BOARD OF TRUSTEES
November 16, 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 November 16, 2011. The meeting was called to order at 11 am by President Dunham.
Present: Mmes. Bitting, Dunham & Tedrow; Messrs. Fowler, Kohler & Waud.
Minutes of the meeting held July 12, 2011 were approved.
Treasurer Bitting reported that Endowment assets totaled $3,300,677 as of November 16, 2011. Assets as of June 1, 2011 were $3,428,134 and as of February 14 were $3,421,977. The Endowment currently owes 4 x $36,000 to Learning Ally for quarterly support. A check will be written upon receipt of our new checks. BrownAdams will complete the current audit shortly.
Key dates: September 30, 2011: Vanguard opened @ $3,274,971
May25, 2011: Legacy ends trading @ $3,477,704
Mrs. Bitting summarized the Vanguard-focused meeting held on November 9.
Target allocation is 50/50 stocks/bonds. We are currently @ 50% bonds and are dollar-cost averaging into equities over the next year. We are now @ 10 % equities; remainder in a MMA. The index funds in which stocks and bonds will be invested were identified. The portfolio will be rebalanced by Vanguard whenever percentages change by more than 5%. A second checking account has been opened and has four authorized check signers: Anne Dunham, Virginia Tedrow, JoAnn Bitting, Fred Kohler. All checks over $250 require two signatures. All trustees will have read-only access to the Vanguard account.
Mrs. Dunham welcomed to the meeting Marcus J. Lerman, the Endowment’s Vanguard Investment Manager. He shared and explained materials which outlined services, methodology and strategies which will be used to assist the Endowment in reaching its goals and to respond to concerns identified in the November 9 meeting. Specific recommendations are made based on their portfolio position appraisal. He plans to attend the Endowment February meeting and is available to respond to questions in the interim.
The handsome brass plaque honoring Claire Small for her contributions to the NCU was rescued and stored by Steve Hamel before the old studio was leveled to make way for subsidized housing. It was displayed at this meeting and its future disposition discussed. It was moved, seconded and carried to make it part of a display in the new studio along with other memorabilia to provide historical context for present and future volunteers. Hamel and the Unit will be
NCU board Chair Kohler reported a successful DreamBuilders Brunch with 74 attending on November 10; 51% made contributions netting $32,993. The head of Charles Armstrong Middle School, librarian and 12 parents participated. Two new videos with some segments filmed locally were shown. A visit to the Unit was made by Learning Ally CMO Andy Malavsky and CDO Connie Murphy on November 29-December 1, The meeting with the Planned Focus Group at Charles Armstrong School was followed by dinner with the Board. The Learning Through Listening Tour visit made by the Parents Education Network board concluded with lunch @ Mings.
Eighty-one volunteers were honored with certificates and milestone hour pins at the Norcal Volunteer Recognition Party held in September at the Jewish Community Center in Palo Alto. National Achievement Award winner Hoby Wedler, now a UCDavis graduate student, gave an inspiring talk. All schools have been identified and are now in training phase to implement the Bernie Newcomb grant for 20 schools in Oregon and 20 in this area. In another
important development, significant new contracts will make Learning Ally services available both locally & statewide. Teacher training began in October in the San Francisco School District and has been approved for all districts for state community colleges. Individual memberships are now $99 a year. Upgrades to Audio App for iPhone, iPod Touch and iPad have been released.
Mrs. Dunham has discussed membership on the Peninsula Endowment board with two prospects; they will be invited to attend the 2012 February meeting. She reported that the Endowment’s domain name and its website have been renewed.
Meeting adjourned 12:20 pm