09/19/2022 Board Meeting

From Fat Cat Fab Lab
(Redirected from 09/29/2022 Board Meeting)

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

  1. Taxes
  2. Voting for Board Members
  3. Members and Policy Document
  4. Bylaws
  • 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.


  • Outcome: APPROVED
Voting for Board Members
  • Full board is not present. We need to discuss and amend Bylaws before we vote a new Board in.
Members and Policy Document
  • We need a new document with FULL run down of all rules at the lab.
  • Includes an enforcement policy (strikes?)
  • 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
Next Meeting
  • Wednesday September 21, 2022