- To being the meeting, Chad Koepke discussed how Faribault Rotary Youth Services (FRYS) is likely to be subject to an unrelated business income tax if net profits after charitable donations exceeds $1,000
- As such, the Rotary Board greenlighted the idea to develop a charitable giving committee to help shepherd funds, accept proposals and screen grants
- The next topic was a high-level overview of FRYS’ charitable gambling performance for November 2021, which is illustrated in the ensuing chart
- Next came expense approvals for the coming month of January 2022
- CG Made Easy Administrative Fee = $250
- Inventory = $4,000
- While current inventory is favorable, FRYS is expanding operations at Boxers in January with the addition of two new boxes and filling two vending pull tab machines
- Gambling Team Compensation = $600
- This figure is likely to change following Rotary’s review of compensation
- Revenue Share with MPeters = $7,000
- Profit share is 31% of e-tab gaming à unsure of how gaming activity will fair over the holidays (November 2021’s profit share = $6,111)
- City of Faribault = $500
- For November 2021, City of Faribault received $388 à holiday activity unknown, so over allocating
- Revenue Share with Boxers = $6,000
- Profit share with Boxers was roughly ~$4,000 in November 2021; over allocating once again for the holidays, which could either be a boon or slowdown for gambling
- Misc. Cost = $1,650
- FRYS is likely to be purchasing bingo machines from River Bend Nature Center in January and be the sponsor of Bingo at Boxers, which requires paying individuals to run Bingo; however, no set date is established for the purchase and initial Bingo session
- FRYS also has provider fees on the horizon as well as a couple extra dollars in case inventory needs more funding with the rollout of more boxes
- Total Expenses Approved = $20,000
- On a motion by Dr. Houston followed by George Wickstrom, the FRYS Membership approved January 2021’s expenses
