Minutes
Alaska State Fair Board of Directors
Meeting Held on the Fairgrounds
September 15, 2011
Consent Agenda
1. Call to Order – Roll Call
Present: Harkey, Tracy, Kenley, Stryken, Bush, Quill, Absent: Consenstein
2. Approval of Agenda
3. Approval of Minutes
Aug 11, 2011
- ASF Board authorizes the General Manager to act on behalf of the ASF in regard to the Joe Stefansky litigation as recommended by the law firm of Matthews & Zahare.
Kenley/Tracy/MCU: Approve Consent Agenda with addition of 2012 Fair dates and correction to
Aug 11 minutes stating Tracy adjourned meeting.
Reports and Information Items
1. Finance Report –Finance Manager Mason reported balance sheet of reflected total current assets of $3,3125,783.00, total fixed assets of $4,236,375.93, with total assets amounting to $7,362,158.93, total current liabilities of $366,737.82, total long term liabilities of $0.00, total equity of $6,995,421.11 with liabilities and equity totaling $7362,158.93. She reported total income of $2,351,449.11 and total expenses of $939,203.52 for August, YTD income of $3,987,717.04 and YTD expenses of $2,686,159.34, resulting in YTD net income of $1,301,557.70. Quill/Kenley: Accept Finance Report as presented.
2. General Manager’s Report-Ritari reported concerts had a significant impact on gate receipts, and when doing a comparison to the VENUE Magazine category of 5,000 and less venues which is what our Borealis Theatre falls into, our attendance with 12 events, puts us second only to Ceasar’s Palace who had 17 events. Ritari reported we had five new revenue records set – carnival, souvenir, wine bar, gate receipts and the Borealis concerts. Daily grounds entertainment was fresh, new, classy, very well received. Alaska Native Heritage Day drew in a larger number of our native Alaskans and had a huge impact for a first time event. Tracy commented when big name entertainers such as Garrison Keilor say they can hardly wait to come back, word spreads in that level of the entertainment world the Alaska State Fair, Inc. is a very good venue to play.
3. Audit Report – Nazworth and Heilman of Thomas, Head and Greisen, PC, Certified Public Accountants, reported Fair financial statements to be in order as of December 31, 2010. Audit approaches have now switched to risk based which dictates a thorough understanding of internal controls. Last year’s recommendations to improve effectiveness and efficiency of internal controls were implemented and Fair management even added new ones. Rotation of staff or groups handling tickets or cash at different locations is next recommendation auditors would like to see implemented to lessen risk and facilitate comparison reports.
4. Rasmuson Commitments – Harkey reported that Rasmuson grant has been received and previously agreed to contributions by Directors are now due.
Action Items
- Kenley/Stryken/MCU: Approve Resolutio #5 Identifying Sewer as Top Priority
- Committee Appointments: President Harkey assigned Quill to Ag, Operations and Finance Committee, Kenley to Elections and Finance Committee, Stryken to Development Committee, Tracy and Bush to Rules Committee,Harken will send to
- Schedule Operations Committee Meeting – Committee Chairman Tracy set date of September 22, 4:00 pm. Committee Chairman Bush set Ag Committee Meeting for October 7,4:30 pm.
- Schedule Retreat Dates – Harkey Requested Agenda Items be presented to him by 1 October.
- Kenley/Tracy/MCU: Set 2012 Fair Dates of August 23 to Sep 3.
Member Comments
Comments were given by Fair members Larry Imm, Megan Clark, Kevin, Cheryl Harkey, Lorrie Kopenburg, T. J. Kelly and Joe Lentz. Palmer Mayor Johnson thanked the Fair for support of the Alaska State Fair Parade and Janet Kincaid presented a huge birthday card signed by Valley Hotel patrons.
Executive Session
Board went into Executive Session at 8:45 pm to be updated on pending legal matters. No action taken.
Meeting adjourned at 9:15 pm .