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HomeMy WebLinkAbout04-16-10 WAF Min WESTLAKE ACADEMY FOUNDATION Board Meeting April 16, 2010 Attending: Leah Rennhack, George Ledak, Cathy Lee, Rob Scott, Bill Greenwood, Deborah Ziegler, Kelly Cox, Jeff Ryan, Jack Risenhoover, and Shelly Myers. I. L. Rennhack called the meeting to order at 8:40 a.m. II. Motion to approve March 12, 2010 minutes by D. Ziegler, second by C. Lee. Minutes approved as submitted. III. Liaisons Reports—none. IV. Financial Report • D. Ziegler reported that the Financials had errors and as such, approval of the March 12, 2010 Financials was tabled. • Following the February WAF meeting, D. Ziegler, C. Lee, L. Rennhack and S. Myers met with Debbie Piper, Director of Finance, to discuss Board concerns and work toward solutions. D. Piper has been very forthcoming, sending credit card and bank statements and other materials as requested. She is still researching the origin of the Fidelity account. • From this meeting with D. Piper, we've implemented a process whereby all transfers must now approved by the Treasurer and Executive Director. • We'll be ordering QuickBooks via TechSoup to track all revenues and expenses in order to 1) have internal controls, and 2)reconcile monthly with Town's books. • Discussion surrounding the audit process ensued. • The Town and WAF use the same auditors, which audit the WAF's books that the Town keeps. The WAF pays for its audit. B. Greenwood stated that the WAF should utilize its own auditor instead of using the same as the Town's. • R. Scott commented that once we finish entering our financial data into QuickBooks, we should send to an outside accounting firm to independently confirm. R. Scott will provide the name of a firm for consideration. • We need to have increased confidence in our books so that we're sure about the funds we have to grant. • This has been an issue of process and it's been a beneficial exercise to work through and discover areas to improve. • The Foundation will solicit letters of interest from the Town's auditor and at least one other (perhaps the firm used by the HOC) to review each firm's proposal, and conflict of interest statements. J. Risenhoover noted the convenience in using the same auditor as the Town, but with issues every month concerning our Financials, we're doing a disservice to our donors by not entertaining other auditing proposals. • Motion made to purchase QuickBooks for Non-profits and establish financial records independent of the Town by J. Risenhoover, second by C. Lee. Motion approved unanimously. • Motion to obtain proposals from at least two accounting firms to assist in the development of internal controls and set-up by B. Greenwood, second by R. Scott. Motion approved unanimously. • C. Lee volunteered to assist D. Ziegler with drafting fund regulations. • D. Ziegler reported that because we were set-up by the Town, our bank accounts were designated as "public funds." We'll have to move the assets so that we don't lose protection of assets over $250,000. We're looking to set up other accounts to ensure that all assets are FDIC insured. Another option would be to keep $250,000 in the bank and move the rest to a brokerage firm account. • B. Greenwood stated that some banks will automatically distribute funds to move money as needed so all federally insured. It was also suggested that Fidelity might also be able to handle for us. • The Foundation will seek proposals for investment management and recommendations on investment models and options. • C. Lee made motion to require two signatures on checks over $1,500.00 as well as any monetary transfers with the exception of payroll. Second by B. Greenwood. Motion approved unanimously. V. President's Report • After further review of the WAY Board's motion to provide funds for the purchase of Academy technology needs, only WAF is eligible to benefit from the TechSoup reduced prices; we're not able to "pass through" benefits to the school. Since the school can't take advantage of TechSoup, Jason Powers submitted a proposal, with pricing from an educational vendor, for the WAF Board's funding consideration. • G. Ledak asked if some of the requested items could be placed on the 2010-11 B1ackSmith appeal. • We need the school to provide guidance on its technology priorities. • R. Scott remarked that Texas has established state standards for technology, "Texas Tomorrow," so the school doesn't need to draft from scratch. Those State standards would serve as an excellent template. R. Scott will send the plan's link to Ben Nibarger, WA administrative coordinator. • The general consensus was that having a comprehensive technology plan would make the WAF more comfortable in allocating funds. • J. Ryan suggested that part of our excess funds could go toward international exchange program in line with our IB focus. K. Cox commented that we need a long-term plan on how to allocate these monies. C. Lee suggested putting some in a rainy day fund for unexpected situations. • The discussion of how to allocate excess unrestricted B1ackSmith funds was tabled until we have good figures on how much will be available. • R. Scott remarked that a pledge is a legally binding contract, so we need to decide to what extent we will pursue getting these pledges collected. • C. Lee suggested putting a statement to the effect that a pledge is "legally binding" on the pledge forms. R. Scott offered to review the pledge reminder letter to include firmer language re. obligation for pledge payments. • QuickBooks will allow the WAF to better track pledges and payments and book as receivables to more easily track outstanding gifts. • L. Rennhack asked for additional members to serve on the Nominating Committee. J. Risenhoover volunteered to serve—thank you, Jack! • On May 7, the WAF will have an abbreviated Board meeting, and then move into Workshop through the afternoon. VI. Executive Director Report • The Town asked the WAF to review and provide feedback on the WA draft strategic plan. It was consensus that the WAF Board does not want the Executive Director working on non-Foundation work. Given the extensive points and conversations, the WAF Board members agreed to email comments to S. Myers by April 23. S. Myers will consolidate and present comments to the Town. • Each member received a Sales Tax Exemption certificate to use when purchasing items on behalf of the Foundation. The Board agreed that the WAF should continue its practice of reimbursing, upon request and submission of supporting receipts, all expenses incurred on its behalf, including sales tax. VII. Other Business • C. Lee proposed that the WAF host a pre-graduation VIP Reception at the Academy on May 23 for invited dignitaries. Students would be asked to conduct tours. C. Lee will connect with Mayor Wheat and the WALT to determine activities planned for graduation and how this event might fit. • In a bus update, J. Ryan and R. Scott will secure options/bids by May 1 and make a recommendation. Currently, Lasseter has a 2006 18-seat bus with 11,000 miles for$33,000, and a new 2010 20-seat bus for $55,000. We will evaluate this package against other quotes for comparable buses. Lasseter currently has only the one used bus. • The question was raised, "what is our responsibility for the bus?" The WAF's responsibility is to the donors. We would not have liability for the bus, transporting students, etc. The Town will buy the bus and the title would be in the Town's name. • R. Scott and J. Ryan will meet with T. Brymer to confirm the purchasing/invoice process. They will also follow-up with Lasseter to confirm any warranties. • Lasseter offered to hold the bus on their lot for us, so no holding or storage fees will be incurred. • S. Myers will email the WAF Board to secure approval to move on purchasing the buses. VIII. Next Meeting: May 7, 2010—8:30 a.m. in the Arts & Sciences conference room. IX. J. Risenhoover moved to adjourn the meeting at 11:00 AM. Second by C. Lee. Motion carried.