Annual Board Meeting Thursday, September 10, 2020 10:30 AM VIA ZOOM CONFERENCE Zoom Link Dial-In: #346-248-7799 or #669-900-6833 Meeting ID: 811 1438 5147 Passcode: 859725 Annual Board Meeting Thursday, September 10, 2020 10:30 AM VIA ZOOM CONFERENCE Zoom Link Dial-In Either Number #346-248-7799 or #669-900-6833 Meeting ID: 811 1438 5147 | Passcode: 859725 AGENDA I. Call to Order Leslie Ward, Board Chair II. Approval of Minutes ACTION Tania Schwartz, Vice Chair III. Confirmation of the New Board of Directors for 2021 ACTION John Beckworth, Nominations and Governance Chair IV. Welcome and Updates Leslie Ward, Board Chair a. New Board and Staff Introductions b. Partner Updates i. Texas Commission on the Arts, Gary Gibbs, Executive Director ii. Texans for the Arts, Ann Graham, Executive Director V. Finance Report Marvin Blum, Finance Chair Jesse Dominguez, CFO a. Investment Report Update, Luther King Capital Management, Craig Hester & Jeremy Blackman b. Approval of the FY 2020-2021 Budget ACTION VI. Executive Director Report Heidi Marquez Smith, Executive Director VII. Development Report Guillermo Nicolas, Development Chair VIII. Advocacy Report Mindy Ellmer, Advocacy Chair Lisa Kaufman, Davis Kaufman PLLC IX. Texas Medal of Arts Awards Linda LaMantia and Judy Robison, TMAA Chairs X. Trust Programs Report Jenny Parry, Director of Programs XI. Texas Women for the Arts Report Tania Schwartz, TWA Board Liaison XII. Communications Report Gay Gaddis, Communications Chair Kenneth Franco, Communications Manager XIII. Final Comments and Adjourn Leslie Ward, Board Chair To be the leading voice for the arts in education, advocacy, and economic impact in Texas, spotlighting the artistic excellence of our state. BOARD MEETING DATES 2020-2021 Board Meetings will be virtual, compliant with COVID-19 gathering restrictions and safety. We are hopeful things will begin to recover by mid next year. September 10, 2020 Annual Board Meeting / New Board Member Orientation December 3, 2020 Quarterly Board Meeting & Holiday Social February 4, 2021 Quarterly Board Meeting May 6, 2021 Quarterly Board Meeting September 23, 2021 Annual Board Meeting / New Board Member Orientation October 18-19, 2021 Texas Medal of Arts Awards – Austin, TX (SAVE THE DATE!) NOTABLE DATES September 1, 2020 Beginning of the Fiscal Year September 24, 2020 State of the Arts Council Meeting October 1, 2020 TWA Grant Application Opens October 16, 2020 Deadline to submit TMAA Honoree Nominations October 22, 2020 State of the Arts Council Meeting November 1, 2020 Trust Board of Directors annual dues and donations due November 5, 2020 Arts Education Task Force Meeting December 1, 2020 TWA Grant Application Closes January 12, 2021 First day of the 87th Texas Legislative Session February 2021 State of the Arts Report Published February 2021 Arts Advocacy Day TBD May 17 – 18, 2021 TWA Annual Meeting, Dallas, TX July 1, 2021 First Year Teacher Grants August 2021 Texas Young Masters Application Opens August 15, 2021 First Year Teacher Grants Close August 31, 2021 End of the Fiscal Year October 18 – 19, 2021 Texas Medal of Arts Awards, Austin, TX November 2021 Texas Young Masters Application Closes Fall 2021 TWA Trip New York City (rescheduled) PRIVATE BOARD OF DIRECTORS PAGE ON TRUST WEBSITE txculturaltrust.org/about/board-staff Password: TXCT2021! BYLAWS online: Go to: https://txculturaltrust.org/about/board-staff/ Board Member Login PW: TXCT2021! I. Call to Order Leslie Ward, Board Chair 2020 TEXAS YOUNG MASTER Keshav Srinivasan Austin, Music • 11th Grade Keshav Srinivasan has been studying violin with Daniel Gee Cordova for the past 11 years. He is a junior at the Liberal Arts and Science Academy (LASA) in Austin, where he is concertmaster of the honors orchestra. He is a member of the Austin Youth Symphony Orchestra and was selected for the 2020 Texas Music Educators Association’s All-State Symphony Orchestra. Keshav plans to use his Young Masters award to further his violin study at multiple violin institutes this summer. II. Approval of Minutes Tania Schwartz, Vice Chair Quarterly Board Meeting Tuesday, April 21, 2020 9:30 AM VIA ZOOM CONFERENCE https://zoom.us/j/972495645 Dial-In Either Number 1-346-248-7799 or 1-669-900-6833 Meeting ID: 972 495 645 NOTE: ZOOM will be accessible beginning at 9:00 am for those who would like some assistance with the application. Christina will be available to answer questions and provide support. This will help ensure a prompt 9:30 am start. MINUTES BOARD MEMBERS PRESENT VIA ZOOM: John Beckworth, Ray Benson, Leslie Blanton, Marvin Blum, Ernest Butler, Ito Deutsch, Mindy Ellmer, Gay Gaddis, Alexis Hunter, Dan Jackson, Renard Johnson, Kathleen Keating, Kathleen Kennedy, Linda LaMantia, Mary Lamar Leyendecker, Charles Matthews, Guillermo Nicolas, Sharon Oeschger, Jay Propes, Judy Robison, Tania Schwartz, Nancy Seliger, Leslie Ward, Mark Watson, Andrea White, Pam Willeford, Trisha Wilson BOARD MEMBERS NOT IN ATTENDANCE: Bruce Bugg, Winell