2022-03-17 Agenda
Airlie Gardens Foundation
March 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.
March 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 February Minutes
Regular Agenda Items of Business
1.
2. Bonnie Nelson, Board Treasurer
a. Copley Investments (Current state of the market/5-year At-a-Glance)
b. Financial Update for period ending February 28, 2022
3.
4. Development/Marketing & Outreach Report: Janine Powell
5. Other Business: All Board Members
Next Meeting: April 21, 2022
AIRLIE GARDENS FOUNDATION BOARD PAGE 2
REGULAR MEETING FEBRUARY 17, 2022
ASSEMBLY
th
The Airlie Gardens Foundation Board met in Regular session at the Airlie Cottage on Thursday, February 17, 2022,
at 8:15 a.m.
Present: Hank Estep (presiding), Eric Blaesing, Coo Hocker, Shane Johnson, Bonnie Nelson, Sandra Ray, Charlie
Rivenbark, Commissioner Rob Zapple. V ia Teams: Mike Creed and Teddy Davis.
Excused: Ted Davis, Jr., and Mark Tyler.
Staff: Scott Childs, Tara Duckworth, Tanya Gurganious, Andy Johnson, Rebecca Pearce (via Teams), and Janine
Powell.
WELCOME AND APPROVAL OF MINUTES. Hank Estep called the meeting to order. He then introduced the
incoming president of the Azalea Festival, Denise Szaloky. Hank then asked if there were any changes or
corrections to the minutes of the January meeting. There were none and the following motion was presented:
nd
MOTION: Commissioner Rob Zapple MOVED; SECONDED by Eric Blaesing, that the minutes of the January 22
meeting be approved. Upon vote, the MOTION CARRIED UNANIMOUSLY.
1. Hank Estep shared that January has been a slow month due to the weather. The member
benefits transition is going smoothly.
2. Bonnie Nelson reviewed the financials for month ending January 31. On February 3rd,
$475,000 was transferred from the South State Operating Account to the Endowment. There is still over
$300,000 in the operating account. On January 31, 2022, Airlie received the $75,000 sponsorship payment
from REV Federal Credit Union. This will be for FY2023 revenue (2022 calendar events). Year-to-date, all the
revenue categories are up over the previous two years. For the month of January compared to last January,
gate revenue was down 43%. This was attributable to weather. Membership revenue, however, was up 49%
for the month. Gift shop revenue for the month was in line with last year but higher as a percentage of gate
admissions. As of this report date, $24,500 was received for the exhibit auction. On the expense side, for
administrative support expenses, there was an increase of approximately $8,600, some of which was due to
higher credit card transaction fees associated with an increase in online transactions. In January, there was a
$423K unrealized loss on investments.
3. Director/Operations Report. Tara shared that staff is preparing for spring with the tulips having been planted.
Tara also added that staff will present credit card/online fee
invite Ron Copley and Justin Burgess to come as well.
4. Development Report. Janine Powell reiterated that the funds have been received from REV and you will now
been sent out. The them
of $900.
5. Other Business. Hank asked if a gathering of potential sponsors could be held since one has not been done
for several years. (Staff will work on putting this together to possibly take place in March or April.)
AIRLIE GARDENS FOUNDATION BOARD PAGE 3
REGULAR MEETING FEBRUARY 17, 2022
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6. Next Meeting. The next board meeting will take place at the Airlie Cottage on Thursday, March 17.
ADJOURNMENT
MOTION: Charlie Rivenbark MOVED; SECONDED by Sandra Ray, that the meeting be adjourned.
The meeting adjourned at 8:40am.
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 February 28, 2022 (FY 2022)
Foundation Endowment Total
ASSETS
Current Assets
Cash Accounts
Petty Cash $1,500 $0 $1,500
South State Checking $370,117 $0 $370,117
SS - Temp Rest (Weddings) $150,225 $0 $150,225
Total Current Assets $521,842 $0 $521,842
Long-Term Assets
Endowment
Charles Schwab - Endowment $0 $7,209,035 $7,209,035
Total Endowment $0 $7,209,035 $7,209,035
Total Current/Long Term Assets $521,842 $7,209,035 $7,730,877
Other Assets
Inventory - Gift Shop $22,299 $0 $22,299
