Monthly Archives: November 2012

2012 Minutes, November 7


November 7, 2012

A regular meeting of the Peninsula Endowment Board of Trustees was held in the Ray Westman room of the Northern California Unit of Learning Ally, 2445 Faber Place, Palo Alto on November 7, 2012. The meeting was called to order at 11 am by President Dunham.

Present: Mmes. Bitting, Dunham,Tedrow & Wilson; Messrs.Kohler, & Fowler by speaker phone. Guest:Marcus J. Lerman,Vanguard investment manager.

Minutes of the meeting held August 23, 2012 were approved.

Mr. Lerman was pleased to report that it was a good third quarter in a good year and Peninsula Endowment is now fully invested. He stated that following a rebalancing on October19,2012 the Endowment portfolio composition had reached the 50-50 equities/bonds ratio requested by trustees. He reviewed current portfolio holdings, fielded questions and compared investment performance histories. Portfolio value on 9/30/2012 was $3,286,248.

Treasurer Bitting reported that the audit is ongoing and observed that an alternative to an audit exists. She distributed an explanation of the differences between an audited financial statement and a reviewed financial statement. While both services are performed by a CPA, the procedures differ substantially as do the costs. It appears that the Endowment is legally permitted to make use of either process. Trustees recommended the Treasurer be empowered to study the matter and to adopt the more economical procedure in the future.

NCU Chair Kohler noted the closing of the Princeton office last week due to the expected severity of the storm “Sandy”. The Director of Major Gifts for Northern California to be chosen soon; the new Director for Southern California has begun work. The new website to be rolled out soon will feature “Dyslexia: Insights and Solutions”. Units are awaiting final recommendations for local board structure and activities. Community Engagement Task Force will function at local and national level. Several local presentations have been made. It will be necessary to identify civic and education groups to join in making presentations.
Meeting adjourned @ 1 pm.