Manhattan Beach Education Foundation
Board of Directors - Regular Meeting
February 8, 2005 at 7:30 p.m.
MBUSD Office, 325 S. Peck Avenue, Manhattan Beach

Present:

Directors (23/28): Edie Babbe, Vanessa Benya, Geoff Bremer, Webster Burns, Wendy Carson, Brian Currey, Randy Dotemoto, Mike Dunitz, Michelle Erickson, Linda Figel, Nancy Hersman, Craig Kline, Carolyn Leserman, Diane Levitt, Anne McLaughlin, John Oshiro, Ellen Rosenberg, Jeff Thaler, Ida VanderPoorte, Susan Warshaw, Gary Wayland, Tati Wennekamp, Pam Yarbrough

MBUSD Representatives: Gwen Gross, Steve McMahon

Business Partnerships: Sherry Kramer

MBEF Staff: Debbie Bowen

Guests: Tammy Choy, Ken Martello, Kevin Post, Margo Thole, Kathy Tibone, Curt Ranta

Presiding: Carolyn Leserman, President

Recording: Anne McLaughlin, Secretary

Handouts: Agenda, Minutes, Financial Report, proposed By-Laws amendment

President’s Notes:
Ms. Carolyn Leserman announced the resignations of Ms. Kim Siehl and Ms. Ruth Graf-Urasaki as Directors of the Foundation.

Ms. Leserman said she had spoken before the MBUSD Board of Trustees to reiterate MBEF’s grants process. Ms. Leserman said the Board of Trustees and District administration assured her of their understanding that MBEF monies would be paid to the District after the costs were incurred and that MBEF would fund only those programs previously agreed upon by MBEF and PTAs.

Minutes:
Upon motion duly made and seconded, the minutes of the meeting of January 11, 2005 were unanimously approved as presented.

Financial Report:
Ms. Ida VanderPoorte presented financial statements for the seven months ended January 31, 2005.

Annual Appeal:
Ms. Linda Figel distributed the MBEF Annual Appeal Statistics report as of January 28, 2005. She and Ms. Diane Levitt commented on the substantial increases in the number and amount of donations compared to the prior year.

Ms. Figel distributed a report entitled “MBEF Fundraising for MBUSD Programs as of 2/4/05 with Current Endowment Contribution.” Ms. Figel reviewed the funds received to date from the Annual Appeal, along with specific PTA school donations. She described other sources of funds and expenses/commitments of the Foundation.

Ms. Figel distributed a schedule entitled “Recommended Revision to Endowment Contribution” and suggested that the Board reconsider the amounts that are contributed to the Endowment from the Annual Appeal and MBEF’s other fundraising activities. Ms. Figel said that the majority of funds donated to this year’s Annual Appeal were funds that had historically been raised by the PTAs and accordingly did not have an endowment levy attached. Ms. Figel proposed that the Board eliminate any Endowment contribution from Annual Appeal funds, but that it increase the Endowment contribution on MBEF’s other fundraising activities from 25% to 33 1/3%. Mr. Bremer said that 33 1/3% should be the minimum contribution to the Endowment, enabling MBEF to contribute additional amounts in years when fundraising goals were exceeded. A discussion of the pros and cons of this proposal ensued. Upon motion duly made and seconded, the Board voted to repeal its current plan to contribute 5% of Annual Appeal donations and 25% of other fund-raising activities to the Endowment and replace it with the following plan: to contribute 0% of the Annual Appeal donations and a minimum of 33 1/3% of other fundraising activities to the Endowment.

Proposed By-Laws Amendment:
Mr. Brian Currey presented a proposed By-Laws amendment that contained changes to the investment policy and endowment sections, along with minor changes to other sections of the By-Laws. Mr. Currey stated that the Investment Committee believed that the Endowment contribution percentage should be contained in the By-Laws in order to ensure that the commitment to the Endowment be honored; Mr. Webster Burns suggested that the By-Laws not contain a precise percentage to be contributed. Ms. Levitt suggested a document that would reflect the Board’s commitment to the Endowment without inclusion in the By-Laws. The Board determined that it would not act upon the proposed By-Laws amendment at this time, but would form a committee of Ms. Nancy Hersman, Mr. Currey, and Mr. Burns to review the By-Laws and, if necessary, propose amendments to correct inconsistencies in the defined terms. Those changes would be proposed to accompany the proposed changes to the investment policy and endowment sections of the Bylaws.

Investment Committee Report:
Mr. Geoff Bremer gave the report of the Investment Committee. He stated that the Committee had agreed to invest Endowment assets in Vanguard mutual funds. The committee will invest $1.5 million over a three-month time period.

Business Education Partnership Report:
Ms. Sherry Kramer announced that $20,000 had been received from Chevron for the Wine Auction. She announced various business promotions and events.

She announced a change in the Comedy & Magic Club pre-party location.

Ms. Kramer announced the Manhattan Beach Coordinating Council forum on drug education on Thursday, February 17 at Veranda’s at 11:30 a.m.

Superintendent’s Report:
Dr. Gwen Gross announced a series of Board of Trustees budget meetings and study sessions taking place over the course of the next few months.

She provided additional information on the drug education task force and medical advisory committee.

Mr. Steve McMahon distributed the MBUSD budget as of February 2, 2005 and discussed overruns.

MBUSD Board of Trustees’ Report:
Ms. Amy Howorth noted upcoming Board discussions regarding the Child Development Center.

Wine Auction Report:
Mr. Jeff Thaler discussed the status of corporate sponsorships and solicitations.

Grants Committee:
Mr. Webster Burns asked the Board to ratify a $3,000 directed donation to the Broadcast Studio at MCHS. Upon motion duly made and seconded, the Board ratified the $3,000 donation.
Mr. Burns asked that the Board approve a $500 donation to GRAD Night. Upon motion duly made and seconded, the Board approved the donation.

Nominating Committee:
Ms. Anne McLaughlin announced the members of the Nominating Committee: Edie Babbe, Vanessa Benya, Brian Currey, Randy Dotemoto, Linda Figel, Jeff Thaler, and Anne McLaughlin, with Diane Levitt serving as an alternate. Ms. McLaughlin announced that the committee would convene a meeting prior to the end of the month. Upon motion duly made and seconded, the Board voted to approve the committee members.

Golf Tournament:
Mr. Randy Dotemoto announced that the tournament would take place on Monday, August 22, at Palos Verdes Golf Club. Mercedes Benz of South Bay will serve as the title sponsor. Mr. Dotemoto stated that he is looking for a co-chair for the tournament.

New Business/Old Business:
Ms. Sherry Kramer discussed the Platinum Capital / Shorewood fundraising promotion.

Meeting Adjourned: 9:19 p.m.

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