Minutes of meeting 10.23.06

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In attendance: Jerry Mollica, David Lusty, Bill Diles, Don Cooley, Scott Malcom, Karen Harvey, Dick Mottl and Sheila Mark.

 

President Jerry called the meeting to order at 7:30 am.

 

Lauren Miller and Amy King from the Athens Public Library were introduced to the group and made a presentation for a funding request of $3,000 for a 6 month pilot project reading to children and their parents at the Athens County WIC office. The $3,000 would purchase approximately 1,000 books which would be given away to the children. Dick Mottle moved and Karen Harvey seconded a motion to approve the grant request. Discussion followed. The motion was approved unanimously.

 

Minutes of the September 25, 2006 Athens Rotary Foundation Board meeting were reviewed and approved as submitted.

 

Don Cooley gave the Treasurer's report. The Foundation has received the $5,000 annual transfer from the Athens Rotary Club. The Golf Tournament net, once all outstanding funds are received, will be approximately $8,000. The Foundation has $11,500 of unencumbered funds available for grants.

 

David Lusty distributed copies of the investment report. The current investment account value as of 10/19/2006 was $164,069.37 of which $32,649.47 is in cash. The 1-year annual internal rate of return on the investment account for the period 10/19/2005 thru 10/19/2006 was 17.98%. The annual internal rate of return on the investment account since inception on 11/9/2000 has been 7.52%. David noted that there is approximately $20,000 of principal that should be invested from the cash balance. David also noted that at a 5% current yield the $50,000 Harmon fund will generate approximately $2,500 per year of dividends and interest that will be available for grants.

 

Karen Harvey distributed a draft grants guidelines policy. President Jerry suggested that a future meeting of the board be called to draft a final policy on grants guidelines. In the mean time board members are asked to review the draft presented by Karen.

 

President Jerry then presented a funding request of $2,000 from Project Plant. Bill Diles moved and Karen Harvey seconded a motion to approve a grant of $2,000. Discussion followed. The motion was not approved.

 

President Jerry then presented a funding request from the Athens Sandlot Baseball League. The request was for a 4-year commitment of $5,000 per year; or a 2-year commitment of $5,000 per year; or a one-time donation of $5,000. Discussion followed. Dick Mottl moved and Karen Harvey seconded a motion to table the request until the board has an opportunity to discuss the future of the West State Street ball fields with officials from the City of Athens.

 

Don Cooley made a request to establish a bank account for receiving cash and writing small checks under $100. Dick Mottl moved and Bill Diles seconded a motion to give Don the authority to establish the account with the board president and treasurer as authorized signers on the account. The motion was approved unanimously.

 

Meeting adjourned at 8:40 am.

 

Respectfully submitted by:

David Lusty, Secretary - Athens Rotary Foundation Board of Trustees