Monthly Archives: February 2013

2013 Minutes, February 18

PENINSULA ENDOWMENT

BOARD OF TRUSTEES

February 18, 2013

A annual meeting of the Peninsula Endowment Board of Trustees was held at the offices of Brown Adams, 2600 El Camino, Palo Alto on February 18, 2013. The meeting was called to order by President Dunham at 11 am.

Present: Mmes. Bitting, Dunham,Tedrow & Wilson; Messrs. Fowler, Kohler and Waud. Guest:Daniel Marguiles.

Minutes of the meeting held November 7, 2012 were approved.

Copies of the Peninsula Endowment Financial Statements for the years ended May 31, 2012 and 2011, were distributed. They showed net assets of $3,153,265. The auditors reviewed the letters which reported no fault in the Endowment financial management. However the Brown Adams management Recommendations letter contained two observations.

1) During FYE 2012 the Endowment portfolio was transferred from Schwab to Vanguard management requiring additional efforts in reconciling the investment accounts. Hiring a bookkeeper was suggested. Trustee Wilson, a CPA volunteered her professional skills; an offer readily accepted. She will work independently of the Treasurer and report directly to the board.

2) Ina second observation it was suggested that the Endowment board adopt a written conflict of interest policy. Treasurer Bitting had developed such a policy. individual copies were distributed, approved and completed at the meeting. Trustees agreed that the Brown Adams audit was accurate. It was moved, seconded and carried to accept the draft for federal and state tax returns as final.

Trustees had agreed at a previous meeting to seek an additional member for the board. Project Director Daniel Margulies was strongly recommended by a trustee who has worked with him on other boards and admires the range of his skills and experience. He would be an asset. It was moved, seconded and carried that Daniel margulies be invited to join the PE board of trustees.

Next the Officers and trustees elected the following slate to serve a one-year term- 2013-2014:

President Anne Dunham
Vice-President Fred Kohler
Treasurer Jo Ann Bitting
Secretary Greg Fowler
Members at Large Daniel Margulies, Virginia Tedrow, Gail Wilson, Ben Waud

Fred Kohler then lead a discussion of recent changes made by Learning Ally Headquarters management in Princeton. These changes can be found in two attachments to this document.

The meeting was adjourned by President Dunham @ 1:15 pm.

Respectfully submitted by:

Virninia Tedrow, Recording Secretary

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