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HomeMy WebLinkAbout02-11-11 WAF Min WESTLAKE ACADEMY FOUNDATION Board Meeting February 11, 2011 Attending: Kelly Cox, Rob Scott,April Gallagher,Karen Osborne,Bill Greenwood, Casey Paulson,Deborah Ziegler, George Ledak,Kevin Hansen, Cathy Lee, Charlotte Ryan,Leah Rennhack, and Shelly Myers. Guests were Mayor Laura Wheat and Superintendent Tom Brymer. I. K. Cox called the meeting to order at 8:39 AM. II. Motion to approve Minutes of January 14, 2011 meeting by D. Ziegler, second by A. Gallagher. Minutes approved as submitted. III. Administrative Committee • As an outcome of the committee's action planning meeting with Dr. Elaine Free, B. Greenwood, D. Ziegler and S. Myers met with Debbie Piper and Tom Brymer to map the Foundation's current financial processes. • To streamline these processes, the Foundation asked if it was possible to use the Town's software. In response, the Town's vendor, STW, presented a customized WAF module that could track individual gifts, constituents, deposits, etc. T. Brymer agreed that the Town would cover half of the start-up costs should we utilize this option. • The Committee will schedule a demonstration with STW and offer a proposal for Board consideration. IV. Financial Report • D. Ziegler reported January Financials, noting that the approximate $110,000 in unrestricted funds includes$25,000 from 2010 Gallery Night. • Accruals are being booked monthly, so we know our outstanding commitments. • The Endowment Fund and Fund100 have been split and are shown separately. We are working to create sub-accounts for each of the Fund 100 initiatives to track available funds for grants. • Motion to approve January Financials by C. Lee, second by A. Gallagher. Financials approved as submitted. V. Academy Update • T. Brymer reported the current legislative situation regarding public school education funding. The State is projecting a two-year funding shortfall, with up to a 15% reduction possible, with no increase in revenue anticipated to cover the shortfall. • For WA, with debt servicing included, the per-student cost is approximately $12,000; we receive approximately $7,000/student from the State. The administration will examine how adding more students will impact the budget. • The Foundation can help by contacting legislators; Texas charter school coalition is actively lobbying for change in the funding formula. A. Gallagher suggested the Foundation consider sending a letter to parents discussing the funding issues and encouraging families to consider this likely budget shortfall when they plan their Blacksmith gift. The school could also ask students individually and with their parents to write letters to their legislators,which the school could mail en masse. • T. Brymer provided an update on the gym building following the water damage. VI. Gallery Night • A. Gallagher reported that $79,000 has been received in sponsorships to date. The committee is working to secure more items with a goal of 150-160 quality items/packages; donor/sponsorship forms were distributed. • The VIP Sponsor Party is set for Thursday, February 17; all Directors are invited to attend. VII. President's Report • With assistance from our consultant, Dr. Free, we are working to formalize the review process and format for the Executive Director position. • We are putting together a proactive group to communicate with parents re. the importance of charitable gifts for our school, especially Blacksmith Annual Fund contributions. VIII. Executive Director's Report • The Investment Committee of Kevin Hansen and Chris Jeppesen will be meeting with Dr. Free to establish its action plan. • Due to the water damage in the gym building, the Foundation is temporarily located in the guest house of John and April Gallagher; many sincere thanks to the Gallaghers for this extremely generous gesture. This situation has prompted us to revisit the possible relocation of the Foundation office to the Arts & Sciences building. We will discuss the viability of moving offices with school personnel as well as request an updated proposal re. costs associated with a move. IX. Next Meeting: March 14,2011—8:30 AM in the Arts& Sciences conference room. X. C. Ryan moved to adjourn the Board meeting at 10:20 AM. Second by L. Rennhack. Motion carried.