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Home My WebLink About05-28-13 WAF Min 2 WESTLAKE ACADEMY FOUNDATION Board Retreat May 28, 2013 L K. Cox closed formal business meeting to begin workshop at 9:50AM. IL Budget Update and Financial Review • S. Myers reviewed"Charitable Support" document and the gradual increase in charitable giving and support from the Foundation over the past 3 school years by Foundation initiative. • S. Myers presented School's draft budget and financial request for 2013-14 school year, including operations funding request for $1,079,000 and $50,000 for Technology. • It was suggested to recommend that all WAF Revenues (Blacksmith, "Contribution", and Fund-an-Item/Technology)be combined under the same heading. • There appears to be a discrepancy on line 45 of the "Operation Days and SLA Analysis"page, "Excess Revenues Over/Under Expenditures," and a question of the calculation of that number. S. Myers to examine with the Town to understand the reason for the excess difference. III. Revenue Generation Review and Projections for 2014-15 • K. Stoltenberg presented 2013-14 BAF projections. Discussed increasing the requested BAF donation from Academy parents. • Motion to increase annual donation per student to $2,500 by A. Sedino, second by L. Rennhack. Motion carried. • S. Myers discussed Gallery Night event revenue goal for 2014 to be $240,000 gross, with Fund-an-Item goal of$50,000. • R.Neidich discussed plans to move location of Gallery Night to accommodate more guests. Upcoming meeting with volunteers to kick off silent/live auction solicitations and event planning. • S. Myers reported Baja event to have projected revenue of$180,000. Discussed possibility of a Fund-an-Item for Baja auction. WAF Board recommended that Fund-an-Item be included in Gallery Night auction only at this time. • S. Myers discussed possibility of outside Grant income as another source of Foundation revenue. S. Myer's grant income goal for 2013-14 school year will be $50,000. • In regard to Community Development, S. Myers to continue to pursue local corporations as potential Gallery Night and/or Baja sponsors or possible donors. • Recent negotiations with local developers in Westlake will generate support to the Academy in the amount of$10,000 per lot. K. Cox suggested that these funds could be routed through the Foundation as appropriate investment procedures are already in place. A recommendation to the same will be made to the Town. • S. Myers presented a possible Endowment campaign to coordinate with the Phase 1 construction. S. Myers to determine goal and generate prospects with directors assisting with contacts. The 5-year goal, set in 2010, is $5,000,000. • K. Cox discussed possibility of hosting a new fundraising event. C. Ryan suggested a Fitness Event/Fun Run(e.g., "Run the Ranch," a previous event coordinated with the Circle T Ranch). C. Ryan to investigate the run's history. It was also suggested to coordinate this public fun run with a student-centered, "booster-thou"type event, in which students could solicit donations per lap, etc. A revenue goal was estimated at$20k. • Fundraising goals for 2013-14 projected at$1,366,000: • Blacksmith Annual Fund= $966,000 • Gallery Night= $190,000 (net) • Westlake Baja= $140,000 (net) • External Grants = $50,000 • Fitness Event= $20,000 • Projected expenses/contributions for 2013-14 at$1,253,000 ■ WAF Office= $85,000 ■ Fund-an-Item= $50,000 (Technology) ■ 10% to Endowment from Baja= $18,000 ■ 10% to Endowment from GN= $19,000 ■ 10% to Endowment from Fitness event= $2,000 ■ Operating Support to WA= $1,079,000 IV. Funding Prioritization • K. Cox presented question of whether Foundation should plan to fund School at the 81,079,000 currently being budgeted, and, if there is a balance in net revenues, how should excess funds be prioritized. • Current priorities, in order: 1. WA School operations and functioning 2. Build Endowment to recommended level 3. Teacher/Staff grants • K. Gordon presented possible need for a fund balance. S. Myers to speak with S. Shope for recommendation regarding fund balance amount. • Z. Jones discussed value in focusing more on teacher/staff grants than endowment this year to build enthusiasm with contributing parents and to provide marketing content. • K. Cox suggested possibility, based on actual revenue totals and amount in reserves, to set aside $50,000 for discretionary faculty grants. V. Action Plan Development • Reviewed 5-year Committee action plans from 2010 Strategic Planning session. • K. Gordon suggested breaking Development into Annual Fund and Endowment committees. • K. Cox reported current and suggested committees and chairs/co-chairs as: • Development • Annual Fund—K. Stoltenberg • Endowment—B. Greenwood • Executive—K. Stoltenberg • Administrative—K. Gordon and Financial—S. Shope • Marketing—Z. Jones • Alumni—A. Gallagher • Grants—L. Rennhack • Investment—K. Hansen • J. Watson suggested possibility of creating an"advisory"board to assist with fundraising. • Committees should review 5-year plan document for status of action items and purposes/goals. • S. Myers suggested that prospective Board members serve on a WAF committee for both parties to better consider volunteer service at the Board level. VI. K. Cox closed workshop and reconvened formal business meeting at 2:25p.m.