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FOUNDATION Meeting Minutes
Fort LeBoeuf School District FOUNDATION
Pride · Commitment · Diversity
2002 Minutes January 7 April 8 October 9
FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
January 7, 2002
Present: Dr. Campbell, Rick Fessler, Joe Gausman, Ron Mennano, Kathy Proctor, Dottie Mahoney, Bev Schwab
The meeting was called to order by Joe Gausman. The minutes of the previous meeting were read and approved.
Motion to approve: Bev Schwab
Second: Ron Mennano
Vote: Unanimous
Treasurer's Report
A copy of the latest update showing a balance of $88,307.49 is included with these minutes as a part of the permanent record. It has been decided that a balance of $3,000.00 is all that should be carried in the local checking account.
Reorganization
Rick Fessler made a motion that officers should stay in place until the April meeting.
Second: Ron Memmano
Vote: Unanimous
The current officers are as follows:
Joe Gausman President
Dottie Mahoney Treasurer
Kathy Proctor Secretary
April meeting will be a report of the Committees to the Board with the General Membership annual meeting to be held the 3rd Tuesday in September.
Old Business
Finance Committee
A report out of the work session was given. They have presented an investment policy and a withdrawal policy for study. They indicated that there was also a need for letters of agreement with the various investors. Changes to the by-laws will require a resolution by the Board. Joe Gausman will take care of this.
The Treasurer will give a report of the scholarship balances to the High School Counselors by February 1 of each year.
By-law Committee
Membership was a concern of this group. We must decide who is eligible for membership in the FOUNDATION. They gave ideas as to who may be and the establishment of dues. Also, need to reconfigure the Board. Rick Fessler suggested that the Board be a seven-member group. That number seems to be much easier to work with and get to attend meetings.
Need to add to by-laws. Mimimums for establishment of scholarships ($500.00). Annually for a reoccuring scholarship or a one time award. $5,000.00 one-time give for a named scholarshiup. Lessor amounts accepted in person's name or to honor someone would be invested in the unrestricted funds.
We also need to establish a book of information for perspective investors that should include the following: investment policy, withdrawal policy, by-laws, letter of agreement, present Board personnel.
New Business
Paul Tavanna of Evans Capital Management spoke to the Board concerning our investments. He indicated that although the market had been in decline for the past two years, our portfolio was not in bad shape. Paul gave us an overview of the present total investment picture. He also showed how our investments faired. Overall, since inception, the FOUNDATION investment has grown 6.17 percent. He feels that our present investment policy, because we are well diversified and on the conservative side, need not be changed at this time. At the time that we top $100,000.00 for our Fund, we will have to make a change. Paul was generally optimistic as to the future of our investment.
Kathy Proctor asked Dottie Mahoney and Dr. Campbell to provide qualifications needed to be Treasurer for the By-laws. They will follow up.
The next meeting will be April 8, 2002 at 3:00 p.m. in the High School.
The meeting was adjourned at 5:00 p.m.
Respectfully submitted,
/s/Kathy Proctor, Board Secretary
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FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
April 8, 2002
Present: Dr. Campbell, Rick Fessler, Joe Gausman, Karen Heard, Ron Mennano, Kathy Proctor, Dottie Mahoney, Bev Schwab
The meeting was called to order by Joe Gausman. The minutes of the previous meeting were read and approved.
Motion to approve: Ron Mennano
Second: Rick Fessler
Vote: Unanimous
Treasurer's Report
A copy of the latest update showing a balance of $88,168.80 is included with these minutes as a part of the permanent record. The scholarships for the preceding year were all paid out, except for one Nelson award. This scholarship was not paid out due to student withdrawal. The signatories on the bank account are Dottie Mahoney, Rick Fessler and Kathy Proctor.
Old Business
Dr. Campbell made a motion that officers of the Board should stay in place until the October meeting.
Second: Karen Heard
Vote: Unanimous
The Board officers remain as follows:
Joe Gausman President
Dottie Mahoney Treasurer
Kathy Proctor Secretary
There was a question as to how the yearly monies gained from the Coca-Cola pouring rights was being used. Rick Fessler said that the money was presently going to the Student Council. We are in the fourth year of a ten-year contract.
New Business
Bev Schwab wanted additional monies be given out by the FOUNDATION. Presently we give a scholarship to the Valedictorian of the graduation class. Should we consider the other buildings? Should we fund projects just to be able to get our name "out there"? The By-laws show that we could give up to 1 percent of $50,000.00. Bev tabled her request until the fund grows a little more. We will need to have criteria available and more ideas as to where the money should go. This will be a future project. There was a consensus that we do need to get the name "FLBSD FOUNDATION" out in the public eye.
By-laws
The by-law document was discussed page-by-page. It was discovered that we need a corporate seal. Kathy Proctor will check into this.
Revisions and additions along with naming the date for the Annual meeting were discussed fully. The date of the Annual Meeting will be the second Wednesday of October at 4:00 p.m. each year. The amount of dues to be required to be a member of the FOUNDATION was discussed and set at $1.00 annually. The money collected from the dues will be used for operating expenses.
A motion was made by Karen Heard to accept the By-laws with the revisions and additions.
Second: Bev Schwab
Vote: Unanimous
Investment Policy
There is no need to revise the investment policy at this time. It is consistent with how we are presently invested. It can be reevaluated at any time.
A motion was made by Ron Mennano to accept the investment policy as presented.
Second: Bev Schwab
Vote: Unanimous
Withdrawal Policy
The policy was accepted as presented by the Finance Committee. No changes. There were also Letters of Agreement samples presented with this policy. These will be used as a guideline and do not necessarily need to be permanent examples.
A motion was made to accept the policy.
