HomeMy WebLinkAboutWAF 12.15.22 MinWESTLAKE ACADEMY FOUNDATION
Board Meeting
December 15, 2022
Board Members in Attendance: Ahu Primeaux, Heather Kilgore, Lilly Jimenez, Patty Pinsonnault, Michael
Colby, Rob Fitzgerald, Christine Ross, Debbie Kraska and Tiffany Hernandez
Others in Attendance: Kriss Quintana, Shelly Myers and Julie Kelly
I. C. Ross called the meeting to order at 8:32AM at the Council Chambers at Westlake Town Hall.
II. Motion to approve minutes of November 17, 2022 meeting by H. Kilgore, seconded by R. Fitzgerald.
Motion carried.
III. Foundation Business
• S. Myers introduced option of WAF paying approved grants directly to allow for more expeditious
fulfillment of payment to grantees. Board discussed possibility of hiring outside accounting firm for
improved analytics of Foundation donations and expenditures.
• S. Myers confirmed that the Board's letter recommending the Town of Westlake form its own
501(c)(3) to receive non -Academy donations has been submitted to the Westlake Town Council.
IV. Financial Report
• S. Myers presented Financial Report for the month ending November 30, 2022, with emphasis on
monthly activity including receipt of an $80,000 grant from the Hudson Foundation.
• Current balance in the WAF Administrative cash account was $328,471, and total assets of the WAF
were $2,823,222.
• It was noted that FY22/23 Annual Budget amount for Blacksmith Annual Fund needs corrected to be
$1,100,000.
• audited net assets of the Foundation, ending in October 2022, were $2,826,857.
• Motion to approve Financials by M. Colby, seconded by R. Fitzgerald. Motion carried and Financials
approved.
• C. Ross presented an email received from former WAF and Town auditor, John DeBurro (Weaver &
Tidwell), regarding his research of the Public Funds Investment Act's relevancy to the Foundation's
endowment assets. His conclusion was that the Foundation, a non-profit organization, has endowment
funds that are solely donated assets, making them one of the seven asset classes to which PFIA does
not apply. As such, WAF will continue to follow our current endowment investment policy.
V. Head of School Report
• None
VI. Grants Review
• S. Myers presented "Making Holiday Memories Team Building" grant for $490, which she and C.
Ross reviewed and approved, as the request was for less than $500.
• S. Myers reported that the G6-8 Science Supplies grant will be partially funded by the Westlake
Academy House of Commons.
• S. Myers informed Board that the December Staff Gift Cards grant in the amount of $26,668.22 was
fulfilled using Baja Legacy Teacher Funds.
• Grant tracking summary was shared. K. Quintana will follow-up with grantees through Google form.
Grant evaluations received thus far were shared with Board.
VII. Development Committee
• Blacksmith Annual Fund
o A. Primeaux reported that gifts and pledges raised to date total $1.23M with 71 % parent
participation and 59% of new families.
o Discussed grade captain phone-a-thon to non -donors in the new year.
WA Gala
o P. Pinsonnault reported that Gala committee will be touring the Circle T venue this week and is in
the process of searching for event entertainment.
o S. Myers presented the possibility of increasing sponsorship levels due to the combined event this
year. Board will review proposed levels.
VIII. Marketing Committee
• T. Hernandez reported that Marketing has been focused on promotion of the spring Gala, and
Grants/Gifts in Action.
• S. Myers displayed large checks that will be delivered to WAF Grant recipients for all FY 22/23
grants thus far.
• S. Myers passed BAF letters and inserts that will be mailed to donors before the holidays. Grant
posters will be displayed on the WAF website. A year-end eBlast will be sent next week as well.
IX. President's Report
• C. Ross wished a great Holiday and break to Board Directors and their families.
X. Executive Director
• None
Other Business
• Discussed continued promotion of WAF's # 1 finish in fundraising on North Texas Giving Day 2022.
• Mayor Sean Kilbride relayed that Town Council will vote on replacing the Academy portable
buildings at the next Council meeting.
P. Pinsonnault moved to adjourn the Board meeting, seconded by D. Kraska. Motion carried. Meeting adjourned
at 9:48AM.
Next Meeting: Thursday, January 19, 2023 at 8:30 AM, at Town of Westlake Town Hall
Signed by:
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Christine Ross, WAF Board President
Attested by:
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