Bakus re-elects three directors as treasurer reports modest net loss and falling municipal support
May 15, 2026 | Koochiching, Minnesota
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Julie Barowski, president of the Bakus board, opened the annual meeting and the board re-elected Tim Fairchild, Lori Knapp and Joe Nicolansy to three-year terms after a voice vote approving the slate.
Treasurer Tim Fairchild presented the financial statements for the year, summarizing the balance sheet, liabilities and income statement. He said current assets provide a strong cash position, and the board has recorded building improvements and equipment purchases in the past year, including a boiler replacement the treasurer described as a roughly $540,000 project. Fairchild also said the organization has made progress paying down three long-term mortgages from an original combined total the treasurer cited as about $661,000.
On revenue, Fairchild reported declines in program income and membership support. The transcript lists program income falling to $87,000 from $115,000 and membership/donation receipts down from earlier amounts (the transcript cites $104,000 in an earlier period and $69,000 in the most recent report). He told members municipal support has dropped significantly: city contributions that were previously part of revenue are listed in the meeting packet as now at zero. County support was described as roughly level.
Fairchild noted rental income as a bright spot and said it increased year over year. He reviewed expense pressures — rising real estate taxes, higher insurance costs and wage and benefit expenses — and reported a net loss for the year (the transcript records a net loss of $43,255). He emphasized that depreciation is a non-cash accounting entry and said that excluding depreciation the year produced a small operating surplus.
The board approved the minutes from the 2025 annual meeting earlier in the agenda and conducted the election by voice vote. No formal roll-call tallies were recorded in the transcript.
The meeting concluded with the board discussing fundraising priorities and encouraging members to recruit new donors and participants. Barowski and other board members discussed new payment options (Venmo and PayPal) and urged members to consider annual gifts to sustain programs.
Treasurer Tim Fairchild presented the financial statements for the year, summarizing the balance sheet, liabilities and income statement. He said current assets provide a strong cash position, and the board has recorded building improvements and equipment purchases in the past year, including a boiler replacement the treasurer described as a roughly $540,000 project. Fairchild also said the organization has made progress paying down three long-term mortgages from an original combined total the treasurer cited as about $661,000.
On revenue, Fairchild reported declines in program income and membership support. The transcript lists program income falling to $87,000 from $115,000 and membership/donation receipts down from earlier amounts (the transcript cites $104,000 in an earlier period and $69,000 in the most recent report). He told members municipal support has dropped significantly: city contributions that were previously part of revenue are listed in the meeting packet as now at zero. County support was described as roughly level.
Fairchild noted rental income as a bright spot and said it increased year over year. He reviewed expense pressures — rising real estate taxes, higher insurance costs and wage and benefit expenses — and reported a net loss for the year (the transcript records a net loss of $43,255). He emphasized that depreciation is a non-cash accounting entry and said that excluding depreciation the year produced a small operating surplus.
The board approved the minutes from the 2025 annual meeting earlier in the agenda and conducted the election by voice vote. No formal roll-call tallies were recorded in the transcript.
The meeting concluded with the board discussing fundraising priorities and encouraging members to recruit new donors and participants. Barowski and other board members discussed new payment options (Venmo and PayPal) and urged members to consider annual gifts to sustain programs.
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