CAPITAL DISTRICT KIWANIS FOUNDATION, INC.
Meeting of the Board of Directors
March 17, 2017

The 208th Meeting of the Board of Directors of the Capital District Kiwanis Foundation was held on March 17, 2017 at the Sheraton Inner Harbor Hotel, Baltimore MD in the Camden Room.

President Gary Boswell opened the meeting at 2:00 PM.
Nancy Simonelli led the Pledge of Allegiance.
Gary Boswell gave the invocation.

Introduction of Guests – John Morris, Past District Trustee and Past Trustee Jerry Peuler.

Roll call – Charlie Adams – 18 Board members in attendance.

The following members were in attendance:

Charles Adams Gary Boswell Nancy Simonelli
Bernice Oden Roger Diehl Charles Marks
David Lurie Kelly Boswell Tom Varner
Ed Daley Andrew Wong Dennis Grubbs
Jon Rife Sue Vona Hiawatha Nicely
John Myers David Heppner Tim Wesling

Approval of agenda – Motion to accept the agenda as presented was made by David Heppner. 2nd by Roger Diehl. Motion passed.

Minutes of the February 11, 2017 meeting – Minutes were emailed to board members. Motion to accept the minutes as circulated was made by Sue Vona. 2nd by Charles Marks. Motion passed.

Treasurer report: Tim Wesling emailed the Treasurer’s report to the board members. A motion to accept the report was made by Sue Vona. Seconded by Dave Heppner. Motion passed.

ASSETS
Current Assets
Checking/Savings
Bank of America 81,095.21
Total Checking/Savings 81,095.21
Total Current Assets 81,095.21
Other Assets
Lombard Sec 399
Certificates of Deposit
Discover Bank CD 0.8%, 11/22/17
Change in Value 49,966.60
Total Discover Bank CD 0.8%, 11/22/17 49,966.60
Bank of China NYC 0.8%, 8/3/17
Change in Value 25,006.75
Total Bank of China NYC 0.8%, 8/3/17 25,006.75
Cap One 0.9%, 2/13/17
Change in Value 75,013.50
Total Cap One 0.9%, 2/13/17 75,013.50
Bank China NYC, 0.5%, 5/20/16
Change in Value -25,002.50
Bank China NYC, 0.5%, 5/20/16 - Other 25,002.50
Total Bank China NYC, 0.5%, 5/20/16 0.00
Discover Bank CD, 0.3%, 6/4/15
Change in Value -75,002.50
Discover Bank CD, 0.3%, 6/4/15 - Other 75,002.50
Total Discover Bank CD, 0.3%, 6/4/15 0.00
Everbank CD, 0.3%, 3/27/15
Change in Value -25,002.50
Everbank CD, 0.3%, 3/27/15 - Other 25,002.50
Total Everbank CD, 0.3%, 3/27/15 0.00
G Sachs CD, 0.3%, 6/18/15
Change in Value -50,031.90
G Sachs CD, 0.3%, 6/18/15 - Other 50,031.90
Total G Sachs CD, 0.3%, 6/18/15 0.00
G Sachs CD, 0.45%, 12/31/15
Change in Value -50,036.80
G Sachs CD, 0.45%, 12/31/15 - Other 50,036.80
Total G Sachs CD, 0.45%, 12/31/15 0.00
Total Certificates of Deposit 149,986.85
Equities
Nuveen Dividend (NZF)
Change in Value 2,884.93
Nuveen Dividend (NZF) - Other 33,452.86
Total Nuveen Dividend (NZF) 36,337.79
Total Equities 36,337.79
Mutual Funds
AF Cap Income Builder (CAIBX)
Change in Value 3,437.01
AF Cap Income Builder (CAIBX) - Other 99,177.44
Total AF Cap Income Builder (CAIBX) 102,614.45
4:43 PM CDKF
03/10/17 Balance Sheet
Accrual Basis As of March 10, 2017
Page 1
Mar 10, 17
Allianz NFJ Div Value (PNEAX)
Change in Value 23,663.57
Allianz NFJ Div Value (PNEAX) - Other 72,554.98
Total Allianz NFJ Div Value (PNEAX) 96,218.55
Capital World G&I (CWGIX)
Change in Value 11,194.59
Capital World G&I (CWGIX) - Other 67,728.24
Total Capital World G&I (CWGIX) 78,922.83
Inc Fund of America (AMECX)
Change in Value 11,704.18
Inc Fund of America (AMECX) - Other 40,665.05
Total Inc Fund of America (AMECX) 52,369.23
International G&I (IGAAX)
Change in Value -240.78
International G&I (IGAAX) - Other 32,422.78
Total International G&I (IGAAX) 32,182.00
JPM Mid Cap (JCMAX)
Change in Value 8,757.68
JPM Mid Cap (JCMAX) - Other 18,500.47
Total JPM Mid Cap (JCMAX) 27,258.15
New Perspective (ANWPX)
Change in Value 17,536.35
New Perspective (ANWPX) - Other 63,316.43
Total New Perspective (ANWPX) 80,852.78
PIMCO Total Return (PTTAX)
Change in Value -2,062.13
PIMCO Total Return (PTTAX) - Other 31,342.52
Total PIMCO Total Return (PTTAX) 29,280.39
Small Cap World (SMCWX)
Change in Value 23,008.95
Small Cap World (SMCWX) - Other 79,504.37
Total Small Cap World (SMCWX) 102,513.32
Total Mutual Funds 602,211.70
Bank Savings 53,141.52
Total Lombard Sec 399 841,677.86
Lombard Sec 767
Certificates of Deposit 767
Discover CD 0.8%, 11/22/17
Change in Value 12,978.72
Total Discover CD 0.8%, 11/22/17 12,978.72
China Bank CD, 0.65%, 8/20/15
Change in Value -13,009.91
China Bank CD, 0.65%, 8/20/15 - Other 13,009.91
Total China Bank CD, 0.65%, 8/20/15 0.00
Total Certificates of Deposit 767 12,978.72
Bank Savings 477.22
Total Lombard Sec 767 13,455.94
Total Other Assets 855,133.80
TOTAL ASSETS 936,229.01
4:43 PM CDKF
03/10/17 Balance Sheet
Accrual Basis As of March 10, 2017
Page 2
Mar 10, 17
LIABILITIES & EQUITY
Equity
Opening Balance Equity 66,476.25
Perm. Restricted Net Assets
Chuck Kopeland MYF 12,993.94
Founders Society 115,287.00
Life Memberships 286,635.00
Memorials 64,502.00
Tablet of Honor 71,641.00
Total Perm. Restricted Net Assets 551,058.94
Temp. Restricted Net Assets
Chuck Kopeland MYF 307.65
Ellis Stroup Scholarships 1,000.00
Emergency Fund 3,498.00
Other Gifts Trust Fund 2,214.36
Total Temp. Restricted Net Assets 7,020.01
Unrestricted Net Assets 295,567.40
Net Income 16,106.41
Total Equity 936,229.01
TOTAL LIABILITIES & EQUITY 936,229.01
4:43 PM CDKF
03/10/17 Balance Sheet
Accrual Basis As of March 10, 2017
Page 3

