Volunteers Needed on the CWCDC Board:
(1) Chair of the Building Operating Committee, and
The Chris White Community Development Corporation (CWCDC) was formed to renovate and operate the 5-story building (Shipley Lofts) located at 701 N. Shipley Street in Wilmington, Delaware. Twenty-three artist loft apartments (18 with subsidized rents), an art gallery, and a meeting space became a reality in 2010. Funding was obtained through historic and low-income housing credits as well as the generosity of several foundations, banks, and the City of Wilmington.
The residences have been fully occupied since the building opened and the Chris White Gallery on the ground floor has regularly displayed art exhibits and hosted community gatherings. Our mission is to develop affordable artist housing along with the supporting infrastructures that cultivate a Wilmington art community capable of innovative and lasting collaborations with the surrounding community. This is a dramatic change for what had been a derelict wreck prior to 2010.
(1) CHAIR OF THE BUILDING OPERATING COMMITTEE
The duty of the Building Operating Committee (BOC) is to oversee the management of Shipley Lofts. A professional management company manages the 23-unit apartment building. The Chair of the Building Operating Committee should be interested in well-being of building and its continued operation, someone good with follow-up, someone familiar with management issues, with a bit of business orientation.
The Building Operating Committee makes sure the management company is handling its tasks in a timely manner — that tenants behind on their rent or utilities have been notified and are working to catch up, that vacancies are being filled, that the waiting list is being updated regularly, that maintenance issues are being addressed, that taxes are being filed, that cash flow problems are avoided, that reserve funds are not depleted, and that annual statements are being filed when scheduled — in other words, that the management company is doing its job.
Committee meetings are once a month, usually for half an hour, followed by the hour-long monthly meeting of the CWCDC Board, on which the Chair of the BOC is expected to serve. John Stafford, the current BOC chair, will continue serving on this committee and will be available to guide the new chair.
The Treasurer keeps the check book and account books for the Chris White Community Development Corporation up to date, tasks that demand 2-3 hours/month. An option is 12-15 hours at end of year preparing financial statements. We do not expect the person in this position to have the accounting skills, or the inclination, to take on these “Year-End Duties” but it is an option that would save the corporation the expense of hiring out the work. John Stafford, who has been performing these duties, will be available as a guide. The Assistant Treasurer is expected to serve on the CWCDC Board, which meets once a month for an hour.
• Physically control CWCDC checks and the checkbook;
• Prepare all checks for authorized signers and keep documentation files;
• Monitor and record income from contributions, gallery rentals, art sales commissions and the like;
• Track, initiate, and record insurance and other transactions with the Shipley Lofts partnership;
• Maintain CWCDC general ledger;
• Keep ledger accounts in agreement with bank statements;
• Periodically report transaction detail to other officers;
• Initiate payments of state franchise taxes for CWCDC and Shipley Lofts, Inc. (SLI);
• Periodically make summary reports to the full board.
• Serve on the CWCDC board.
OPTIONAL YEAR-END DUTIES:
• Review and adjust the year-end partnership trial balance for tie-in with the prior-year report, consistent cut-off of revenue and expense (including accruals and prepayments), provision for losses, and consistent account classifications; prepare appropriate worksheets for the auditors;
• Prepare draft partnership financial statements and footnotes in GAAP format;
• Prepare worksheets consolidating partnership and CWCDC accounts;
• Prepare draft consolidated CWCDC financial statements and footnotes in GAAP format.
John Stafford currently spends twelve to fifteen hours annually on each of the two sets of financial statements. The savings in audit fees overall were fairly significant at the start, maybe $5,000 – $6,000 a year. Ending this activity now would result in some additional fees, plus additional pressure put on the management company to work on the partnership statements. CWCDC, however, now only pays $1,500 for its share of the annual audit; most of the incremental cost would be felt there.