Meeting Minutes
FALMOUTH EDIC OPEN MEETING: February 14, 2023
Falmouth Town Hall, 59 Town Hall Square, Falmouth, MA 02540
Select Board Meeting Room
PRESENT
Thomas Feronti (VC), Mark Lowenstein (CK), Michael, Galasso, Samuel Patterson, Adrian Merryman
ABSENT
Christopher Land (C), Kevin Holmes (T)
8:34 am* CALL TO ORDER
A quorum was established. The Vice-Chair called the meeting to order.
8:34 PUBLIC COMMENT
None
8:35 APPROVAL OF BOARD MEETING MINUTES
MOTION: Lowenstein made a motion to approve the January 17, 2023 Public Session Board Meeting Minutes. Patterson 2nd the motion. Feronti abstained. All others in favor. Motion approved.
MOTION: Lowenstein made a motion to approve and not release the January 17, 2023 Executive Session Board Meeting Minutes. Patterson 2nd the motion. Feronti abstained. All others in favor. Motion approved.
8:37 FINANCE
Lynne Broderick
Broderick referred to the January 2023 financial reports.
The EDIC assets remain stable at $465K, noting the new CD account of $100K.
Liability and Equity remains consistent.
All 2022 accruals and adjustments were made by the CPA, so some of the assets and expense lines in January may appear to be a little less.
Referring to the P & L, the Solar 2 sub-lease payment is 0, it typically arrives within a week of month end close.
The Net Income is noted as - $6,518, however when considering the soon to arrive solar payment and reimbursement from CPC for the Station masonry project, actual net income is a positive $15K.
Merryman inquired about the viability of retaining two bus line tenants at the Falmouth Station. Lingafelter responded that based on conversations with both bus tenants, both are currently favorably inclined to retain their tenancies.
MOTION: Lowenstein made a motion to approve the Feb. 14th, 2023 warrant in the amount of $18,846.86. Patterson 2nd. Galasso abstained. All others in favor. Motion approved.
Broderick reported that she contacted ten local CPA firms to investigate viable CPA services for the EDIC. The majority either were not accepting new clients or they did not offer bookkeeping services. Lingafelter and Broderick interviewed two Falmouth CPA firms. The EDIC received one competitive bid from Andersen & Souza. Lingafelter and Broderick recommend considering transferring the EDIC accounting services to this Falmouth CPA firm.
The board agreed that Holmes needs to be in agreement with the proposed new CPA firm before proceeding with any change.
The board directed Broderick to obtain references, with a focus on non-profit organizations.
As contracting with local businesses whenever possible is a goal of the EDIC, the Board views moving the EDIC accounting business to a Falmouth firm as a positive endeavor.
MOTION: Lowenstein made a motion to accept the recommendation to sign a contractual agreement for accounting/bookkeeping services with Andersen & Souza CPA once references are verified and are positive. Patterson 2nd. All in favor. Motion approved.
8:58 Board of Directors Related Business
The board discussed Chairman Land’s board resignation and upcoming June term expirations for Sam Patterson and Michael Galasso.
Michael Galasso has reached the terms maximum and cannot renew his membership.
Galasso recommended waiting until all the board positions are filled before electing officers.
Land has recommended a WHOI associate – Colin Reed as a potential new board member.
As the affordable housing category position will vacant when Galasso’s term expires, Patterson cited he would be interested in filling this position. Patterson stated he will continue to serve and intends to renew his membership to the EDIC board.
The board discussed the interview and application process for members renewing their board membership and the EDIC bylaws category position assignment.
Feronti requested clarification on the process for new board members, in particular regarding a Select Board member assignment, and to identify interim executive committee roles until a full board is accomplished. Sam Patterson to inquire if the Select Board will appoint his replacement; Lingafelter to create a letter to the Select Board supplementing this verbal request.
It was requested that Broderick add a more prominent location for board member recruitment on the EDIC website.
The board once again discussed the importance of trying to recruit board members that will offer some diversify to the board make up.
Galasso recommended the EDIC publish a press release; Lingafelter to write the press release.
The board discussed exploring changing the day/time for monthly EDIC board meetings to assist with board member recruitment by accommodating board member daytime work schedules.
The board decided to postpone the scheduling of the Strategic Retreat until the March board meeting.
The Jill Neubauer workshop meeting was tentatively scheduled for the morning of March 21, 2023.
Lingafelter to confirm if non board members can be appointed to EDIC sub-committees.
9:31 Executive Director’s Report
Wayne Lingafelter
Falmouth Station Update
Lingafelter reported he submitted the bi-annual update to CPC for the Station masonry project.
The first reimbursement has been received from CPC for the architectural retainer.
Lingafelter is meeting tomorrow for the 3rd visual inspection of the building exterior regarding the water leakage issue. Lingafelter believes the SOW for the CPC funded masonry project will be modified due to remediation of the water issue.
Falmouth Technology Park – Lot 21
Lingafelter is encouraged he will make application to the Planning Board for the modification of sub-division this month. The engineering documentation is complete and the engineers were able to discuss this matter with the DPW. Atty. Moynihan will review the drawings and complete the application. The application is expected to be submitted on/around March 1, 2023. Atty. Moynihan continues to discuss with Town Counsel whether this modification of sub-division will require Town Meeting approval.
2023 Budget
Lingafelter note prior distribution of the revised 2023 EDIC budget; noting 2 changes: removal of the Tech Park lot 21 parcel and associated cost and the addition of a grant writer expense. This results with a negative Net Income -$72k.
9:47 New Business, Agenda Items or Guest Speakers
Robert Mascali – Cape Cod Commission Representative
9:48 ADJOURNMENT and Move into Executive Session
MOTION: Feronti made a motion to ADJOURN the Public Session meeting and move into Executive Session, not to return to the Public Session, to discuss a lease matter as discussing in a public session would be detrimental to the EDIC’s negotiation position. Patterson 2nd. Roll Call: Lowenstein Aye, Patterson Aye, Feronti Aye, Galasso Aye, Merryman Aye. All in favor. Motion approved.
NEXT MEETING – March 14th, 2023, 8:30am
*Times listed are intended merely for guidance.
Our Projects
Falmouth Station Restoration
Rehabilitation of the Historic Falmouth Station located at 59 Depot Avenue in Falmouth.
Read More & View All Projects >
Doing Business in Falmouth
Woods Hole Oceanographic Institution (WHOI)
Employs approximately 1,200 people, including more than 500 scientists, engineers, ship's crew and technicians.
View Top Employers in Falmouth >