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Board Meeting

Jul 27, 2003

1. Minutes of Last Meeting - Approval
- If there is no objection to the minutes as posted, they will be considered ratified as correct.
2. Treasurer's 2Q Report - Report
- The last time we had a Balance Sheet was a year ago, 2Q 2002 July 14, 2002, but this was generated by the Treasurer from a former Balance Sheet. The CPA firm had changed bookkeepers again, the third in a year. The paperwork for 2Q 2002 went from the bookkeeper to the CPA for review, and has been there ever since. 3Q 2002 paperword was delivered but again, results were held up.
- By the end of 4Q 2002 expenses for bookkeeping were exceeding donations, and it was apparent that neither the IRS minimum of $25,000 for required reporting, nor the Wisconsin State minimum of $100,000 for an audit, would be met, so there was no need to spend the $900 we had at the end of 2001 for year end bookkeeping. Most small nonprofits forgo this.
- This 3Q, 4Q, and 1Q of 2003 were accepted by the Board as given, as had the 4Q 2001 report which likewise was done without a formal Balance Sheet.
- 1Q 2003 reported cash in hand available to fund booklets.
- This 2Q 2003 report reflects a 10 year depreciation on fixed assets, which had been our norm, no outstanding Accounts Payable or Receivable, and Donations and Expenses quiescent. Cash in the Bank: $1,874. Fixed Assets: $7,357
- Until the Hawaii server gets operational, or seed production ramps up, obligations are extremely minimal - $20/year to record an Anual Report with Delawave, and $15 to continue registration with the State of Wisconsin. The 800 number and DSL line have quiesced. Plans for seed production in light of the drought in Kansas been quiesced.
- Fixed assets include two UNIX servers loaded with Red Hat, a small and large tiller, a small chipper, hydroponic and aquaponic equipment, and a small short wave radio antenna. The CPA firm expensed all but the large items in 2001.
3. Future of the Nonprofit - Discussion & Vote
- Jan has requested these Three Items be included in the discussion. His original email with explanations has been linked off the agenda.
"As Troubled Times Inc. now stands, there are 3 possible options:
1. Continue as before, keeping the close ties to ZetaTalk;
2. Continue operation autonomous from ZetaTalk, refocusing and restate our charter, mission and objectives; or
3. Terminate the Inc."