Second: Bev Schwab
Vote: Unanimous
Dr. Campbell thanked Joe Gausman and the Committees for all the time and effort put into moving the FOUNDATION forward.
Ron Mennano became the first paid member of the FOUNDATION by paying his dues. The rest of those present followed suit.
The meeting was adjourned at 4:15 p.m.
Respectfully submitted,
/s/ Kathy Proctor, Board Secretary
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FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
October 9, 2002
Present: Dr. Campbell, Joe Gausman, Karen Heard, Ron Mennano, Kathy Proctor, Dottie Mahoney, Bev Schwab, Clarence Schrimper, Martha Schrimper, Paul Tavanna
The meeting was called to order by Joe Gausman. The minutes of the previous meeting were read and approved.
Motion to approve: Ron Mennano
Second: Rick Fessler
Vote: Unanimous
Annual Meeting
The meeting was called to order by Joe Gausman with a vote of the officers deferred until later in the meeting.
Presentation
Paul Tavana of ECM Advisors, Inc., presented a year-end review of our investments. An overview of the market in general was presented to show that growth is starting market wide. There are continuing fear factors of Iraq and Terrorism. Bonds are always less risky and that is where some of our money is invested. Investments of the FOUNDATION account are not shown to be used in whole, but should use only money earned.
The FOUNDATION is invested in mutual funds, which are secure over the long run. Our investments are divided between stocks, bonds, and 'cash' accounts to offer steady, secure growth. There is enough flexibility to allow ECM the ability to move funds to provide the growth we've indicated we need while insuring that rapid loss will not be a problem.
Year to date we are down 14.1 percent. Since inception of our portfolio we are up 2.21 percent overall, a relatively good gain.
The analysis is part of the minutes and are available for review.
Objective of the account is to hold on for the long term, especially three years or more. We do not need to spend any of the money in a specific period and need to match investments to our obligations.
Order of Business
Elect Board of DirectorsPermanent positions:Election of Officers
District Superintendent Dr. Campbell
High School Principal Rick Fessler
High School Employee Ron Mennano
Director three-year term
Kathy Proctor was nominated by Clarence Shrimper, seconded by Joe Gausman
Motion to close nominations by Clarence Shrimper, seconded by Joe Gausman
Vote to close unanimous. Vote on the Director unanimous.
Director two-year term
Bev Schwab was nominated by Dr. Campbell, seconded by Ron Mennano
Motion to close nominations by Dr. Campbell, seconded by Ron Mennano
Vote to close unanimous. Vote on the Director unanimous.
Director two-year term
Clarence Schrimper was nominated by Joe Gausman, seconded by Kathy Proctor
Motion to close nominations by Joe Gausman, seconded by Kathy Proctor
Vote to close unanimous. Vote on the Director unanimous.
It was moved and seconded that the office of President and Chairman of the Board be the same position. Vote was unanimous.President/Chairman
Joe Gausman was nominated by Bev Schwab and seconded by Clarence Schrimper. Vote was unanimous.
Secretary
Kathy Proctor was nominated by Clarence Schrimper and seconded by Joe Gausman. Vote was unanimous.
Treasurer
Dorothy Mahoney was nominated by Dr. Campbell and seconded by Ron Mennano. Vote was unanimous.
Minutes
Minutes should show that the second Nelson scholarship was not awarded due to student withdrawal.
Motion to accept as ameneded by Bev Schwab
Second: Dr. Campbell
Vote: Unanimous
Treasurer's Report
Discussion was held that the reporting of the FOUNDATION should coincide with the school district fiscal year (July - June). A correction was made by Kern Schwab to show that money presented by the Lions Club of Waterford should be divided $1,100.00 in the Milne Scholarship and $1,000.00 in the general scholarship fund. Dottie Mahoney was asked to apportion earnings as applied to each scholarship beginning balance. A motion was made by Dr. Campbell with a second by Joe Gausman to amend the reporting as discussed and to make the FOUNDATION account on the same fiscal year as the school district.
Vote: Unanimous
A motion was made to accept the Treassurer's Report as corrected by Bev Schwab
Second: Ron Mennano
Vote: Unanimous
New Business
Joe Gausman discussed the fact that we should meet with each of the fund holders individually. We need documentation for each group as to how the funds are to be dispersed and what criteria are needed. There are examples of three letters to indicate how the monies are used. Each group should sign a letter of agreement with the FOUNDATION. Dates for meetings will be discussed in January.
Membership
Dr. Campbell and Bev Schwab will work on a basic membership drive.
Fund Raising
We need to have a member that will market the FOUNDATION. It is time to transition from setup to funding. We need to let people know that we are not just about scholarships. It is also time to market ourselves to the Cross family, which in turn would give the FOUNDATION more meaning.
General Fund
Would there be a time when an individual scholarship would be rolled into the general fund rather than kept a separate account? If the balance drops below a certain amount or if there has been inactivity for a certain amount of time? What dates and amounts?
Art Bergamasco
Since Mr. Bergamasco was an instrumental factor in the development of the FLBSD FOUNDATION, we would like to honor him, because of his untimely death. Discussion was held as to a one-time gift rather than on-going. It was discussed that the Valedictorian scholarship could be given in his honor this year. That could also serve as a platform in the future for any other persons that we would like to honor. Final discussion will be held at the January meeting.
Goal for the next meetingMeetings should be held quarterly.
- Show how individual funds are handled
- When to roll into general fund.
- Fund raising
Our next meeting will be Wednesday, January 8, 2003, at 4:00 p.m.
Membership dues paid today:
Clarence Schrimper
Martha Schrimper
Joe Gausman
Jeff Nelson
Ray Proctor
Respectfully submitted,
/s/ Kathy Proctor, Board SecretaryReturn to top of page