Loading...
02-02-07 WAF Min Westlake Academy Foundation Board Meeting Minutes Friday, February 2, 2007 Attending: Rick Rennhack,Ange Bumgarner,Bill Greenwood, Chris Noonan,Laura Wheat,Becky Rogers and Julie Timmerman; Lawson Associates: Doug Lawson and Barbara McColm Guests: Hank Smith-Texas Student Housing Authority,Michael Eaton—Attorney, Trent Petty—Town Manager/Town of Westlake; Scott Bradley-Mayor Meeting called to order at 8:45 a.m. L Rick Rennhack introduced Hank Smith,President of Texas Student Housing. Mr. Smith explained the function of the Texas Student Housing to provide scholarships for student's housing in five facilities in Texas. Texas Student Housing is an entity of the Town of Westlake and provide a percentage of their proceeds from their projects to the Westlake Academy Foundation. Currently are giving$50,000 this year restricted to the capital campaign. Becky Rogers serves on Texas Student Housing Board.(delete 312107) IL Foundation Actions A. Rick Rennhack introduced tax attorney Michael Eaton,who is also a parent at Westlake Academy. He explained the research he had done on tax exempt status of the Westlake Academy Foundation and its relationship with the school and town. He also provided information on the HOC status. It was determined that Westlake Foundation had originally misfiled their annual audiff should read: Letter of Determination) as a 509(a)1 organization and submitted a 2005 audit as a 501(c)3. Recommendation was to clarify to the Internal Revenue Service as a support organization to Westlake Academy as a 501(c)3. Motion was made by Laura Wheat to allow Michael Eaton to create a new IRS determination letter to clarify Westlake Academy Foundation as a 501(c)3. Motion seconded by Chris Noonan. Motion approved. B. Additionally HOC is a Parent Teacher Organization in support of Westlake Academy and will need to move 85%of all proceeds from each year's proceeds to Westlake Academy as was originally intended at its formation. It is not sanctioned as a fundraising arm of the school. C. Board of Director Liability Insurance was discussed. Trent Petty reviewed current status and clarified any concern. HOC has made a gift of$10,000 to Foundation with request that the gift be restricted to the Blacksmith Program.It was recommended a copy of the HOC letter making the gift be sent to the Alderman Motion made by Becky Rogers to transfer$10,000 HOC gift to the Blacksmith Program. Motion seconded by Julie Timmerman. Motion approved. III. Gift of Stock A. A gift of stock was made by B. Wittman to the capital campaign. Motion made by Laura Wheat to restrict gift to Arts and Science Capital Campaign. Motion seconded by Chris Noonan. Motion approved. IV. Review of 1/5/07 Minutes Motion made to approve minutes of the January 5,2007 meeting. Motion made by Bill Greenwood. Seconded by Julie Timmerman. Motion approved. V. Capital Campaign Report A. Capital Campaign Report was made by Lawson Associates i. Pledges to date are$400,000 ii. Two cultivation events to be held on February 131'and February 151' iii. Steering Committee is contacting priority prospects. Next meeting February 91h iv. Campaign materials now include naming opportunities v. Doug Lawson provided job descriptions for a part time Executive Director,part time Admin. Asst. and a part time Finance Assistant. He suggested the Foundation Board move quickly on the hire so the new Executive Director would be on board prior to the end of school. vi. Barbara McColm made the report of Interim Exec. Director Ellen Ray who was working with Volunteers on Gallery Night. Gallery Night event to be held Feb 2 was on target to reach goal of$100,000 net;250 raffle tickets had been sold;Bailey Banks and Biddle event for Tuesday Feb 6 was going well. Encouraged all to RSVP their attendance 11:05—Doug Lawson and Barbara McColm excused themselves. Mayor Scott Bradley joined meeting. VL Executive Director Position A. Executive Director requirements as well as salary was discussed. The question of whether or not the hotel/motel tax could aid in the Executive Director's compensation was asked. Rick asked Mayor Scott Bradley if that was a possibility and the Mayor said it would depend on the amount of time spent on the Art and Science building. It was agreed that further investigation was needed. VII. Financials A. Financials were reviewed. No motion was taken. VIII. Board of Aldermen A. Rick Rennhack shared with the Mayor that Bill Greenwood had agreed to act as liaison between the foundation and the Board of Alderman. Rick thanked Bill for his cooperation. B. Rick Rennhack presented a letter to the Mayor thanking the Board of Alderman for the Joint Workshop Meeting and approving the Mission Statement. IX. HOC Gift A. Rick Rennhack acknowledged the gift from the HOC of$10,000 to cover the shortfall in the Blacksmith Apprentice Program. Rick expressed gratitude to Ange Bumgarner for the HOC's generous and thoughtful contribution. X. Westlake Academy Brochures A. Ange Bumgarner asked if the 30 available brochures on Westlake Academy should be disbursed to visitors who participate in school tours. She is currently only giving them to realtors or potential residents. It was decided that she should continue to disburse them as needed and more could be printed when necessary. XL Meeting was adjourned. XIL Next meeting is March 2nd at 8:30 a.m.in the Westlake Town-side Conference Room.