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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.