HomeMy WebLinkAboutWAF 03-21-22 Min
WESTLAKE ACADEMY FOUNDATION
Board Meeting
March 21, 2022
Board Members in Attendance: Christine Ross, Patty Pinsonnault, Sean Shope, Rob Fitzgerald, Debbie Kraska,
Lindsay McGrath, Meghan Dorr, Heather Kilgore and Ahu Primeaux
Others in Attendance: Amanda DeGan, Marlene Rutledge, Ginger Awtry, Shelly Myers and Julie Kelly
I. C. Ross called the meeting to order at 8:30AM at Town Hall of the Town of Westlake.
II. Motion to approve minutes of February 14, 2022 meeting by A. Sieg, second by P. Pinsonnault. Motion
carried.
III. Financial Report
S. Shope presented financial report as of February 28, 2022. Notable activities over the last month
included revenue for the Blacksmith Annual Fund and donation collections toward the Westlake Baja
Teacher Initiatives. Also significant was the negative Market Value Adjustment of the Endowment
Fund ($56K loss) over the last month.
Total Assets of the Foundation were $3.310M as of 2/28/22.
FY22 revenue collected for Blacksmith Annual Fund totaled $1,125,430 to date.
M. Rutledge shared Grant Summary information and discussed benefit of transferring grant accruals
each quarter instead of annually. She reminded Board that the Academy covers expenses of all WAF-
approved grants upfront; the Foundation then reimburses the Academy for all actual grant expenses
each August.
Motion to approve quarterly grant transfer of $262,491.25 to the Academy by D. Kraska, second by
A. Sieg. Motion carried.
Board discussed Blacksmith Annual Fund expenditures to examine items/faculty positions that would
be eliminated without BAF monies.
Motion to approve financials by R. Fitzgerald, second by L. McGrath. Motion carried.
S. Shope reported that Investment Committee met with RBC for regular quarterly meeting to review
structure. Despite recent market volatility, no changes are recommended at this time.
IV. Resolution regarding Westlake Public Art Fund
A. DeGan presented the history of the Academy and later formation of the WA Foundation in 1999
as an Ðinstrumentality of the Town of Westlake.Ñ
The WAF purpose is designated in the Articles of Incorporation to provide for Ðeducation and
charitable functions.Ñ
She discussed designated Capital Campaign funds of $3 million for Arts & Sciences Building
expansion and $2.2 million designated for other campus expansion projects over the years.
V. Grant Requests & Reports
S. Myers presented ÐContinuum Professional Learning-IB Global Conference Summer 2022Ñ grant of
up to $66,000 to support attendance for 33 teachers.
Partial funding can come from the Baja Initiative designated for International IB Travel & Training.
Motion to approve fully funding grant in the amount of $66,000 by D. Kraska, second by M. Dorr.
Motion carried and grant approved.
S. Shope moved to adjourn the Board meeting, second by D. Kraska. Motion carried. Meeting adjourned at
9:50AM.
Next Meeting: Monday, April 18, 2022 at 8:30 AM, at Town of Westlake Town Hall