Faribault Rotary Youth Services
Board Meeting
November 19, 2021
Members Present: Jake Cook, Eric Craig, Brenda DeMars, Jake Kohl, Chad Koepke, Dave Beranek, Rebecca Freed, Keith Kramer (also present Katy Anderegg)
Moving forward meeting for this board will be quarterly
Board formally accepted Jake Cook’s resignation. Jake will stay on in an advisory role providing financial advice for investment opportunities
Rebecca Freed made a motion to add Jake Kohl to the board, seconded by Eric Craig and motion carried
Potential to have pull tabs present at MN state baseball tournament next summer. Eric Craig made a motion to pursue selling pull tabs at this event, seconded by Jake Kohl and the motion passed
Year end bill from Reese Winter was $2,170 for compiling the tax return, annual report, monthly work and other misc. tasks. Chad Koepke made a motion to pay the $2,170, seconded by Rebecca Freed and the motion carried
Cap repairs: Deck railing to be painted & few boards replaced, soffit & fascia on pump house, light coming in at the peak of the fireplace, bathroom remodel, tree limb pruning for safety. General thought is to hire these items out, most likely next spring.
Motion to end the $50 youth services payments for each Rotary member. Keith Kramer made the motion and Chad Koepke seconded. Motion carried
Jessica Amundson was added to the gambling team so she can help count down boxes and do other misc. tasks.
Sub-committee to be formed to set compensation for gambling manager and other gambling positions. Much more time is being spent than originally thought.
Rotary is potentially taking over Bingo from River Bend at Boxers, and also multiple pull tab boxes. More to come on this.
Chad Koepke made a motion to move all FRYS investments over to Comprehensive Wealth Solutions to be managed by Brent & Jake. Eric seconded and the motion carried.
Jake Cook financial proposal: 60% equities, 40% fixed income portfolio. Brent & Jake are looking to actively manage this account and we would give them fiduciary authority to make trades on behalf of the club without having to come to the club each time. Advisor fee will be .6%
Board had a discussion about how much in total should be held in reserve, and also what to do with excess funds going forward. Thought was that our main board will create a sub -committee to direct excess funds.
We must make sure that gambling funds are used or earmarked to avoid unrelated business tax income.
Dave Beranek asked that we give consideration to accurate recordkeeping with him gone a portion of the year and multiple people depositing funds.
Rebecca Freed made a motion to elect Eric Craig as Vice President of Faribault Rotary Youth Services. Chad Koepke seconded and the motion carried.
Meeting was adjourned