May 15th, 2003 Minutes
Foundation Minutes- Board Meeting
Call to order- 3:37PM
Roll call- Lorna Frahm, Tim DeGhelder, Warlene Reed, Mark Rudolph, Jim Ottomeyer, Floyd Hoffman, Bob Houck, Carl Sandstedt, Bill Zollmann
Motion by Warlene Reed to accept minutes from March 20th, 2003 with amended date for next meeting to read May 15th 2003..
Second Mark Rudolph
Motion Passed
Public comments- none
Financial Report given by Bob Houck
Bob circulated balance sheet. Bob Houck supplied all information related to investments summary dated 05/15/2003. Bob also gave information on all Foundation investments. Noted we are keeping within our investment policy.
Bob will go over bids for finance management. (part of new business)
Comment from Carl Sandstedt: "I am not a voting board member, but I would recommend board to look at this as a true bid process. What is going to happen with the money and look at all costs and plans."
Motion by Mark Rudolph to accept financial report
Second Bill Zollmann
Motion Passed
Comments from the Foundation Board-
None
Staff Liaison's report- WingHaven Fire Marshall rejected ceiling. Changes to be made for upgrade of insulation.
Director's report- Carl Sandstedt
Gave out information on Chamber statistics in other cities compared to St. Charles County. Looked at long-term value of one chamber that could work for entire community.
Non-profit Center- WIN now moved in. The board for the non-profit center is trying to regroup and gain focus on it's mission. Community Council is the lead agency and should take more of an interest in getting this off the ground.
Old Business-
Householder Scholarships-
Accepted six scholarship winners to complete FY03 funding.
Tim De Ghelder will edit scholarship application form to include description of class or program.
Motion by Mark Rudolph to increase scholarship funding for fiscal year from $600 to $944.
Recipients and Amounts are as follows:
Nancy Stringer- $149
Tammy Swartzendruber- $52
Joy Hoormann- $177
Amber Sullivan- $210
Darol Belman- $115
Beverlee Kaster- $91
Second Warlene Reed.
Motion passed.
Old Business-
Tim DeGhelder gave out breakdown of income and expenses for Trivia Event. Event raised $3,087.67
The board was very satisfied with the event and the date for next year was set for April 24th 2004.
In general goal was to raise $2600. Next year we plan on getting more sponsor's to help fund costs. The event can be expanded and still be held at the same location in 2004.
New Business-
Financial Advisor- Status of Agreement
Board looked at detailed list of applications which met guideline proposals.
Company lists included- Commerce, Midwest, Heartland, US Bank, and Hancock.
Board debated pro's & con's of changing financial advisor's.
Board decided to move forward with a new financial advisor starting July 2003.
Motion by Jim Ottomeyer to accept Midwest Bank as new Financial Advisor starting in July 2004. Motion will also allow development officer to sign documents related to change of advisor.
Second by Warlene Reed
Motion passed
New Business-
Board Expansion, FY2004
Foundation will be in need of new board members for FY2004. Carl Sandstedt will contact Stu Lercher for possible position on Foundation Board.
New Business
Release of Funds for WingHaven
Motion by Mark Rudolph to release $10,000 in funds pledged to the Library Express at WingHaven.
Second Jim Ottomeyer
Motion Passed.
Motion made by Mark Rupolph to adjourn at 4:29pm
Second Tim De Ghelder
Meeting Adjourned
Next Meeting set for July 17th at 3:30pm in Foundation Meeting Room. (Administration Building)
