June 5, 2010 - FQHRA Board Meeting Minutes
Jun 17th, 10
Treasurer's Report, Financial Statements and Board changes
Florida Quarter Horse Racing Association, Inc.
Board Meeting Minutes
June 5, 2010
I. Call to order:
Steve Fisch - President called the Board Meeting to order at 2:30pm and was held at the AVS Equine Medical &
Surgical Hospital in Tallahassee, FL.
Steve Fisch - President called the Board Meeting to order at 2:30pm and was held at the AVS Equine Medical &
Surgical Hospital in Tallahassee, FL.
II. Board Attendees:
Steve Fisch – President
Bill McKibbin – Vice President
Will Fisch – Treasurer
Joe Carter – Board Member
Larry Taylor – Board Member
Dan Lucas – Board Member
Steve Fisch – President
Bill McKibbin – Vice President
Will Fisch – Treasurer
Joe Carter – Board Member
Larry Taylor – Board Member
Dan Lucas – Board Member
III. Officer Reports:
The Secretary, Patricia Frering, was unable to attend. The minutes from the previous meeting were waived but are available on the FQHRA website. Toni Czaja, FQHRA Office Manager, was asked to serve as the acting Secretary.
The Secretary, Patricia Frering, was unable to attend. The minutes from the previous meeting were waived but are available on the FQHRA website. Toni Czaja, FQHRA Office Manager, was asked to serve as the acting Secretary.
IV. Will Fisch – Treasurer Report
a) Will Fisch presented the Treasurer’s report. Copies of the financial statements for the year ending Dec 31, 2009, for the 5 months ending May 31, 2010 and for general information the period Oct. 1 thru May 31, 2010. The first two reports corresponded to the general meeting report. The third report was to show the results that included the income and expenses of the Hialeah meet. Since some payments were received prior to the meet and others not until May, (the delay because of the lawsuit) these provide a better matching of income & expenses. Copies of these reports are attached as part of the minutes.
b) He reported that, because of the four million in purse money received by the FQHRA, we could no longer file the IRS Form 990 EZ but had to do the more complex Form 990. The instructions for the return are 78 pages; the form itself is over 20 pages plus required attachments. He has hired a local CPA that has Not for Profit clients to prepare our 2009 return. An extension to file has been obtained. The fee will be approximately $1,500.
c) The Treasurer informed the Board, that because we use a lobbyist to represent us on legislative matters, we are subject to a 35% tax on his fee. This tax can be eliminated if we agree to continue to inform our members that THE ASSOCIATION HAS DETERMINED 100% OF DUES ARE NOT TAX DEDUCTIBLE. This notice will be printed on our dues notices. The motion was made by the Treasurer, seconded by Steve Fisch, and passed. Each year that we use a lobbyist we will have to affirm this determination and continue to include the statement on the dues notice.
d) The Treasurer informed the board that he would not seek or accept reelection at the Oct. 2010 Annual Meeting. This is primarily because the son/father, president/treasurer relationship is frowned upon by the IRS and the accounting profession in general. During the start up period when there was limited funds and few transactions it might be tolerated. The AQHA knew about it and didn’t feel there was a problem since both were professionals and financially sound. He advised the board to start looking for his replacement.
e) The Treasurer reported that the IRS required Not for Profit organizations to have certain policies in place and made available for public inspection. He presented “a public inspection policy,” “conflict of interest policy for members of the board of directors,” whistleblower protection policy,” “business expense reimbursement policy,” and “record retention policy.”
f) A motion to accept the policies as presented by Bill McKibbin was made and seconded by Joe Carter. The motion was passed unanimously. Copies of these policies are attached as part of the minutes and will be on the FQHRA website.
g) The treasurer presented the President’s request for reimbursement for expenses paid by him on behalf of the FQHRA. A motion for approval by Bill McKibbin, seconded by Larry Taylor, passed unanimously.
h) The treasurer reminded the board that all income and expense records were available for inspection today and at any time they or a FQHRA member requested to see them. Anything he knew regarding the association, they were entitled to know also. Just ask.
a) Will Fisch presented the Treasurer’s report. Copies of the financial statements for the year ending Dec 31, 2009, for the 5 months ending May 31, 2010 and for general information the period Oct. 1 thru May 31, 2010. The first two reports corresponded to the general meeting report. The third report was to show the results that included the income and expenses of the Hialeah meet. Since some payments were received prior to the meet and others not until May, (the delay because of the lawsuit) these provide a better matching of income & expenses. Copies of these reports are attached as part of the minutes.