Herron, Gene Jones, Sharon McCullough, Kristin Salyer, Kay Sanford, Darrell Windham OTHERS IN ATTENDANCE: Amanda Adams, Brenda Bogue, Jesse Dominguez, Jenny Parry, Christina Rupp, Heidi Smith, Carrie Williams, Gary Gibbs, Jeremy Blackman, Craig Hester __________________________________________________________________________ I. Call to Order Leslie Ward, Chair • Meeting called to order at: 9:33AM • Welcome • Attendance Roll Call • Board Member Highlights o Ray Benson recovered from COVID-19 . Recorded Young Master congratulatory video . Responded to the passing of Kenny Rogers on behalf of the Trust o Charles Matthews connected us to Louis Perkey, pro-bono trademark attorney o Thank you to Guillermo, Judy and John for responding to support Young Masters after the cancellation. o Grateful for the TWA members who donated their registration fees to the Trust, due to the cancellation of the Annual Meeting and Travel to NYC. • Trust Team Comments o Current circumstances around COVID-19 have not slowed the Trust operations. o The trust team has had to rapidly respond to the implications of COVID-19 on the arts and culture community. More has been accomplished in the last few weeks than typical. • Update on COVID-19 impact on Texas o Trust has been referring artists and arts organizations to the American’s for the Arts Economic Impact Survey to collect data on the negative impact. o AFTA to date Findings: . 778 organizations have responded . Total Financial Impact: -$30,050,900 . Median Financial Impact per org: -$27,000 . Total Unanticipated Expenses: -$1,743,125 . 96% have had to cancel events, lost 4,101,107 in attendance . Layoffs: 754 . Total Furloughed: 1,329 . Nationally: $4.5 Billion impact II. Approval of Minutes – ACTION Ray Benson, Secretary • Motion By: John Beckworth • Second By: Leslie Blanton • All Approved-Yes III. Partner Updates Leslie Ward, Chair Texas Commission on the Arts, Gary Gibbs, Executive Director • Commission Meeting cancelled in March • First time held a telephone meeting to conduct business, approve Young Masters • Yesterday held a ZOOM orientation meeting with TCT • Many organizations have been able to reallocate their grants to support operations • CARES Act funding: 109 organizations are eligible to apply by being a current TCA grant recipient • Texas received $686k from the NEA, over 700 eligible to apply so these grants will be small – to be dispersed by TCA • Concerns about next session, because funding is way down • National Endowment for Humanities has received over $1M in stimulus funding, some Texas arts organizations may qualify o They are encouraging organizations to double or even triple dip on as many grants as possible-just cannot use them on to pay the exact same person IV. Finance Report Marvin Blum, Finance Committee Jesse Dominguez, CFO a. Investment Report Update – Luther King: Craig Hester & Jeremy Blackman i. TCT Endowment has taken a hit in the stock market ii. 23 trading days the market dropped 34%, fastest since 1987 iii. Report attached is through March 31st iv. Current Update: 1. Entered March with 8% in cash 2. Panic set in and Bonds were being dumped, selling of gold 3. Making cash and treasury bonds the most safe 4. 8-11% cash cushioned, total portfolio is down 6.7% 5. Staying at a pretty conservative position 6. $4.3M Market, -6% Return a. While down, way more than 5 years ago at $3.3M • Note that we have been taking out less then projected which has allowed the funds to build up b. Statement of Financial Position i. Reflects that we are losing money is some areas but saving in expenses ii. Moved money around into three institutions: Plains Capital, Frost, and Schwab iii. Endowment numbers have not been updated in the attachment on the Financial Report iv. Projections: 1. Endowment $160k Withdrawal did not happen 2. YM Budgeted $211k but projecting $152k 3. Total Income: $2,630,470 (w/endowment withdrawal that didn’t happen) Projections: $2,172,638 4. Savings in Expenses: $360k 5. Operations will hold steady c. Paycheck Protection Program i. We applied for small business loan to pay salaries, etc. all forgivable ii. $96k requested for payroll, rent, utilities iii. Ito D.: Look into EIDL: $10k forgivable 1. Can’t double dip, it would offset the PPP d. Houston Endowment: 2 year grant i. Received $400k yesterday V. Executive Director Report Heidi Marquez Smith, Executive Director a. Trust response to COVID-19 i. American’s for the Arts and Surveys: encouraging all organizations to complete 1. LBlanton asked for list, however list must remain anonymous ii. Resources and information on TCT website: updating daily iii. Launching “Home is Where the Art is”: providing events/happening on our website iv. #ARTCANTEXAS movement v. Launching Coloring Pages initiative on our website vi. Arts & Digital Literacy and Careers Exploration in the Arts to enhance distance learning online vii. Convened 1st State of the Arts Council with arts leaders from all over the state 1.