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Theatre Artists Studio Board – The Theatre Artists Studio

Theatre Artists Studio Board

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Minutes Archive
Board Meeting on February 5, 2019
7 Attendees:
Amy O`Loughlin
Carol MacLeod
Clark DesSoye
Harry Kaminsky
Judy Rollings
Michael Fleck
Patti Suarez

Previous Board Meeting Minutes Approved

President`s Report
4 months after being asked to fix the broken window, agent from the landlord, Whitestone REIT (real estate investment trust), informed The Studio that, according to its lease, The Studio is responsible for fixing it. Arrangements have been made to get it fixed.

Whitestone has begun pressing The Studio to renew its 5-year lease, though current lease runs through August. Research from Steve confirms the following: Comparables in the area are being marketed at prices ranging between $22.00 per square foot to $25.75 per square foot, these price are NNN, (base rent plus CAM). Whitestone REIT the owner of our complex has 3 vacant spaces totally approximately 12,000 square feet, they are asking $19.00 per square foot base rent, plus $5.00 CAM/NNN for an “all -in” total of $24.00 per square foot, while we are paying the same amount for CAM Charges, our base rent is less than ½ of what they are currently asking. There is little “room “ in these metrics. The newly formed Lease committee will continue to research what the market pricing in the area is and how the lease terms and charges might be adjusted in a new lease to favor The Studio more

The Studio reserve (“slush”) fund has run out of money, reiterating the need to implement new funding efforts such as sponsorships or an endowment fund to ensure The Studio’s future financial footing.

Michael distributed a Campaign Timeline and Flow plan, spanning several months to begin such a process

When The Studio was founded it did raise almost $75,000 dollars that has been tapped into since to meet shortfalls and unexpected expenses.

The Business and Marketing Committees need to act quickly to develop a viable plan to raise funds for the reserve fund or possibly an endowment. Unfortunately, a day after the board meeting Carol informed us that George has decided to resign from the board, so his key Business Committee chair will need to be filled by another board member, and a new board member will need to be added from outside the artistic members (preferably someone with business experience).

Harry suggested that, since the number of days The Studio space actually generates income are so few during the year in relation to all the days it pays rent, it would make sense to try to find a performance group to share the space with, allowing both organizations to pay less than they currently are

Carol brought up the point that The Studio pays to be a member of Visit Phoenix and gets shows listed on its calendars and website, but that there are regular events that Visit Phoenix hosts where The Studio could further promote each show. Carol has asked Andrea to represent the Studio at future Visit Phoenix events, but perhaps it would be better to have a few people willing to share these duties. Sue and Judy Lebeau said that they would try to help out.

Financial Committee Report
January Revenue totaled: $7,540 vs Total Expenses of only: $2,313 NOTE however that January rent and common charges have not yet been paid.

Brilliant Traces ticket sales are going well, Sat, Feb 2 performance was sold out.

Amy explained that she has not been able to read the Board Meeting Minutes from the Google Drive, so a new method of distributing them to the board will be devised. Stay tuned.

Member Committee Report
One new sustaining member joined in January.

Discussed the need to let sustaining members know that their reservation has been made online, perhaps add an email confirmation feature. Michael will look into the options.

Harry got pricing from Coffee News and he did a cost/benefit analysis that concluded that, even with its relatively modest costs, the return in ticket sales would not justify such an expense.

Business Committee Report

Marketing Committee Report

Other Business

Adjourned at 7:20pm		19 Board Meeting Minutes