BOARD OF TRUSTEES
February 15, 2011
The annual meeting of the Peninsula Endowment Board of Trustees was held
In the Ray Westman Community Room of the Northern California Unit RFBD, 2445 Faber Place, Palo Alto on February 15, 2011. The meeting was called to order by President Dunham at 11 am.
Present: Mmes.Bitting, Dunham and Tedrow; Messrs.Hamel, Kohler and Waud
Minutes of the meeting held November 23, 2010 were approved.
President Dunham reported she and Mrs. Bitting had attended the service for Mrs. Westman following her death in December. Ray’s dedication to and work on behalf of the blind were greatly admired.
Joe Milam of Legacy Capital Management presented the PE portfolio report, gave an overall picture of the economy and reviewed what contributed to its current state. He voiced regret that Legacy stayed with a cash position too long resulting in a tardy return to the market and opportunities missed. He distributed and discussed a 4 page Tactical Return Strategy.
Treasurer Hamel reported the total value of the Endowment’s portfolio was $3,421,996 as of 2/14/2011. 47% of the endowment’s assets are currently in cash. 19% are in ETFs and in bond funds and 34% of the Endowment’s funds are in common stocks that are being actively traded. Hamel thanked the board for the privilege of serving as Endowment Treasurer. All records, checks other materials have been turned over to incoming Treasurer Bitting.
Mrs. Bitting, chairman of the Endowment Investment Strategy committee, reports that after a months- long comparison study and broad research, the committee recommends that Endowment trustees sever ties with Legacy Capital Management and transfer management of the Endowment’s assets to Vanguard Fund Management. It was moved, seconded and carried that Peninsula Endowment trustees shall sever ties with Legacy Capital Management and transfer management of the Endowment’s assets to Vanguard Fund Management.
NCU Board Chair Kohler reported the 2011 Record-A-Thon is scheduled nationally for the week of February 28-March 5. The earlier date aligns with the national Read across America Day March 2, the birthday of Dr.Seuss. The Palo Alto studio will join in celebrating the birthday, transforming itself into the Who-ville of Silicon Valley. The Palo Alto studio has dedicated its Record-A-Thon to the memory of Ray Westman. On Wednesday, March 2 at 12:15 pm the Mayor of Palo Alto will unveil the Ray Clegg Westman Community Room Plaque.
The studio has established a website at www.recordathon.org/paloaltostudio to accept donations for sponsors of the “Learning Leaders of Silicon Valley”.
Many prominent educators and civic leaders will be reading at the studio during the Record-A-Thon. Jon Miller, radio broadcaster of the San Francisco Giants, will come in on Friday, February 18 for an early Record-A-Thon kickoff before he heads to spring training. In national RFB&D news, Andrew Friedman, who had been interim CEO since May 2010 has been selected as the permanent President and CEO. A new position, Director of Volunteer Services, has been filled by Leontyne Anglin. She will be working to expand the number and roles of volunteers. RFB&D plans to announce its new name in March, followed by a branding campaign.
Officers and trustees were elected to serve a one year term 2011-2012
President Anne Dunham
Vice-President Fred Kohler
Treasurer JoAnn Bitting
Secretary Virginia Tedrow
Member-at-Large: Greg Fowler and Ben Waud
President Dunham reminded Treasurer Hamel who retires today that he joined the Endowment board in 1997 and presented him with a framed certificate of appreciation for his guidance thru a period of exciting change. The gifts of a handsome desk clock and a vintage RFB watch were accompanied by applause. Refreshments and good cheer followed the meeting.
Adjournment at 1:45 pm.