Minutes of meeting November 18, 2010

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Minutes
Athens Rotary Foundation Meeting of November 18, 2010

The Board of Directors of the Athens Rotary Foundation met at 9:00 a.m. on November 18, 2010, in the conference room at Mollica, Gall, Sloan, and Sillery. The meeting was called to order by President Jerry Mollica. Those members in attendance were Channing McAllister; Don Cooley; Bob Troxel; Jody Harris; Dave Diggle; Jerry Mollica; and Karen Harvey.

On a motion by Channing McAllister, seconded by Box Troxel, the minutes of June 25, 2010, were approved.

Don Cooley, Treasurer, reported there is presently $25,700.00 in the checking account. This includes net proceeds from the recent Golf Fundraiser. Of the net Fundraiser proceeds, and pursuant to the guidelines previously adopted, $6,600.00 is to be retained as principal. Don will transfer this amount to the Edward Jones account. Another $2,000.00 of this amount was previously granted to the Accessible Playground Project, and $600.00 was awarded to support the Club's participation in the RYLA program. Another $1,081.00 is needed to pay for this year's dictionary distribution. This leaves an unencumbered amount available for grants of $15,419.00. This amount does not include the $5,000.00 budgeted by the Club Board. Dave Diggle, Treasurer for the Club Board, will transfer this amount to the Foundation.

Dave Diggle reported net proceeds from the Golf Fundraiser of $10,921.65 with $150.00 still owed and in process of collection. This amount includes the $1,000.00 Jack Bortle donated to the Foundation after it was determined that his donation of this amount to the District Conference was not needed due to the unexpectedly high registrations. Thus, actual net proceeds from the Fundraiser are $9,921.65.

Channing McAllister presented a twelve-page report to the Board concerning the Foundation monies held by and invested at Edward Jones. The portfolio total, as of November 16, 2010, was $152,013.63. The graph on page four of his report shows the growth of the portfolio since January 1, 2009. Despite the economic problems associated with this period of time, the portfolio has shown a steady increase in value since February 2009. At the time the transfer to Edward Jones was approved by the Board, namely June 2008, the portfolio had a value of $114,932.22. A small amount of this growth is attributable to $2,500.00 added to the portfolio in 2009.

As a matter of new business, Jerry presented the Board with a copy of the Agreement Establishing the Ram and Sushila Gawande Scholarship Fund that he prepared and submitted to the Gawandes. This agreement states the terms on which the Foundation is prepared to accept a $50,000.00 donation from the Gawandes. Ram has suggested one change to the document but has otherwise agreed to its terms. His suggestion is to add a phrase stating that the Board of the Athens Rotary Club will make a good faith effort to increase the amount of the scholarship fund that will be established by the donation.

In discussing prospective handling of the Gawande's donation, the Board agreed that Edward Jones will establish a separate, segregated account to handle the donated funds. There was also discussion regarding Club acknowledgement of the donation.

As part of a discussion regarding the Board's "good faith effort to increase the amount of the scholarship fund," Karen Harvey agreed to contact the Ohio University Foundation and obtain a financial report on the amount currently held by the Foundation in the Lawrence Worstell Fund, as well as the yield from the Fund in recent years.

The Board spent a considerable time discussing a grant application submitted by the Athens Bulldog Blitz, a newly-formed group attempting to raise funds to replace the Athens High School football, soccer, and track field that was destroyed by recent tornado/straight line wind destruction. The group hopes to begin re-construction by March 2011 and complete such by July 2011, thereby making the field and associated buildings available for use during the 2011-2012 academic year. The goal of the Blitz is to raise funds above and beyond the amount provided by the insurance company. Their request to the Athens Rotary Foundation is for $100,000.00. After considerable discussion, including information that four local lending agencies are willing to make interest-free loans to entities wanting to make substantial donations to the Blitz's efforts, the Board, on a motion by Channing McAllister, and seconded by Bob Troxel, unanimously agreed to commit $50,000.00 to the Blitz's efforts. $10,000.00 of this amount will come from present unencumbered funds. Channing McAllister will approach the participating local lending agencies and try to arrange an interest-free loan for the remaining $40,000.00 on the understanding that the Board will commit to re-paying such loan at the rate of $10,000.00/year for four years. Jerry Mollica will approach members of the Blitz group concerning appropriate Rotary recognition for this donation.

The last item of new business before the Board was the Accessible Playground Project. Jody Harris reported that Rotary District 6690 has approved a District Simplied Grant that will provide $2,000.00 to match the $2,000.00 provided by the Foundation. In addition, she reported the Athens Foundation has donated $5,000.00 to the project. Athens City is prepared to submit a $25,000.00 application to the Ohio Department of Natural Resources for a NatureWorks grant. This grant will require a $25,000.00 match. Jody will seek to clarify which entity will be responsible for providing the $25,000.00 match and whether already-received grant funds can go toward the match. In the meantime, work on the first phase of the project, namely removed existing swings and installing accessible swings, as well as landscaping improvements to the Southside Park, will progress over the winter.

The meeting adjourned at approximately 10:00 a.m.


Respectfully submitted,
Karen Harvey, Secretary