Monthly Archives: February 2012

2012 Minutes, February 1



February 1, 2012

The annual meeting of the Peninsula Endowment Board of Trustees was held at the offices of Brown Adams, 2600 El Camino, Palo Alto on February 1, 2012. The meeting was called to order by Vice-President Kohler @ 11:30.

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

Minutes of the meeting held November 16, 2011 were approved.

Treasurer Bitting reported total Portfolio assets of $3,215,653.11 as of January 31, 2012. A check for $144,000 was written to Learning Ally on December 2, 2011, for quarterly support in arrears. (4 x $36,000). She distributed copies of the financial statements for the year ended May 31, 2011, and noted that tax returns had been filed. Although it appears in a check box on the 990 form, Endowment board trustees have not adopted a conflict of interest statement. Nor is there a stated retention of records policy. She recommends both matters be discussed at the next meeting.

Vanguard Inquiry online access only forms were distributed, to be signed by trustees and returned to Mrs. Bitting. Marcus Lerman, the Endowment’s Vanguard investment manager, joined the meeting by phone. He described the disciplined approach of the three bond and two stock funds in our portfolio. He will continue to dollar cost average and will re-balance the portfolio to achieve the asset mix the board has requested. Currently stocks are @ 21.5%, bonds @ 52.5%, short term reserves @ 26.1%.

Officers and Trustees were elected to serve a one year term 2012-2013:

President – Anne Dunham
Vice-President – FredKohler
Treasurer – JoAnn Bitting
Secretary – Virginia Tedrow
Members at Large – Greg Fowler and Ben Waud

NCU Chair Kohler reported recent and current visits by Headquarters Staff:

CDO Connie Murphy and Andy Malavsky, Head of Community Engagement & Strategic Partnerships November 29 – December 1

CEO Andrew Friedman January 30 –February 2

The new VP of Programs and Services, Paul Edelblut, began work at HDQ in January 2012; he has extensive experience in business development and sales in the e-learning industry.

A new institutional/sales plan has been developed and is being rolled out.

Record-A-Thon February 27-March 3
The national fund-raising goal is $500,000
Northern California has 3 $5,000 sponsors
Endowment board members invited to participate
New fund-raising website
Separate pages/goals for each studio

The new Speaker-in-a-box offers slides and talking points which can be used by board members to make presentations to groups.

National Achievement Awards – Washington,DC February 26-29

DC Gala –Fundraiser at House of Sweden, Washington,DC May 19

Meeting adjourned 12:45 pm

Virginia Tedrow