SBMT Board Minutes

January 12, 2022

Started 7:06 pm

Board Members Present: Michael Hirsch, Barbara Heninger, Jay Steele, Steve Sammonds, Dan Singletary, Raiña Parks, Doy Charnsupharindr, Tipu Purkayastha, Aly Suleman, Ed Hunter

Not Present: Jennifer Maggio, Doug Hughes

Other members present: Sara Dean (ED), Braden Taylor (CFO)

ð  Please note highlights of activities that Board can take, below. ?

DISCUSSION

Updates

Marketing report (submitted in writing)

Big news for us recently was postponement of Company 

Facilities: Updates from Jay Steele, Michael Hirsch and Sara Dean

  • Managed to put away and store the Company set.
  • Should be in good shape to build set for On the Town
  • Were able to get nice wood pieces from donation provide by patron whose father (woodworker) passed away
  • Started on fire retardants in the set shop
  • Found a way to convert studio lights to LED
  • Plan to spruce up the studio space/front room on February 15. Info will be sent out to the board.

Technology: 

  • Lighting project is mostly done. Demo schedules for city managers.
  • To go projects: Update lighting in the booth, updates to sound system as well. 
  • Next big project will be the projectors. Cages are in and will be paid for during the next cycle. We have all of the stuff to install the projectors, (i.e. power was put in with the new light system) so now time to get to work. Will require a little funding that will be cleared by finance team.
  • Rescheduling Company and Broadway in Love is being worked. Patrons are being contacted via email and postcard.
  • Signage on the door already in place just in case someone shows up.
  • Thank you Ed and Dan for the year-long project updating the lights in the theater! Woot!

Financial: 

Discussions regarding establishing an investment account:

  • What do we want to do with the cash we have? How do we plan to invest that money?
  • Looking at plans to invest money in products that will allow for fast/easy access if needed, or high growth lower access accounts
  • Board discussed the amount that we should place in an investment account.
  • Consider implementing an annual cash flow by month to help determine how much we will keep in the bank vs. what would be invested
  • Request from the board is that the financial team put together an investment strategy that can be voted on. An education session with the board.
  • For the foreseeable future we should expect our expenses to outpace our income. Any planning for funds should include that within our consideration for spending.

Donor advised funds gifting via stocks instead of money. If we have a brokerage account this allows for benefits for both the donor and the company as is a tax write off for the donor and tax freed to us. Braden is requesting the boards’ permission to open this type of account. Barbara has requested that Braden talk with Kathy S. And Doug H. on the work that Braden is doing regarding establishing a brokerage account. Also, Kathy just found out that if Apple stock is donated, Apple will match the donation.

Should also consider having option to accept legacy donations.

Braden will return to the board discussion with further information about both establishing a brokerage account and setting up the company to accept Donor Advised funds

eStudio – Programming: 

  • Trivia night! Too bad SOMEONE didn’t hit the record button that night… *side eye*

Executive Artistic Director Updates

  • Big deal was rescheduling of Company. Sara caused the shortage of rapid Covid test by telling the cast to get tested… hurumph!
  • Sold 30% of the house as the wave hit and was expecting that folks would return tickets potentially bringing us down to around 25%.
  • We are fairly certain that we will reschedule company to September of this year. So will be considered an extension of Season ’21-’22. Next season will start in ’23 instead of end of ’22.
  • Board agrees that this was a great decision given everything.
  • Rescheduled Broadway in Love to Easter weekend.
  • On The Town auditions have been on-going as well. Still looking for a couple male ensemble members. We are highly encouraging cast members to get a booster. Full vaccination was verified at the audition.

“What keeps me up at night”

  • Staff salaries have increased significantly. Increases in expenses and materials as well… Working through how to estimate this better in the future.
  • Diminishing talent pool: stage managers and designers are leaving the area. How do we develop that talent locally? How might shared residencies work?

Board retreat summary: 

  • We had it! Lots of good energy and ideas.

Community, Inclusivity, & Accountability: (update from Doy)

  • Priorities from Board Retreat:
    • Youth programming
    • Strategic Partnerships
    • City ambassador
  • Planning to meet in January.
  • Re: finding talent maybe look at featuring volunteers in our newsletter to encourage others to volunteer.

Development and Fundraising: 

  • We didn’t meet as a committee but Kathy and Barbara met with Kama (who is now are Development Manager).
  • Goal for the end of the year drive was met and exceeded! Yay!
  • Subscription drive will probably be moved out to July so may have an impact on funds received in 2022.
  • Development Calendar draft is in work. Will include development goals and when we need to do things. Will be different this year including when do we want to do certain things (i.e. push for legacy donations)
  • Did not get the National Endowment for the Arts grant.
  • Sara to check with Braden on whether or not we received the CA Arts Council Grant which should have come by the end of the year.

Organizational Development: 

  • Did not meet over the holidays.

Focus:

  • Mentorship/apprenticeship/talent development
  • How to reduce overheads
  • Bylaws update to meet evolving needs of organization

Vision & Planning: 

  • No meeting over the holidays. 

Priorities from Board retreat:

  • Outreach / Dramaturgy / Making of
  • Second stage
  • Experience packages

Adjourned at 8:45pm.

Respectfully submitted January 12, 2022

Updated per input …