Board Meeting Minutes: August 24, 2009

Present
Board: Terri Rutledge, Bill Wilkerson, Don Comis, Mike Stark
Audit Committee: Michael Hartman, Ed James

Terri called the meeting to order at 8:05 pm after executive session.

Financial Report

Bill reported that the bar has made an average net income of $3,876 per month. Mike announced an upcoming meeting of the finance committee to restart work on the consolidation loan application. Terri will set up a meeting with the EDC representative to discuss how to apply for the stimulus money.

Directors & Officers Insurance

Bill distributed information on the type of instances that D&O insurance will cover. While the by-laws require this insurance, it costs around $2,000 per year. Mike pointed out that this is only about less than $200 per month. Terri expressed concern that the board obtain this insurance as soon as possible. Bill will do some further checking to confirm the need for this insurance.

Work Program

Bill will distribute via email the board's revised prioritized projects for the 2009 - 2010 work program.

The meeting was adjourned at 8:40 pm.

Respectfully submitted,
Bill Wilkerson, Secretary

The minutes of August 24, 2009 were approved by the board on September 9, 2009.