President M. Urbonas called the MACA Board meeting to order on ZOOM at 7:35 PM. Nine people were in attendance: President Michael Urbonas, Vice President Kateryna Odnorozhenko, Treasurer Colin Scheriff, Board Directors Bob Messenger, Jamie Williams, Mark Gruman, Ray Xue, Rishi Devata, and Charles Recchia. 

Treasurer: (a) B. Messenger presented his final Treasurer Report as outgoing Treasurer [ link here ], highlighting that the fiscal year revenue was lower than the previous year’s due to:(i) MACA’s not running the New England Open tournament in 2025; (ii) MACA’s receiving a $5,000 US Chess grant in 2024 but not receiving it in 2025. Total Net Income: $7,500, compared to $16,000 the previous year.  B. Messenger suggested that MACA find new programs on which to spend the surplus rather than maintain a constant surplus.

                  (b) (i) The Treasurer Report reviewed the MACA special funds, including the Life Membership Fund, Living Memorial Chess Fund, Hurwitz Trust, Franklin Fund, Prison Chess Fund, and Women's Chess Fund. (ii) C. Scheriff explained his proposed simplifications to the accounting process, including eliminating the Future Year Membership Fund and the Women's Chess Fund sub-fund.  He clarified that he supports women's chess and these changes are only about streamlining accounting methods.   (iii) Life Membership Fund: Total Net Loss: $780, due to transfers to the general fund.  (iv) Women's Chess Fund: Total Net Expense: $6,000 for the fiscal year.  The MACA Board agreed to maintain this fund at that level of expense.

                   (c) (i) Living Memorial Chess Fund: Total Unrealized Gain in investments $5,290.  Total all fund balances: $196,000. (ii) The group discussed the need to review the risk levels of specific investments, particularly those held at Citizens Securities.  C, Scheriff and J. Williams wanted to research the details of these investments more closely. C. Scheriff agreed to review and provide a detailed accounting of the investments to address board members' concerns about risk levels. The MACA Board agreed that C. Scheriff, J. Williams, and M. Urbonas would work together to determine the risk categories and liquidity of various investments, including forming a Finance Committee to address these issues.

Membership: (a) B. Messenger presented the Membership Report. Total Net Loss: 100 members over the 2025-2026 period, primarily due to Star Academy's significant reduction in scholastic teams from 10 to 1.  Total gain in Adult Members: 31 (at the MA Open). (b) ** MOTION (626-1) made by C. Scheriff and seconded by M. Gruman: in recognition of B. Messenger’s selfless work as MACA TD since 1990, whereas he declined TD fees he had earned and was otherwise entitled to, MOVED then that B.Messenger shall pay $0 entry fee from now on for any MACA-run tournament. The VOTE was taken; the MOTION passed UNANIMOUSLY. **

Accounting System Migration: (a) C. Scheriff presented the successful migration of the organization's accounting system from Sage 50 to QuickBooks Online.  J. Williams verified the transfer through detailed review. The conversion process was completed with proper documentation and reconciliation.  Historical access to older records will require the legacy Sage system used by B. Messenger or else the service of an accountant for an external audit or other emergency need. (b) C. Scheriff also introduced a new online bill pay feature in QuickBooks that would allow for electronic payments to Tournament Directors and reimbursements of anyone’s relevant disbursements.

Financial Reporting: (a) C. Scheriff presented a new P&L statement format for tournament financials. He stated that in his most recent report the rent expense for the playing facility was missing and would need to be inserted before final reporting. (b) The MACA Board agreed to defer discussions about proposed updated Tournament Director pay policy and CORI policy to future meetings, as well as opting to organize committee assignments via Slack. (c)  Michael proposed creating a “Policies and Procedures” document to define committee responsibilities more explicitly.

Other: R. Xue mentioned an additional donation was in process and coming soon to MACA from Chess Quest (the kids’ chess camp founded by R. Xue and run by him and several friends). The board thanked R. Xue for his exceptional generosity. 

Further steps: (a) B. Messenger: (i) Provide Colin with any necessary accruals, deferrals, and income/expense data as of 1/31/26 and 4/30/26 to assist with accurate financial statement transition and reconciliation. (ii) Provide Colin with Sage/backup data (at least seven years) and coordinate transfer of all relevant financial archives and records. (b) C. Scheriff: (i) Review and document the details and risk categories of all MACA investments, particularly the $49,066 in securities and Living Memorial Chess Fund, and report findings to the board (potentially with Jamie and Michael as part of a finance committee). (ii) Send out summary and detailed documentation of the QuickBooks Online conversion process to board members for review. (iii) Fix tournament P&L reports to include missing rent expenses and ensure all relevant tournament costs are properly tagged before sending finalized reports to the board. (iv) Send out draft monthly financial reports and new tournament P&L format to the board for feedback and suggestions for improvement.. (v) Implement and communicate the new online bill payment/ACH reimbursement process for tournament directors and those seeking reimbursements from MACA.. (c) C. Scheriff, M. Urbonas, J. Williams, B. Messenger: Form a finance committee to review existing investment risk, financial policies, and ongoing reporting processes. (d) Michael Urbonas: (i)  Create and share a spreadsheet/Google Sheet for board members to indicate committee preferences and interests. (ii) Follow up with links and/or updated descriptions of board committees, and coordinate online (Slack/email) discussion for committee assignments and descriptions, including inviting current committee chairs (e.g., Dima for Scholastic) to update committee responsibilities. (iii) Circulate proposed TD pay and CORI policies, and descriptions of committees responsibilities. (e) Board Members: (i) Review committee descriptions and indicate preferences/interests in committees via the shared online document to be provided by Michael. (ii) Schedule the next board meeting, targeting within three weeks, and notify all members.

President M. Urbonas adjourned the Meeting at 9:05 PM.

Respectfully submitted,

Nicholas Sterling, Clerk

Further Actions taken after this Meeting: none as of these Minutes’ initial submission