I. Review Fiscal Year 2011, Second Quarter (October 1, 2010 – December 31, 2010) Financial Report – Chairman Eric Buermann announced Mr. Brett Bibeau, MRC Managing Director, was regrettably unable to attend today’s Executive Board meeting due to a stomach flu. Ms. Ashley Chase, MRC Assistant Managing Director, provided the following quarterly financial reports, a 4-part document: 1) “Miami River Fund, Inc. Accrued Balances as of 12/31/10”; 2) “Miami River Fund Inc. - Profit & Loss – July through December 2010,” (current Fiscal Year is July 1, 2010 – June 30, 2011), generated on QuickBooks; 3) “Miami River Fund Inc. - Profit & Loss – October through December 2010” (2nd quarter of current fiscal year), generated on QuickBooks; 4) Line item QuickBooks generated printouts of all expenditures and income for the 2nd Quarter of FY ‘11 covering October 1 – December 31, 2010, divided into sub-accounts.  Ms. Chase noted the Miami River Fund, Inc. (MRFI) unanimously accepted its 2nd Quarter (October 1 – December 31, 2010) Financial Report during its February 1, 2011 public meeting, of which public meeting minutes were distributed.  Ms. Chase explained the quarterly financial report is being presented today for informational purposes and deferred to MRFI President and Vice Chair Philip Everingham to answer any potential questions. Hearing none, the Executive Board accepted the MRFI’s Second Quarter (October 1, 2010 – December 31, 2010) Financial Report.

II. New Business- Ms. Ashley Chase distributed and presented budgets for the 8th Annual Miami River Map & Guide and Riverday 2011. Ms. Chase noted the free 15th annual Miami Riverday Festival will be held on Saturday, April 2, 2011, 11 am to 4 pm at the Lummus Park Historic District, 250 NW North River Drive. Ms. Chase stated she had applied to two separate reimbursable Miami-Dade County grants to help support Riverday, but would not be advised if any funding is awarded until after the festival.  Ms. Chase stated Riverday expenses and income would essentially balance out if funding from these grants is awarded, yet indicated that unlike previous years, funding is not guaranteed.  Vice Chair Everingham reported the MRFI had unanimously adopted a resolution authorizing the MRFI to utilize up to $10,000 if necessary to co-sponsor the 15th Annual Miami Riverday. Vice Chair Everingham noted the resolution had developed in order to create a “cushion” should the MRFI not receive grant funding and in consideration of the current economic climate.

Ms. Sallye Jude stated the Coral Gables Green Festival, held on February 6, was well-attended and successful. Ms. Jude noted the City of Coral Gables had a wonderful recycling exhibit, and asked if MRC staff could reach out to Miami-Dade County and City of Miami representatives to see if they can produce a similar exhibit for Riverday. Ms. Chase stated she would look into this suggestion.

The meeting adjourned.

I. Review Fiscal Year 2011, Third Quarter (January 1, 2011 – March 31, 2011) Financial Report – MRC Chairman Horacio Stuart Aguirre welcomed the Executive Board’s newest member, MRC Vice Chairman Jay Carmichael.  MRC Chairman Aguirre added 1998 MRC minutes were reviewed which stated Phil Everingham was appointed to serve on the Executive Committee, therefore will continue doing so.  Mr. Brett Bibeau provided the February 7, 2011 Executive Board meeting minutes and reviewed the following quarterly financial reports, a 4-part document:

1) “Miami River Fund, Inc. Accrued Balances as of 3/31/11”;

2) “Miami River Fund Inc. - Profit & Loss – July 2010 through March 2011,” (current Fiscal Year to date), generated on QuickBooks;

3) “Miami River Fund Inc. - Profit & Loss – January through March 2011” (3rd quarter of current fiscal year), generated on QuickBooks

4) Line item QuickBooks generated printouts of all expenditures and income for the 3rd Quarter of FY ‘11 covering January 1 – March 31, 2011, divided into sub-accounts.  Mr. Bibeau noted the Miami River Fund, Inc. (MRFI) unanimously accepted its 3rd Quarter (January 1 – March 31, 2011) Financial Report during its April 27, 2011 public meeting, of which public meeting minutes were distributed.

Mr. Bibeau explained if the MRFI were to receive no future income, it could survive for an additional year. For that very reason, the MRC’s Executive Committee noted it was important to maintain the MRFI’s strategic funding reserve level.

