GIMPS 2020 Board Meeting minutes / financials

[Prime95]

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]

[ewmayer]

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.

[Uncwilly]

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 https://www.mersenne.org/legal/ 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.

[Prime95]

Originally Posted by Uncwilly

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 https://www.mersenne.org/legal/ 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.

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.

[ewmayer]

Originally Posted by Prime95

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.

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?

[Prime95]

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.

[Uncwilly]

Has the board met for 2021 yet?

[Prime95]

Originally Posted by Uncwilly

Has the board met for 2021 yet?

It has not. My fault.

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

[Prime95]

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

[clowns789]

Originally Posted by Prime95

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.

Originally Posted by Prime95

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.

Hi George, I'm not sure if you or Aaron are still open to suggestions, but I have a web host I've been using 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.

_{Disclaimer: The link above is an affiliate link, I am posting it here solely because it may be of benefit to GIMPS.}

[Prime95]

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