SAVE THE YMICC RESOLUTION 2012
Resolution of Lack of Confidence and Demand for Documents from the Board of Directors of YMI Cultural Center
April 8, 2012
Whereas, the YMI Cultural center was chartered to enhance the social, cultural, and economic lives of African-Americans in Western North Carolina, and
Whereas, the YMI Cultural Center has been ruled as a public non-profit which receives the majority of its funding from citizens and governments, and
Whereas, we the people are the members and concerned citizens of Asheville and Western North Carolina to whom YMI Cultural Center and the public entities and governments which fund it are directly accountable to the citizens, and
Whereas the Board of the YMICulturalCenter is legally responsible as fiduciaries to exercise honesty, due diligence, and sound business judgment in all the affairs of the YMI Cultural Center, now
Therefore we, the members of the YMI Cultural Center and the citizens of Asheville and Western North Carolina, demand the following items be delivered to a designee’ of our choice within 30 days or by April 27, 2012.:
YMICC Meeting minutes – sequentially ordered, for the period, June 2004 to March 31, 2012, which provide documentation of all General, Annual and/or Special Meetings and elections of the Board.
- YMICC Meeting minutes – sequentially ordered, for the period, June 2004 to March 31, 2012, which provide documentation of all General, Annual and/or Special Meetings and elections of the Board.
- YMICC Meeting Minutes – sequentially ordered, for the period, June 2004 to March 31, of a properly called Special or Annual Meeting with waivers of notice for which the stated purpose was the revocation of voting rights of the members of the YMICulturalCenter to govern the corporation and to duly elect a Board of Directors. A list of individual members who attended, along with each recorded vote along with contact information.
- YMI Board Meeting minutes – sequentially ordered for the period, July 2004 to March 31, 2012, with Board membership rosters and attendance rosters for all members of the Board.
- Financial statements for each month with income statements and balance sheets for July 1, 2007 to March 31, 2012.
- Cash flow projection plans to demonstrate a plan to acquire an appropriate cash stream to pay the mortgage on the building beginning with the remaining 3 months of FY 2011-2012. all of FY 2012-2013, and projections to retire the balloon note of $410,000 which is due June 30, 2014.
- An annual budget which is forecasted from July 1, 2012 to June 2013.
- An updated and aged schedule of accounts payable with payees and amounts.
- A listing of all liens on the YMICC building, including those which are pending, including mechanic’s liens.
- An accounts receivable listing, along with scheduled pay dates.
- The notice which describes the $15,000 in state payroll tax liabilities, along with the payroll periods and a copy of the signed and dated return. The delivery name and address for your legal counsel where notices and service can be rendered.
- The delivery name and address for your legal counsel where notices and service can be rendered.
- A copy of the deed of the YMI Cultural Center.
- An Inventory of the Art and Artifacts owed by the YMI Cultural Center.
Whereas the lack of these material items and actions justify cause of legal action against the Board of Directors for malfeasance of duty to act with prudence and care by jeopardizing the status of the YMI Cultural Center as a “ going concern”, now
Therefore we, the members of the YMICulturalCenter and the citizens of Asheville and Western North Carolina, hereby resolve that we have no confidence in this Board of Directors of the YMICulturalCenter. All avenues, including legal will be pursued to obtain the demanded documents and to obtain proof that this Board of Directors are duly constituted to conduct the affairs of the YMICulturalCenter.