HomeMy WebLinkAbout01-14-11 WAF Min WESTLAKE ACADEMY FOUNDATION
Board Meeting
January 14, 2011
Attending: Leah Rennhack, Casey Paulson,Kevin Hansen,Deborah Ziegler, Cathy Lee,Rob Scott, Charlotte Ryan,
Bill Greenwood, George Ledak,Kelly Cox, Karen Osborne, Shelly Myers, and guests Lindsey Todd Fajkus and
Debbie Piper.
I. K. Cox called the meeting to order at 8:38 AM.
11. Lindsey Todd Fajkus, accountant with Pattillo, Brown & Hill, and Debbie Piper, Town Finance Director,
presented an overview of the FY10 financial audit.
• Ms. Fajkus reported there were no material findings or deficiencies and that they rendered an
unqualified opinion,the highest level of assurance.
• K. Hansen asked how long outstanding pledges were kept on our books. Blacksmith pledges are written
off at the end of the fiscal year; capital campaign pledges are carried forward unless discussion with the
donor indicates otherwise.
• Motion to approve the FY10 Financials at the February Board meeting by R. Scott, second by C. Lee.
Motion approved.
III. Financial Report
• D. Ziegler reported December Financials, noting that the Town has changed format to a cash account
and books are balanced by bank account.
• Based on the FY10 audit, the Town made adjustments to the Aug. 31, 2010 financials. QuickBooks
(QB) entries were based on the original August financials, so our QB figures are now inaccurate.
• With financials being reported based on cash, but our accounting audit by accruals, D. Ziegler
suggested that an outside professional review our QB for needed adjustments and reconciliation.
• B. Greenwood commented that each financial statement gives us a different view our financial position.
• D. Ziegler offered three options for handling WAF financials:
• Only use the Town's financials and have Debbie Piper give the monthly report.
• Financials are taken in-house and we hire an outside accountant.
• We continue with current process using both QB and the Town's financials, but QB entries
need to be made daily or at least weekly.
• B. Greenwood stated that the Administration Committee will meet with Elaine Free to establish
objectives and processes. We must then confirm our transfer and coding processes with Town staff and
determine if the WAF can share the Town's system. The committee will meet with the Town and
present its recommendations to the Board.
• Endowments will be moved to two separate funds. We want to start each fiscal year at zero, so all
Gallery Night monies will be transferred to the Administrative fund, and all Baja monies will be
transferred to Fund100 in September of each year.
• D. Ziegler presented the financials. Some intrafund transfers were made incorrectly and without time to
receive corrected statements,the December financials were tabled.
IV. Program&Allocations Committee
• C. Lee presented draft grant guidelines and application for Board discussion and approval.
• Motion to approve the amended guidelines and application by R. Scott, second by C. Ryan. Motion
passed. The Committee will present the newly adopted grant materials to the faculty on Feb. 2 and
anticipate making this presentation on an annual basis.
• C. Lee distributed summary of two proposals received and reviewed.
o Workout Mats for PE Dept: request is for 40 mats for use in K-10 classes. Motion to approve
by R. Scott, second by D. Ziegler. Approved for$1,000.
o Promoting International-Mindedness in PYP: three teachers applied to attend this IB
conference in New York City. Motion to approve by R. Scott, second by L. Rennhack.
Approved for$6,582.
• The committee needs to meet with school leadership to report the remaining funds available (dollars
and percentages per Fund100 category). We will use the professional development grants already
awarded toward our overall percentage breakdown of recruitment, retention, and professional
development initiatives.
• S. Myers will confirm if the "Project Zero"training approved for $1,630 will be used or if it can return
to our funds available to grant.
V. President's Report
• For new Board members, we're working to create orientation packets as well as a more formal
orientation process.
• We want to make sure that the Foundation's fundraising goals and initiatives are in line with what the
Board of Trustees needs and expects. Regular reports and communication will facilitate this.
• The weekly Executive Director's reports are very helpful and the Board appreciates receiving the
timely information. S. Myers will add the marketing numbers from Constant Contact emails as
appropriate.
VI. Executive Director's Report
• As part of Gallery Night, parent Carol Horton has volunteered to update the WAF website, including
adding an online giving mechanism. We're exploring PayPal as well as Greater Giving. R. Scott
recommended looking at FaceBook"Causes"as well.
VII. Motion to approve Minutes of November 12, 2010 by B. Greenwood, second by D. Ziegler. Minutes
approved as submitted.
VIII. Next Meeting: February 11,2011 —8:30 AM in the Arts& Sciences conference room.
IX. C.Lee moved to adjourn the Board meeting at 10:56 AM. Second by L. Rennhack. Motion carried.