El Camino College Foundation
Finance and Executive Committee Minutes
March 20, 2007 Adm 127
In Attendance: Bob Amos, Derf Fredericks, Lou Garcia, David Graeler, Don Greco,
Virginia Pfiffner and Dana Ward
Staff:
Katie Gleason
Recorder:
Sue Burin
Review Action Items from February 20, 2006 Executive Committee Meeting.
1. Finance Committee will begin the process for filling the accounting position. Pending.
2. The Policies and Procedures Committee will revise the Code of Conduct and update the
Executive Committee. Pending.
3. Bob Amos and Dana Ward will contact bookkeeper to discuss the format of the Financial
summary page. Pending.
MINUTES:
MOTION made by Don Greco to accept minutes of February 20, 2007 Executive Committee
meeting. Seconded by Derf Fredericks. Motion passed.
Director of Development – Katie Gleason
o Gifts to date – Received $200,000 scholarship donation.
o C.W. Driver will sponsor $10,000 toward the Scholarship Awards Ceremony. Derrick
Deese will be the speaker and Cliff Meidl the master of ceremonies, both alumnae.
o Received a $1,000 request from the Library for the National Student Employee Week
reception. Discussion ensued.
MOTION made by Lou Garcia to fund the $1,000 request for the National Student Employee
Week reception. Seconded by Derf Fredericks. Discussion ensued.
Motion amended by Lou Garcia that we approve this expenditure but refer all other requests of this
nature to the Distribution Committee to set giving guidelines. Discussion. 1 Abstention. Motion
passed.
o Included in the meeting packet are reports received on how Mini-Grant monies were
used.
o Gleason contacted Charity Finders who can construct a Foundation website that can build
in services to provide online giving. Their fee is $2,000 a year. Discussion ensued.
Committee Reports:
Finance – Bob Amos reviewed the financials. Amos reported
the Foundation has been
dissatisfied with services received from Union Bank. South Bay Bank and Citibank submitted
proposals for review. Discussion ensued regarding which bank could offer us the best service.
MOTION made by Don Greco to accept the proposal from South Bay Bank. Seconded by Lou
Garcia. Motion passed.
Recommendation to switch to South Bay Bank will be presented to the full board.
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Finance and Executive Committee Minutes
March 20, 2007
Discussion of Commonfund Investments and hedge funds. Amos will contact Joe Mulford of
Commonfund to get clarification.
Policies and Procedures – In the absence of Carroll Whitney Gleason reviewed recommended
changes to the Articles of Incorporation and the Bylaws:
Changes to Articles of Incorporation are:
Article VI – Section (h) Delete “staggered” and “with initial appointments being for one, two and
three years, expiring respectively in September 1984, 1985, and 1986, Determination of which
directors serve for each initial period shall be by the Board of Trustees, provided that no more
than 50% of directors approved by the Board shall serve three year terms, and in no event shall
the number of directors initially appointed to a one year term exceed 43% of the total number of
directors, excluding Ex Officio directors. With the exception of Ex Officio directors, no director
shall serve more than two consecutive three year terms. Following an absence of one year form
the Board of Directors, a former director shall again be eligible for service.”
Retain “Except for Ex Officio directors and annual directors, directors shall serve three year
terms. Annual directors shall serve for a one-year term.
MOTION made by Derf Fredericks to amend term limits as stated in the Articles of
Incorporation. Seconded by Virginia Pfiffner. Motion passed.
Changes to Bylaws are:
Article III – Section 4 – Change from Term Limits to Term of Directors.
Delete: “staggered” and Directors should be eligible to serve two (2) consecutive three (3) year
terms, then one (1) year off the Board.
…”Following an absence of one year from the Board of Directors, a former director shall be
eligible for services.
Retain. “Except as provided in Article VI, Section (g) directors shall serve three-year terms, as
specified in the Articles of Incorporation, Article VI, Section (g). Vacancies shall be filled by
majority vote of the Board of Directors for the remainder of the unexpired term of the vacancy of
the Board Member.”
MOTION made by Derf Fredericks to amend the term limits as stated in the Bylaws. Seconded
by Lou Garcia. Motion passed.
Nominating – David Graeler
o Three potential board members are being added to the slate as new board members:
Tom Cohenno (Southern California Edison), Judy Gibson (Torrance resident) and
Richard Montgomery (Manhattan Beach mayor-elect). Resumes are attached for review.
Slate will be presented at the May board meeting.
ACTION ITEMS:
1. Bob Amos to contact Joe Mulford of Commonfund regarding clarification on hedge fund
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Finance and Executive Committee Minutes
March 20, 2007