Minutes of the BOARD OF TRUSTEES
April 25, 2016
ACTIONS TAKEN AND PENDING
• Postponed approval of the February 17 minutes until our next meeting
• Send email with details of two large checks that have recently cleared
• Approved a motion accepting the revised Articles of Incorporation
• Approved a motion accepting the re-stated Bylaws
• Approved a $5,000 grant to the Braille Transcription Project
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 April 25, 2016. The meeting was called to order at 10:13 AM by President Kohler.
Fred Kohler, President; Daniel Margulies, Vice President; Anne Dunham, Co-Treasurer;
Gail Wilson, Co-Treasurer; and Greg Fowler, Secretary
Approval of the February 17 minutes was postponed until our next meeting.
At the end of March the account balance was $3,574,000, a gain of $100,000 from the end of February. The cash account currently has a balance of $2,600. Another $10,000 is being moved to the cash account to cover expected accounting fees.
Accounting services were $422 for the first quarter. Vanguard fee for the quarter was $3,400.
We have received a letter from the Franchise Tax Board indicating that we owe a late filing penalty of $55 and also need to file a statement of information, listing contact information for all trustees.
Gail will be submitting a check to cover the penalty fee. Payment is required before our application will be processed.
The required form was submitted to Vanguard to confirm the approval of the changes to asset allocation. Change in allocation was completed in late February.
A question was asked about two large checks. The check registry was not available at the meeting but a follow-up email will be sent regarding the two checks.
Update on Governance Documents
Revised Articles of Incorporation and updated bylaws were distributed in advance of the meeting. Possible topics for discussion included the need for directors and officers insurance and election of trustees.
Questions were raised regarding the length of terms and rotation of elections. It was agreed that terms would be two years. The board as a whole will serve as any required committees. A motion was made and adopted unanimously to accept the revised Articles of Incorporation. A motion was made and unanimously adopted to accept the re-stated bylaws as presented.
Daniel indicated that requests are expected from the Marin Sailing School Program for Blind Sailors and Bay Area Association of Disabled Sailors. Fred reported that he and Greg met with Mary Alexander from Learning Ally. Mary provided an update on the College Success Program and will be sending more information.
A motion was made and unanimously adopted to provide a $5,000 grant to the Braille Transcription Project.
Our next meeting is tentatively scheduled for May 18.
The meeting was adjourned at approximately 11:30 AM.
Respectfully submitted by:
Greg Fowler, Recording Secretary