Monthly Archives: July 2011

2011 Minutes – July 12

PENINSULA ENDOWMENT

BOARD OF TRUSTEES

July 12, 2011

A regular meeting of the Peninsula Endowment Board of Trustees was held in the Ray Westman Community Room of the Northern California Unit of Learning Ally, 2445 Faber Place, Palo Alto on July 12, 2011. The meeting was called to order at 11:10 by President Dunham.

Present: Mmes. Bitting, Dunham & Tedrow; Messrs. Fowler, Kohler & Waud

Minutes of the meeting held February 15, 2011 were approved.

Treasurer Bitting described the technicalities which have delayed the transfer of the management of Endowment assets from Legacy Capital Management to Vanguard. The severance from Legacy was accomplished June first with assistance from Legacy president Milam. A refund check for $1,894.90 for unused services was received. Mrs. Bitting reported that the process involved the closing of the existing Schwab account and the opening of a new Schwab account, all of which proved time-consuming. New checks are not yet available. The Endowment is two quarters behind in its funding of the NC Unit; this will be remedied shortly.

It was agreed that Endowment mail shall be directed to the Treasurer, that Vanguard, Schwab, the auditor and any relevant government agencies be so notified. A post office box will be opened for this purpose. There are to be three Endowment trustee signatures on the new Schwab account; they are Anne Dunham, JoAnn Bitting & Virginia Tedrow. There will be four signatories for the Vanguard account; they are Fred Kohler, Anne Dunham, JoAnn Bitting and Virginia Tedrow. Mrs. Bitting reported she will have all materials necessary for the audit in the hands of our CPA next month. The Treasurer’s report, showing current assets as of 2/14/11 and 6/1/11 was distributed and discussed. (copy attached to file). On 2/14/11 actively traded stocks, bonds, ETFs, cash, MMF totaled $3,421,976. On 6/1/11 the total was $3,428,133 per Legacy and $3,448,176 per Schwab. The discrepancy will be investigated by Bitting who will report her findings to the board at or before the next meeting. Treasurer’s report approved.

Trustees agreed several more board members would be useful but felt that a discussion of what the future might hold for the Endowment should precede any additions. Will the relationship with Learning Ally change as its services do? How do changing technologies and the increase of providers affect the need in its present form? The lease on the studio’s present location is up in 2014. Since Claire’s property provided most of the Endowment funds, her views should be sought. Mrs. Dunham and Mrs. Tedrow were delegated to visit her.

NC Board Chairman Kohler reported a very successful February Record-A-Thon which raised $26,000, up from last year and one of four highest nationally. A $60,000 grant came to NCU from the Bernard Newcomb Foundation in March. It will underwrite service to 20 schools in East Palo Alto/San Mateo County and 20 schools in Oregon. April brought rollout of the new name Learning Ally, EdRev at AT and T Park and a reception introducing our members and donors to new National CEO Andrew Friedman. Trish Bubenik, formerly Northern California Area Director, has been assigned additional responsibilities, adding supervision of the Denver studio’s fund-raising; her new title is Director of Philanthropy, Northwest. Mr. Kohler returned from the June National Board Chair Conference in Princeton energized by excellent programs and the valuable exchange of information with other chairmen. With National’s budget for 2012 set at $23 million, a stronger fund-raising effort must be made and a new Chief Development Officer has been hired. Starting this Fall previously free individual memberships will cost $100. A number of states have signed contracts for institutional memberships for schools in their states. The Princeton studio will move into vacant space available at Headquarters. Cathy Nessier retired from National and NC boards. A student member is interning at the NC studio, interviewing 100 members by phone regarding the choice of a playback device.

Three new NC board members: Vince Bitz, Dave Crocker and Denise Lum. The latter two are readers.

Meeting adjourned at 1:25 pm.

Virginia Tedrow
Secretary

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