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Board Meeting

July 15, 2012

The meeting was called to order via email on July 13, 2012. Those attending: Roger, (chairing President), Gerard, Steve, Mary, and Nancy.

Agenda Item 1. Nonprofit Closure - Discussion and Votecall
- Nancy reported that approximately $50 would be left in the checking account, as the annual Wisconsin fee for having a nonprofit located in the state had just been paid. Nancy had warned a full year earlier, via email, that this point was approaching. Roger confirmed that since the last booklet printing operation, the Paypal account was likely essentially empty. Booklet and combo and CD stalls had stalled for some time. Nancy stated this point arrived because so many survival sites had popped up, replacing the need for the booklet and CD. The nonprofit had served its purpose in its time.
- Roger and Nancy explored the options. Nancy suggested staying open for another year to try to sell the 400 or so booklets Roger had in stock, closing the bank account to say the $10.50 monthly fee, using Nancy's personal PO box in the interim, and Nancy making a personal loan to the nonprofit for The Company Corporation anticipated expense of $235 in the Fall. Roger suggested closing doors immediately and recycling the 400 booklets.
- Nancy noted the legal requirements, the IRS requiring a physical location for the nonprofit, Delaware requiring a representative located in Delaware for a Delaware corporation license, Wisconsin tracking the nonprofit accounting, and the IRS needing to be informed of closure likewise, and any profits or assets the nonprofit held at that point must be given to another nonprofit, by law. Nancy verified that TCC had been paid through the end of 2012, so legally staying in business was possible until the end of 2012.
- Nancy provided a procedure of steps to be taken if closing at the end of 2012. - Nancy MOVED for a vote on this procedure, Gerard seconded, and all the board approved the procedure during the votecall that followed.
Agenda Item 2. Adjournment
- A motion THAT the meeting adjourn was made by Nancy.
- The meeting was adjourned on July 21, 2012 with no objections from the board members.