On Tuesday, January 27, 2015, Build Industries board of directors discussed the following matters:
- ·The Board of Directors conducted the election of Board members and chose former Pierce College President, Tom Oliver as Chairman of the Board, and Mr. Cliff Raymond as Vice Chairman.
- ·The Board of Directors discussed plans to convene a special half day retreat at the Chatsworth Work Source, to provide time for a more penetrating analysis of the company’s direction, as well as potential new programs.
- ·The CEO and Board of Directors also discussed, and considered the potential benefits associated with owning and operating Adult Residential Facilities. The Board ultimately decided to defer further analysis of this matter, and revisit this possible endeavor during their planned half day retreat.
- ·The Board also initiated the proper motions to change the signatories on the company’s current banking institutions.
- ·The Board of Directors continued to implement changes and amendments to the Build Personnel Policy including the following primary additions:
1) In accordance with California state law, anyone hired, must receive one hour of paid sick leave once they have completed the first 30 hours of employment.
2) In accordance with CARF regulations, the company established a policy, regarding, the service of legal documents and/or subpoenas to employees.
- The Board also examined the loss of income associated with the departure of the tenant in the Chatsworth Building and ways in which the income and/or the tenant may be replaced.
- Build CEO Matt Lynch, notified the Board that Acorn Inc. will be renewing its lease at the company headquarters in Sylmar. Lynch also mentioned that there would be an annual rate adjustment of 3% to match the consumer price index.
- President Lynch also informed the Board of new and unfolding proposed changes in zoning for the city of San Fernando, and how these changes, if implemented, will affect Build and its business interests in the future.
- The President also notified the Board of Directors that one of the company’s primary objectives during the coming year will be to locate, purchase and occupy a new building for the company’s licensed facilities.
- The CEO introduced this year’s plan Carrie Bynum to streamline the Long Range Planning Committee. Primary discussion revolved around changes to the way in which assignments will be delegated as well as plans to convene committee meetings less frequently.
- The Board of Directors explored the worker’s compensation premiums, which are currently in excess of $209,000 per year. Mr. Lynch stated to the board that, based upon existing company salaries, our annual premiums should be around $100,000 per year, and that the additional $109,000 per year is attributed to our unusually high x-mod as well as additional risk adjustment costs. Lynch also stated that he plans to continue his discussion with the insurance company to see if a more moderate premium is possible.
- The CEO and Board of Directors continued to analyze some of the more readily apparent changes being made to California employment laws.
- A discussion also centered on considering the possibility of constructing a kitchen and cafeteria at the rear section of the building in Sylmar. President Lynch mentioned the potential for marketing such a venture as a means of providing a way for consumers and staff to purchase lunch on site.
- Build President and CEO, Matt Lynch also continued to reiterate the primary elements of the company employee benefit statement, which was designed by accounting department manager, Gary Olson. This statement is intended to communicate the quantifiable values which are derived from all of the benefits received by each Build employee which are received tax free.