Board Meeting Highlights

Board Meeting Highlights

Last Updated: 8/31/18

Board of Directors Meeting Minutes for August 8, 2018

Members Present: Steve Hutchinson, Randy Bernstein, Mark Gissiner, Lonny King, Jantzen Lloyd, Jim McQuiston and Ted Stevens.

The meeting was called to order at 4:15 PM, by Steve Hutchinson, President.

1. Consideration of the Minutes of the June 2018 Foundation Board Meeting: Without objection, Steve ruled that the Minutes of the June 2018 Board meeting be approved, as distributed.

2. Welcome Randy Bernstein as New Board Member: Steve welcomed Randy to the Board. (He is filling the seat previously held by Bruce Shaw.)

3. Treasurer’s Report: Jim McQuiston, Treasurer, reported on several topics, as follows:

a. 990 Filing: Jim shared that a filing extension has been requests. He also reported that Tony Reyneke is working on the report and should have it ready for filing soon.

b. Account Balances on All Restricted Accounts: Tony continues to make progress in determining the balances in all of the restricted accounts. A final report on this topic should be available soon.

c. 2018 WSF Final Accounting: Jim summarized the results of this year’s Festival. The net profit from the event was $51,000. After taking out the amounts for the special appeals (SVdP Youth House and Emergency Food Boxes), a little over $34,000 was available for scholarships and community services. Of this amount, $14,072 will stay with the Foundation for scholarships, while the balance will be distributed to the Club (see below) to support it community service work.

d. Checks Written since the June Board Meeting: Jim reported that several checks were written between the June Board meeting and August 8. The large checks were to the Club and represented distributions of proceeds from the March 2018 Wine & Salmon Festival. Specifically, a check for $14,072 was transmitted to the Club for Local Community Services and World Community Services. A second check in the amount of $8,679 was given to the Club for Emergency Food Boxes. In addition, a $1,050 check to Project Amigo for student scholarships was also written and distributed (leaving a balance of $3,575 for Project Amigo scholarships in a restricted account).

e. Foundation Earnings as of 3/31/18: Jim distributed a handout showing the earnings for the Endowment Fund (a.k.a. “Restricted Account”) and the General Fund (a.k.a. “Unrestricted Account”) as if March 31, 2018. In short, it showed that the earnings for the Endowment Fund were $5,689.28 and those for the General Fund were $3,250.20.

f. Reconciliation of the Moldovan Art Sale Account: After consultation with Scott Wilber, it was determined that the profit from the sale of art donated by the Moldovan artist was $1,371. These funds are to be disbursed to Head Start to promote literacy among preschoolers.

4. Appointment of Randy as SRF Rep to Work with SVdP on Scholarships for Youth House Graduates: Steve asked Randy to serve as the Foundation’s representative to work with St. Vincent de Paul’s on the development of criteria for the selection of individuals to receive the scholarship funds raised by special appeal at the Foundation’s March 2018 WSF. Randy expressed a willingness to take on this assignment. The Board approved this appointment by consensus.

5. Show and Tell re SRF’s New Letterhead and Award Certificates: Steve presented the recently printed letterhead, envelopes and award certificates. Members were pleased with the results.

6. Allocation to the Club of the Endowment Fund Investment Earnings: It was moved by Ted Stevens and seconded by Mark Gissiner to transfer the full amount of the Endowment Fund earnings from the prior year of $5,689.28 to the Club for Local Community Services. After some discussion about whether some of the earnings should be retained to grow the endowment, the motion carried, with Jantzen Lloyd voting “no.”

7. Report on Meeting with Club President, Walt Meyer, about Procedures for SRF Funding of the Club’s Service Work: Steve reported that the Foundation’s officers met with Club President, Walt Meyer, to discuss procedures for transferring money from the Foundation to the Club to help underwrite its local and international service work. It was reported that this was a very positive and productive meeting. It was agreed that the Club Budget listing the various local and international service projects to be funded a given year will serve as the documentation needed by the Foundation to justify the transfer of funds. Further, it was agreed that fewer, large transfers were preferable to more frequent smaller transfers.

8. Report of the Investment Committee: Members of the Foundation’s Investment Committee – Steve H., Jim McQ, and Ted S – are working with Sarah Mellgren to move the Foundation’s investments from Morgan Stanley to Roehl & Yi (Sarah’s employer). Roehl & Yi have agreed to manage the Foundation’s assets at a discounted fee of .005 of assets/year. The Committee is currently working with Sarah to establish investment allocation plans for it two funds – the Endowment Fund and the General Fund – and, then, agree on specific investments (mostly, mutual funds) to be held in each fund. Progress is being made and plans should be fully implemented shortly.

9. D & O Insurance: Ted apologized for failing to speak with Gary Schwieger about the cost of Directors and Officers liability insurance. He committed to talking with Gary soon and being able to give a report about this matter at the September Board meeting.

10. Report on Board Member Recruitment: Jantzen shared that he spoke with three relatively new members of our Rotary Club about their respective interests in serving on the Foundation Board. Of the three, one – Cindy Bedell – expressed a willingness to consider an appointment to the Foundation Board.

11. Date of Next Foundation Board Meeting: Steve announced that the next meeting of the Board will be held on September 12, 2018, 4:15 PM, at the Vets Club. The meeting was adjourned at 4:55 PM.

Respectfully submitted, Ted Stevens, Secretary