OSURA BOARD MEETING MINUTES
Cascade Hall Conference Room
Friday, April 5, 2012
Present: John Block, Sue Borden, Carol Kronstad, Jim Krueger, Tom McClintock, Gerry Olson (recorder),
Helen Polensek, Susan Poole, Mary Ann Roberts, Kate Sanders, Tom Savage, Terri Tower (presiding)
Absent: Gideon Alegado, David Chilcote, Carroll DeKock, Caitlin Flynn, Erin Haynes
Special Guest: Jennifer Milburn, OSU Foundation
Jennifer Milburn thanked OSURA for the work it does. She noted that Scholarship Endowment funds are very
carefully invested, and generally do better than market indices. The average annual return has been 8 percent.
Endowments require a minimum of $25,000, with 4.5% distributed annually, and a1.5% management fee. Any
remaining earnings accrue to the principal. The first payout occurs after one year. The payout of a Scholarship
Endowment account must be used for Scholarships.
The endowment is a permanent gift to the foundation, and it exists forever. OSURA would set up a gift
agreement, detailing the use of the endowment fund. Thus, OSURA can specify that the funds be used only for
student in programs related to gerontology and healthy aging. Race and gender cannot be delineated in the
agreement. This is a living document, so it can be changed in the future. The president and treasurer or president
elect of OSURA would generally sign this agreement. If OSURA ceases to exist, the Foundation Board will select
a group to administer the account, as closely as possible, in accordance with the language specified by OSURA.
The advantages of the Scholarship Endowment include a fund which continues to exist going forward, and
professional management of the funds. The OSU Foundation is a private 501-c-3 entity which exists to serve the
interests of Oregon State University. Contributions specified by the donor for the Scholarship Endowment and
made directly to the Foundation are tax deductible for the donor, but incur a one-time 5% management fee.
Contributions to OSURA are not tax deductible. However, funds can be transferred from the OSURA Foundation
Account to the Scholarship Endowment without incurring a management fee. A disadvantage could be poor
market performance over time, yielding low earnings. Generally the foundation will not dip into the principal to
pay out – preferring payout to come from earnings. However, it may be possible to use principal.
OSURA can decide how the payout is allocated to scholarships, and can augment it with funds from other sources
for its scholarships. Account transfers can be set up to facilitate this process.
Jennifer Milburn report that she could draft a gift agreement in about one week, but the Board would then need to
approve the language. The deadline to aim for is June 30th. Jim Krueger expressed the board’s appreciation to
Jennifer and the Foundation for support of our activities.
Minutes of the March 2 Board Meeting - Changes to the distributed minutes were: an addition to Old Business,
# 8 – “John Block was unable to attend” ( the Scholarship Endowment Sub-committee meeting on April 6), and a
change to New Business, # 1 - Terri Tower (not Susan Poole) asked that names for the volunteer Award be send
to Sue Borden (not Susan Poole). John Block moved the minutes be approved as corrected. Tom McClintock
seconded the motion and it carried.
Treasurer’s Report - Terri Tower noted balances in each account as of March 30th: $3,060.66 in the State Funds
account, and $36,347.08 in the Foundation account.
OLD BUSINESS
(1) Nominations Committee Report - Susan Poole, chair of the Nominations Committee which included Carol
Kronstad, Jim Krueger, and Dave Chilcote, gave the following report for Board members to be elected at the
annual meeting for a three year term ending 2014-15: Roy Arnold, Cheryl Lyons, Gordon Reistad, and Tony Van
Vliet. Tom McClintock seconded the report, and the motion carried.
The Committee nominated the following for OSURA Board Officers: President: Jim Krueger; President Elect:
Tom Savage; Past President: Terri Tower; Secretary: Gerry Olson; Treasurer: Carroll DeKock. Sue Borden
seconded the nomination, and the motion carried.
Current Board members and terms include: 2011-12: Terri Tower (2nd term), Susan Poole (end), John Block
(end), Erin Haynes (end), Gideon Alegado (end), Helen Polensek (2nd term). For 2012-13: Gerry Olson (1st),
Carroll DeKock (1st), Tom McClintock (1st), Tom Savage (1st), Mary Ann Roberts (1st). For 2013-14: Jim
Krueger (2nd), Carol Kronstad (2nd), Sue Borden (1st), Dave Chilcote (1st).