Net Property and Equipment $24,745 $0 $24,745
Prepaid Expenses $1,874 $0 $1,874
AR - Sales Taxes $769 $0 $769
AR - Other $0 $0 $0
Total Other Assets $49,687 $0 $49,687
TOTAL ASSETS $571,529 $7,209,035 $7,780,564
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Deferred Wedding&Event Revenues $150,225 $0 $150,225
Deferred Sponsorship Income $80,000 $0 $80,000
Accounts Payable - NHC $38,067 $0 $38,067
Accounts Payable - Sales Taxes $3,265 $0 $3,265
Accounts Payable - Vendors $8,000 $0 $8,000
Total Current Liabilities $279,557 $0 $279,557
Equity
Opening Bal Equity/Retained Earnings ($168,153) $7,449,147 $7,280,994
Net Income $460,125 ($240,111) $220,014
Total Equity $291,972 $7,209,036 $7,501,008
TOTAL LIABILITIES & EQUITY $571,529 $7,209,036 $7,780,564
0.0%
5.91%2.84%4.26%8.14%0.21%
-
59.75%23.43%88.43%73.81%83.18%86.34%40.91%306.1%78.87%83.54%35.73%10.64%93.65%71.24%60.44%26.26%100.0%100.0%38.41%
-------
315.04%446.43%217.96%140.49%932.78%
2020
-
% Change
2022
$0
$955 $352 $974
$2,713 $1,791 $1,492 $6,457 $1,734 $7,500
$13,955 $27,063 $81,867 $40,049 $66,456 $31,250 $19,491 $10,911 $19,027 $21,733
($2,990)($2,514)($9,003)($1,066)
2020
$101,101 $259,950
-
($19,808)($12,397)($66,795)($84,479)
$ Change
2022
0.4%0.0%
86.3%8.31%8.03%9.64%
--
100.0%19.32%100.0%20.59%16.54%35.43%82.47%16.53%33.63%71.04%100.0%92.13%93.91%76.47%23.13%26.23%
--
2021
120.29%383.64%205.07%128.87%191.24%128.75%326.16%
-
1,935.67%
% Change
2022
$0
$33
$451 $811
($55)
$6,088 $7,412 $5,425 $4,562 $1,979 $3,250 $2,115
$13,345 $40,529 $40,506 $27,362 $58,240 $47,198 $59,266 $32,906 $31,394 $43,876 $13,018 $26,369 $12,878
($2,329)
2021
-
$248,480 $106,129
($55,014)($67,009)
$ Change
2022
$0 $0
$251
dation, Inc.
$8,591 $6,631 $3,791 $3,010 $7,000 $2,963 $1,612 $6,603 $2,330
$33,153 $52,903 $75,531 $46,386 $21,710 $33,651 $84,591 $42,085 $90,205 $18,333 $27,360 $49,540
$236,341 $110,910 $121,539 $727,494 $152,268 $511,792
2020
2022
FY
YTD February
$0 $0 $0
$350 $657 $607
$1,932 $2,825 $1,700 $6,807 $4,858 $8,304 $4,250
$63,750 $29,565 $39,237 $28,900 $32,825 $44,193 $72,735 $20,481 $10,100 $55,689 $21,948
$209,767 $165,414 $164,400 $738,965 $152,268 $404,597
2021
Airlie Gardens Foun
Profit & Loss Prev Year Comparison
YTD February
$801 $495 $603
$8,736 $9,344 $5,726 $9,420 $2,586 $8,337 $7,500
$13,345 $40,506 $35,654 $86,435 $88,166 $38,250 $34,606 $75,587 $43,876 $19,825 $46,850 $10,911 $68,567 $24,062
$250,296 $192,776 $222,640 $987,445 $152,268 $510,726
YTD
2022
February
Revenue
-
RevenuesExpenses
--
RevenuesExpenses
--
Expenses
-
4100 Concert Series 4200 Enchanted Airlie 4300 Oyster Roast 4400 Grant Revenues4500 Contributions Income4600 Gate Revenues4700 Membership Revenues4800 Merchandise Revenues4900 Environmental
Education5000 Wedding & Garden Events5100 Other Revenue5200 Interest 5500 Exhibit Revenues6100 Concert Series 6200 Enchanted 6300 Oyster Roast 6400 Grant Expenses6600 Gate Expenses6700
Membership Expenses6800 Merchandise Expenses6900 Environ Education Exp7000 Wedding & Gardens Events7100 Other Expenses7200 Lake Management7300 Grounds Maintenance8000 Administrative
Support9000 Salaries Paid to NHC10002 Special Exhibits
Operating Income Total Operating IncomeOperating Expenses Total Operating Expenses
OPERATIONS
21.72%86.75%57.93%
21.72%65.46%
-
224.82%
121.01%
290.24%
2020
-
-
-
% Change
2022
$4,605
$4,605
$49,840
$87,039
2020
$261,016
-
($13,563)
($214,859)
($178,582)
$ Change
2022
42.78%39.41%
42.57%42.78%85.84%
-
-
2021
135.18%125.26%
119.24%
-
-
-
% Change
2022
$12,406 $12,406 $61,672
2021
-
$142,351
($10,453)
($1,539,517)
($1,488,298) ($1,333,541)
$ Change
2022
dation, Inc.
$57,453
$215,703 $132,974
($21,199)($23,412)($95,570)
($21,199)($61,529)
2020
2022
FY
YTD February
$45,622
$334,368
($29,000)($26,522)
($29,000)
2021
$1,229,087 $1,248,187 $1,553,555
Airlie Gardens Foun
Profit & Loss Prev Year Comparison
YTD February
$107,293
$476,719 $220,014
($16,594)($36,975)
($16,594)
YTD
2022
($310,430)
($240,111)
February
Capital Projects Investment IncomeInvestment ExpensesUnrealized Gains/Losses
Donated to Gardens & Endowment Donated to Gardens & Endowment Endowment Total Endowment Income/(Loss)
TOTAL NET OPERATING INCOME TOTAL NET INCOME