MRC staff distributed and presented current budgets (as of April 29, 2011) for the 8th Annual Miami River Map & Guide and Riverday 2011. Mr. Bibeau noted the start-up line item for the next (16th) Annual Miami Riverday increased by around $4,000.

Mr. Bibeau distributed, “Miami River Fund, Inc. Funding / Grant Update – April 27, 2011”, which he noted was positively received by the MRFI. 

II. New Business - Mr. Bibeau noted The MRFI had unanimously agreed to launch a 2013 Miami River Calendar and sell advertisements / sponsorships in order to showcase the mixed-use of the Miami River. Mr. Bibeau explained each month would feature a picture associated with the respective advertiser.  Mr. Bibeau noted the calendars would be given away to MRC and MRFI board members and advertisers to be distributed during the 2012 holiday season. Mr. Bibeau added staff is currently researching potential printing costs, and mentioned that any and all photographs could be taken “in-house.”

Mr. Gary Winston moved to approve the previously provided MRC Executive Committee’s May 2, 2011 minutes. The motion was seconded by Mr. Phil Everingham and unanimously adopted by the MRC’s Executive Committee.

I. Review Fiscal Year 2011, Fourth Quarter (April 1, 2011 – June 30, 2011) Financial Report – Managing Director Brett Bibeau provided the Miami River Fund Inc’s following 4th quarter financial reports:

1. “Miami River Fund, Inc. Accrued Balances as of 6/30/11”
2. “Miami River Fund Inc. -Profit & Loss – July 2010 through June 2011,” (Fiscal Year 2010­2011), generated on QuickBooks
3. “Miami River Fund Inc. -Profit & Loss – April through June 2011” (4th quarter of Fiscal Year 2010-2011), generated on QuickBooks
4. Line item QuickBooks generated printouts of all expenditures and income for the 4th Quarter of FY ‟10-11 covering April 1 – June 30, 2011, divided into sub-accounts.
   

Mr. Bibeau noted the Miami River Fund, Inc. (MRFI) unanimously accepted its 4th Quarter (April 1, 2011 – June 30, 2011) FY ‟10-‟11 Financial Report during its September 13, 2011 meeting, of which public meeting minutes were distributed.

Mr. Bibeau also distributed:

1. “Miami River Fund, Inc. Funding / Grant Update – September 13, 2011”, lists 39 grant applications
2. 16th Annual Miami Riverday (April 14, 2012) Sponsorship Solicitation
   
3. 9th Annual Miami River Map (to be released April 14, 2012) Advertisement Solicitation
   
4. 1st Annual Miami River Calendar (2012) update (12 months sold)

II. New Business -You received an email from Ms Ashley Chase, resigning from the MRC because she accepted another job with the University of Miami, where she will also be attending graduate school.  We wish her well with her exciting future endeavors.

Review Miami River Fund Inc.’s (MRFI) Independent Audit, July 1, 2010 – June 30, 2011 -The MRC Executive Committee reviewed the Miami River Fund Inc.’s accepted Fiscal Year 2011 (July 1, 2010 – June 30, 2011) independent audited Financial Statements and Letter of Communication, conducted by Appelrouth, Farah & Co., P.A. Attendees noted the MRFI audit was very clean and the MRFI keeps good financial records, runs smoothly and is in good financial shape. All previously recommended procedures are being adhered to, and there are no control deficiencies in this small organization. Director Bibeau noted the reduction in nearly $100,000 is mostly due to Miami-Dade County not renewing funding for Scavenger 2000 Water Decontamination Vessel services.

II. Review MRFI 1st Quarter Financial Report, July 1, 2011-September 30, 2011 -The MRC Executive Committee reviewed the Miami River Fund Inc’s accepted quarterly financial reports, a 3-part document:

1) “Miami River Fund, Inc. Accrued Balances as of 9/30/11”;

2) “Miami River Fund Inc. -Profit & Loss – July 2011 through September 2011,” (current Fiscal Year to date and 1st quarter), generated on QuickBooks;

3) Line item QuickBooks generated printouts of all expenditures and income for the 1st Quarter of FY ‘12 covering July 1, 2011 – September 30, 2011, divided into sub-accounts. 

III. MRFI FY ’12 Budget Amendments - The MRC Executive Committee reviewed the
Miami River Fund Inc.’s adopted FY’12 Operational Budget Amendments. 

Meeting was adjourned.