Life Membership – Charles Adams reported 6 new life members since the last meeting.

Caring Corner - Nancy Simonelli reported that 28 baskets have been donated. CDKF License Plate frames sell at $10 each. They will be available at the Caring Corner.

Ducky Derby – Charles Marks reported that we have currently taken in $3985. 12 gift cards have been received as additional prizes.

Founder’s Society- No Report

Finance Committee Report- Gary Boswell reported that Bob Cressy sent out his report to the finance committee. Capital markets are very strong- Dow, S&P and Nasdaq doing very well. Mutual Funds are very strong for the last 12 months.
Decision by the committee to sell Pimco because of lack of performance- put into. cash position
And hold until decision is made as how to reinvest. 2 Cd’s matured in January and February for a total of $125,000- purchase short term for 6 months. $13,000 derived from mutual funds and CD’s. Motion passed to approve committee report.

New Business

Investment management- David Heppner, John Myers, Tim Wesling
John Myers stated that 20% of money in cash and we don’t give enough-50% required-$40-$45,000 a year. David Heppner stated that the Capital District has a very good investment policy that will be adopted for the CDKF. Prior to the August Board meeting, the names of companies to be the investment advisor will be sent to the board.

Grant Requests- David Lurie reported that there were 4 grant requests submitted.
1. Clinch River- Teen Venture program for after school at risk kids. In conjunction with the Boy Scouts. Requesting $2,000 to defer cost of membership dues. Club very active with this group and will match grant funding. The Grant Committee recommends $500 for this program.
2. Clinch River- Local Back Pack program. Requesting $2,000. 231 students to receive food on weekends. The Grant Committee recommends $2,000 for this program.
3. Suburban Frederick- Requesting $500 for the Bike Rodeo. Kiwanis purchases used bikes to give to kids in the area. The club will match the grant. The Grant Committee recommends $500 for this program.
4. Shenandoah Valley Club- Requesting $5000 to get a new vehicle for transportation for the Child Care Center. The club has worked with the center for a number of years. The Grant Committee recommended no funds at this time.

A motion was made by Hi Nicely to accept the recommendations of the grant committee. Second by Ed Daley. Motion passed

Nominating Committee- Gary Boswell reported the following slate of Officers:
Nancy Simonelli- President
Mike Dasovich- President-Elect
Vice President- To be determined

President’s Items
Photographs of the board are needed for the website.
Need to update the website and even though John Fox has volunteered to continue as webmaster, we might want to have someone from the board serve as CDKF webmaster.

Ellis Stroup Scholarship- $10,000 was donated by the Ellis Stroup estate. In addition, $15,000 from the District Board. Invest to keep the scholarship in perpetuity. Give $1,000 each year to a deserving individual to attend college or university. The foundation will decide criteria to award scholarship. Moved by David Heppner to take $10,000 for the estate donation and $15, 000 from the district plus $1,000 still in the Ellis Stroup Scholarship fund to make $26,000 available for next administration. Seconded by Ed Daley. Motion passed.

There being no further business, the meeting was adjourned. The next Board meeting will be on August 12, 2017 at the Fredericksburg Hospitality House and Conference Center.

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