Meeting called to order 8:28 am.

Present: Marilou Moschetti, Susan Penney, Bruce Fihe, LeAnn Bjelle

Absent: Amy Chirman, Joan Vierra

A presentation and proposal for Santa Cruz Textile Arts Guild funds was provided by Susan Penney.

Funds of $16,000 + are currently in the Bay Federal Credit Union checking account with no interest. A savings account for “Heritage funds” of $1,300 also exists.

Susan has investigated current offerings at Bay Federal with CDs under $10,000 earning 4% interest and Money Markets earning 3% interest. She recommends moving $5,000 to a Money market and $5,000 to a CD.

Marilou M. has checked with a CPA and, as long as we are below $600 in earnings, no tax return is required. She also suggested $7,000 to CD and $5,000 to Money Market leaving $5,300 in checking. Emergency funds are not seen as an issue for CD funds. The Heritage funds will go in the CD with the Treasurer keeping track of them in her monthly statements.

Motion made by LeAnn to move the funds in Bay Federal, $7,000 to a CD and $5,000 to a Money Market,  keeping $5300 in checking and closing the savings account.

Seconded by Susan Penny

Vote: unanimous

Marilou Moschetti, a co-signer on the Bay Federal account and President of the SCTAG Board, will put the request on SCTAG letterhead and sign on the account for the changes.

Next up, a discussion of a Zoom account for events and meetings.

Bruce reported we have a free account with Zoom with a 40 minute time limit, which is fine for Board meetings but not for general meetings. He can purchase a one month account for $15.99 when it is needed, anticipating once a year or less. We are then not relying on the generosity of members to share their ZOOM accounts. Susan will add this purchase into the budget.

Meeting adjourned 8:50 am.