Minutes of the BOARD OF TRUSTEES
February 17, 2016
ACTIONS TAKEN AND PENDING
• Elected trustees and officers as defined in the Articles of Incorporation
• Approved minutes from the December 9, 2015 meeting
• Adopted the draft mission statement as the new mission statement of Peninsula Endowment
• Distribute a draft document for comment to be sent to nonprofits describing grant requirements
MEETING TIME AND LOCATION
The meeting of the Peninsula Endowment Board of Trustees was held at the offices of Brown Adams, 2600 El Camino Real, Palo Alto on February 17, 2016. The meeting was called to order at 10:06 AM by President Kohler.
Fred Kohler, President; Daniel Margulies, Vice President; Gail Wilson, Treasurer; Greg Fowler, Secretary; and Anne Dunham, Trustee
Following our current Articles of Incorporation it was decided to hold the election of trustees and officers at the prescribed February meeting. A motion was made to re-affirm the current trustees and elect officers—Fred Kohler, President; Daniel Margulies, Vice President; Gail Wilson and Anne Dunham, Co-treasurers; and Greg Fowler, Secretary. The motion was unanimously adopted.
The minutes of the December 9, 2015 meeting were unanimously approved.
Update on Filing Form 3500 with the Franchise Tax Board
Venable has filed Form 3500 and indicated that we should receive a response within 90 days. The updated governance documents should be available from Venable soon.
Copies of the financials for fiscal year 2015 were distributed. A draft of the tax return has been received. A $10,000 transfer was made to our cash account on February 2 to cover accounting and bookkeeping fees. The formal document needs to be submitted to Vanguard to confirm our decision to adjust investment allocation between U.S. and international assets—both equities and fixed income.
Update on Web Site
Our form 990 and new mission statement need to be posted on the web site.
After some discussion a motion to accept the draft mission statement as our new mission statement was made and adopted unanimously. The mission statement is:
Support programs that provide visually impaired individuals opportunities in the areas of education, employment and training to improve daily activities. Programs need not be based in Northern California but should have a significant impact on beneficiaries in the Northern California area.
Learning Ally Update
An email update was received on the College Success Program. The program is continuing to expand. A $600,000 grant has been received to support the program. In addition, a $75,000 grant was received from a family trust.
The number of student members has reached 177,000 and is projected to grow to 250,000 by the end of the year. Fund raising by volunteers at each studio has been initiated.
The approach to recording has become much more distributed across units and readers working remotely. In addition, a single reader is now completing each chapter of a book.
Gail began the discussion by mentioning that donating approximately 3.5% of our assets as of the beginning of the fiscal year would mean donations of $130,000. Gail reported on her visit to the Braille Transcription Project.
Total assets Braille Transcription Project at the end of last year were $158,000 with a projected deficit this year of $7,000. It was suggested that we consider a $15,000 to $20,000 grant for the organization.
Other organizations discussed were National Braille Press and Santa Clara Valley Blind Center. A proposal was made that we distribute a general description of our grants and request some information from the organization, including financials, nonprofit status and alignment of the organization’s mission with ours.
Gail will distribute a draft of the document to be sent out to nonprofits.
Meetings were proposed for April 20 and May 18.
The meeting was adjourned at approximately 11:52 AM.
Respectfully submitted by:
Greg Fowler, Recording Secretary