HomeMy WebLinkAbout01.19.23 WAF MinutesWESTLAKE ACADEMY FOUNDATION
Board Meeting
January 19, 2023
Board Members in Attendance: Christine Ross, Debbie Kraska, Lilly Jimenez, Patty Pinsonnault, Ahu Primeaux,
Sean Shope and Mike Colby
Others in Attendance: Sean Wilson, Marlene Rutledge, Kriss Quintana, Louis Breedlove — BrooksWatson & Co,
PLLC, Shelly Myers and Julie Kelly
C. Ross called the meeting to order at 8:34AM at the Council Chambers at Westlake Town Hall.
II. Motion to approve minutes of December 15, 2022 meeting by L. Jimenez, seconded by D. Kraska.
Motion carried. C. Ross reported that email from attorney, Janet Bubert, regarding WAF Endowments
not being subject to PFIA will be included in minutes.
II1. FY22 Audit Report
• Louis Breedlove, Senior Audit Manager with BrooksWatson & Co. CPA, presented draft audit report.
• The WA Foundation FY audit resulted in an Unmodified/Clean opinion, which is the highest level of
assurance.
C. Ross asked Mr. Breedlove if his team looked into the possible applicability of PFIA to the
Foundation's endowment funds. He confirmed that they researched and reached the same conclusion
as the previous auditor in that PFIA does not apply to WAF funds. Mr. Breedlove will add statement
to this effect in the final audit document as well as provide a formal letter for our records.
L. Breedlove will add Westlake Public Art pass -through details to the final draft of audit document
before it is accepted and approved.
Approval tabled until final audit report is received.
IV. Financial Report
• S. Shope presented Financial Report for the month ending December 31, 2022, with emphasis on
monthly activities including OpenGov subscription renewel of $2,352 and Market Value Adjustment
to Endowment Fund of-$89,580.02. Total liabilities and net assets as of December 31, 2022 was
$2,717,766.
• S. Shope explained the FDIC only insures funds up to $250,000. Discussed recommendation to invest
the WAF cash account funds over that amount in a conservative bond fund versus more high yield
investments.
• S. Myers reported that in regard to the Legacy Teacher Fund initiatives, the Coach/Advisor stipends
will not be available to accept any new donations going forward. Increases were made within the
2022-23 school budget to include increased stipends. Remaining amount in the account will be
available for grant requests from those departments.
• Motion to approve Financials by D. Kraska, seconded by M. Colby. Motion carried.
V. Head of School Report
• S. Wilson thanked Foundation Board for funding grants this fall, and relayed that as next year is the
20`h year of Westlake Academy, leadership will be focusing on 3, 5 and 10 year future plans and
expectations.
• He also discussed promoting the planned gym renovation and recent donation to that effort.
VI. Grants Review
• S. Myers and S. Wilson presented "English Department Professional Development" grant in the
amount of $4,971. Motion to approve grant up to requested amount by L. Jimenez, seconded by M.
Colby. Motion carried and grant approved.
• S. Myers presented "National Spanish & French Exams" grant in the amount of $2,069. Motion to
approve grant up to requested amount by A. Primeaux, seconded by P. Pinsonnault. Motion carried
and grant approved.
VII. Development Committee
• Blacksmith Annual Fund
o A. Primeaux reported that amount raised as of today is $1.242m with 70% parent participation
and 57% of new families. Percentages of participation have fluctuated since last month due to
students withdrawing and enrolling in the Academy at mid -year.
o Pledge reminders will be sent to applicable families, and non -donors will be contacted by grade
captains.
• WA Gala
o P. Pinsonnault reported that event sponsorship levels and names were changed and updated at last
planning committee meeting to reflect new event.
o Alcohol spirits will be donated for the event.
o Gala committee is discussing possibility of limiting number of guests this year.
Vill. Marketing Committee
• S. Myers reported that focus of Marketing Committee has been Gala promotion and quarterly report
that will be presented to the Town Council.
IX. President's Report
• C. Ross encouraged Directors to begin soliciting donations for the Gala.
X. Executive Director
• S. Myers will send Gala sponsorship and donation forms to Board Directors.
Other Business
None
P. Pinsonnault moved to adjourn the Board meeting, seconded by L. Jimenez. Motion carried. Meeting adjourned
at 10:24AM.
Next Meeting: Thursday, February 16, 2023 at 8:30 AM, at Town of Westlake Town Hall
Signed by:
Christine Ross, WAF Board President
Attested by:
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