GIMPS 2020 Board Meeting minutes / financials
 

GIMPS BoD Minutes 2020-01-09 3pm EST /1 2pm PST
Attending: George Woltman (GW), Luke Welsh (LW), Ernst Mayer(EM)
Meeting Called to Order 3:04 pm
- GW: Approval of Minutes of BOD Meeting 2019-01-06
* GW MOVE, LW SECOND, 3 for / 0 against- motion approved
- GW/EM: Treasurer/Secretary report / discussion
At year’s end: $20,622.95 in Chase bank account and $979.85 in PayPal. All past prime discovery awards are paid. No outstanding bills.
- Old Business –
o Corporation has been reinstated in California. Requires updating every 2 years. Next update is January 2021.
o Corporation has been reinstated by the IRS. Yearly tax form 990-N has been filed for last year.
- New Business
o Our ISP contract with HiVelocity/Incero is up for renewal/renegotiation in February. Aaron Blosser is investigating other options, nothing vastly superior has been found yet.
GW: Move to stay with HiVelocity unless Aaron recommends something else or HiVelocity proposes a big price hike. LW: SECOND. 3 for / 0 against. Motion approved.
o Corporation officers need to be elected.
Officers currently:
President: George Woltman
Vice President: Luke Welsh
CFO/Treasurer: George Woltman
Secretary: Ernst Mayer
GW Move to elect same officers as last year. LW: SECOND.
3 for / 0 against, slate of officers is approved.
o Last year our prime discovery award was changed to $100 plus a $2900 IOU. Our financial situation is much healthier.
GW: MOVE to change future Mersenne prime discovery awards to back to $3000 - no IOU. LW: SECOND.
3 for / 0 against. Motion approved.
- Next BoD meeting - January 2021.
- Adjourn - GW MOVE to adjourn, LW SECOND 3 for / 0 against, approved

Meeting Adjourned 3:25 pm EST


2019 Financial recap:

Total MRI funds [sum of Chase and Paypal accounts]:
o Balance on 1 Jan 2019 was $17293.11 [$17098.11 Chase, $195.00 Paypal];
o Balance on 31 Dec 2019: $21659.35 [$20622.95 Chase, $1,036.40 Paypal], a net increase of $4366.24.

Chase account - blow-by-blow transaction summary copied below:
o Balance on 1 Jan 2019 was $17098.11;
o Total Expenditures $12657.07:
- Paid back discovery awards for M#48-51. 19 Feb one of these was partial reimbursement to GW of $2901.81, he had paid $100 immediately.. 3 remaining ones (1 on 1 Apr, 2 on 15 Apr) were $3000 each. Subtotal $11901.81;
- 4 months ISP fees, including several of GW reimbursing himself for such fees paid out-of-pocket at the time: $140.52 on 12 Mar, $139.74 on 27 Mar, $150.00 on 24 Apr. Subtotal $430.26;
- $295 reimbursement (18 Mar) to GW for California and IRS fees to reinstate GIMPS as an active 501c3;
- 2 months' account maintenance fees ($15.00 on 31 May and $15.00 on 28 Jun), for months where our average daily balance fell below the $7500 threshold. Subtotal $30.00;
o Total Receipts $16181.91:
- Paypal transfers: $2000.00 on 9 May, $3000.00 on 8 Jul, $10000.00 on 11 Oct. Subtotal $15000.00;
- Deposits of donation checks: $181.91 on 20 Jun, $1000 on 22 Jul. Subtotal $1181.91;
o Resulting balance on 31 Dec 2019: $20622.95 = $17098.11 [starting balance] - $11901.81 [total expenditures] + $16181.91 [total receipts].

Transaction details:
Oct 11, 2019 PAYPAL TRANSFER PPD ID: PAYPALSD11 ACH credit $10,000.00 $20,622.95
Jul 22, 2019 DEPOSIT | See details of this deposit See details of this deposit Deposit $1,000.00 $10,622.95
Jul 8, 2019 PAYPAL TRANSFER PPD ID: PAYPALSD11 ACH credit $3,000.00 $9,622.95
Jun 28, 2019 MONTHLY SERVICE FEE Fee −$15.00 $6,622.95
Jun 20, 2019 DEPOSIT | See details of this deposit See details of this deposit Deposit $181.91 $6,637.95
May 31, 2019 MONTHLY SERVICE FEE Fee −$15.00 $6,456.04
May 9, 2019 PAYPAL TRANSFER PPD ID: PAYPALSD11 ACH credit $2,000.00 $6,471.04
Apr 24, 2019 PAYPAL INST XFER 1005465569064 WEB ID: PAYPALSI77 ACH debit −$150.00 $4,471.04
Apr 15, 2019 CHECK # 102 | See details of this check 102 See details of this check 102 Check −$6,000.00 $4,621.04
Apr 1, 2019 CHECK # 101 | See details of this check 101 See details of this check 101 Check −$3,000.00 $10,621.04
Mar 27, 2019 PAYPAL INST XFER 1005260036706 WEB ID: PAYPALSI77 ACH debit −$139.74 $13,621.04
Mar 18, 2019 PAYPAL INST XFER 1005176055212 WEB ID: PAYPALSI77 ACH debit −$295.00 $13,760.78
Mar 12, 2019 PAYPAL INST XFER 1005140951670 WEB ID: PAYPALSI77 ACH debit −$140.52 $14,055.78
Feb 19, 2019 PAYPAL INST XFER PMLCOMPUTER WEB ID: PAYPALSI77 ACH debit −$2,901.81 $14,196.30
Dec 24, 2018 PAYPAL INST XFER 1004570439057 WEB ID: PAYPALSI77 ACH debit −$150.00 $17,098.11 [This is the balance on 1 Jan 2019]

Thanks to all those whose generous contributions made our 2019 fundraiser a rousing success - the financials are now once again on a firm footing, we have more money in the bank than 1 year ago despite having paid ~$12,000 in backlogged prime discovery awards.

