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Board Meeting

February 22, 1998

1. Gift Offer - Vote
An offer of "an occasional $50 to $100" has been made via e-mail to the new corporate e-mail address. As our Bylaws state that all gifts must be accepted by the Board, the Board must rule on this offer.
2. Gift Procedure - Discussion and Vote
The Bylaws do not specify a procedure for logging and handling gifts, other than to state that the Board may accept them. A procedure where the Board must meet for every $10 gift is not practical. In addition, since gifts to a nonprofit are tax deductible, receipts must be given, and the IRS might require a list of donors and dates during an audit. A procedure needs to be established and adopted by the Board or NOT.
3. Annual Report filed - Report
Delaware law requires the Annual Report to be filed by March 1 of each year.
4. IRS 1023 filed by President - Report
The 9 pages IRS Form 1023, as approved by the Board in January, were filed with the IRS along with a $150 fee. A variance from the forms as approved by the Board was made on page 1023-8.
5. End-of-Term and Periodic Accounting - Discussion and Vote

The Bylaws specify that annual elections are to be held for the Officer and Board positions, but do not detail turnover procedures. In addition, prompt attention to duties are not required during the term. Cleanup and turnover procedures, and attention to duties procedures, need to be established and adopted by the Board or NOT.