Fort LeBoeuf
School District
FOUNDATION

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FOUNDATION Meeting Minutes


Fort LeBoeuf School District FOUNDATION
Pride · Commitment · Diversity

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	1998 Minutes
	April 21
	September 15

FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
April 29, 1997

Present: Art Bergamasco, Kim Kinnear, Jeff Owens, Dottie Mahoney, Kathy Proctor, John Seifert, Debbie Spaulding.

Guests: Joe Gausman and Brian Davis

The minutes of the previous meeting were read.
Motion to approve: Art Bergamasco
Second: Dottie Mahoney
Vote: Unanimous

Treasurer's Report

Written copy of Treasurer's report showing present blance of $55,734.74 submitted and included with the permanent record.

PNC Account

It was suggested that we not keep a balance of more than $1,000.00. Any additional monies would be moved to ECM.
Motion: Art Bergamasco
Second: Dottie Mahoney
Vote: Unanimous

Brian Davis - ECM, Inc.

The yearly review showed that our investment did very well - - - a 23% gain as opposed to a normal market gain of 8 - 10%!

A written report showing how our funds are invested has been made a part of the permanent record. Brian Davis indicated that, although we are well diversified, we still have a conservative portfolio. We will not vary from the original plans we set forth to begin the FOUNDATION.

Old Business

• Cross Scholarship
  Joe Gausman gave a report on the meeting held between himself, Art Bergamasco and Paul Tavanna of ECM. It was stated that there is no good reason for Cross to move their scholarship into our FOUNDATION. We need them (to show that we are a viable organization) more than they need us. There are several ways that the Cross fund could move into ours:
  1. They could fold in as is - - - Mellon included - - - no change
  2. Could keep as a separate entity with ECM as managers of the account
  3. Could become an integral part of the present FOUNDATION
• There are still several unanswered questions such as what are their commission costs? What is their investment policy? Why so many small stocks? Our next step should be to approach the Cross family either after school is out for the summer or at the May Cross Scholarship meeting. It was decided that Joe Gausman, Kathy Proctor, Paul Tavanna, and Art Bergamasco would make the presentation.
  
  
• Valedictorian Scholarship
  We had stated that we would not give any scholarships until we reached the $100,000.00 mark. However, it was noted that the FOUNDATION would gain acknowledgement from the community if we gave a small scholarship to the Valedictorian of the class. A figure of $500.00 was decided upon. That amount would be divided if there were a tie.
  Motion to that effect: Kim Kinnear
  Second: Dottie Mahoney
  Vote: Unanimous

Old Business

Kathy Proctor noted that Annie Shallenberger Black passed away. She was the daughter of T. G. Shallenberger for whom the scholarship was named. Her heirs named the FOUNDATION as one of the memorial recipients. Pertinent information was given to Jeannie.

Rick Gilmore, a local attorney, has consented to be an advisor for the FOUNDATION. Kathy Proctor had a meeting with him to discuss the various areas of concern that we have as a new FOUNDATION. He said that this was not his particular area of the law, but that he would be happy to help the FOUNDATION in any way that he could - as a public service.

Areas of concern:

• Define members - set dues and send letters
• Must make IRS filings compatible with our by-laws
• Provision to show how the various scholarships have been absorbed, i.e., Shallengerger
• Must provide standing committees such as by-laws and finance. There could always be additional committees as needed for other projects
• Dues should be minimal, just enough to cover the expenses of operating the FOUNDATION

Rick Gilmore would like to meet with the Board to discuss the various suggestions and options that we have available. This will probably take place over the summer.

The next meeting will be September 15, 1998 at 3:30 p.m.

Meeting adjourned at 4:35 p.m.

Respectfully submitted,

/s/ Kathy Proctor
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FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
September 15, 1998

Present: Kim Kinnear, Kathy Proctor, Dottie Mahoney, Jack McIntire, Bev Schwab, John Seifert, Debbie Spaulding

The meeting was called to order by Jack McIntire.

The minutes of the previous meeting were read and approved.
Motion to approve: Bev Schwab
Second: Dottie Mahoney
Vote: Unanimous

Treasurer's Report

Written copy of Treasurer's report showing the present balance of $50,075.85 submitted and included with the permanent record.

Old Business

Due to a move from the area, Jeff Owens has resigned from the FOUNDATION.
Motion to approve his resignation: Jack McIntire
Second: Kim Kinnear
Vote: Unanimous

Motion that Joe Gausman, a member of the Finance Committee be named to the Board.
Second: John Seifert
Vote: Unanimous

Kathy Proctor will check with Art Bergamasco to see if the yearly Thank You letters were sent to the employees and other donors.

Kathy Proctor reported that there had not been any movement with the Cross group due to an illness in the Cross family.

Kathy Proctor will contact Attorney Rick Gilmore to ask him to be present at the next FOUNDATION meeting. We will ask for clarification on certain areas of our by-laws.

Due to a scheduling conflict, John Powell has asked that the meeting days be moved to Wednesdays. It was the consensus of the group that the meeting be changed, but continue to be at 3:30 p.m.

Bev Schwab suggested that each member bring one or two new ideas to the next meeting that will help us get more money for the FOUNDATION. Jack McIntire said that we should ask additional people to work under the direction of the Board for these projects.

Kim Kinnear said that we should hold an election for the office of President at our next meeting.

Dottie Mahoney made a motion that the expenses incurred in the operation of the FOUNDATION be taken from the interest earnings. The remainder of the earnings could then be distributed throughout the remaining accounts.
Second: Bev Schwab
Vote: Unanimous

An audit of our books will be done before our next meeting. John Seifert will ask about the fee.

The meeting was adjourned at 4:15 p.m.

Respectfully submitted,

/s/ Kathy Proctor
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