November 17, 2010: Reports from the Annual General Meeting

The Annual General Meeting of the Acadia Cinema Cooperative Ltd., was held Wednesday October 27th at the Al Whittle Theatre at 7:30 pm.

Annual reports from Audrey Conroy, Chair; Bill Zimmerman, Theatre Manager; and Lay Yong Tan, Treasurer, were  very positive. Lay Yong noted that the Coop ended the year in the black for the very first time. As well, the Province has promised funding  — $10,000 per year for the next three years —  which will allow for the hiring of a part-time theatre manager. Applications closed on October 29.

Steven slipp showed the logos that have been agreed upon for the Cooperative, Al Whittle Theatre and Studio-Z. Steven, Heidi Kalyani, Ken Shorely and Ned Zimmerman all collaborated on this new family of images. And Fred Chipman, Corporate Secretary, gave an update of the total number of shares sold to date (3141) to 686 shareholders as of June 2010. He encouraged everyone to take advantage of the Provincial Equity Tax Credit now in effect and purchase more shares to “Sink the Mortgage”, which the Coop is still hoping to do by the end of 2011. (For details see New Equity Tax Credit in place below.)

Three new board members were elected. Stephen Peters, Nominating Chair, introduced Bronwyn Andrews, Tim Fisk and Karen Malim. (See Biographies). They will replace Jeff Moore, Lay Yong Tan, and Bill Zimmerman whose terms have expired. Audrey presented Bill with a “key to the boardroom”, which he promised to use sparingly, and many thanks were expressed to each retiring board member for his contribution to the continuing success of the Cinema Coop venture.

Finally, Nancy Saul-Demers, PR Committee spokesperson, talked about possible plans for the 100th year celebration of the Acadia Cinema building as a venue for stage and screen (The Wolfville Opera House opened its doors in 1911 on the site of the Al Whittle Theatre.) A projection of an anniversary logo was presented. Heidi Kalyani (with in-put from Ken Shorely, Steven Slipp and Bill Zimmerman) designed the image. Nancy asked for input from anyone who has memories or artifacts from the venue’s past lives that they would be willing to share. As well, volunteers are needed to serve on the 100th Anniversary Committee. She can be contacted at  542-1922.

After adjournment, those present settled in with coffee and sweets (provided by Pam Ackerman and Nancy)  to view a short film The Story of Stuff.

Contributed by Pam Ackerman.

Annual Report

Financial Report

New Equity Tax Credit share sale in place

Fred Chipman, the Corporate Secretary for the Acadia Cinema Coop recently announced that a new Equity Tax Credit registration is in place until March 1, 2011. The Equity Tax Credit gives Nova Scotia tax payers a 35% non-refundable tax credit. Shares purchased during this period will go toward our Sink the Mortgage plan.

Since this plan began in October of 2008, a total of 160 supporters have purchased 390 shares ($39,000) for the SINK THE MORTGAGE share-buying program . Every share purchased takes us closer to the goal of retiring the mortgage entirely. Every share purchased makes a difference. As of August 1 this wonderful support has allowed ACC to pay down 30% of the total mortgage that existed when the Sink program started.

When the Cooperative began “Sink the Mortgage” we owed $227,000. As of August 1 the mortgage was $160,000. But there’s still a ways to go.

The Equity Tax Credit – that’s 35% of the cost of every share right off the top of your Provincial income taxes for this year – offers an added incentive to help the ACC reach its goal by the end of 2011. Investments in our Coop are an investment in the cultural life of our community. Under the legislation governing co-operatives as a non-profit co-op, shareholders do not receive dividends or special benefits and our shares never change in value.

Any questions? Contact Fred Chipman (or Bill Zimmerman)

You can  download a share application to get on with the “sinking” now!