HomeMy WebLinkAbout02-15-13 WAF Min WESTLAKE ACADEMY FOUNDATION
Board Meeting
February 15, 2013
Board Members in Attendance: Jeff Watson, Ken Gordon, Kelly Cox, Zan Jones, Leah Rennhack, Charlotte Ryan,
Sean Shope, April Gallagher, Rebecca Neidich, Kevin Hansen, Andy Sedino, Karen Stoltenberg, Shelly Myers.
Others in Attendance: Tom Brymer, Cord Adams, Greg Shropshire
L K. Cox called the meeting to order at 8:34 AM.
IL Motion to approve minutes of January 15, 2013 meeting by K. Gordon, second by J. Watson. Motion
carried.
III. 2011-2012 Auditor's Report
• Greg Shropshire, accountant with Pattillo, Brown& Hill,presented an overview of the FY12 financial
audit. With no material findings or deficiencies, they rendered an unqualified opinion, the highest level
of assurance that the financials are free of material weaknesses.
• During review of assets and expenses, there was discussion regarding various item headings, notably
changing "Blacksmith Expenses"to "Blacksmith Contributions"to indicate that these funds are
donations, not campaign costs. Corrected reports will be sent to the Foundation.
IV. Investment Update
• Cord Adams with Shamrock Investments presented an overview of the endowment portfolio, which
started calendar year 2012 at 51,006,757, and currently stands at 51,087,502, for an annualized return
of 8.5%net of fees.
• The portfolio is managed via computer algorithm designed to minimize loss, but Shamrock can always
override, based on current events/issues.
• Strategy utilizes First Trust Exchange Traded Funds (ETFs) designed to be an"all-weather"portfolio.
With recent"fiscal cliff'issue, this strategy reduced risk exposure by 50% to protect assets.
• Shamrock will initiate periodic conversations with the Board with asset allocation recommendations
based on our needs. In general terms, our mix is 70% equities, 30% fixed.
V. Superintendent Report
• T. Brymer expressed thanks from Board of Trustees and Academy staff for recent grant awards.
• Shared recent legal rulings regarding Texas public school funding; complete report on website.
• Distributed portion of Facilities Master Plan;preliminary capital expansion to support programming
needs total$8.5 million, including all furniture, fixtures and equipment(FFE).
• Town Council is going through steps and process to be able to issue bonds. If successful, Phase I
construction will follow an 18-month schedule to be ready for 2014-15 school year.
• T. Brymer introduced likely need for Capital Campaign to fund Phases II and III and that the
Foundation would be asked to consider having a role in that initiative.
• In process of refinancing Arts and Sciences building bonds.
• Security specialists have conducted analysis of Academy facilities,processes and procedures, and will
be offering prioritized plans.
VI. Financial Report
• Month-ending balance of$1.4 million in cash.
• Gallery Night sponsorships at$100,250 exceeding budgeted goal of$100,000.
• Baja event on track to meet budgeted goal as outstanding receivables continue to come in.
• Motion to approve financial report by A. Sedino, second by Z. Jones. Motion carried.
VII. Development Committee
• Adjustments to Gallery Night format being made based on last year's event feedback.
• Artists-in-Residence (AIR)project has been very well received by students, teachers and artists.
• Discussed Fund-an-Item idea to establish an endowed Scholarship Fund.
VIII. Marketing Committee
• AIR project is attracting positive and varied press.
• Second newsletter was recently mailed to over 700 constituents.
• Receiving positive reviews of our social media efforts.
• New"Simply Westlake"magazine will include profile of Gallery Night volunteers who live in
Westlake.
IX. Executive Director Report
• Discussed the Academy's draft"Parent Survey,"which includes Foundation-related questions
concerning donor satisfaction and commitment. S. Myers will ask that these questions be deleted as the
Foundation considers conducting its own survey.
• S. Myers has been attending monthly management and strategic planning meetings as member of
Academy executive team.
• A WAF group of directors will be involved with the 2013-14 budgeting process with WA staff.
X. Other Business
• L. Rennhack revisited a scholarship fund as the "Fund-an-Item," given the short time frame until
Gallery Night. After much discussion, there will not be a Fund-an-Item this year.
• Board will discuss how to address the various funding needs of the school.
• J. Watson shared updates on proposed developments in Westlake.
Next Meeting: April 12, 2013 —8:30 AM; Vaquero Club,Westlake.
A. Sedino moved to adjourn the Board meeting. Second by L. Rennhack Motion carried. Meeting adjourned at
10:42 AM.