Saturday, 29 September 2007
President David Campbell called the Board to order with Jim Long giving the Invocation. The Minutes from the Las Vegas Foundation Board Meeting on 16-17 October 2006 had been distributed and were accepted by the Board. Reports of the Executive Officers were given and accepted.
The annual budget was discussed and approved as presented by the Budget & Finance Committee (Treasurer William Kort).
The Board then went over the progress of their assets with Frank Buchholz of the Bank of America, who reviewed all their investments and suggested future trends and pitfalls. This was included in the Treasurer's Report.
After the Awards Luncheon, Board then discussed other business as receiving the report from the Academy President, the Constitution and Bylaws Committee report, the Public Relations Committee, the Disaster Fund Committee, and the Special Order of Business concerning the legal relationship between the Academy and the Foundation.
Dr. Larry Barrett's Fund-Raising Program and its initial success was discussed. Dr. Barrett will initiate another round of appeals from different perspectives. He also was collecting donations for the Shira Fellowship Awards.
They then agreed to accept corporate donations from other than PFA members.
The issue of succession to and off the Foundation Board was discussed and resolved. Dr. Min Horiuchi was the oldest serving Trustee and would go off the Board. Drs. Scott Welch has been ill and Nicolas Saccone has an injury, making it impossible to travel. Oncoming Trustee William Winspear wished to serve only for one year and then go off the Board. Past PFA President Ray Klein has been considering serving if asked since he is finished with serving as ACD President.
Michael Perpich presented a Web site report.
The Board voted to suspend the Interim Meeting as they had no urgent business to transact.
Grants Chair Gary Lowder then presented the Grant Applications for review. There were some 46 from some 28 States or countries covering some 22 pages of review. It was a long afternoon.
Foundation Fund-Raising Imperative
Foundation Vice President C.F. Larry Barrett, Chairman of the Fund-Raising Committee, expressed his concerns over the need for the Foundation to generate revenue to stay ahead of the inflationary loss of the existing funds, compensate for the lower earned revenue from the corpus, and to avoid IRS tax penalties. "I believe that many of our Fellows think that we are undertaking a one-shot request for funds to bridge an imaginary time period. We are not doing that particularly. We are trying to develop a basis of ongoing revenue/income for the future as well. In introducing the various means to do this, it appears we are taking a shotgun approach to gathering funds. That is not our purpose. We have asked for some immediate assistance to catch up on the needed money gathering, and for your generosity in that we thank you all who have helped. But the remainder of the Fund-Raising Program is to build a foundation for future income to support the Foundation over time.