Brenda DeMars led the FRYS membership meeting on February 16, 2022 as Chad Koepke was unable to attend the session due to work commitments
- After months of impressive revenue and net income, January's financial performance in January 2022 was heavily impacted by the high amounts of covid
- Anecdotally, Dawn reported foot traffic was down considerably over the month, which is laid out in the financial data
- Total revenue declined to $59K in January 22 from $157K in December 21 with net income falling to $2,571 from $12,370, respectively
- Turning to other news in the FRYS landscape:
- To pay for upfront costs, the charitable gambling operation borrowed $10k from the FRYS operating account. Documents have been submitted to the State of MN Gambling Control Board for approval to repay the loan after months of good earnings. No word on when such approval might come.
- The newest operations coming under the FRYS umbrella are a meat raffle, Purse Bingo and electronic horse racing at Boxers. Timing and terms are still under development
- The City of Faribault has officially approved FRYS' permit to sell pull-tabs at the townball state baseball tournament this summer. FRYS shall be selling tickets the final session of the tourney over the long Labor Day weekend of Sep 2 - Sep 5. Profits from the session are going to be split 50/50 between FRYS and Faribault Youth Baseball.
- The formation of the charitable giving committee took place over January 2022. Natalie Ginter is leading the committee and has worked tirelessly to provide the structure and processes needed to ensure the committee's policies align with the mission of FRYS, which is to improve the lives of the youth in the Faribault community
Monthly expenses approved for March of 2022 include:
- CG Made Easy Administrative Fee = $250
- Fixed fee every month
- Inventory = $2,500
- With a reduction in traffic over January, smaller inventory purchases are acceptable for the time-being
- Rotary Gambling Team Compensation = $2,600
- Bingo Team Compensation = $1,000
- Bingo
- Revenue Share with MPeters = $6,000
- Profit share is 31% of e-tab gaming à Activity was down significantly in January due to virus concerns with activity levels still estimated to be a little lower
- City of Faribault = $500
- Revenue share with the city
- Revenue Share with Boxers = $3,500
- Profit-share w/ e-tabs = 15% & paper tabs = 20% à Activity was down significantly in January due to virus concerns with activity levels still hampered
- Misc. Cost = $5,000
- Dawn is looking to start purse bingo, tip board and meat raffles
- FRYS is hiring Reece, Winter for payroll processing à first bill could hit in March
- Dawn is potentially interested in FRYS buying a horse racing game for Boxers à costs on such a game are not known, so over allocate if purchase takes place in March
- Total Expenses Approved: $21,550
- On a motion by George Wickstrom with a second by Laura Bock, the membership approved expenses for March 2022