Monthly Archives: April 2014

2014 Minutes, April 28

PENINSULA ENDOWMENT

Minutes of the BOARD OF TRUSTEES

April 29, 2014

The meeting of the Peninsula Endowment Board of Trustees was held at the offices of Brown Adams, 2600 El Camino Real, Palo Alto on April 28, 2014.

The meeting was called to order by President Kohler at 10:10 am.

Present: Mmes. Dunham, Tedrow, Wilson; Messrs. Fowler, Kohler, Margulies and Waud.

Minutes. The minutes of the February 19, 2014 meeting were approved as presented.

Treasurer’s Report. It was noted that the new officers have been elected and the signatories on the Vanguard accounts need to be updated. Vanguard requested an official version of the updated investment policy.

Over the first quarter of CY2014 there was fluctuation in the markets but the portfolio performed as expected due to the balance between equities and bonds. Net investment gains for the quarter were around $60,000. A $132,000 payment was made to Learning Ally in March. Gain for the quarter was 1.7%. Performance was very close to the benchmark performance.

Learning Ally Update. Learning Ally sent a folder including information on the recent scholarship winners, program effectiveness and new services being offered. The information included details on the new services for parents of students using the Learning Ally services. A grant has been received to build a support program for visually impaired college students.

The lease for the Northern California unit will not be renewed at the current location. A new space is being sought in the size range of 1700 square feet at a cost of $4.50 per square foot. Various suggestions for office locations were made. Any that appear to be viable will be presented to Learning Ally.

Tax Returns & Tax Status. The investigation of the requirement that the organization donate a fixed percentage per year is continuing. Peninsula Endowment has been filing tax returns as a public charity. Due to the past relationship with Learning Ally PE has been described as an organization formed for the exclusive support of a publicly supported organization. New IRS regulations have a number of tests that must be met to qualify for this status in future years.

It was noted that the recent federal tax return has been filed. After discussion of the status the general agreement was that we need to review and update the Articles of Incorporation and our tax filing status going forward.

A motion was adopted to form a subcommittee to do further investigation and report at the next meeting. Fred and Gail will serve on the subcommittee.

It was noted that the original Articles of Incorporation were filed on August 23, 1968. The subcommittee will hold an initial discussion with Brown Adams and consult an attorney if necessary.

Learning Ally Support. There was discussion of our earlier proposal to donate $75,000. A motion was adopted to make a $75,000 donation to Learning Ally during the fiscal year beginning June 1, 2014 and that there is no commitment of any future payments.

Funding Other Organizations. Each Trustee was given the opportunity to present information on other organizations they had investigated. Attachment 1 contains a summary of the information presented.

Adjournment. The meeting was adjourned at 12:20 pm.

Respectfully submitted by:

Greg Fowler, Recording Secretary

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