Meeting of the Board of Directors
August 12, 2017

The 209th Meeting of the Board of Directors of the Capital District Kiwanis Foundation was held on August 12, 2017 at the Fredericksburg Hospitality House Hotel and Conference Center. President Gary opened the meeting at 10:00 AM. Nancy Simonelli led the Pledge of Allegiance. Mike Dasovich gave the invocation.

Introduction of Guests- John Morris, Governor-Elect, Robin Marks-Dover President, Bob Kauffman, John Westerfelt, Jeff Dotson and Nancy Cressy.

Roll call –Charles Adams– 20 Board members present.

The following members were in attendance:

Charles Adams Gary Boswell Nancy Simonelli
Don Dudey Mike Dasovich Charles Marks
David Lurie Kelly Boswell Tom Varner
Ed Daley Ken Smith Dennis Grubbs
Jon Rife Sue Vona Hiawatha Nicely
John Myers David Heppner Tim Wesling
Jim VanHoozier Francis Sturdavant  

Approval of agenda – Motion to accept the agenda as amended was made by David Heppner. 2nd by Sue Vona. Motion passed.

Minutes of the March 17, 2017 meeting – Minutes were emailed to board members. Motion to accept the minutes as circulated was made by Sue Vona. 2nd by Ken Smith. Motion passed.

Treasurer report: Tim Wesling emailed the Treasurer’s report to the board members. A motion to accept the report was made by John Myers. Seconded by Ed Daley. Motion passed.

Life Membership – Charles Adams reported 7 new life members since the last meeting.

Caring Corner - Nancy Simonelli reported that 42 baskets were donated raising 1710.Bernice Oden will be in charge of the baskets for this year.

Ducky Derby – Charles Marks reported that we have sold 2764 Ducky Derby Certificates raising $9660. Thanks to Melinda Dalton and her daughter Jamie who were a tremendous help to Charles in running the Ducky Derby. Charles indicated that we need a table skirt or banner with a new DD logo- the current logo is dated. Also looking at revising the DD certificates.

CDKF Shirt Sales – Mike Dasovich sold shirts at the DCON making approximately $2,200.

CDKF License Plate Frames- Nancy Simonelli reported we made $910 and have 250 frames left to sell.

Founder’s Society- Bob Cressy reported that the Founder’s Society was established to support the SLP’s. It has raised $112,000 over time . %0 % goes to the operating fund and 50% to the Investment fund.

Finance Committee Report- Gary Boswell reported that the committee voted on recommendations of dealing with cash in coffers and CD’s coming due. – Reinvest in 90 day CD’s –total of $200,000. Motion to accept by Jim VanHoozier. Second by Ken Smith. Motion passed.

Financial Advisor’s Report- Bob Cressy reported that we have 60% investment, 40% fixed income- CD’s. All $200,000 can be rechanneled in to new investments by the new financial advisor. The markets have been rolling. The August 10th DOW was 21,883.
CDKF has $896,000 in Equity funds and $285,000 in cash which includes the Kopeland Fund $13,100.

New. Business
            Investment Management Report- John Myers reported that the Investment policy will be revised over the next 30 days for a vote at the November meeting. The selection of a new financial investment firm will be voted on also at the November meeting.

            Nominating Committee- The Vice President nomination was for Andrew Wong. Tim Wesling was recommended to serve another year as Treasurer and Charles Adams as Executive Secretary to serve another year. Motion to accept by Sue Vona, second by Ed Daley. Motion passed.

            Key Leader-Bill Hand asked if CDKF had any funds for Key Leader. The proposal on August 1st by Bill Hand was for $5250 to $7,000: $75 to $100 per student for 70 students. The proposed budget for 2017-2018 allows for $5,000. A motion was made by Nancy Simonelli for $5,000 for Key leader. Second by David Heppner. Motion passed. The student would pay 1/3 of the cost to attend Key Leader, the Kiwanis Club 1/3 and the Key Club 1/3. Tom Varner stated we need a structure for where the money comes from. Key Club has the funds, but Clubs may not.

            CKI Budget- CKI Governor Morgan Massa asked for $10,000 for the 2017-2018 year. The motion was made by Charles Adams to give the CKI $10,000 Second by David Heppner. Motion passed.

            Committees for 2017-2018- A motion to approve the committees as amended was made by Ed Daley, seconded by Dennis Grubbs. Motion passed.

            CDKF Budget for 2017-2018- The budget was presented by Nancy Simonelli and will be voted on at the November meeting.

There being no further business, Charles Adams made a motion to adjourn. Second by Sue Vona. President Boswell adjourned the meeting. The next Board meeting will be on November 11, 2017 at the Fredericksburg Hospitality House and Conference Center.

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