categories have either already exceeded their budget or are on track to exceed their annual budget for the year. When exhibit auction sales get posted later this month, its revenue will exceed budget. Currently there are still just a few outstanding Enchanted expenses. Merchandise expenses is a function of cost of sales as purchases go into inventory so this cost will trend with the sales. There was a brief discussion regarding the transfer of funds from the operating account into the endowment. The following motion was presented: MOTION: Mark Tyler MOVED; SECONDED by Shane Johnson, that 475,000 be transferred from operating to the endowment. Upon vote, the MOTION CARRIED UNANIMOUSLY. 3. Director/Operations Report. Tara shared that we have placed the order for the molds for the rabbits which will be displayed this year. Starting to look to see if we could modernize the garden services center to make it more functional. 4. Development Report. Janine Powell shared that the contract has been signed with REV and per the contract, the funds are expected to be received by the end of the month. Airlie was awarded the NC Science Museum grant which will be used for part-time environmental education staff. The wording for REV has been added to all contracts since it was reviewed by the county attorney. AIRLIE GARDENS FOUNDATION BOARD PAGE 3 REGULAR MEETING JANUARY 20, 2022 th 5. Other Business. Russ shared an update on the Azalea Festival. -10. He will share that information with the board. th 6. Next Meeting. The next board meeting will take place at the Airlie Cottage on Thursday, February 15. ADJOURNMENT MOTION: Bonnie Nelson MOVED; SECONDED by Eric Blaesing, that the meeting be adjourned. The meeting adjourned at 8:44am. 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 January 31, 2022 (FY 2022) Foundation Endowment Total ASSETS Current Assets Cash Accounts Petty Cash $1,500 $0 $1,500 South State Checking $810,707 $0 $810,707 SS - Temp Rest (Weddings) $137,175 $0 $137,175 Total Current Assets $949,382 $0 $949,382 Long-Term Assets Endowment Charles Schwab - Endowment $0 $6,832,858 $6,832,858 Total Endowment $0 $6,832,858 $6,832,858 Total Current/Long Term Assets $949,382 $6,832,858 $7,782,241 Other Assets Inventory - Gift Shop $21,360 $0 $21,360 Net Property and Equipment $24,745 $0 $24,745 Prepaid Expenses $1,874 $0 $1,874 AR - Sales Taxes $5,974 $0 $5,974 AR - Other $0 $0 $0 Total Other Assets $53,953 $0 $53,953 TOTAL ASSETS $1,003,335 $6,832,858 $7,836,193 LIABILITIES & EQUITY Liabilities Current Liabilities Deferred Wedding&Event Revenues $137,175 $0 $137,175 Deferred Sponsorship Income $80,000 $0 $80,000 Accounts Payable - NHC $19,034 $0 $19,034 Accounts Payable - Sales Taxes $1,864 $0 $1,864 Accounts Payable - Vendors $11,100 $0 $11,100 Total Current Liabilities $249,173 $0 $249,173 Equity Opening Bal Equity/Retained Earnings $306,847 $6,974,147 $7,280,994 Net Income $447,316 ($141,288) $306,027 Total Equity $754,163 $6,832,859 $7,587,021 TOTAL LIABILITIES & EQUITY $1,003,335 $6,832,859 $7,836,193 Airlie Gardens Foundation, Inc. Profit& Loss Prev Year Comparison FY2022 YTD January YTD January YTD January 2022-2021 $ 2022-2021 2022-2020 2022-2020 2022 2021 2020 Change % Change $ Change % Change OPERATIONS Operating Income 4100 Concert Series - Revenues $13,345 $0 $33,153 $13,345 100.0% ($19,808) -59.75% 4200 Enchanted Airlie - Revenue $249,055 $209,767 $236,341 $39,288 18.73% $12,714 5.38% 4300 Oyster Roast - Revenues $40,506 $0 $52,903 $40,506 100.0% ($12,397) -23.43% 4400 Grant Revenues $6,236 $63,750 $14,500 ($57,514) -90.22% ($8,264) -56.99% 4500 Contributions Income $37,045 $27,525 $8,535 $9,520 34.59% $28,510 334.05% 4600 Gate Revenues $179,065 $155,868 $102,546 $23,197 14.88% $76,519 74.62% 4700 Membership Revenues $195,159 $146,530 $108,836 $48,629 33.19% $86,322 79.31% 4800 Merchandise Revenues $81,324 $37,510 $43,342 $43,813 116.8% $37,982 87.63% 4900 Environmental Education $7,583 $1,146 $5,865 $6,437 561.69% $1,718 29.29% 5000 Wedding & Garden Events $86,816 $27,975 $21,310 $58,841 210.34% $65,506 307.39% 5100 Other Revenue $801 $225 $1,291 $576 255.87% ($491) -37.99% 5200 Interest $475 $2,607 $2,600 ($2,132) -81.79% ($2,125) -81.73% 5500 Exhibit Revenues $37,250 $32,150 $6,000 $5,100 15.86% $31,250 520.83% Total Operating Income $934,660 $705,054 $637,223 $229,606 32.57% $297,437 46.68% Operating Expenses 6100 Concert Series - Expenses $34,606 $1,700 $33,651 $32,906 1,935.67% $955 2.84% 6200 Enchanted - Expenses $73,492 $43,773 $83,894 $29,719 67.89% ($10,402) -12.4% 6300 Oyster Roast - Expenses $43,876 $0 $42,085 $43,876 100.0% $1,791 4.26% 6400 Grant Expenses $5,726 $67,735 $78,849 ($62,009) -91.55% ($73,123) -92.74% 6600 Gate Expenses $16,014 $5,620 $16,041 $10,394 184.94% ($27) -0.17% 6700 Membership Expenses $9,211 $3,318 $2,284 $5,893 177.6% $6,927 303.23% 6800 Merchandise Expenses $44,069 $19,603 $25,380 $24,466 124.81% $18,689 73.64% 6900 Environ Education Exp $588 $654 $133 ($66) -10.14% $455 342.23% 7000 Wedding & Gardens Events $2,586 $607 $1,612 $1,979 326.16% $974 60.44% 7100 Other Expenses $8,267 $8,094 $6,473 $173 2.13% $1,794 27.71% 7200 Lake Management $10,911 $10,100 $10,800 $811 8.03% $111 1.03% 7300 Grounds Maintenance $7,500 $4,250 $0 $3,250 76.47% $7,500 100.0% 8000 Administrative Support $63,510 $51,465 $45,499 $12,045 23.41% $18,011 39.59% 9000 Salaries Paid to NHC $133,235 $133,235 $133,235 $0 0.0% $0 0.0% 10002 Special Exhibits $23,662 $21,948 $2,330 $1,715 7.81% $21,333 915.61% Total Operating Expenses $477,254 $372,102 $482,266 $105,152 28.26% ($5,012) -1.04% TOTAL NET OPERATING INCOME $457,406 $332,952 $154,956 $124,453 37.38% $302,449 195.18% Donated to Gardens & Endowment Capital Projects ($10,090) ($29,000) ($20,799) $18,910 65.21% $10,709 51.49% Donated to Gardens & Endowment ($10,090) ($29,000) ($20,799) $18,910 65.21% $10,709 51.49% Endowment Investment Income $105,617 $44,041 $56,402 $61,577 139.82% $49,215 87.26% Investment Expenses ($36,975) ($26,522) ($23,412) ($10,453) -39.41% ($13,563) -57.93% Unrealized Gains/Losses ($209,931) $1,079,253 $258,237 ($1,289,183) -119.45% ($468,168) -181.29% Total Endowment Income/(Loss) ($141,288) $1,096,771 $291,227 ($1,238,060) -112.88% ($432,516) -148.52% TOTAL NET INCOME $306,027 $1,400,723 $425,385 ($1,094,696) -78.15% ($119,358) -28.06%