BOARD OF TRUSTEES
August 23, 2012
A regular meeting of the Peninsula Endowment Board of Trustees was held at the office of Brown Adams, 2600 El Camino, Palo Alto on August 23,2012. The meeting was called to order at 11am by President Dunham.
Present: Mmes. Bitting, Dunham & Tedrow; Messrs. Fowler, Kohler. Waud: absent. Guest: Gail Wilson
Minutes of the meeting held February 1, 2012 were approved.
Treasurer Bitting explained that since Vanguard doesn’t distribute sensitive information via internet and then only to a designated officer, she had just received the Quarterly Report and related materials sent by US Postal Service. She had emailed copies to board members and would distribute late-arriving materials at this meeting. It was hoped this could be improved.
Vanguard investment manager Andy Maslik joined the meeting by speaker phone to present a review of the Endowment portfolio. He reported that the tactical asset allocation target requested by trustees, equities 50%/bonds 50%, is very close to that goal. As of 8/19/2012 portfolio composition is
Equities 43.86 % twice what it was in January 2012
Bonds 53.10 % about the same as in January
Money Market 3.04% down from 25.95 in January, by design
The eight page Quarterly Report was explained and analyzed. Trustees expressed their satisfaction with the good results Vanguard provided.
Total Portfolio assets of 8/19/12: $3,229,880.
NCU Chair Kohler announced a successful Record-A-Thon with good participation and $26,460 raised, up from last year. The loss of government funding last year has affected local financing efforts. Board members are giving presentations to the public, especially to service clubs and parent groups. For individual household memberships remains $99 through September. In October, the price will increase to $119, but a coupon is available to reduce the cost by $20. An Apple app is offered free. Contracts have been signed with San Francisco & Los Angeles Unified School districts and community colleges which provide our services for all qualified students.Trish Bubenik, Director of Philanthropy, Northwest who joined us inNovember 2009, left Learning Ally in June following health problems. A dinner in her honor was held at a board member’s home. Next quarterly support payment of $36,000 due Learning Ally in September.
Trustees agreed at a previous meeting to add an additional member to the board and asked for suggestions. Gail Wilson’s name was proposed, she was highly recommended and she shared our focus. Her degree in accounting and experience as a CPA would also be assets. Mrs. Bitting proposed Gail Wilson be invited to join the Peninsula Endowment Board of Trustees, motion seconded by Mr. Fowler and passed unanimously.
Meeting adjourned at 1:17 pm