Monthly Archives: January 2014

2014, January 14 – Minutes



January 14, 2014

The meeting of the Peninsula Endowment Board of Trustees was held at the offices of Brown Adams, 2600 El Camino, Palo Alto, on January 14, 2014. The meeting was called to order by President Dunham at 10:15 am.

Present: Mmes. Bitting, Dunham Tedrow, Wilson; Messrs. Fowler, Kohler, and Waud. Vanguard Representative: Marcus Lerman

Minutes of the meeting held August 30, 2013 were approve.

Discussion of a possible change to the start/end of the fiscal year was added to the agenda.

Treasurer’s Report/Vanguard Update. Marcus reported that US stocks were up about 33 percent for the year and that the endowment investments performed very close to the benchmarks.

Marcus asked that a signed copy of the new investment policy be sent to him. As of the meeting the endowment investment was about 62 percent equities.

It was noted that the FY12 Form 990 is due within the next few weeks.

Brown Adams has recommended that we hire a bookkeeper. This is important if we are not doing an annual audit. A motion was made and passed to authorize Anne to negotiate a final agreement based on the bookkeeping proposal received with the additional requirement that all necessary materials be provided to Brown Adams to complete the Form 990.

A question was raised on the status of the pledge to Learning Ally. The understanding was that it is scheduled to end in March with a quarterly payment. Anne will contact Andrew Friedman to find out the current status.

A question was also raised regarding the legal requirement for spending by the endowment in a year given the recent increase in the portfolio value.

Discussion of the Future of the Organization. Anne indicated she would like to see the endowment continue. Everyone was in agreement with this position. Interest in supporting local organizations and those providing services to the visually impaired were common goals. It was also agreed that we needed to spend time to discuss our focus before recruiting new board members.

It was recommended that everyone review the organizations’s mission statement for discussion at the next meeting. In addition, it was suggested that people bring ideas/programs for examples of what we might support.

Annual Meeting. Dates will be sent out soon given the requirement to hold our annual corporation meeting in February.

Fiscal Year End Change. The idea will be reviewed with the bookkeeper and results will be presented at the next meeting.

The meeting was adjourned at 11:40 am.

Respectfully submitted by:

Greg Fowler, Recording Secretary