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11-01-07 WAF Min 2 WESTLAKE ACADEMY FOUNDATION Board Meeting Minutes November 1,2007 Attending: Laura Wheat,Bill Greenwood, Chris Noonan, George Ledak, Julie Timmerman,Missy Gale, Janet Noonan, David Lee,Scott Bradley,Rick Rennhack,Dave Lieber,Mike Garabedian,Barbara Brizuela,Angie Gofredo L Meeting was called to order by Chris Noonan at 8:39 am. IL Gallery Night Report was given by Angie Gofredo A. Angie reported that we have 9 sponsors as of today. B. The committee met last week and they are working on securing auction items. Right now we have a few Swarovski crystal pieces and a 2 nights and 3 days stay in New York. C. The VIP part is tentatively set for Feb. 7t . Phoebe from Vaquero is working with Carol Langdon on the details. The food will be provided by Classic Cafe in Roanoke. Desserts and flowers are in the works. III.Liaison Updates A.Barbara Brizuela,Head of School,gave an update about the school. • The school had a Halloween parade and celebrated the Day of the Ddead with tributes designed by MYP students. • The cCommissioner's visit went very well. He attended a student lead school assembly and then spoke to the students. He viewed the school after the--assemble-y and then attended a nice--lunch with the President & two members of the Board of Trustees, Representative Vicki Truitt, Head of School, and the press-. He expressed his delight with the school and his desire to be invited to the lsr graduation. _ Formatted:superscript • The PSAT was offered for the first time at the school.There were approximately 70 students in attendance and the test will be offered each year. • There have been several visits from other schools who want to know how the school works. • Five students went to the Jr.National Leadership conference. • The science fair made approximately$1500 that will benefit the science department. B.Janet Noonan,president of the HOC gave an update. Family Fun Night was reported as a lot of fun thank you DeeAnn Jeppeson and her committee. The next Uniform resale will be this week.The last one raised approximately$2,000. • The HOC approved 2 L€CD projectors for the school.is thj-LCD^foiectofs? Jan.25,2008 will be the first International Talent show. • April 22,2008 will be Career Dday for students.The students will actually spend a day with the volunteer at their place of work.Volunteers needed. • The HOC is launching their own web site. C.Mike Garabedian,president of the WAAC gave an update. • 152 students are registered at this time in one or more sports. 43 families have joined_ $3,000 hasve been collected in registration fees with$8,000 in the bank. • Tennis for PYP is in progress. • The WAAC is adopting a Zero tolerance policy for students who have not completed their registration. D. Dave Lieber liaison for the Black Cow gave an update_ • Last Friday 51 students attended a Black Cow meeting and they celebrated their first issue. 1 • The first issue came out in time for the Nov. 6d'election. • There will be a Black Cow business club that Sharon LeRue will lead. IV. Minutes from the October 10,2007 meeting were reviewed.Motion was made by Bill Greenwood and seconded by David Lee to approve the minutes with the changes noted by Barbara Brizuela. Motion carried. V.Financial Report was given by Angie Gofredo on behalf of Margo Hundley. • We collected$62,183 for Blacksmith Apprentice bringing us to a total of$128,164 for the year. We also received$19,313 for the Capital Campaign which brings us to a total of $148,459 received to date. • We have$328,707 of Ending Cash of which$115,961 is Restricted for Blacksmith Apprentice(amount we owe Westlake Academy)and$56,319 which is Restricted for Endowment leaving us with Unrestricted Funds in the amount of$156,426. These amounts were determined by looking at activity since inception of the Foundation. On page 3 in the last column you can see how we came up with Restricted Cash for the Blacksmith Apprentice. -and Wwe have disbursed more on the Capital Campaign than we have received to date,thus giving a negative balance and therefore no cash is Restricted at this time. The Restricted Cash number for Endowment is the Exxon stock donation,plus interest,plus gain from the sale of the stock. • The Detail of Cash and a summary of Pledges Received to Date,Total Pledges and Outstanding Receivables. Also you can see a summary of pledges due in future years. The -- Formatted:No underline reason the total Receivable balance does not tie to the Total Due in Future Years balance is due to the fact that we have already received some of the funds pledged for the year 2007. (Based on discus-4-11 with Debbie P;por,the$500,000 a„o from reu., t VI. Operating Shortfall A. David Lee,Cc-hair of the Blacksmith Apprentice Program,gave an update. • Total raised to date is $93,9„959209.840 with 33-67 families giving. Average gift is $1-WO1908. • Kelly Cox has been werking-onf nal ze_cl_atid and the signs that will go till at both the PYP and MYP pick up. • The theme this year is"Make a Difference” • Five emails will go out over the two week span from November 1-15th. • The calling team is Rick Rennhack,George Ledak,Angie Gofredo,and David Lee. • Laura Wheat offered her home for a celebration date to be determined. VII.Laura Wheat,Bill Greenwood,and Missy Gale gave a campaign update. A.Campaign Pledges to Date: $556,638 Texas Housing Authority-Separate from Foundation Pledges$500,000 B. Campaign Steering Committee: • The Committee is working hard on leadership gifts. • Looking for 5 additional committee members to ramp up Pare Campaign after Election_ • Noonan's will host Cultivation Event-December 6th(7:OOpm-8:30pm), C. Foundation Fact Sheet: 2 • Lawson Associates in conjunction with Steering Committee produced a fact sheet(talking points)for Alderman meeting.Chris Noonan addressed Alderman on behalf of Foundation Board. Nice job communicating Foundation process and point of view on Campaign. D. Next Steps: • Assuming Bond Election passes,new goal will be$2,000,000 plus expenses. • Foundation will need to seek approval for interim financing based on timeline from Town. • Building naming opportunities will need to be finalized. Recommendation to focus FIRST on imperative need for building and supplemental only after goal is achieved. VIII. George Ledak gave a Communication Update • Survey Monkey is on its way_ Tthere is a cost to upgrade is$200 a year.Chris Noonan has agreed to donate the$200 for the upgrade. Angie Gofredo reported that she will be sending out Weekly Updates to keep the board informed of what is going on. IX.Julie Timmerman gave a Nomination Update • Julie noted that we need to set a limit. • Any suggestions need to go to Julie. IX.Chris Noonan gave the President's Report • Chris Noonan presented the report to the board in a Draft form. -- Formatted:Indent:Left: 0.5" X.Executive Director Angie Gofred0 Formatted:Bulletsand Numbering A. Leigh Sanders update-Leigh has accepted the nomination and is filling out his paper work.The BOA will approve at the Nov. 12th meeting. B. Angie reported that she has been working each week on researching grants and setting meetings with JPMorgan Chase Foundation,Hudson Foundation,and the Sid Richardson Foundation. -Researching • Boeing Foundation • Verizon Foundation—Preparing a proposal for Jan deadline. • Scheduling a time next week to go to Funding Information Center and to meet with another Charter School development director. C. Endowment policy update Information about Endowments from AFP was received and will be reviewed. • A policy for the current Endowment is being worked on. The donor's attorney is reviewing the document. XI. Other Business-no other business was discussed. XII.Next Meeting: December 6,2007 at 8:30 a.m.at the Town Office Conference room XIIL The meeting adjourned at 10:22. 3