Meeting of the Board of Directors
February 14, 2009

The 175th meeting of the Board of Directors of the Capital District Kiwanis Foundation was held on February 14, 2009 at the Fredericksburg Hospitality House, Fredericksburg, Virginia. President Joe Maranto called the meeting to order at 10:00 AM. Bob Cressy led the Pledge of Allegiance and H.L.Marks gave the Invocation.
Introduction of Guests: President Maranto introduced Millie Kreimelmeyer, Lt. Governor of Division 22.

Roll Call indicated the following were in attendance:

Joe Maranto H.L Marks Hank Brodsky
Charles Adams Marion Allen Tom Ganse
Bernice Oden Roger Diehl David Blanch
Stan Miller Jim O'Connel Warren Kane
Harry Kreimelmeyer    

Minutes of the November 8, 2008 meeting- Motion to approve the minutes were made by H. L. Marks. Second by Jim O’Connell. Motion passed.
Treasurer’s Report- presented by Marion Allen, II- Copies of the Treasurer’s report were distributed to the Board and it is made a permanent part of the minutes.  The $2 per Member Annual Gift List was presented to the Board. It as recommended that checks should be given to the Division Trustees to keep track of division participation and then sent to Treasurer Allen. Total current assets are $71,438.52. Investments (at market) are $508,006.64. Current Liabilities are $29,153.08. Net Assets are $550,292.08. Therefore, Total Liabilities and Net Assets are $579,445.16. Expenses are $3,849.06. Therefore, Excess of Revenue, Gains over expenses is $21, 405. A motion to approve the Treasurer’s report was made by Bernice Oden, seconded by Warren Kane Motion passed.

Committee Reports

Finance Committee- Stan Miller reported that 2 Cds are due in Mid-March and the Finance Committee recommends that they be rolled over for 2 years at 1.7% Laddering has more coming due in 2009 and 2010. We have collected $6500 for the $2/ member Annual Gift. We should be at twice that by now. Trustees are needed in Division 8 and 10 to work in these areas to get contributions in. A motion was made by Stan Miller to accept the recommendation on the CDs, seconded by Harry Kreimelmeyer. Motion passed. Bob Cressy reported that we have a crisis of credit. Our investment policy has 46% in fixed income including 8 fixed FDIC CDs. 12-15 mutual funds we hold are being added to. Managers of the funds are finding values well rated by Morning Star on the mutual funds. Companies are paying high dividends. We have a value oriented portfolio.
Life Memberships- Secretary Adams reported 10 new life members since the last meeting. H.L. Marks made a motion that the Foundation gives a Life membership to Sandy Simmons for contributing the printing of the Ducky Derby tickets. Seconded by Jim O’Connell. Motion passed.
Caring Corner- Joe Maranto reported we made $899 at the Caring Corner at the DCON in Richmond. We need to have more items contributed that are handmade, quality items.
Ducky Derby- H.L. Marks reported that Joe put together the Ducky Derby packets for the August Convention. He is asking every trustee to be responsible for a $50 prize or donation. We need to distribute 3 tickets per member. They should be sent to Club Presidents in May-June. Help will be need in Dover at the 2009 DCON.
Teenager of the Year- Roger Diehl stated that he had a favorable response to increasing the prize to $2000. He is starting to get feedback at this time. Documents are sent to the Lt. Governors and we are looking for a good turn out this year. It does not have to be a Key Club member.
Founder’s Society- Charlie Duke of the Loch Raven Club in Division12 was presented the Founder’s Society Award. He has been a Kiwanian for 35 years and it was reported that he does everything for his club. We currently have around $100,000 in the Founder’s Society
New Business
Grants Committee- David Blanch reported that the committee recommends funding the grant request from the CKI Club at Virginia Tech and the Christiansburg Kiwanis Club for the Children’s Play Area for the park there. We want a permanent sign at the park recognizing the Foundation for its contribution. A motion was made by H. L. Marks and seconded by Jim O’Connell that we donate the $5000 that was requested. The motion passed. Dave Blanche also recommended that we increase grant funding for next year’s budget.
District Dinner at the KI Convention in Nashville- The Foundation declined the opportunity to serve as hosts for the District dinner as a fund raiser.
Adjournment-There being no further business to be brought before the Board, a motion was made by Warren Kane to adjourn the meeting. Second by H. L. Marks. Motion passed.
The next meeting will be on May 9, 2009 at 10:00 AM in the Patrick Henry Room of the Fredericksburg Hospitality House.

Respectfully submitted,
Charles P. Adams
Executive Secretary
Capital District Kiwanis Foundation