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FOUNDATION Meeting Minutes
Fort LeBoeuf School District FOUNDATION
Pride · Commitment · Diversity
2003 Minutes January 8 May 6 August 14 October 8
FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
January 8, 2003
Present: Joe Gausman, Dottie Mahoney, Ron Mennano, Kathy Proctor, Clarence Schrimper
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: Dottie Mahoney
Vote: Unanimous
Treasurer's Report
The Schwab account information was not available as of the meeting date. The Treasury balance is presently $86,515.13. Discussion was held regarding the need to indicate the apportionment of expenses and earnings. This will be noted on the bottom of the report. Dottie Mahoney will make this adjustment.
Motion to accept report: Ron Mennano
Second: Clarence Schrimper
Vote: Unanimous
Old Business
We need to document how the individual scholarships are administered. We need individual letters of agreement on file. There is also a need to have a package available that would include by-laws, letters of agreement, and the investment policy. Ron Mennano is to meet with the respective fund sponsors to document their intentions. Ron Mennano will ask the various scholarships already in place and not in the FOUNDATION if they would like to invest with us, e.g., Sorenson, PTO, etc.
New Business
Valedictorian Scholarship
A motion was presented by Kathy Proctor that consideration be given annually to award this scholarship in "honor of" and individual. This would be at the Board's discretion in any given year whether or not to designate an individual. This year it would be Art Bergamasco.
Second: Dottie Mahoney
Vote: Unanimous
Fund Raising
It was suggested than an individual is needed to coordinate fund raising for the FOUNDATION. It was decided that at this time it might be appropriate for the Board members to elicit contributions and/or sponsors in lieu of professional assistance.It was mentioned that the Wall of Fame has wanted to use this account as a depository for their funds. This has taken place. Kathy Proctor will get more information as to what the future will be for this fund. Discussion was held that we should not make limits right now on how small amounts of monies are invested. We need to grow the account.
- It also is time to approach the Cross Family and indicate the position of the FOUNDATION. The meeting should include Paul Tavanna and various Board members.
- There is a need to approach individuals (Cross, Humes, etc.), to invest with the FOUNDATION.
- Kathy Proctor will ask Laura Breon to write a feature about the FOUNDATION for the Neighbors section of the Erie Times. The article should indicate some history, explain how we work, and what we are trying to accomplish.
- The FOUNDATION should also start advertising such as in the yearbook, football program, etc. We could also approach classes having reunions.
The next meeting is scheduled for May 6, 2003 at 4:00 p.m.
Respectfully submitted,
/s/Kathy Proctor, Board Secretary
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FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
May 6, 2003
Present: Dr. Campbell, Joe Gausman, Ron Mennano, Kathy Proctor, Clarence Schrimper, Bev Schwab
The meeting was called to order by Joe Gausman. The minutes of the previous meeting were read and approved.
Motion to approve: Dr. Campbell
Second: Clarence Shrimper
Vote: Unanimous
Treasurer's Report
The report was presented with a date of 3/31/03 showing a balance of $84,400.55. There was a payout of some second semester scholarship monies.
Motion to approve: Dr. Campbell
Second: Bev Schwab
Vote: Unanimous
Old Business
Ron Mennano has talked with Mrs. Russo regarding the Josh DeValle scholarship. They will award one scholarship this year and draw down on the principle.
Jack Merry is not happy with the overall investment of the Merry scholarship according to Ron Mennano. They would like to take their monies out and put into CD's. The biggest problem for them is that there is a loss. Ron suggested that we use some of the FOUNDATION funds for the Merry scholarship this year. There was a consensus that we could not do that. Joe Gausman will check with Paul Tavanna about the current Merry balance. Bev Schwab pointed out that the Merry balance has shown an overall growth since September 2002, even with a payout of the scholarship. This information needs to be pointed out to the Merry family.
We still have a need to document how the individuals want the scholarships to proceed. A packet of information will be put together and be available at the end of the fiscal year (June 30).
Clarence had a question about the Wall of Fame account. Right now, the FOUNDATION is a depository only for the account. He asked if they realized they were at risk for any loss we incurred. Kathy Proctor explained that they are trying to come up with a way to make scholarship monies by making and selling a video history of Waterford and Fort LeBoeuf football.
The Cross scholarship was again discussed. We are in a better position at this time to pursue them. A better time for presentation would be towards the end of the summer.
Joe Gausman asked about the article for the newspaper. He indicated that an article now about the scholarships given, with a follow up article in the fall regarding the FOUNDATION history and investment opportunities would be preferred. Kathy Proctor indicated that she has already spoken to Laura Breon about this matter.
New Business
Bev Schwab suggested that a membership drive could be held during Heritage Days. We could offer to help man the WABA booth in exchange for space. She will ask the Association for volunteers to cover the times needed.
