Excelsior Rotary Foundation Meeting on Funding of Projects and Programs

Posted by Steve Frazier 
on Nov 14, 2011
 
Excelsior Rotary Foundation Board of Trustees
Minutes: November 14,  2011
Location:  Beacon Bank Conference Room
 
 
 
The meeting was called to order by Chairman Don Draayer.  Trustees present were: Don Draayer, Dean Friesen, Steve Frazier, and Dave Peterka, and Carl Zinn.  Also in attendance was special advisor Gary Thompson.
 
The following Action Items were reviewed and approved:
1.      The agenda for the 11.14.11 meeting was reviewed and accepted with no changes.
 
The Secretary’s Report of the minutes for the September 8, 2011 meeting was presented by Secretary Dave Peterka for approval.  It was moved by Steve Frazier and seconded by Dean Friesen to approve the minutes as presented.  The motion carried unanimously.
 
The Treasurer’s Report was presented by Treasurer Dean Friesen as follows:
1.      Internally prepared financial statements covering YTD activity reflect total revenues of $15,997.60, less total expenses of $7,157.02 (consisting largely of charitable contributions) yielding a YTD net income of $8,840.58.  The corresponding balance sheet for the same period reflects total equity of $123,951.45 on total assets of $115,110.87.  This Foundation has no liabilities.  A careful review followed of the fund analysis consisting of the Annual Fund, the General Fund, and the Lee Paris Fund.  It was moved by Dave Peterka and seconded by Steve Frazier to approve the Treasurer’s report as presented.  The motion carried unanimously.
2.      Dean Friesen presented for approval, the External Fiscal Review Committee for the 2010-2011 Budget Year.  The proposed committee consists of Excelsior Rotary Club members: Jerry Brecke, Dick Osgood, and Hugh Gilmore.  It was moved by Carl Zinn and seconded by Steve Frazier to approve the committee appointments as presented.  The motion carried unanimously.
 
Old Business:
  1. As a follow up to the discussion at the September 8, 2011 Foundation Board of Trustees meeting wherein concurrence by all trustees occurred on the amendments to the Articles of Incorporation and Bylaws of the Excelsior Rotary Foundation, and subsequent presentation of these same Articles of Incorporation and Bylaws of the Excelsior Rotary Foundation to The Rotary Club of Excelsior general membership meeting on October 25, 2011, it was moved by Steve Frazier and seconded by Carl Zinn to approve these Articles and Bylaws as presented.  The motion carried unanimously. 
New Business:
1.       Steve Frazier presented the following four requests from The Rotary Club of Excelsior for funding by The Excelsior Rotary Foundation:
    • A contribution of $750.00 for the local service project Feed My Starving Children.  It was moved by Steve Frazier, seconded by Dave Peterka to approve this contribution.  The motion carried unanimously.
    • A contribution of $400.00 for the Resource West Hat and Glove Project.  It was moved by Carl Zinn, seconded by Dean Friesen to approve this contribution with the caveat that this is the third time this particular proposal has been forwarded in the last four years.  (Refer to provision 5.0 of the Foundation Policy.)   The motion carried unanimously.
    • A contribution of $1,700.00 for the Elementary 3rd Grader Dictionary Program.  It was moved by Steve Frazier, seconded by Carl Zinn to approve this contribution with the caveat that this is the third time this particular proposal has been forwarded in the last four years.  (Refer to provision 5.0 of the Foundation Policy.)    The motion carried unanimously.
    • A contribution of $4,000.00 for our share of the Feasibility Study for the Excelsior Band Shell.  It was moved by Steve Frazier, seconded by Carl Zinn to approve this contribution.  A lengthy discussion ensued around two themes:
1.      Concern that this expenditure would draw down this year’s Annual Fund reserve of $17,239.74 for the entire year to less than $2,000.00 with almost seven and one and a half months left as well as an open question of what commitments have already been made to Camp Tonadonna (Golf Tournament beneficiary) that are not yet paid as well as scholarships that have not yet been paid.
2.      The desire for additional rationale behind this requested appropriation.  It was moved by Carl Zinn, seconded by Dean Friesen to approve that the motion be tabled, pending further review.  The motion to table carried unanimously. 
Don Draayer said he would draft a letter to President Woody Love regarding this matter, run it by Trustees for feedback prior to finalization, and forward it to Woody Love as soon as possible.
  
  1. Don Draayer reminded Trustees that, per the Foundation’s Bylaws, on October 4, 2011, the Board of Trustees consulted with the Rotary Board of Directors relative to investments pertaining to the $75,000 bequest from Lee Paris.  Directors expressed concern about the low rates of return on CDs as well as the desire to increase rates of return without incurring too much risk.  The suggestion made to Trustees was to seek financial expertise in this matter.   To this end, Chair Don Draayer led a discussion regarding a proposed Financial Investment Advisory Committee (definition, size, membership) for the management of the Lee Paris Fund and perhaps other Foundation funds.  Carl Zinn offered to take the lead on this process to research and solicit ideas form club members and foundation management firms and report back to this Board of Trustees on his findings.  It was moved by Dave Peterka, seconded by Steve Frazier to approve this undertaking.  The motion carried unanimously.
  2. Don Draayer led a discussion regarding the establishment of a new Fund with the Foundation, entitled Endowment Fund.  It would enable Club members to donate a sum of money in life or through Will bequests whose principle would be safeguarded indefinitely and investments there from would be available for charitable causes.  It was moved by Dave Peterka, seconded by Dean Friesen that an Endowment Fund be established with related policy development and marketing strategies be developed over the next year.  The motion passed unanimously.
 
 
Adjournment:
There being no further business, it was moved by Dean Friesen and seconded by Dave Peterka to adjourn the meeting.  The motion carried unanimously.
 
Respectfully Submitted,
 
 
____________________
Dave Peterka,
Secretary
Rotary Foundation Board of Trustees