Board Meeting Minutes

The May 2015 meeting of the New Wave Corporation Board of Directors was held on
the 19th day of the month in the Ashlock Room.

The meeting was called to order at 7:05 p.m. Members in attendance were Philip
Rabbitt, Jackie Casteel, Connie Hyman, Dan Hemmelgarn, Curt Wohleber, Kay Allen,
Ellen Shlie, Heather O’Connor, and General Manager David Owens.

The minutes and financial statements were approved.

The financial report from Marbury and Eagle was discussed. In the Audit
Communication Letter and Internal Control Letter, under the subheading “Financial
Statement Preparation,” it is noted that an issue identified as a “material weakness in
internal control” is “Preparing the financial statements and footnote disclosures in form
and content that meet the requirements of GAAP.”

Also in the letter, the practice of employee (payroll) advances was brought up.

Discussion of the matter ensued. The options identified were 1. The practice could be
discontinued, 2. The amount could be limited and payback would be required to occur
on a specific schedule. A possible policy would be a certain cap for part-time
employees, another for full-time employees, and a payback schedule. Kay will draft a
policy for the board to review.

General Manager’s Report:

Regarding Socket, Mike McGowan has not been responsive. There is a model contract
from a previous similar situation that was sent to him. David may contact Socket and
open the discussion.

The pledge drive brought in $12,320.

The Patty Mae took third place in the Float Your Boat fundraiser and won a $60 cash
prize and a little paddle trophy.

The music event at the farmer’s market was successful. This month’s event will be a
sitar/oud player, on Saturday May 30.

Monday is the Veterans for Peace Memorial Day gathering at Stephens Lake Park.

There will be a remote live broadcast and tabling.

Pedalers’ Jamboree is this coming weekend.

Art in the Park is coming up the first weekend in June.

The lease agreement was discussed in a general way without any notable new
information.

The community advisory committee was discussed; the event may be scheduled for
June.

New Business:
KOPN has been given an anonymous donation of a new sound system. It will be used
for remote broadcasts. The donor requested a 25 year membership in exchange for the
donation, and the board is debating how this would be accounted for and whether there
should be a policy for such arrangements.