Minutes of meeting February 22, 2011

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Minutes Athens Rotary Foundation Meeting of February 22, 2011

The Board of Directors of the Athens Rotary Foundation met at 9:00 a.m., Tuesday, February 22, 2011, 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 Jerry Mollica; Channing McAllister; Bill Diles; Sheila Mark; Bob Troxel; Don Cooley; Jody Harris; and Karen Harvey. Betsy Baringer also attended.

The minutes of November 18, 2011, were read and approved on a motion by Channing McAllister, seconded by Don Cooley.

Don Cooley presented a treasurer's report indicating a current checking account balance of $11,250.00, $9,419 of which is presently unencumbered. All bills have been paid as of today's date.

Channing McAllister presented a three-part report on the Foundation's current financial status. The first part, a Combined Portfolio Analysis, indicates a current market value of $217,935.72. When the combined value is separated into the Athens Rotary/Gawande Scholarship Fund and the Athens Rotary Foundation funds, parts two and three respectively, the reports indicate a current balance in the Gawande Fund of $51,393.06, an increase in value of $1,393.05 since the original donation was invested on January 28, 2011, and a current market value for Foundation funds of $166,542.66. The Foundation funds were transferred to Edward Jones in January 2009. Since that time, the total return is $39,744.83, a 33.88% increase in market value. In response to a question by Jerry Mollica, Channing reported the annual income on the Foundation portfolio is $5,572.00, a yield rate of $3.34%, although, at present, he anticipates a future yearly return of 6 to 7% The $5,572.00 is approximately the amount of money the Foundation could consider including in funds currently available for grants.

In response to discussion at the November 18th meeting, Karen Harvey volunteered to gather information on the Lawrence Worstell Scholarship Fund, including information at the Ohio University Foundation. She presented a 6-page report. In summary, as of October 31, 2010, the Fund had a market value of $148,050.99, $78,921.42 of which was donated by Rotarians; the Athens Rotary Club; and individuals other than Rotarians who donated in the name of a Rotarian or the Club. Documents in a file at the OU Foundation indicate the Fund began in the early 1950's and was originally called the Athens Rotary Scholarship Fund. Following a $10,000.00 donation by Helen Worstell in 1986, the Fund was re-named the Athens Rotary-Lawrence Worstell Scholarship Fund. Karen could find no evidence of a written agreement with the Foundation assuring the Club's right to select scholarship awardees, nor could she find any evidence of written current guidelines as to how the selection process within Rotary would proceed or what criteria were to be followed in selecting awardees. According to John Miller, chair of the Club's committee, under present procedures, the Club's Worstell Committee does not notify the awardees by letter. This is done by the Office of Student Financial Aid at OU. There are no checks written by the Club; rather awardees are given a credit against the cost of future enrollment. Failure to enroll constitutes a forfeiture of the award and this money is then added to the amount available for the following year's grants.

As the information included in Karen's report provides little, if any guidance, as to how the Athens Rotary Foundation should establish a process for awarding the Gawande Scholarship awards, President Jerry appointed a committee to begin work on this process. The committee consists of Karen Harvey; Channing McAllister; and two members to be appointed by the Club. One of these appointments will hopefully be John Miller.

Under the heading of new business, the Board discussed a recent grant application submitted by the Athens County Public Libraries. The application requested $1,800.00 in funds to assist the library in serving 15 families in Trimble Township with access to county libraries through use of a gas card as well as instructing adults in the family as to ways in which they can assist their children in become better users of library services. On a motion by Sheila Mark, seconded by Bill Diles, the Board approved the application on a 5-2 vote.

The Board briefly considered a request by Cita Strauss, Rotary International Services Chair, for travel assistance to a current Outbound student. However, as insufficient information was currently available as to need and possible other sources of funds, the Board did not act on the request.

Jody Harris reported on the Accessible Playground Project. At present, the committee is hoping to receive financial support through grants. A secondary source of money will come from a solicitation letter to be sent to local businesses and corporations, the cost of which will be paid through $500.00 provided by the Athens Rotary Club. At present, four grants have been submitted, three by the Club and one by the City of Athens. The one to the Athens Foundation was funded in the amount of $5,000.00. A grant from Rotary District 6690, with a $2,000.00 match from the Rotary Foundation, provides an additional $4,000.00 Jody plans to write and submit additional grant applications. She believes that the Playground Committee should hold off on further non-grant funding efforts until we have better information as to how many of these grants might actually be funded.

Respectfully submitted, Karen Harvey, Secretary