FAAR Executive SummariesActions of the Board of Directors
January 3, 2017-Motions passed by the Board of Directors
Update on Stafford Sign Ordinance
Kim McClellan explained that the Planning Committee rejected FAAR’s recommendation to exempt signs not larger than 10 sq. ft. from having to get a permit, Following discussion an alternative size was suggested. A motion was made, seconded and carried to urge the Stafford Board of Supervisors to approve a change to the Stafford County sign ordinance stipulating that signs that do not exceed 6 sq. ft. are not required to obtain a sign permit.
Donation to Jeanette Newton’s memorial
Upon request by Pat Breme, a motion was made, seconded and carried to contribute $100 to one of the two organizations indicated by Jeanette’s family. Newton recently retired from the Dulles Association as their CEO and died unexpectedly in November.
Policy Manual approved
A motion was made, seconded and carried to approve the Manual as presented except for the following: allowing the members to use the mail machine was not embraced and the suggestion to invite the members to use the soon-to-be created video studio will be discusses when there is a better understanding of the functionality of the studio; in lieu of publishing the Board Minutes to the members, Pat Breme will publish an Executive Summary of the actions of the Board from each meeting.
Requests for funding Community Relations Committee activities`
Kim McClellan requested $800 from the pool of Committee funds to assist in organizing another Clothes for a Cause event in June. Barbara Castillo requested $1200 from the pool for 2017 Thurman Brisben Center dinners and $75 to market the annual Cereal Drive, A motion was made, seconded and carried to fund all requests.
Request from Bluemont
A motion was made, seconded and carried to contribute $250 to Bluemont’s arts program.
January 31, 2017-Motions passed by the Board of Directors
Construction update- green lighting expense
A motion was made, seconded and carried to retro fit the existing lighting fixtures throughout the building by adding a new ballast per fixture that will accommodate an LED light. Construction will start on 2/20. A motion was made, seconded and carried to not hold FAAR Academy classes in real estate offices during construction.
Reaffirm the approval of Anne Overington to a Foundation governor position
A motion was made, seconded and carried to affirm Overington’s appointment.
Recommendation by the Budget & Finance Committee regarding financing of the building
renovation, distribution of MRIS dividend pay-offs, 2016 investment report
A motion was made, seconded and carried to accept the recommendations of the Committee. The building renovation will be financed with investment funds. The MRIS dividend will be disbursed to the following- the Technology Fund for the new website, to discount member Sentriilock fees, the Mortgage Buy Down Fund, investment portfolio additions.
A motion was made, seconded and carried to fund $2500 or ½ of the Expo keynote speaker’s fee. The remainder of the fee should be covered by RPAC funds. A motion was made, seconded and carried to provide $4000 toward Crab Feast expenses and another $2000 to fund a drink ticket per person.
Rebranding budget spending report
Pat Breme reported that $1488.81 was left of the $20,000 budgeted for rebranding. She requested that amount be allocated to upgrade the monument signage to LED lighting. A motion was made, second and carried to spend up to $1488.81 for the upgrade.
March 7, 2017-Motions passed by the Board of Directors
LED monument sign update
Pat Breme reported that the limit agreed upon at the January meet was not enough to cover the monument sign LED upgrade. A motion was made, seconded and carried to increase the amount to cover the $20243.40 expense (increase of $535.59)
Recommendation by the Budget & Finance Committee regarding the mortgage pay off
Drew Fristoe, with comments from Linda Fosdick, explained the recommendations from B&F to pay off the balloon in 2021- making additional principal payments, transferring portfolio accounts to the Mortgage Buydown account, distribution of MRIS dividend funds to existing Money Market accounts and using the funds from an upcoming CD maturing. That accounting tallies close to the amount needed to cover the 2012 balloon payment. A motion was made, seconded and carried to approve the recommendations of the Committee.
Expanding membership on the Budget & Finance and Investment Committees
A motion was made seconded and carried to advertise and encourage applications to fill no more than one position each on Budget & Finance or Investment Committees.
Criteria for serving on either Committee:
Those applying must have business/accounting acumen
One year appointment, based on the calendar year
One position, per committee
5 years in the business
If selected, attend a mandatory 3-hour orientation
Reappointment is possible
Applications to be reviewed by the Nominating Committee
Request to waive application fee
The request from the member was reviewed. A motion was made, seconded and carried to turn down the request to waive the application fee.