Minutes of meeting Nov 18, 2014

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TUESDAY, November 18, 2014, 9:00 AM

The Board of Directors of the Athens Rotary Foundation (ARF) met with the following members in attendance: Karen Harvey, Jerry Mollica, Channing McAllister, Dave Diggle, Sheila Mark, President-Elect Mario Grijalva and Diane McVey.

President Karen Harvey called the meeting to order.  Minutes of the October 7, 2014 meeting were approved following a motion by Jerry and second by Dave. 

Treasurer Dave Diggle presented the financial reports.  The checking account has a balance of $7612.35. The Rotary Golf Fundraiser raised a final amount of $10,423.24 with the addition of $1000 from the Columbus Foundation.  This donation is restricted for use in summer programs for children.  Some possible options were discussed but a decision on the specific use will be made at a later board meeting.  A check for $10,000 has been sent to Stuart’s Opera House for this year’s commitment.  Following a motion by Mario and second by Karen, the financial report was accepted.

Based on the new Athens Rotary Foundation Annual Spending Policy, Channing stated that the Rotary Foundation account generated $14,593.69 for grants.  This amount is in addition to the Rotary Golf Fundraiser, which is designated totally to grants and an expected $5000 annual club contribution.  Typically we can hope to have about $30,000 for grants available each year going forward.  The Stuart’s Opera House Next Stage  Grant has a commitment of $10,000 per year for 5 years.  There was a request from Dave to Channing for a mid-year (January) estimation of the grant allocation each year to improve ARF board planning.

Following a brief discussion, the board agreed to “Athens Rotary Club Education Center” as the naming right to be used for two (2) classrooms in the new third floor education center.  Channing will notify Emily Prince of Stuart’s about the choice.  Mario will schedule a club program on the project after the holidays to allow all club members to understand the expected benefits in music and art education for Athens County children.

Channing presented reports on the Athens Rotary Foundation Account ($219,861.75 current balance) and the Gawande Scholarship Account ($80,936.08 current balance) with each account having a current annual rate of return of over 5% for 2014 YTD.

Distribution from the Gawande Scholarship Fund was discussed and Channing will analyze if the 3-year rolling average strategy could be a basis for determining the annual base amount of scholarship funds available.  Dave will determine if “split the pot” funds have been transferred to the fund from the club or will be soon.

Karen reported that Don Cooley confirmed that he had meant to resign from the ARF Board as well as the Treasurer position so a new board member shall be appointed to the board per our by-laws.  Karen entertained suggestions and several excellent candidates from our Rotary membership were discussed.  Jerry moved and Dave seconded that Karen ask John Miller if he is willing to serve on the ARF Board.  The motion was approved by the board.

President Karen shared copies of the ARF Grant Policy (dated November 21, 2006) and had prepared a document of the expenditures each year for grants awarded by the ARF from 1999 through November 7, 2014.  The amount is over $200,000 and reflects a substantial increase in expenditures since the early years, with the last four years averaging over $20,000 per year.  Board members agreed that there are many other donations from the Athens Rotary Club and its members in addition to these.  Jerry also reminded the board that our administration costs are almost zero (0), thank you to Channing.  This information will be shared with the club and members will be encouraged to remember the ARF for their year-end charitable contribution list.

Grant applications were reviewed and the following awards made:

Rotary Club Thanksgiving Food Baskets (50)-balance needed, $300 estimated by Betsy Baringer (Club donations and District Grant of $500 primary funding source)

Athens Bulldog Archery Club- $6806.00 requested for Archery Program Support
After discussion, the board decided that the request did not meet our spending goals for this year and was denied.  Karen will send a letter of the decision.

The meeting of the Board of the Athens Rotary Foundation was adjourned.

                                                                 Submitted by:

                                                                 Diane McVey