Board Minutes May 2014

Trustee Present: 

Marianne Busby (phone)     

Doug Cohen

Barbara Daney

Suzanne Escousse

Denise Mogil (phone)

 Peter Taggart

Rachel Weinberger

Leonard Werner

Trustees Absent: 

Diana Epstein

Jim Pellicane

 Kristine Van Amsterdam

Debbie Wyman


Staff Present:       Jean Gajano

                              Sally Golding


Also Present:        Jake Dalton



Welcome: Rachel Weinberger


All Board Members and Staff were greeted and the meeting was called to order at 7:10pm. 

R. Weinberger read 3 testimonials of appreciation.


Consent Agenda Report Review: Rachel Weinberger


•Minutes of the March 10, 2014 meeting

•Grant Report

•Executive Director’s Report

•Volunteer Manager’s Report

•2013-14 Overseas Glasses Distribution Report


Board members did not have any questions/comments regarding the five reports.

    Motion to approve all five reports:  Marianne Busby

    Second: Doug Cohen

    Motion Approved by the Board.



Treasurer’s Report: Barbara Daney

Financial Report

Barbara Daney distributed the year-end financial report (year ended 3/31/14) that will be audited.  

•Revenue highlights: Fall Appeal raised $104,235 (141% of budget); $62,177 anonymous one-time donation of stock; Special Events-Kids Rock net proceeds $9,360 (2014) and $8,167 (2013); net proceeds of Eye Rock will probably be about $75,000; See for Change raised $7,867.  Because of spreadsheet error, Total YTD Revenue of $565,285 to be adjusted up by about $10,000.  Peter Taggart asked Barbara Daney for more information regarding the Prudential donation.

•Expense highlights: $1,744 paid for workmen’s comp audit (2 company owners did not have workmen’s comp insurance on themselves, only the workers); credit card fees $2,926; Total YTD expenses $301,475 (135% of budget); cost of glasses purchased $329,516 (107% of budget).

•Net income $56,645 (due to inability to predict EyeRock revenue).  Will be depreciated in audit. Strive to reach zero.


Spending Policy Review

•Glasses budget going forward is $47,584 per month.  Will be reevaluated in a couple of months.

•Jean Gajano asked Barbara Daney for amount of glasses expense included in Cash Account 4 months operating expenses that could possibly be pulled to actually pay for glasses.


Glasses Update

•Barbara Daney to confirm budgeted cost of pair of eyeglasses for 2014-15 Budget is $55 (will vary over time based on types of glasses purchased with vouchers)

•Currently no waitlist

•Office staff currently working with a $11,896 weekly budget (216 pairs per week).  Will be recalculated mid-May.


Other Reports

Kids Rock: Rachel Weinberger

•Most successful Kids Rock event financially, so far.  Very low expenses.  Goal of $10,000 for next year.

•Thanks to Peter Taggart for underwriting tickets and plastic laminates.

•Andrew will coordinate next year and identify future chairs.


EyeRock: Jean Gajano

•Very successful and well executed.  Tickets sold out. Many thanks to Denise Mogil for all of her help.

•May make some changes with production crew next year.

•Will be called “Rockin for New Eyes” and back at Hard Rock next year.

•School of Rock kids were great and will get more performance time next year.

•Good contacts made at Vision Expo and increased exposure for New Eyes.  Denise Mogil working with 2 vendors to manufacture glasses for overseas program.

    

Spring Appeal: Jean Gajano

•Will go out this week with smaller mailing list.  Not as high of a return as fall appeal.

•Rachel Weinberger suggested a one day on-line blitz incorporating social media.


Shop-to Care: Jean Gajano

•Philanthropic social entrepreneur set up a charitable website portal.  We are one of first group of 14 non-profits.  Hard launch in August.

*They are donating $5,000 to New Eyes.


Investment Portfolio: Peter Taggart

•Quarterly Oversight Report: Current value of combined portfolios at the end of fiscal year (3/31/14) is $2,995,437.  This does not include $130,000 deducted for glasses expense.  Performance Summary: Unrestricted Portfolio up 1.57% in latest quarter.  Exceeds spending policy. Real Return up 7.21% for latest quarter.  For Fiscal YTD, portfolio up 10.98%.  Have only underperformed spending policy in Latest 3 years.

•Peter Taggart feels that many of the spending policies implemented by Bessemer are paying off.

•Annual meeting with Bessemer on 5/6 with outside advisory committee (would like to expand number of committee members)


Operations/Overseas Distribution of Glasses: Jake Dalton

•800 hearing aids shipped to Starkey. Confusion that it was a gift.  Did end up receiving a check for $3,261.  Hearing aids may be our new gold.

•ReSpecs shipment of 118 cartons.

•Gold glasses sent to PA. Received check for $927.

•Thankful for hearing aids coming from Costco shipments.

•Denise Mogil met a rep from a box company. Hopeful they will donate boxes.


Newman’s Own

•Denise Mogil and Jean Gajano met with Julia Harris about their Serious Fun Camps (formerly Hole-in-the-Wall).  They are in the discovery phase and are working on a tie in with their camps and New Eyes.  Hoping to utilize the voucher program with the kids.


Fabulous Finds: Jean Gajano

•New clothing from Janie & Jack had been donated.  Didn’t sell well at sale, but a generous volunteer bought everything to donate to Christian House ($1,500) in Newark.

•Barbara Daney suggested putting a table of items by the street to generate interest and considering at posts for banners.



New Business:

Board Nominee-Susan M. Dyckman

•Was Executive Director for 4 years and did a terrific job.  Passion for organization and a wealth of knowledge.


Motion to approve election of Susan Dyckman for 3-year term: Doug Cohen

Second: Barbara Daney

Motion approved by the Board


Total of 13 board members; 3 open slots. 


2014-15 Board Meeting Dates

•Jean Gajano supplied proposed dates for next year and asked for feedback from the Board.


Local Fall Fundraiser

•Jean Gajano suggested a Board led local fundraiser, possibly an Oktoberfest.  

•Contact Trap Rock or Beacon Hill Club.

•Could ask Connie Fowler for suggestions.

•Need a venue first.  Barbara Daney to contact Trap Rock.


Old Business:


2014-15 Slate of Officers: Doug Cohen

•Asst. Treasurer-Ann Humphrey


Motion to approve slate:  Doug Cohen

Second: Barbara Daney 

Motion approved by the Board


Closing Remarks: Rachel Weinberger

Rachel Weinberger thanked the Staff and Board for attending the meeting.  The meeting was adjourned at  8:20pm.  The next Board meeting, the Audit Review, will be Monday, June 30, 2014 at 7:00pm in the Fabulous Finds showroom.


Minutes submitted by Sally Golding (Board Secretary)


Minutes recorded by Sally Golding (Volunteer Manager)