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HomeMy WebLinkAbout09-12-08 WAF Min WESTLAKE ACADEMY FOUNDATION Board Meeting Minutes September 12, 2008 Attending: Leah Rennhack, Bill Greenwood, Deborah Ziegler, George Ledak, David Lee, Julie Timmerman, Colleen Hess, Kelly Cox, Jeff Ryan, Karen Osborne, Troy Meyer, Debbie Piper, Mike Garabedian, Dorothy Harwood, and Angie Gofredo L Leah Rennhack, President, called the meeting to order at 8:34 am. A. Leah asked because there were some new members present if everyone could introduce themselves. IL Minutes from the June 12, 2008 and the August 14, 2008 board meetings were reviewed. • Motion was made by Julie Timmerman and seconded by David Lee to approve the June 12, 2008 minutes. Motion carried. • Motion was made by George Ledak and seconded by Deborah Ziegler to approve the August 14, 2008 minutes. Motion carried III. Deborah Ziegler, Treasurer, gave the Financial Report. • Deborah reported that these were the final numbers for the fiscal year. • Blacksmith's final number was $411,742 and $24,963 has already been deposited for the new school year. • Capital Campaign has $591,540 in cash at the end of August. • Unrestricted cash is $76,942. IV. Liaisons Report A. Debbie Piper and Troy Meyer gave an update on the Capital Campaign and no other town business was reported. Leah Rennhack moved to the next agenda item. V. Capital Campaign A. Gifts &Pledges to date are $1,078,383 and in cash there is $646,493. B. A building update was given by Troy Meyer, Debbie Piper, Mike Garabedian, and Leah Rennhack. • Troy gave each board member a hand out (attached) that showed the delta needed in Phase L The total cost for phase I is $5,189,389 and the delta is $209,727. • A hand out was also given to the board (attached) that was presented to the Board of Aldermen on Sept. 8 h. A vote to sign the contract to begin construction will take place on Sept. 15th. • Leah reported that the total building cost is $7.3 million. The cost of the slab for the art portion is approximately $130,000. • Debbie Piper noted that the Town is willing to do an interim loan for the remaining portion needed as well as the pledges. She stressed that it is very important that this gets paid back. • Leah also mentioned that a letter will be going out from Laura Wheat to all parents regarding the "rumor' about non Westlake students being asked to leave to make room for Westlake residents. VI. David Lee, Chair of the Blacksmith Apprentice Program gave a report. • The first letter went out last Friday from Mark. The second letter from the foundation will go out today. The committee has chosen to send out the communications via email and the Friday folders. • To date we have raised $146,750. The average gift per student represented in giving is $1881. Forty-five families have given (19%). • The dollar goal is $420,000 and we would like to have 90% of the families giving. VII. No President's Report was given by Leah Rennhack. VIII. Angie Gofredo gave an Executive Director's report. • Angie reported that Grandparent's Day is on October 10th. Because of this date the board meeting will need to be changed to the next Friday. • She reported that the Grandparent's committee would like to do a fundraiser. They would like to sell Holiday Cards for $35. The board discussed the idea of Holiday cards and felt that the response would be low. It was suggested that maybe they think about raising dollars to buy additional books in the library. Angie was going to take the idea back to the grandparents. • A save the date will go out to all parents next week for both Grandparent's day and Gallery Night. • Angie also reported that she has several asks out there from local corporations, construction companies working on Fidelity, and foundations for the Capital Campaign. She reminded everyone if they have contacts to help her open the door. IX. Other Business • Mike Garabedian noted that we should consider drafting a policy talking about re- allocating funds if we go over our goal for the campaign. X. Next Meeting: October 17, 2008 in the Dining Hall at the school. XI. A motion was made by Bill Greenwood and seconded by Colleen Hess to adjourn the meeting at 9:55 am.