Board Minutes

Eade Foundation

PO Box 1361

Menlo Park, CA 94025

January 20, 2020

Board Meeting

Attendees:  

James Eade

Lauren Goodkind

Mark Pinto

Carolyn Withgitt-Dorsch

BANKING, FINANCE, ETC.

Jim provided year-end Profit & Loss Statement.  He will also provide a copy of the Balance Sheet.  

DISTRIBUTION

Jim has found a new shipper from China, who has already shipped an order (to Uganda), and it is much cheaper.  He will probably use House of Staunton for more local shipping.  There is an organization that will donate money to Africa, that he verified is not a scam, so there is a reliable company 

He has a corporate number from the state.  The tax status is pending with the IRS-he submitted the 1024 long form, and is waiting for it to be approved (probably sometime in February).  

BANKING, FINANCE, ETC.

Jim has received the tax id number:  EIN 84-3226748.  

He opened up a bank account at Wells Fargo.  There will be a brokerage account at Charles Schwab.  

He gave the IRS a 3-year proforma budget, which was needed to get the tax status 501c(3) status.

Elizabeth Shaughnessy is doing the Berkeley Chess School’s Women’s Invitational (a norm event).  

Irina Krush has an appearance fee (around $6k).  We committed to a donation of around $7k.  

Jim is going to St. Louis for the Sinquefield Cup.  There will be a new tournament for women.  Jim will be asking for contributions for the Senior Women.  Rex Sinquefield supports Hall of Fame and other chess events.  He is also the trustee for the Chess Trust.  

ADVERTISING TO OUTSIDE WORLD

Is it better to go to target organizations, or to advertise?  He was thinking of advertising to the LGBTQ community for the upcoming tournament.  Maybe grants?  Mechanics writes grant proposals.  

STOCKS

Jim will sell them once the non-profit status has been established.

In favor of financials.  

Alexey Root gave us coverage in website New In Chess.

Chess in Yoga has contacted Jim, due to his Twitch account activity.  

BOARD MOTIONS:

Jim moves to add Carolyn Withgitt-Dorsch to Board.  Lauren seconded.  Motion passed.

ADDITIONAL WORK TO BE DONE IN SETTING UP FOUNDATION:

-Conflict of Interest Policy – we need to develop.  ACTION-J

-D&O Insurance – Jim got.  Motion: For Carolyn will scan and put into gDocs.  

Conflict of Interest – That we accept the document that Jim sent.  Mark seconded.  PASSED

-Bios and pics for everyone  ACTION-Need Mark’s

-Set up a Google drive Folder and share with Board members.  ACTION-DONE

-Mission Statement is to build communities through chess.  Jim to post Mission Statement on gDocs.  ACTION-Jim to send to Carolyn to put on gDocs.

ADDITIONAL DISCUSSION:

Jim established a channel on Twitch.  We want it to be entertaining as well as instructional.  Primary audience is people who cannot access the chess community.  Jim has contacted the chair (GM Thomas Luther (of Germany)) of the FIDE committee for the disabled-he has agreed to supply us video chess lessons that will be put on the channel.  Mark thinks he may be affiliated with ChessBase.  

ChessKid

We want to be able to refer to that site from the Twitch account, so people can play live chess on ChessKid.  Lauren has offered to help.  

PLACES/PARTIES THAT MAY NEED CHESS SET DONATIONS

We are just getting started, but there is a lot of opportunity out there, to get people connected to chess.

NEW BUSINESS

IT

Jim is working on getting the IT issues resolved.

MECHANICS INSTITUTE

Jim is now a non-voting board member.  He offered to contribute $1,000 to a Black History project.  There is going to be a Diversity Open at Mechanics during Gay Pride Month (in June).  Jim has offered a $1,000 donation to the tournament for members who self-identify.  The winner of the open section will be the champion of the community.  We hope to get a mayoral proclamation.  

There was a Senior Invitational (10 players)-no women qualified, or will qualify in the foreseeable future.  Jim would like there to be a Senior Women Invitational-top 6-rated women over 50 would be invited.  He thinks the USCF will sanction this as a titled tournament. $15k total expenditures-no expenses paid.  $5k, $2.5k, $2.5k…All finishers will get at least $1.5k.  To be held sometime later in 2021.  The Junior Cadet tournament is going to be hosted at the Mechanics, so he would like to have them at the same time.  The games would be broadcast live.

Twitch account on Mechanics has a lot of info.  There are a lot of broadcasts with Paul Whitehead.  

OUTREACH TO OTHER COMMUNITIES

Jim is working on that.

NEXT MEETING:

The annual meeting is scheduled to be the last Monday in January 2021.  The meeting can be done remotely.  We will be in contact routinely throughout the year.  

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