Minutes of meeting April 9, 2013

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Athens Rotary Foundation

Meeting of April 9, 2013



          The Board of Directors of the Athens Rotary Foundation met at 9:00 a.m., Tuesday, April 9th, in the conference room at Mollica, Gall, Sloan, Sillery, and McCarthy.   The meeting was called to order by President Jerry Mollica.   Those members in attendance were Jerry Mollica; Channing McAllister; Calvin James; Betsy Baringer; and Karen Harvey.

          On a motion by Channing, seconded by Calvin, the minutes of the meeting of October 9, 2012, were approved as submitted.

          Channing handed out two detailed reports -- Athens Rotary Foundation Portfolio Analysis andAthens Rotary/Gawande Scholarship Fund Portfolio Analysis -- with his assessment that "we are doing very well."  The portfolios are well diversified and, on average, up 4% for the year-to-date.  The one CD held by Edward Jones on our behalf has matured and been rolled over once.   This will need to be done again in May.  One bond matured.  The resulting $15,000.00 was then invested in the Franklin Income Fund.  He's holding $9,115.00 in a cash operating account.  As of the day of the meeting, the total value of the Foundation portfolio was $187,856.68, and the total value of the Gawande Scholarship Fund was $70,107.20.

          Treasurer Don Cooley was not able to attend but submitted two written reports (Athens Rotary Foundation Balance Sheet as of March 22, 2013 and Athens Rotary Foundation Profit & Loss -- January 1, 2012 through March 22, 2013).  The Balance Sheet indicates $24,151.14 currently being held in a checking account at the Hocking Valley Bank.  Of this amount, $8,653.00 is encumbered for Camp Rotan projects and $8,614.40 is encumbered on behalf of the Accessible Playground project.  The total income for the period January 1, 2012, through March 22, 2013, was $19,478.16, including both restricted and unrestricted funds.   Expenses during that time period totaled $3,362.89 and included $500.00 to the Famous Speeches program; $1,112.89 to the Food Basket project; $750.00 toward the Dictionary Project; and $1,000.00 to Lace-up For Kids.

          Following the financial reports, the Board considered possible grants.  On a motion by Karen, seconded by Betsy, the Board approved a grant of $1,000.00 to the Athens Foundation in support of the Leadership Athens program.  On a motion by Calvin, seconded by Karen, approval was given for a $600.00 grant to the Albany American Legion in support of Boys' Buckeye State and $600.00 to the Athens American Legion in support of Girls' Buckeye State.

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


                                                Respectfully submitted,




                                                Karen Harvey, Secretary