2017, September 19 – Minutes

PENINSULA ENDOWMENT

Minutes of the BOARD OF TRUSTEES

September 19, 2017

MEETING TIME AND LOCATION

The meeting of the Peninsula Endowment Board of Trustees was held at the offices of Brown Adams, 2570 West El Camino Real, Suite 640, Mountain View CA, on September 19, 2017. The meeting was called to order at 11:00 AM by President Kohler.

ATTENDEES

Fred Kohler, President; Daniel Margulies, Vice President; Gail Wilson: Treasurer, Anne Dunham, Secretary, Walter Raineri

AGENDA ITEMS

Introduction of Mary Alexander, National Director, Student initiatives, Learning Ally

Mary discussed the program that has 1500 members in the College Success program with 50 mentors and 154 mentored students. The mentors are part-time and paid $15/hour. Learning Ally is seeking donations and sustainable funding for the program

She also discussed the program with Lighthouse for the Blind in San Francisco, the closing of some of the Learning Ally recording studios, and other services offered by Learning Ally

Approval of minutes

The minutes from 6/21/17 were approved unanimously.

Treasurer’s Report

The account balance is $3,578,522.77. The bill from the bookkeeper will be coming.

Walter Raineri who is an attorney and CPA, suggests we consider using QuickBooks and a check list for bookkeeping.

Brown-Adams has all of our information as of the end of July for filing our 990PF tax return.

Website

We will get updates for our missing tax returns to post on our website.

Update on grants made in May 2017

We have received thank you letters from all grantees.

Two board members have visited the Vista Center, one of our grantees.

BARD (Braille and Audio Reading Download)

Walter Raineri demonstrated and mobile app that is a service of the National Library Service for the Blind and Physically Handicapped (NLS), Library of Congress. It provides access to talking books and contains nearly 65,000 talking books, magazines, and braille music scores. New material is added daily.

Next meeting

Our next meeting is scheduled for Tuesday, November 14, at 11 a.m. at Brown Adams.

The meeting was adjourned at approximately 12:10 PM.

Anne Dunham, Secretary

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2017, June 21 – Minutes

PENINSULA ENDOWMENT

Minutes of the BOARD OF TRUSTEES

June 21, 2017

MEETING TIME AND LOCATION

The meeting of the Peninsula Endowment Board of Trustees was held at the offices of Brown Adams, 2570 West El Camino Real, Suite 640, Mountain View CA, on June 21, 2017. The meeting was called to order at 11:00 AM by President Kohler.

ATTENDEES

Fred Kohler, President; Daniel Margulies, Vice President; Gail Wilson: Treasurer, Anne Dunham, Walter Raineri (guest)

AGENDA ITEMS

Agenda Modifications

Add website discussion.

Approval of minutes from 10/5/16 and 5/17/17

The minutes from 10/5/16 will be approved by email when additional information is available for the Treasurer’s Report.

The minutes from 5/17/17 were approved unanimously.

Treasurer’s Report

The account balance is $3,472,063. All checks have cleared. The cash account currently has a balance of $1,333.37. Accounting services were $422 for the first quarter.

Our guest, Walter Raineri who is an attorney and CPA, agreed to review our new by-laws.

Articles of Incorporation

Our review will be on a tax basis instead of GAAP. This is the first year of filing as a private foundation. A revision was filed with the California Secretary of State on 5/22/2017.

Review of Grants made in May 2017

  • $ 10,000 – BAADS – Bay Area Association of Disabled Sailors
  • $ 10,000 – Braille Transcription Project of Santa Clara County
  • $160,000 – Learning Ally
  • $ 40.000 – Lighthouse for the Blind and Visually Impaired
  • $ 20.000 – National Braille Press
  • $ 10,000 – SailBlind SF Bay (formerly Marin Sailing School)
  • $ 25,000 – Santa Clara County Blind Center
  • $ 10,000 – Vista Center for the Blind and Visually Impaired

We have received acknowledgement from all grantees.

Planning for FY 2018 Grants: A discussion was held on organizational options. We explored the possibilities of foundation management services, donor advised funds, and perpetuity of the Endowment vs. limited life.

Walter Raineri was asked to join the board and was voted in unanimously.

Next meeting

The meeting was adjourned at approximately 12:10 PM.

Anne Dunham, Secretary

2017, May 17 – Minutes

PENINSULA ENDOWMENT

Minutes of the BOARD OF TRUSTEES

May 17, 2017

MEETING TIME AND LOCATION

Meeting held at Brown Adams office, 2570 W. El Camino Real, Mountain View CA. The meeting was called to order at 10:04 AM by President Kohler.

