Manhattan Beach Education Foundation
Board of Directors - Regular Meeting
January 11 at 7:30 p.m.
MBUSD Office, 325 S. Peck Avenue, Manhattan Beach

Present:

Directors (21/30): Edie Babbe, Geoff Bremer, Wendy Carson, Brian Currey, Michelle Erickson, Linda Figel, Nancy Hersman, Chuck Kaminski, Carolyn Leserman, Diane Levitt, Anne McLaughlin, Cindy McMahon, John Oshiro, Greg Rosen, Freddi Segal-Gidan, Jeff Thaler, Ida VanderPoorte, Susan Warshaw, Gary Wayland, Rich Weiss, Tati Wennekamp

MBUSD Trustees Representatives: Amy Howorth, Bill Cooper

MBUSD Representative: Steve McMahon

Business Partnerships: Sherry Kramer

MBEF Staff: Debbie Bowen

Guests: Tammy Choy, Marija Kosanovich, Ken Martello, Margo Thole

Presiding: Carolyn Leserman, President

Recording: Anne McLaughlin, Secretary

Handouts: Agenda, Minutes, Financial Report, Draft of the Investment Policy

Recognition and Check Presentation:
Ms. Sherry Kramer introduced Ms. Julie Bixler of LA Food Show. Ms. Bixler presented MBEF with a check for $738.60 for the LA Food Show promotion.

Ms. Leserman presented a volunteer recognition certificate to Ms. Marija Kosanovich for her work as a volunteer for MBEF.

President’s Notes:
Ms. Leserman announced that Mr. Randy Dotemoto had agreed to chair MBEF’s Audit Committee and that Ms. Anne McLaughlin had agreed to chair the Nominating Committee. Ms. Leserman said that Ms. McLaughlin is seeking a diverse group of committee members who represent different schools and have been on the board for varying lengths of time. She encouraged board members who might be interested in volunteering to contact Ms. McLaughlin.

Minutes:
Upon motion duly made and seconded, the minutes of the meeting of December 14, 2004 were unanimously approved as presented.

Financial Report:
Ms. Ida VanderPoorte presented financial statements for the six months ended December 31, 2004. She noted that $1.5 million of cash associated with the Endowment had been separately classified to distinguish the Endowment from the general fund and that an accrual had been made for the 2004 – 2005 grant liability.

Mr. Geoff Bremer gave the report of the Investment Committee. He proposed that 5% of Annual Appeal donations and 25% of all other fundraising activities (net of related expenses) be contributed to the Endowment. Mr. Bremer stated that the goal for the Endowment is $10 million in assets and that dividends and interest would be reinvested until that level was attained. Mr. Bremer stated that an Endowment Committee would be formed to fundraise specifically for the Endowment; however, investments would continue to be managed by the Investment Committee. Upon motion duly made and seconded, the board voted to contribute 5% of Annual Appeal donations and 25% of all other fundraising activities (net of related expenses) to the Endowment.

Mr. Bremer presented a revised draft of an Investment Policy prepared by the Committee and said that comments received from board members had been addressed in the draft. Mr. Bremer made a motion to approve the new Investment Policy and repeal any provisions of the By-Laws that were in conflict with the Policy until an amendment of the By-Laws was prepared and adopted. The motion was seconded and unanimously approved. Mr. Oshiro inquired about the reporting of investment results, and Mr. Bremer responded that reporting would be quarterly.

By-Laws Amendment:
Mr. Brian Currey distributed California Senate Bill 1262 that requires certain charitable organizations to have an Audit Committee appointed by its board. Upon motion duly made and seconded, the following resolution was adopted:

Be it resolved that a new paragraph (f) is hereby added to Section 16 of Article III of the By-Laws (dealing with Committees), as follows: “The Board shall appoint an Audit Committee as required by law.”

Business Education Partnership Report:
Ms. Sherry Kramer announced various community events and promotions benefiting MBEF.

She stated that the Comedy & Magic Club event would take place on Tuesday, March 15, 2005. The Panzarella family will host a reception before the event. Tickets for both are $250 per person. Tickets for the Comedy & Magic Club event only are $100 per person.

Ms. Kramer distributed a draft of a flyer describing a promotion whereby Platinum Capital, a mortgage brokerage firm, would donate up to $2,000 per transaction to MBEF from those transactions generated by referrals from MBEF supporters.

Superintendent’s Report:
Mr. Steve McMahon discussed details of the Governor’s budget proposal and how it might impact our District. Mr. McMahon said that he does not currently anticipate budget cuts.

MBUSD Board of Trustees’ Report:
Ms. Howorth announced the upcoming Board meeting and a budget workshop. Mr. Bill Cooper said that the Board of Trustees would be more focused on asset management and maximum utilization of properties. Ms. Edie Babbe asked that parents be notified in advance of the Board of Trustees’ meetings when asset management issues are to be discussed.

Annual Appeal:
Ms. Linda Figel distributed the MBEF Annual Appeal Statistics report and said that participation had increased substantially at every site. Ms. Leserman said that, in keeping with past practice, donations recorded in the report were by family rather than per child. Therefore, the total donations contained duplications because each site where a family’s children attended school was credited for the full amount of the family’s donation. Ms. Leserman reported on an increase in participation from Hermosa Beach and Redondo Beach families. Ms. Figel suggested that MBEF obtain professional advice for next year’s campaign.

Ms. Freddi Segal-Gidan suggested that we identify those families who gave in the past and haven’t given this time. Ms. Figel said that she and Ms. Levitt were drafting a letter to go to families who supported MBEF in the past, but had no child in school currently.

Wine Auction:
Mr. Thaler said that Ms. Penny Bordokas and Ms. Jeanne Oshiro are co-chairing the silent auction and already working to obtain donations.

New Business/Old Business:
Mr. Oshiro inquired about putting the MBEF Investment Policy on the website, and it was decided that this would be posted once information about the Endowment was ready for publication.

Meeting Adjourned: 8:44 p.m.

Next Meeting: Tuesday, February 8, 2005, 7:30 p.m. at the District Office, 325 S. Peck Avenue