Annual Meeting

July 17th, 2003 Minutes

Foundation Minutes- Board Meeting

Call to order- 3:34PM

Roll call- Lorna Frahm, Tim DeGhelder, Warlene Reed, Mark Rudolph, Jim Ottomeyer, Joe Krebs, Bob Houck, Carl Sandstedt, Bill Zollmann

Special Report- Kent Reynolds, Midwest BankCentre

Outlined organization serving needs of the foundation.  Gave information on the following: asset allocation, monthly reports, semi-annual meeting, actions pertaining to our investment policy.  Also noted that our report formats can be changed.

Motion by Bill Zollmann to accept minutes from May 15th, 2003  with amended to add Bill Zollmann in attendance.

Second Mark Rudolph

Motion Passed

Public comments- none

Financial Report given by Bob Houck  

Bob thanked Kent Reynolds, Midwest BankCentre for coming.

Bob circulated balance sheet.  Bob Houck supplied all information related to investments summary dated 07/17/2003.   Bob also gave information on all Foundation investments.  Noted we are keeping within our investment policy. 

Motion by Mark Rudolph to accept financial report

Second Bill Zollmann

Motion Passed

Comments from the Foundation Board- 

Nice to welcome Joe Krebs to the board.

Staff Liaison's report- 

NPC management change to help get organized.  New group set to lease building.

Wing Haven running three weeks behind.

Library taxes will be dropping back 1 or 2 cents because of growth.

63/20 Corp will possibly acquire building so funding will be available for MK expansion.

MK expansion to be delayed until Spencer widening is complete.

Director's report- Carl Sandstedt

See Staff Liasion

Old Business-

None- First Meeting of Fiscal Year 2004

New  Business-

Householder Scholarships

Motion by Mark Rudolph to allocate up to $1000 for Jane Householder scholarships for the FY04.

Second by Bill Zollmann

Motion passed

New Business-

Financial Report for FY03 (unaudited)

It is noted that the members in attendance have viewed an unofficail copy of the financial records for FY03. 

New Business

Appointment of Scholwalter and Jabouri as auditors-

Motion made by Jim Ottomeyer to continue appointment of Scholwalter and Jabouri ans independent auditors of Foundation Accounts and authorization to Bob Houck to sign contracts.

Second by Mark Rudolph

Motion Passed

New Business expansion of board

Motion made to Mark Rudolph to expand board to accept

Joe Krebs and Stuart Lercher.  Both appointments to expire in 2006.

Second by Warlene Reed.

Motion Passed.

Officer for FY04

Bob Houck passed out potential office board positions for FY04.

Motion made by Jim Ottmeyer for the following positions in FY04-

President- Lorna Frahm

Vice President- Bill Zollmann

Treasurer- Jim Ottomeyer

Secretary- Tim De Ghelder

Second- Bill Zollmann

Motion Passed

New Business

Staff Training Day

Motion made by Bill Zollmann for the Foundation to give $100 toward sponsorship of staff training day in September 2003.

Second Jim Ottomeyer

Motion Passed

Motion made by Warlene Reed to adjourn at 4:27pm

Second  Tim De Ghelder

Meeting Adjourned 

Next Meeting set for September 18th at 3:30pm in Foundation Meeting Room. (Administration Building)