August 10th, 2000 Minutes

Call to order at 3:12pm

Members Present- Tim DeGhelder, Barb Mittelbuscher, Bill Zollmann, and Bob Houck.

Public Comments- none

Financial Report- Bob Houck gave financial report on Foundation Investments.

Bob mentioned audit could be done at the same time the district has their audit.

Welcome new board member Bill Zollmann.

Old Business-

Investment Policy- Bill Armstrong from Firstar gave a presentation to the board on management of portfolio for the foundation. He passed out information and suggested the foundation start with a strong mutual fund plan.

Motion by Barb Mittelbuscher to accept Firstar as account manager-

Second Tim DeGhelder

Abstention Bill Zollmann

Motion Passed

Motion by Bill Zollmann to accept Firstar Portfolio Model II . Annual fees to be based on one percent of the account balance with no charges for transactions.

Second Barb Mittelbuscher

Motion Passed

Motion by Barb Mittelbuscher that Firstar give two formal presentations per year on financial portfolio.

Second by Bill Zollmann

Motion Passed

Motion by Barb Mittelbuscher to transfer funds from Schwabb account to Firstar.

Second by Bill Zollmann

Motion Passed

Motion by Barb Mittelbuscher to transfer funds to pay Thompson Printing $421.00

Second by Bill Zollmann

Motion Passed

Motion by Bill Zollmann to adopt and administer the Jane K Householder scholarship fund. The foundation will match funds up to $5000.00.

Second by Barb Mittelbuscher

Motion Passed

Note of Discussion- Bill Zollmann would like information about the foundation given to lawyers who do estate planning. Plans to be discussed at a later date.

Motion by Barb Mittelbuscher to adjourn meeting at 4:45pm

Second by Bill Zollmann

Motion Passed

Next meeting set for October 12^th at 3:00pm.