ATTENDEES

Fred Kohler, President; Daniel Margulies, Gail Wilson, Anne Dunham

AGENDA ITEMS

Agenda Modifications

None.

Approval of minutes

Need investment account balances added. Approval deferred.

Minutes from March 15 approved.

Treasurer’s Report

At May 17, we had $3,523,525.14 in the investment account and $222,756.89 in the cash account.

As of April 30, 2017, our investments have earned 10.08% net over the last year, 5.36% over the past three years.

We moved $70,000 to the cash account.  That will cover our current grants, and leave about $7,000 for bookkeeping and accounting.

Gail will initiate getting the review and tax return (as a private foundation) prepared for FYE 2017.

Check we sent to Brown Adams for final payment for FYE 2016 work was returned by the post office.  Hand carried it; delivered before the meeting.

Articles of Incorporation

We voted unanimously to approve the restated new articles of incorporation.  Change was to add one sentence required by the state.  Signed the new articles.  Fred will mail, and get the balance we owe Venable.

Grant making for FYE 2017

After discussion, we unanimously voted to give the following grants, a total of $285,000:

  • BAADS, Bay Area Association of Disabled Sailors, $10,000
  • Braille Transcription Project, $10,000
  • Learning Ally, $160,000
  • Lighthouse for the Blind, $40,000
  • SailBlind SanFrancisco Bay (formerly Marin Sailing School), $10,000
  • Santa Clara Valley Blind Center, $25,000
  • Vista Center for the Blind, $10,000
  • National Braille Press, $20,000

Board Members and Officers

We voted to keep our existing four board members, who will serve as officers as well.

  • Fred Kohler – President
  • Daniel Margulies – Vice President
  • Gail Wilson- Treasurer
  • Anne Dunham – Secretary

We need more board members, and encourage each member to recruit new members.

Daniel has two people in mind whom he will invite.

We voted to reimburse board members for reasonable travel expenses to attend meetings.

Our next meeting will be Wednesday, June 21, 11:00 at Brown Adams.

We were reminded about the need for documenting Officers Responsibilities.  Documentation would include how to update the web site, what’s required to file tax documents.  Daniel will set up a Drop Box and teach us how to use it.  Gail will make a list of requirements for filing with the fed and state.

Meeting adjourned 12:25 pm.

2017, March 15 – Minutes

PENINSULA ENDOWMENT

Minutes of the BOARD OF TRUSTEES

March 15, 2017

MEETING TIME AND LOCATION

Meeting held at Brown Adams office, 2570 W. El Camino, Mountain View, CA

ATTENDEES

Fred Kohler, Daniel Margulies, Gail Wilson, Anne Dunham

AGENDA ITEMS

Agenda Modifications

None.

Approval of minutes

Minutes from February approved with corrections: “Change to private foundation will be effective June 1 2016.”

Treasurer’s Report

At February 28, we had $3,646,830.10 in the investment account and $2726.15 in the cash account.  We are moving $220,000 to the cash account to fund paying the bookkeeper and Brown Adams, and our donations for the year end 2017.

Grant making for FYE 2017

We have sent announcements soliciting grant requests to Learning Ally, BAADS, Marin Sailing School, Lighthouse for the Blind, Vista Palo Alto, Blind Center of San Jose, Lions Oakland, Braille Transcription Project, and the National Braille Press.  That’s all the donees from last year, and some new ones.  We divided up the groups to contact those we haven’t heard from yet.  Will make decisions on grants at our next meeting.

Our next meeting will be Wednesday, May 10 at Brown Adams.

New Business

We talked about the need for documenting Officers Responsibilities.  Documentation would include how to update the web site, what’s required to file tax documents.  Daniel will set up a Drop Box and teach us how to use it.  Gail will make a list of requirements for filing with the fed and state.

We talked about liquidating the endowment.  Appears the main reason we’re interested in liquidating is that some of us don’t want to run the endowment.  Agreement was that we would work to find new board members.

Meeting adjourned.

2017, February 8 – Minutes

Peninsula Endowment Minutes for Meeting, February 8, 2017

Meeting held at Brown Adams office, 2570 W. El Camino, Mountain View, Ca

Attending: Fred Kohler, Daniel Margulies, Gail Wilson, Dave Foegal from Vanguard

No agenda modifications. Minutes from October 5, 2016 meeting not available. When complete, we will approve by email.

Vanguard investments. Dave Foegal distributed copies of our Vanguard performance report for 2016. We started the year with $3.526m, ended with $3.518m. Our chosen asset allocation is on track.
Costs for Vanguard management were $16,700. We discussed ways to save costs with Dave.

