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HomeMy WebLinkAbout05-07-10 WAF Min WESTLAKE ACADEMY FOUNDATION Board Meeting May 7, 2010 Attending: Leah Rennhack, Cathy Lee, Jeff Ryan, Rob Scott, Deborah Ziegler, Kelly Cox, Leigh Sander, Jack Risenhoover, and Shelly Myers. George Ledak emailed his proxy to L. Rennhack. I. L. Rennhack called the meeting to order at 8:38 a.m. II. Motion to approve Minutes of April 16, 2010 and April 23, 2010 by C. Lee, second by D. Ziegler. Minutes approved as submitted. III. Financial Report • D. Ziegler reported that QuickBooks has been ordered to record and track WAF revenues, expenses, and pledges. The WAF is establishing various bank accounts so that all assets are FDIC-insured. • R. Scott stated the benefit of seeing receivables, pledges and a schedule of payment, noting that we're not properly showing our record of activity without this information. D. Ziegler stated that an accounts receivables sub-ledger will be possible with QuickBooks. • J. Ryan requested a report showing historical comparison data of revenue by month for each campaign. Given the manner in which gifts have been recorded, we will create a year- end FY09-10 report to establish baseline and compare with FY10-11 moving forward. • Motion to approve Financials by J. Ryan, second by K. Cox. Discussion noted that pledges receivables in the statement have not been reconciled since August 2009, so the stated figure does not reflect the current account balance. With the agreement to work with D. Piper to reconcile this figure, the motion passed unanimously. IV. Bus Update • The Town solicited the Tarrant County underutilized business list as advised by the Town attorney. Finding no bus vendors, we are clear to work with Lasseter. With the purchase going through the Town, there will be no 6.25% sales tax. • R. Scott reported that Lasseter asked us to counter-offer on the cost for the two buses. We will do so, as well as offer a large percentage of payment down. • Subject to immediate availability of funds, J. Ryan made a motion for R. Scott to work with the Town to negotiate a purchase price up to $83,000 for the two buses. Second by C. Lee. Motion passed unanimously. V. President's Report • Following the board meeting, Dr. Elaine Free will lead us in drafting Fund100 guidelines. We want to consider having Dr. Free direct the WAF in a 5-year strategic planning effort to align our activities with the school's identified needs. She has met with Mayor Laura Wheat, Tom Brymer, Jamie Schmitz and Ben Nibarger to learn the school's long-term funding priorities. After today's meeting, S. Myers will request each Director's vote regarding pursuing strategic planning with Dr. Free. • We're all excited by the growth of the WAF. We have assets beyond our operating needs, and the time seems appropriate to review our current structure. Dr. Free will be a helpful resource to learn how other educational foundations are structured. We need to review, and where needed, establish clear guidelines, policies, and procedures to direct the Foundation's continued growth. VI. Executive Director's Report • Unfortunately, hosting a reception on campus for the graduation dignitaries will not be possible. I Ryan suggested creating exhibits to display at the Marriott to illustrate our funding sources, pictures of the school and students, etc., and perhaps having a video feedloop. S. Myers will follow-up with graduation planners to (1) see if the dignitaries' schedules would at least allow for a visit to campus for pictures and brief tour, and (2) if exhibits and video are planned for graduation. • A Senior Breakfast is planned for Friday, May 21. Head of Secondary Mark Garcia shared that teachers were being asked to provide food for the event. Staff offered to present the Board with a request to underwrite the breakfast. Motion made by K. Cox to provide up to $200 toward a Seniors/Teacher Breakfast. Second by I Ryan. Motion passed unanimously. VII. Next Meeting: June 11, 2010 —8:30 a.m. in the Arts & Sciences conference room. VIII. K. Cox moved to adjourn the Board meeting at 9:40 AM. Second by C. Lee. Motion carried.