There used to be a stated somewhere on Mersenne.org the potential for an award for those who made a break through that speeds up GIMPS search by some amount (5 or 10%.) I glanced over at [url]https://www.mersenne.org/legal/[/url] and could not find it. I think that it was pulled a while back.

I think that the recent developments on the PRP verification front are something that the board should consider at their next meeting. Perhaps an award could be granted.

[QUOTE=Uncwilly;554002]There used to be a stated somewhere on Mersenne.org the potential for an award for those who made a break through that speeds up GIMPS search by some amount (5 or 10%.) I glanced over at [url]https://www.mersenne.org/legal/[/url] and could not find it. I think that it was pulled a while back.

I think that the recent developments on the PRP verification front are something that the board should consider at their next meeting. Perhaps an award could be granted.[/QUOTE]

There was a clause for that, but it was discontinued about a decade ago. I think it was part of dividing up the proceeds of the 1M or 10M digit prime EFF awards.

[QUOTE=Prime95;554028]There was a clause for that, but it was discontinued about a decade ago. I think it was part of dividing up the proceeds of the 1M or 10M digit prime EFF awards.[/QUOTE]

The Board could always convene to discuss authorizing a special award for the recent fast-verification-without-DC work, either of the immediate or "first prime we discovere following large-scale rollout of the new scheme" variety. I certainly can see the justification for such in the present case.

Oh, while I'm here - Chase account balance (the account alas earns 0 interest - very few good options for interest-bearing 501(c)3 accounts) has been unchanged at $20,622.95 since last November, since we had no special fundraiser this year. George, any significant changes in the paypal balance this year aside from the regular web-hosting expenditures?

For 2020, we've received about $360 in donations, 7 x $150 in ISP fees, and $20 in State of California filing fees. Current paypal balance is $270.40.

We're in good shape.

Has the board met for 2021 yet?

[QUOTE=Uncwilly;571548]Has the board met for 2021 yet?[/QUOTE]

It has not. My fault.

I did poll the board members and there is no pressing business to discuss.

2021 BOD meeting minutes
 

GIMPS BoD Minutes 2021-02-22 by email
Attending: George Woltman (GW), Luke Welsh (LW), Ernst Mayer(EM)
. Meeting Called to Order
- GW: Approval of Minutes of BOD Meeting 2020-01-09
* GW MOVE, LW SECOND, 3 for / 0 against- motion approved
- GW/EM: Treasurer/Secretary report / discussion
At year’s end: $20,356.46 in Chase bank account and less
than $50 in PayPal. No outstanding bills. Monthly run
rate is $150.
- Old Business –
o California’s statement of information filed in July 2021. Next update due in July 2023. IRS form 990 filed for tax year 2020. Next 990 form due April 15, 2022.
o ISP HiVelocity has not mentioned negotiating a new multi-year contract. We remain on month-to-month for $150. Our server is aging but not giving us any troubles. Aaron keeps abreast of our options should we need to replace it – likely with a cloud based solution.
- New Business
o Corporation officers need to be elected.
Officers currently:
President: George Woltman
Vice President: Luke Welsh
CFO/Treasurer: George Woltman
Secretary: Ernst Mayer
GW Move to elect same officers as last year. LW: SECOND.
3 for / 0 against, slate of officers is approved.
- Next BoD meeting - January 2022.
- Adjourn - GW MOVE to adjourn, LW SECOND 3 for / 0 against, approved

Meeting Adjourned

[QUOTE=Prime95;535168]
Our ISP contract with HiVelocity/Incero is up for renewal/renegotiation in February. Aaron Blosser is investigating other options, nothing vastly superior has been found yet.
GW: Move to stay with HiVelocity unless Aaron recommends something else or HiVelocity proposes a big price hike.[/QUOTE]
[QUOTE=Prime95;572294]
ISP HiVelocity has not mentioned negotiating a new multi-year contract. We remain on month-to-month for $150. Our server is aging but not giving us any troubles. Aaron keeps abreast of our options should we need to replace it – likely with a cloud based solution.
[/QUOTE]

Hi George, I'm not sure if you or Aaron are still open to suggestions, but [URL="https://www.spinservers.com/aff.php?aff=113"]I have a web host I've been using[/URL] that is very reasonable on price for high performance bare metal servers (since they source used components). There are two servers hosted out of Dallas under $150 that both have great specs.

[I][SUB]Disclaimer: The link above is an affiliate link, I am posting it here solely because it may be of benefit to GIMPS.[/SUB][/I]

I'll have Aaron look at your suggested ISP. This really is not my area of expertise.