Meeting of the Board of Directors
November 9, 2013

The 194th meeting of the Board of Directors of the Capital District Kiwanis Foundation was held on Saturday,
November 9, 2013 at the Fredericksburg Hospitality House.

President Roy Sheets opened the meeting at 10:00AM. Gary Boswell led the Pledge of Allegiance and Nancy Simonelli gave the invocation. President Sheets introduced David Diesselhorst, 2014 Convention Chair, Past Governor Jeff Wolff and Lt. Governor Kelly Boswell as our guest.

The following members were in attendance:

Roy Sheets Marion Allen Charles Adams
Carolyn Richar Scott Zimmerman Tom Varner
Gary Boswell Tom Fallon Ken Hogan
Joe Maranto Dennis Grubbs Bob Cassada
Nancy Bowden Floyd Brown Nancy Simonelli
Jon Rife    

Minutes of the August 16, 2013 Meeting: Motion to approve the minutes as circulated was made by Floyd Brown and seconded by Gary Boswell. Motion passed.

Treasurer Report: Marion Allen presented the Treasurer’s report which was circulated to the Board. The Foundation has $12,000 in cash and cash on hand. Investments at market are $754,599.61. Accounts payable are $30,470. Total liabilities and net assets are $768,032.37. Unrealized gain on investments is $55,253.03. Permanently restricted gifts are $4,400. Net assets are at $737,562.37. The total cash balance in the investment account is $754,599.61. The complete treasurer’s report is made a permanent part of the minutes. Jon Rife moved to receive the report. Second by Ken Hogan. Motion passed.

Life Membership: Secretary Charles Adams reported that we have 43 new life members since the last meeting.

Caring Corner: Chair Floyd Brown recommended that we purchase items to resell.. He will contact Ron Reynolda to see what was left from the Williamsburg DCON. A motion was made by Carolyn RIchar that we have baskets from each division for Silent Auction. Second by Gary Boswell. Motion passed. Nancy Simonelli recommended getting and selling cookbooks. Floyd Brown will send a letter to all directors asking for quality donations.

Ducky Derby: Bob Cassada reported that we netted $9,800 this year. Last year was $11,000. He asked shal we do the Ducky Derby again and recommended we do so. Supplement CDKF cash prizes with prizes of $50 value from each director. A motion was made by bob Cassada to continue the Ducky Derby as in the past. Second by Ken Hogan. Motion passed. Remind all participants that ifadoption certificates are not legible and complete, they will be discarded.

Founder’s Society- Bernice Oden was not present for a report. Bob Cressy said there have been no purchases this year and one last year.

Finance Committee – Gary Boswell reported that there were no investments up for renewal.

Financial Advisor’s Report – Bob Cressy reported that we have 40% fixed income (Cash, bonds and CDs) guaranteed by FDIC and 60% equities (market risk). Markets have been doing very well on the equity side. 9 of our mutual funds are outperforming the indexes against which they are measured. $13,000 of dividend income is reinvested back in mutual funds. CDKF has $550, 000 in mutual funds and $220,000 in Cds. Total Assets of $752,000.

To view the Financials Advisor's comments about the market Nov. 2013, click here.

New Business

CDKF Budget for 2013-2014-
A motion was made by Carolyn Richar to increase club giving to $3 per member to have $3000 for grants. Second by Jon Rife. Vote was 8 yea and & 7 nays. Motion passed. A motion was made by Jon Rife to take $1,179 from the Copeland Fund for other income to balance the budget. Second by Carolyn Richar. After further discussion, the motion and second were withdrawn. A motion to approve the budget as amended was made by Charlie Adams. Second by Bob Cassada. Motion Passed.

DCON Fundraiser- David Diesselhorst, 2014 DCON Chair, reported more money is being asked from people and there are space limitations. He will communicate with the CC committee to come up with the best fundraiser. If we want CDKF to have a fundraiser, a casino Night is a recommendation.

Policy Statements- Policy section 5a(1) does not show Secretary and treasurer. Jon Rife made amotion to strike that policy statement. Second by Gary Boswell Motion passed.

Budget and Financial Statements- Tom Fallon suggested that the budget and financial statements be sent out in advance of the board meetings.

President’s Comments: Roy Sheets reinforced the requirements and duties of the Directors in the Pledge form that they sign.

There being no further business to come before the Board, a motin to adjourn was made by Charlie Adams, Seconded by bob Cassada. Motion passed. President sheets adjourned the meeting. The next Board meeting will be on February 8, 2014 at the Fredericksburg Hospitality House at 10:00 AM in the Patrick Henry Room.

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