b) He reported that, because of the four million in purse money received by the FQHRA, we could no longer file the IRS Form 990 EZ but had to do the more complex Form 990. The instructions for the return are 78 pages; the form itself is over 20 pages plus required attachments. He has hired a local CPA that has Not for Profit clients to prepare our 2009 return. An extension to file has been obtained. The fee will be approximately $1,500.
c) The Treasurer informed the Board, that because we use a lobbyist to represent us on legislative matters, we are subject to a 35% tax on his fee. This tax can be eliminated if we agree to continue to inform our members that THE ASSOCIATION HAS DETERMINED 100% OF DUES ARE NOT TAX DEDUCTIBLE. This notice will be printed on our dues notices. The motion was made by the Treasurer, seconded by Steve Fisch, and passed. Each year that we use a lobbyist we will have to affirm this determination and continue to include the statement on the dues notice.
d) The Treasurer informed the board that he would not seek or accept reelection at the Oct. 2010 Annual Meeting. This is primarily because the son/father, president/treasurer relationship is frowned upon by the IRS and the accounting profession in general. During the start up period when there was limited funds and few transactions it might be tolerated. The AQHA knew about it and didn’t feel there was a problem since both were professionals and financially sound. He advised the board to start looking for his replacement.
e) The Treasurer reported that the IRS required Not for Profit organizations to have certain policies in place and made available for public inspection. He presented “a public inspection policy,” “conflict of interest policy for members of the board of directors,” whistleblower protection policy,” “business expense reimbursement policy,” and “record retention policy.”
f) A motion to accept the policies as presented by Bill McKibbin was made and seconded by Joe Carter. The motion was passed unanimously. Copies of these policies are attached as part of the minutes and will be on the FQHRA website.
g) The treasurer presented the President’s request for reimbursement for expenses paid by him on behalf of the FQHRA. A motion for approval by Bill McKibbin, seconded by Larry Taylor, passed unanimously.
h) The treasurer reminded the board that all income and expense records were available for inspection today and at any time they or a FQHRA member requested to see them. Anything he knew regarding the association, they were entitled to know also. Just ask.
V. Other Discussions
a) A discussion period was held regarding the negotiations with the Hialeah track. This discussion included the legislative act stating that the FQHRA or a group that represents the majority of horsemen will be the group that track owners have to have an agreement with.
The Pari-Mutual Gaming agency has stated that since the legislature specifically named the FQHRA as the horsemen agent, any other group would have to have substantial evidence why they, instead of FQHRA, should represent the horsemen. That it would not be based on number of members
b) There was some discussion about how decisions are made by the Officers. The President explained that in any organization some decisions have to be made in a timely manner and that time might be an hour or a day. Not everything can be brought before the Board. That is why there are officers. Concern was expressed about how the race book was put together without board approval.
The race book for Hialeah had to be done in four days. The President and Board Member Dan Lucas, who is highly experienced in the racing world worked under intense pressure. There was no time for board meetings. Decisions had to be made now.
All officer decisions are subject to review. If the Board feels the have exceeded their authority or not used good judgment, you ask them to resign or vote them out
c) Various board members provided ideas for the 2011 SSA and what they hoped the association could accomplish in the negotiations with the Hialeah track.
a) A discussion period was held regarding the negotiations with the Hialeah track. This discussion included the legislative act stating that the FQHRA or a group that represents the majority of horsemen will be the group that track owners have to have an agreement with.
The Pari-Mutual Gaming agency has stated that since the legislature specifically named the FQHRA as the horsemen agent, any other group would have to have substantial evidence why they, instead of FQHRA, should represent the horsemen. That it would not be based on number of members
b) There was some discussion about how decisions are made by the Officers. The President explained that in any organization some decisions have to be made in a timely manner and that time might be an hour or a day. Not everything can be brought before the Board. That is why there are officers. Concern was expressed about how the race book was put together without board approval.
The race book for Hialeah had to be done in four days. The President and Board Member Dan Lucas, who is highly experienced in the racing world worked under intense pressure. There was no time for board meetings. Decisions had to be made now.
All officer decisions are subject to review. If the Board feels the have exceeded their authority or not used good judgment, you ask them to resign or vote them out
c) Various board members provided ideas for the 2011 SSA and what they hoped the association could accomplish in the negotiations with the Hialeah track.
VI. Adjournment
4:15pm Will Fisch mad a motion to adjourn the meeting seconded by Dan Lucas, and passed.
Minutes submitted by: Toni A. Czaja, Acting Secretary.
Minutes approved by: All FQHRA Board Members
4:15pm Will Fisch mad a motion to adjourn the meeting seconded by Dan Lucas, and passed.
Minutes submitted by: Toni A. Czaja, Acting Secretary.
Minutes approved by: All FQHRA Board Members