Agenda Packets - 2022/05/02 - Laserfiche WebLink

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Att. 2 He added that the 2022/2023 budgeting process has started and a draft budget should be ready for review at the April board meeting and he hopes the incoming President/CEO will also have a chance to review it. The Finance Committee is also in the process of sending out an RFP for a new auditor. The agency chose to keep the same auditor during the pandemic but it is a good practice to change auditors every few years. MOTION: Scott moved to approve the February financial report. John seconded. Motion passed. C. NYFS 990 Resolution Scott noted that the most recent 990 form is included in the board packet for review and is essentially identical to the audit that has already been approved by the board. The document is essentially a public declaration of why NYFS qualifies as a tax-exempt organization and must be filed with the federal and state government. MOTION: Cory moved to approve the FY 2020/2021 990. Teresa seconded. Motion passed. VI Building and Asset Committee A. Leasing Update Tara said an autism group that serves youth and adults is interested in the third floor space vacated by Bayada. Negotiations will continue while Tara is on leave. B. IAG Report and Next Steps Tara referred to the board packet materials from IAG regarding ongoing work to assess the value of the Shoreview building and creation of a 10- year forecast regarding different scenarios that include retaining the building, selling it and moving, selling it and renting back space, and investing in deferred maintenance projects. NYFS can also explore the possibility of bringing in an investment group to manage the building. Refinancing the building to address deferred maintenance was also considered. This is an ongoing discussion that should continue moving forward but not be rushed due to the leadership transition. VIII. President's Report A. Budget Creations Process for Fiscal Year Tara reviewed the budget forecast with the board and said staff was included in making program assumptions for the upcoming year. Revenue from the agency's Earned Revenue Tax Credit is coming and will help with funding but it is one-time revenue only. The agency is still operating at a loss in general. However, that margin is shrinking. The work done now and in the last two years is putting NYFS in a better position to operate without a loss, and without Covid-related funding, in the future.