09/19/2022 Board Meeting

Time: 7:00pm ET Location: Zoom Attendees: Joe Kim, David Choi, Harold Morales, Joe Stilin

Harold has all Federal tax returns for 2015 - 2021.
Approximate Net operating per year:
2015: ($60k)
2016: ($40k)
2017: ($10k)
2018: $2k
2019: ($13k)
2020: $1k
2021: $15k
We are currently making about $2k of profit per month, and on track to make more per month.
Side note: September 2022 has been the most canceling members ever. We are at 93 members.
Harold estimates it will take about 18 months to get $100k in the bank at current conditions.
While rent will be $6500 next year, we could currently afford $8k rent if we needed to.
CPA fees will be $3500 for these seven years (before a discount is applied)
For Federal we owe nothing.
For State taxes if we filed as a local Charity, we would be liable for no State Taxes.
If we filed as a for-profit we would be liable for $1,127 for State taxes. We will have to pay late fees as well.
We will file taxes as a Not-For-Profit for NYS.
We're blocked on State - we need a local tax attorney with not-for-profit experience.

[VOTE TO FILE 2015 - 2021 FEDERAL TAXES USING CPA]

Full board is not present. We need to discuss and amend Bylaws before we vote a new Board in.

Goal: Change the parts of the Bylaws around nominating for and voting for Board Members ASAP
Plan: After open house on Wednesday 9/21, meet and discuss new changes
Edit for two weeks, with a mid-term meeting on 9/28 after open house
Vote new Bylaws in on Wednesday 10/5
Plan for a vote of new Board Members 10/10/2022