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EACC Board of Directors Holds Third Quarter 2020 Meeting

On Thursday, July 23, the EACC Board of Directors assembled (virtually, via Zoom) for its regularly scheduled quarterly meeting.  Board President Yannick Schilly welcomed everyone and asked Board Secretary Jim Keller to review the minutes from the April Board meeting.  Following up on one item, Jim noted that the EACC has identified Fiducial to take over our bookkeeping after our current Account Manager Joanna Deri retires in August.  (He added that if anyone wants to contribute to a retirement gift for Joanna that they should contact Todd).  The minutes were then approved without further comment. 

Yannick then introduced Harold Kremer from Barnes Dennig, who led the team performing our audit.  Harold said the audit report showed no weaknesses or deficiencies.  The Board voted to accept the audit report pursuant to a final review from Barnes Dennig. 

EACC Treasurer Chris Flaig was not present at the meeting so Executive Director Schwartz briefly presented the financial results through June. Our financial situation remains challenging but is in line with expectations and is reviewed every other week by the EACC’s Executive Committee and Board Officers to ensure we stay on track. Schwartz then outlined steps the EACC was taking (as authorized by the Executive Committee) to reduce operating expenses by becoming a ‘virtual’ operation.  While this move does come with some new costs (including a new IT services provider and storage unit), this will save the organization thousands of dollars annually on rent and parking and compliments the move to reduce personnel costs by closing EACC offices on Fridays. The Board voiced their support for the move. 

Having talked about how the EACC is working to rein in costs, Schilly asked Schwartz to then review steps underway to increase revenues (noting that cutting costs would only take us so far).  Schwartz said he believed a good chunk of revenues may still come from our efforts on the European Investment Map; he also took some guidance from the Board to reconsider plans for a possible “virtual” annual Gala.  

The Board agreed to support EACC in ensuring the success of the 2021 membership renewal cycle that will start in September; there was also discussion about board leadership for 2021 and beyond.  The Board will reconvene on Thursday, October 22. 

A full copy of the minutes of the July 23 Board meeting will be available to EACC members upon request once they are approved. 

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