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Generator Board Update, November 10, 2015
The Generator board meeting summarized the organization's financial status and fundraising efforts for fiscal year 2016. As of November 9th, Generator had $32,652 cash on hand with a monthly burn rate of $11-12k. Fundraising goals included $333,500 for FY16 from known pledged amounts of $190,500 and potential additional funds of $143,000 from sources like company sponsorships, grants, and individual donors. The director also updated the board on programming, new members, upcoming activities, and areas needing attention around administrative functions and growing the paying membership base.
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Generator Board Update, November 10, 2015
- 1. GENERATOR INC |BOARD MEETING, November 10, 2015 DIRECTOR’S UPDATE Generator Board Meeting November 10, 2015
- 2. GENERATOR INC |BOARD MEETING, November 10, 2015 Revised FY16 Budget Summary (July 2015) • $63,218 in hand July 1, 2015 • $128,926 Total Income • $151,290 Total Expense • $40,854 Balance YTD* Cash on hand, November 9, 2015 $32,652 *Discrepancy for Q2* $8,202
- 3. GENERATOR INC |BOARD MEETING, November 10, 2015 Cash on hand, November 9, 2015 $32,652 *Discrepancy for Q2* $8,202 Income-Expense, October 2015 $15,532 / $26,209 Income-Expense, September 2015 $18,385 / $26,642 Burn rate ~ $11-12k/mo
- 4. GENERATOR INC |BOARD MEETING, November 10, 2015 Cashflow - August 2014 to June 30 2015 0 40000 80000 120000 160000 Aug Oct Dec Feb Apr June August October Income Expense Balance
- 5. GENERATOR INC |BOARD MEETING, November 10, 2015 Fundraising Snapshot
- 6. GENERATOR INC |BOARD MEETING, November 10, 2015 Key Assumptions for 2016 • Aggressive, targeted recruitment eg company members • Drive hard to promote Generator as a “platform,” not “stovepipes” or programs • Group activities around community, education entrepreneurship, and BTV proposition • More research, assessment - data • New “Sellable” Activities * Big Maker * Maker to Market (“Entrepreneur in Residence) * Maker TA * Education
- 7. GENERATOR INC |BOARD MEETING, November 10, 2015 Fundraising to Date • Outstanding commitments, 2015 ~ $39,500 • Requests to go out in 2015 ~ $90,500 • Outstanding commitments Q3 2016 ~ $60,500 Total grants and contributions ~$190,500
- 8. GENERATOR INC |BOARD MEETING, November 10, 2015 Additional Fundraising • Company sponsorships e.g. Merchants ~ $6,000 • Company memberships e.g. Husky ~ $4,500 • Other grants e.g. Kauffman ~ $85,000 • Other income e.g. UVM grant, CCV ~ $47,500 Total other potential income ~$143,000
- 9. GENERATOR INC |BOARD MEETING, November 10, 2015 Total • Known fundraising ~ $190,500 • Potential fundraising ~ $143,000 Total FY16 ~$333,500
- 10. GENERATOR INC |BOARD MEETING, November 10, 2015 Known Fundraising Potential Fundraising Foundation Support Bay Paul Foundation, $6,000 Argosy Foundation, $50,000 Building and General Services Administration, $40,000 Foundation Support Vermont Community Foundation, $10,000 Vermont Womens Fund, $10,000 Kauffman Foundation, $65,000 Parter support Champlain College, $4,000 University of Vermont, $2,500 Parter support Community College of Vermont, $20,000 City of Burlington, Program Grant, $5,000 Individual giving Metz Family Foundation, $50,000 Stiller Family Foundation, $25,000 Individual giving Stern, $2,500 Robins, $10,000 Serendipity Fund, $10,000 Company support Physicians Computer, $6,000 Northfield Savings Bank, $4,500 Burlington Telecom, $2,500 Company support Husky, $6,000 Merchants Bank, $4,500 Total $190,500 Total $143,000
- 11. GENERATOR INC |BOARD MEETING, November 10, 2015 ACTIVITY UPDATE
- 12. GENERATOR INC |BOARD MEETING, November 10, 2015 Program, Activity Report • Education: program is working; modest expansion in focus; new committee members • Shops: certifications working, CNC coming online, safety regime working, clean and safe • Membership: Growing upward of 154; more work to increase share of $65 members • Outreach: Strong, “Idea Box” in place, signs under creation, web presence solid, BIG Maker well-received, good Pitch It, Fab It! line up • Member retail activity ramping up for the holiday ie at Generator and BCA market
- 13. GENERATOR INC |BOARD MEETING, November 10, 2015 Highlights • New studio member Christine Braun doubling studio size, expanding kids/robotics offering • Two new makers in residence selected, Devin Wilder (accoustics), Athena K (puppetry) • Next BIG Maker selected, Paolo Pedercini (games and complex systems; molleindustria.org;) • Volunteer meeting had highest attendance yet (14) with excellent engagement, ownership • Reconciled.it on board with support to entrepreneur in residence program • M//E Design to present Generator at Urban Manufacturing Alliance in NYC this weekend
- 14. GENERATOR INC |BOARD MEETING, November 10, 2015 Pain points • Finding “quiet time” for grant-writing, partner outreach etc. attributable to high level of program support e.g. events • Events - low independence around outreach, coordination, funding • Admin - syncing member system with accounting • Membership - growing paying base • Program development - focus and momentum
- 15. GENERATOR INC |BOARD MEETING, November 10, 2015 Upcoming activities • BIG Maker 11/12 • Accounting controls push 11/14 • Pitch It, Fab It! 11/20 • Holiday party 12/4 • Holiday market 12/12 • Holiday classes e.g. laser cut package design • Grant writing - 3 proposals out by 12/1
- 16. GENERATOR INC |BOARD MEETING, November 10, 2015 THANK YOU