Dr. Campbell requested consideration of the FOUNDATION to help students pay for the California State University college credits applicable to certain courses taken at Fort LeBoeuf. The total cost of three credits would be $75.00 She asked that funds be available for those needy students that would be eligible for the program, but not able to pay the cost. The funds would be restricted to those students meeting the financial needs requirements as determined by the FLB Guidance Office. The idea of the program is to keep students at FLB that would otherwise be looking to attend another school to pursue more advanced educational opportunities. Criteria would have to be set; there should be some sort of cap on the funds used; and, we need to know the number of students involved. The fiscal policy of the FOUNDATION states that we need to reach $100,000.00 before any of the funds are used, except for Valedictorian scholarship. This money could be considered a type of advertising to get the FOUNDATION name out in the public.
A motion was made by Bev Schwab to set aside $750.00 to provide for 10 scholarships for the 2003-2004 school year for students with a financial need and who are enrolled in a Fort LeBoeuf High School class that qualifies for California State University credits.
Second: Dr. Campbell
Vote: Unanimous
Discussion was also held suggesting that a "Thank You" needs to go to all the members of the FOUNDATION. We need to show that we are active and appreciate their participation. We could send a year-end statement, packet information, and the thank you with all of our signatures. Kathy Proctor and Bev Schwab will handle this project.
The next meeting will be Thursday, August 14, 2003 at 4:00 p.m.
Respectfully submitted,
/s/ Kathy Proctor, Board Secretary
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FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
August 14, 2003
Present: Dr. Campbell, Joe Gausman, Dorothy Mahoney, Ron Mennano, Kathy Proctor, Clarence Schrimper, Paul Tavanna of ECM
Presentation
Paul Tavanna of ECM Advisors, Inc, was present to make the yearly report regarding the FOUNDATIONs investments. He stated that we are still invested through Schwab. Our account is widely diversified using a mix of 50 percent stocks (domestic and foreign), 15 percent cash, and the remainder in bonds.
Due to rising interest rates, we are getting out of the government bonds as best we can. Bonds are 'flat' this year. Paul is happy with the overall position of the fund. It has shown a 3.98 percent average gain since inception. All of our benchmarks are okay. We could be more aggressive, but that is not necessarily a good idea.
We thanked Mr. Tavanna for his continued interest in the well being of the FOUNDATION and his diligence in making the fund grow.
Minutes
The meeting was called to order by Joe Gausman. The minutes of the previous meeting were read and approved.
Motion to approve: Clarence Shrimper
Second: Ron Mennano
Vote: Unanimous
Treasurer's Report
The report was presented with a date of 6/30/03 showing a balance of $92,460.05.
Motion to approve: Ron Mennano
Second: Clarence Schrimper
Vote: Unanimous
Old Business
Merry Scholarship
Was not given this year. A discussion was held as to what information is needed to be in each packet that will be sent to the various investors. Due to the fact that the Merry family is not happy with the status of their scholarship, Clarence Schrimper suggested that a copy of the investment of each fund should show the initial investment amount, plus any additional contributions.
Cross Scholarship
We are not in a position to ask for their involvement at this time.
College Credit Program
The program will start this fall. We will not need to fund scholarships at this time. There are 15 students enrolled.
Packet Information
The packet needs to include how each scholarship is being handled at this time, statement of investment, copy of the By-Laws, and all pertinent materials associated with them, and a cover letter that states the date and time of the annual meeting. Also, to be included is the present financial statement of each scholarship as of 06/30/03; the amount of initial investment, contributions, scholarships paid to date.
The Annual meeting will be held on October 8, 2003 at 4:00 p.m. at the High School Large Group Instruction room.
Respectfully submitted,
/s/ Kathy Proctor, Board Secretary
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FORT LEBOEUF SCHOOL DISTRICT FOUNDATION
Minutes
October 8, 2003
Present: Joe Gausman, Dorothy Mahoney, Kathy Proctor, Clarence Schrimper, Bev Schwab, Kern Schwab, and Jeff Nelson
Reorganization
Joe Gausman chaired the reorganization meeting. Discussion was held that the same slate of officers be kept for the coming year.
Second: Jeff Nelson
Vote: Unanimous
The Board officers will remain as follows:
Joe Gausman President
Dottie Mahoney Treasurer
Kathy Proctor Secretary
Minutes
The meeting was called to order by Joe Gausman. The minutes of the previous meeting were read and approved.
Motion to approve: Kern Schwab
Second: Bev Schwab
Vote: Unanimous
Treasurer's Report
The new report for the third quarter was not available at this time. However, $388.00 was added to June's balance given the fund a total of $92,848.05.
Motion to accept: Jeff Nelson
Second: Kern Schwab
Vote: Unanimous
Old Business
Portfolios
All documents were given to the various organizations. The only agreements that have not been signed are the forms of the Evelyn Askey-Zaleski fund. They will be looked into by Bev Schwab. The agreements are a part of the permanent record of the FOUNDATION.
New Business
The next meeting will be held January 22, 2004 at 4:00 p.m. in the High School conference room.
- Kathy Proctor will make a copy of the official record to be kept in the offices of the Administration.
- The Greg Nelson scholarship was given to a third recipient this year instead of just two as normal.
- Benny Hunt had ideas that some class reunion groups might like to give to a specific school project. It is our thought that this funding could be handled through the FOUNDATION.
- The officers for the Schwab account signed appropriate documents.
Respectfully submitted,
/s/ Kathy Proctor, Board Secretary
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