Minutes of the Special Meeting of NMSBIC, January 4, 2024
A meeting of the New Mexico Small Business Investment Corporation was called to order on this date at 9:00 a.m. with all participants attending via Zoom. A quorum was established.
Members Present:
Mr. Joshua Smith, Chair
Ms. Anne Beckett, Vice Chair
Mr. Robert Valdiviez, Secretary/Treasurer
Mr. John Kreienkamp, designee of Hon. Laura M. Montoya, NM State Treasurer
Ms. Kristina Alley
Mr. Steven E. Morgan
Ms. Sayuri Yamada
Members Excused: None
Executive Director/Financial Adviser to Board: Mr. Russell Cummins
Board Legal Counsel: Mr. Randall McDonald
Recording Secretary: Ms. Charmaine Clair
Guests Present: None
REVIEW AND ACCEPTANCE OF AGENDA
Mr. Kreienkamp moved approval of the agenda. Mr. Morgan seconded the motion.
Mr. Cummins said the Board Minutes for December 14, 2023, were not ready for review and recommended the item to accept the minutes be removed from the agenda.
The motion passed unanimously by roll call vote with the change to remove acceptance of the December 14, 2023 Board Minutes.
AUTHORIZED SIGNERS FOR NMSBIC BANK, INVESTMENT, AND CUSTODIAL ACCOUNTS
Mr. Cummins said two signatories are required to authorize the bank, investment and custodial accounts and given recent changes in board members it is important to update the bank signature cards. He will update signature cards for all of the accounts, and First National 1870 requires the authorized signers approved and a copy of the approved minutes before beginning the process to get the signature cards.
Mr. Valdiviez moved, seconded by Ms. Yamada, that the following NMSBIC board members be authorized signers on all NMSBIC bank accounts, investment accounts, and custodial accounts, with two signers required, and that the NMSBIC Board authorizes the changing of signature cards to reflect the new signers, and that current signers will continue to be authorized to sign until such time as the changes are made to bank accounts.
Joshua Smith, President and Board Chair
Anne Beckett, Vice President and Vice Chair
Robert Valdiviez, Secretary/Treasurer
Sayuri Yamada, Director
Kristina Alley, Director
And that Russell Cummins and Dee Brescia be authorized to access online banking, investment, and custodial account systems as follows:
Russell Cummins:
- Serve as account administrator
- View online transactions and access online statements
- Input or approve Automated Clearing House (ACH) transactions (1) (2)
Dee Brescia:
- View online transactions and access online statements
- Input Automated Clearing House (ACH) transactions and payees (1) (2)
- First National 1870 ACH payments require two persons (one person to input and a second person to approve) and are only authorized after two board members have provided email approval of payments to be included in the ACH transfer.
- For the State Treasurer’s Office Local Government Investment Pool, Russell Cummins or Dee Brescia are authorized to initiate online deposits or withdrawals, which must then be approved online by two authorized account signers.
The motion passed unanimously by roll call vote.
RESOLUTION OF APPRECIATION
Mr. Cummins said NMSBIC received two letters from the Governor’s Office on December 15. One letter thanked Alan Fowler for his service and notified him of his service on the board ending. The second letter appointed Kristina Alley as a new board member.
Mr. Cummins welcomed Kristina Alley to the Board.
Mr. Cummins recommended a proposed resolution recognizing Alan Fowler’s service.
Ms. Yamada moved, seconded by Ms. Alley, to approve the New Mexico
Small Business Investment Corporation Resolution of the Board of Directors:
WHEREAS Alan R. Fowler served on the New Mexico Small Business Investment
Corporation (the “NMSBIC”) board of directors from 2011 through 2023; and
WHEREAS, during his tenure on the board, Mr. Fowler served several terms as President and Board Chairman of the NMSBIC; and
WHEREAS Mr. Fowler’s leadership and insights have been meaningful and impactful to the growth and success of the NMSBIC and supported the citizens and small business community in New Mexico;
NOW THEREFORE, the NMSBIC board of directors hereby expresses its appreciation for Mr. Fowler’s outstanding and dedicated service to the NMSBIC.
The motion passed unanimously by roll call vote.
Mr. Cummins reminded everyone of the January 11 board meeting starting at 9 on Zoom to approve the minutes from this meeting. With the approved minutes, and information of the approved and updated authorized signatories he can start the process of updating the signature cards.
Ms. Beckett said the board is losing some amazing people who have served on the board without an opportunity to say goodbye and thank them. She suggested the board invite them to a meeting that includes lunch to have that opportunity.
Mr. Cummins offered to work with Chair Smith to coordinate that.
Mr. Valdiviez moved to adjourn. Mr. Kreienkamp seconded the motion, which passed unanimously by roll call vote.