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Time and Place
- A meeting of the Board of Directors of Friends of KEXP ("KEXP") was held on May 1, 2007 at 4:00 p.m. at KEXP.
Present
- The following Directors of KEXP were present at the meeting: Ron Johnson, Stuart Nagae, Robert Santelli and Peter Nordstrom. Also attending by invitation was Thomas Mara, KEXP Executive Director. Two KEXP staff member including Kevin Cole, Senior Director, Programming and Andrew Corey, Content Coordinator attended a portion of the meeting.
Review of Meeting Minutes
- The board reviewed and corrected minutes from past meetings. In the interest of increased transparency, the board voted unanimously to approve posting publicly the approved minutes of future board meetings on KEXP.org.
- Acceptance of 2005 Financial Audit
- The board reviewed and voted unanimously to approve acceptance of the unqualified 2005 audit report.
Conflict of Interest Policy
- The board discussed the status of establishing the Conflict of Interest policies.
Executive Session
- The members of the board initiated an executive session.
Executive Director Compensation
- After adjourning from the executive session, and upon a recommendation from board members Peter Nordstrom and Stuart Nagae, the board reviewed the compensation of Tom Mara, Executive Director and voted to unanimously approve (a) increasing by ten percent his current annual salary, and (b) establishing an annual bonus plan based on certain performance criteria.
Partnership Initiative
- Tom Mara, Kevin Cole and Andrew Corey presented information about an opportunity to forge a programming agreement with a third party. Stuart Nagae expressed interest in consulting with staff to assess the opportunity further.
Financial Information
- Tom Mara provided financial reports including: profit and loss reports for FY06 and the first quarter of FY07 FY06, balance sheets as of December 31, 2006 and March 31, 2007, annual summaries of cash flow for FY04-FY06 and the first quarter of FY07, and a summary from a national fundraising benchmark study including performance comparables with KEXP’s defined peer group of five non-commercial music stations.
Strategic Planning and Summit
- Tom Mara presented a draft outline of a plan to create a strategic planning process for FY08-FY12, and to produce a summit with leaders in music, technology, education and business communities, among others, to inform the strategic plan. After discussion, the board expressed interest in exploring these plans further.
2006 Audit
- Tom Mara provided status of the staff’s work with the auditor.
Adjournment
- There being no further business to come before the Board, the meeting was adjourned at approximately 5:30 p.m.
By: Tom Mara
Correct: Ron Johnson, Chairman
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