Treasure’s report. Distributed copies of annual review report for 2015, fye May 31,2016.

Had copy of the tax returns available for review.

We are spending less with Streamline Office Services than Maxwell Money, and very satisfied with the work. Has saved a lot of Brown Adams time.
Federal and state tax returns were filed January 10, before the first extension deadline.

Governance documents.
We’ve had no contact with our attorney. Fred will continue to try to contact him. Gail will contact Secretary of State office to see if our articles of incorporation have been filed.

We want to change our status to private foundation for the tax year starting June 1, 2017. Joanne Wiggins Barros joined us to discuss making the change. Joanne will try to contact our attorney.

Grant making for fye 2017. Gail brought thank you notes from last year’s grantees.

Daniel will draft the announcement soliciting requests for this year. We will review on line and send them out on line. Plan to meet late April or early May to decide.

Next meeting. scheduled for March 15 at Brown Adams.

Other.Gail suggested we discuss liquidating the endowment. We discussed briefly, will consider it.

Meeting adjourned.

2016, October 5 – Minutes

PENINSULA ENDOWMENT

Minutes of the BOARD OF TRUSTEES

October 5, 2016

MEETING TIME AND LOCATION

The meeting of the Peninsula Endowment Board of Trustees was held at the offices of Brown Adams, 2570 West El Camino Real, Suite 640, Mountain View CA, on October 5, 2016. The meeting was called to order at 10:04 AM by President Kohler.

ATTENDEES

Fred Kohler, President; Daniel Margulies, Vice President; Gail Wilson: Treasurer, Anne Dunham

AGENDA ITEMS

Agenda Modifications

Add Vanguard report.

Approval of munutes from 5/18/16

The minutes were not available and will be approved by email when published.

Treasurer’s Report

Balances as of September 2016 are $3,617.45 in cash account, and $3,518,495.35 in investment account, for a total of $3, 522,112.80.

Governance Documents

Our private foundation status as a tax-exempt nonprofit has been reinstated by the California Franchise Tax Board. We must now send a notice to the California Secretary of State and file form 8940 to reclassify as a private foundation.

Review of Grant Making for FY 2016

  • $  5,000 – Braille Transcription Project of Santa Clara County
  • $  5,000 – Lions Center for the Blind – Oakland Braille Embosser
  • $ 10,000 – BAADS – Bay Area Association of Disabled Sailors
  • $ 10,000 – Marin Sailing School = Program for the Blind
  • $185,000 – Learning Ally
  • $  5.000 – National Braille Press

We are not planning to ask for follow-up information on these unrestricted grants.

Planning for FY 2017 Grants

A discussion was held on how to publicize fund availability for future grants. We will reach out to former grantees by email and publish on the website that we are accepting requests for this year’s grants. Daniel will come up with new ideas.

Next Meeting

Our next meeting is scheduled for Wednesday, February 1, 2017.

Adjournment

The meeting was adjourned at approximately 11:10 AM.

Respectfully submitted by:

Anne Dunham, Acting Secretary

2016, May 18 – Minutes

Peninsula Endowment
Minutes Reconstructed
Minutes for May 18, 2016
10 am – noon
Brown Adams, 2600 El Camino Real, 6th floor, Palo Alto, CA

Call to order. Attending were Fred Kohler, Greg Fowler, Anne Dunham, Daniel Margulies, Gail Wilson
We approved minutes from 2/17/16 and 4/25/16

Treasurer’s report. As of March 31, Money Market Fund holds $2,698.53; portfolio holds $3,574,030.88. We’ve made payments to Brown Adams, Streamline Office, the Attorney General and Franchise Tax Board.
Update on Form 3500 filing status with Franchise Tax Board-Form 3500 has been accepted.

Gail filed the SI-100 with the state and paid with her credit card. Will reimburse.

Governance documents / elections-We voted to accept the new governance documents as presented and elect our officers.
Fred Kohler-President
Daniel Margulies-Vice President
Greg Fowler-Secretary
Gail Wilson-Treasurer, with Anne Dunham as backup

We voted to make the following grants, before the May 31, 2016 end or our fiscal year:

Braille Transcription Project of Santa Clara County -$5000
Lions Center for the Blind – Oakland Braille Embosser-$5000
BAADS – Bay Area Association of Disabled Sailors-$10,000
Marin Sailing School – Program for the Blind-$10,000
Learning Ally-$185,000
National Braille Press-$5,000
Cash has been transferred from the portfolio account to the cash account. Gail will send the checks before the end of the month.

Next meeting scheduled for September 21 at 10:00am at Brown Adams.

Adjourned.