Minutes of meeting March 11, 2014

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Athens Rotary Foundation

March 11, 2014


          The Board of Directors of the Athens Rotary Foundation met at 9:00 a.m., Tuesday, March 11, 2014, in the conference room at Mollica, Gall, Sloan, and Sillery.   Board members in attendance included Jerry Mollica; Don Cooley; Channing McAllister; Sheila Mark; Diane McVey; Dave Diggle; and Karen Harvey.   Betsy Baringer also attended.

          On a motion by Diane, seconded by Dave, the minutes of the meeting of August 6, 2013, were approved as submitted.

          Treasurer Don Cooley presented a treasurer's report including a written Balance Sheet as of March 11, 2014, and a written Profit & Loss, January 1, 2013, through March 11, 2014.  The Profit & Loss statement indicates total income during the 14-month time period of $21,443.61 with expenses of $6,081.35, giving the Foundation net income for this period of $15,362.26.  This figure includes the $5,000.00 2013-2014 contribution from the Club as well as 2013 income from the golf tournament and the Bulldog Relays.  Expenditures include $2,761.00 in miscellaneous grants; $1,000.00 to Lace-Up-For-Kids; and $720.00 for the Club's Dictionary Project.

The Balance Sheet indicates total Foundation asssets as of March 11, 2014, of $280,373.51 and a matching amount of liabilities and equity.   Equity includes encumbered amounts of $6,626.96 for Camp Rotan; $1,283.52 for the Playground Project; and $74,129.97 in the Gawande Scholarship Fund.  It also includes $280,373.51 in funds invested with Edward Jones as of the last report from Channing.   To understand the assets as of March 11, 2014, this figure must be updated in accordance with the report later presented by Channing.

          As a result of Don's report, the Board discussed two specific items:  the 2014 amount to be designated for Gawande Scholarships and the need for a spending plan for the $1,283.52 remaining in the Playground Project.   Given the positive report on the present financial condition of the designated Gawande Scholarship Fund, and on a motion by Dave, seconded by Channing, the Board approved 2014 scholarship awards from this fund in the amount of $2,000.00.    John Miller, chairman of the Club's Scholarship Committee, will be so notified.  Playground Project chair Jody Harris will be asked to prepare a proposal for placing the Playground monies in a separate fund to be used in future years for maintenance of the Gawande garden at the playground and other community gardens for which the Club assumes maintenance responsibility.

          Channing submitted and discussed three written reports concerning the funds presently invested with Edward Jones:  Portfolio Analysis of the Athens Rotary/Gawande Scholarship Fund; Portfolio Analysis of the non-designated Athens Rotary Foundation Funds; and a Combined Portfolio Analysis of the two combined accounts.    All are dated March 10, 2014.  As of that date, there is $80,245.54 in the Gawande Fund.  This is a 34.15% increase over the original $50,000.00 donated in 2011.   The increase represents $10,515.62 in additional donations as well as return on the invested funds.  The undesignated funds, that had an approximate value of $118,000.00 when first invested with Edward Jones (see graph on Page 2 of the Portfolio Analysis of the undesignated funds), has increased to by 69.37% to $211,670.98,   This increase represents $2,294.45 in additional investments since 2011 (This report does not reflect monies added between 2009 and 2011.) as well as return on the invested funds.  The Combined Accounts report shows that there is presently $291,903.80 in assets held by Edward Jones.  When added to the $11,115.90 in the Hocking Valley checking account, noted in Don Cooley's report, the current total assets of the Foundation is $303,129.70.

          While discussing the Gawande Scholarship Fund, the Board asked Channing to draft a policy for future distribution of the Gawande Scholarship monies based on a three-year rolliing average plan that will provide the Board with a clear picture of the annual amount available for distribution.

          As a matter of new business, Jerry reminded the Board that the terms of Dave; Sheila; and himself expired in June 2013 and needed to be renewed.   On a motion by Karen, seconded by Channing, these three individuals were re-elected to three-year terms ending June 30, 2016.

          As a second matter of new business, Jerry distributed grant applications from the Athens Band Boosters and the CASA/GAL-CAC organizations.   After some discussion, and on a motion by Karen, seconded by Don, the Board approved a donation of $1,350.00 to the Athens Band Boosters that will be used to replace the blooms on the hats of the Marching Band uniforms.  After further discussion, the Board concluded the CASA/GAL-CAC application did not meet the Foundation's grant guidelines as it failed to specifiy the exact use to which the money would be put but rather asked the Foundation to be a sponsor of their joint fundraiser.  Karen will notify the individual who submitted the application of the Board's decision.

          The Board will meet again in approximately thirty days to review Jody and Channing's policy statements.


                                                                                                                   Respectfully submitted,

                                                                                                                    Karen Harvey