(2) Scholarship Endowment Discussion/Vote – A scholarship endowment has had strong support from past
presidents and Boards of OSURA over time, as well as from current Board members. Terri Tower noted that a
quorum of the Board was present and required for voting on this issue. Jim Krueger moved that OSURA make a
permanent gift of $25,000 to the OSU Foundation to establish a scholarship endowment. Susan Poole seconded
the motion and it carried. The need for a policy document was recognized as a way to inform future boards about
endowment procedures.
(3) OSURA sponsored speaker - Terri Tower noted that we have $2,000 in our budget that could be used to
bring a speaker to campus. The speaker suggested at the last meeting was Judith Horstman, author of a series of
articles on Healthy Aging Brain, Healthy Aging. Terri investigated further with the author, and found that her
book will be released in late May or early June. She would not be available to come before then. She is interested
in doing something with academics, perhaps “writing on scientific topics”, but timing for this spring is not good
for faculty. Many possibilities for collaboration were identified, including OSURA Member Services, Linus
Pauling Research Center, The Center for Healthy Aging Research, and the Department of Nutrition and Exercise
Sport Sciences. Her fee for speaking is $2,000, but that could be negotiated. Related expenses and fees for
putting on such a program were also discussed. This activity was seen as having good payoff for OSURA and
membership.
Board members agreed that it is too late to bring a speaker for this year, but that a late October date would give
time for publicity and developing multiple sponsorships. This year’s funds can be used to buy supplies in
advance, and support the work of University Events.
(4) Annual Meeting Planning - Terri Tower distributed a proposed agenda for the May 9 Annual Meeting. She
also asked to put the announcement of the Scholarship Endowment in the Newsletter. The Endowment
announcement would become part of our “10th Anniversary recognition.” One change on the agenda was to list
both Tom Savage and Jean Peters for Scholarship presentations. A power point presentation for the Anniversary
and Endowment section was suggested, and will be considered. Terri Tower, Tom Savage and Jim Krueger
volunteered to pull this together. Invitations will go out to members next week.
(5) Scholarship Award Selections - John Block distributed the Scholarship Committee Report, recommending
five top students be awarded $1,000 each. The Board accepted the Report.
Tom Savage is working on a revision to the Scholarship Application form, and it will be on the May agenda.
(6) Volunteer of the Year Nominations/Selection Names of two OSURA volunteers were submitted for
OSURA’s Volunteer of the Year Award. John Block moved we approve the selection, and Tom McClintock
seconded the motion. It carried. They will be announced at the Annual Meeting
COMMITTEE REPORTS
* Membership - No report.
* Communication/Newsletter - Terri Tower noted that all information will be submitted to Kate Sanders by
Monday, April 9, and it will be mailed on schedule, before the Annual Meeting.
* Member Services - The Pre-retirement workshop is being held in early May.
*Program - Helen Polensek noted that 36 people have signed up for the Evergreen Tour. Thus, we will secure
the bigger bus, which holds 47. The cost for this bus is $715. The Theater Event, Sugar Wife attracted 20 people.
* Golf - Carol Kronstad reported that the 1st committee meeting is April 19 in the East Room of the Foundation.
President Elect Jim Krueger will attend.
*Scholarship
(Report given above.)
*Volunteer – Sue Borden reported that the Spring Career Fair has a full slate of volunteers. Campus Clean-up
was discussed, including which day was best for this volunteer activity – Friday, or Saturday, since graduation
will be on Sunday. Sue Borden will make arrangements for the activity, and Terri Tower will be in charge the
day of the clean-up.
Staff Report Kate announced that invoices are needed before any payments can be made, and services cannot
be paid in advance. This means there will be a bit of a delay for reimbursements. Foundation checks are only cut
on Thursdays. Committees will need to find ways to handle this requirement. Kate will be out of the office from
September to November for the birth of their 2nd baby. Shelley will be the representative from University Events
to OSURA, as Kaitlyn will also be gone between August and November. There will probably be two temps in
University Events. A question was asked about the Folk Club announcement that went to all OSURA members, as
only Folk Club members are entitled to attend their events. Folk Club is handling this, and will admit others as
long as there is room. In the future their event announcements will not be distributed on the OSURA list.
NEW BUSINESS Jim Krueger, president elect, recommended that we have a retreat in June this year, perhaps
sometime during the week of June 16.
2011-12 MEETINGS - FIRST FRIDAYS, 10 am - 12 noon, Cascade Hall Conference Room. May 4; and June 1.
Annual Meeting Wednesday May 9. Fall Kick-Off and Golf Tournament Tuesday Sept 11, 2012.