Financial Planning Subcommittee Meeting - May 17, 2008
Summary of the meeting of the financial planning subcommittee
of WCPCA, May 17, 2008
Attending: James Cloutier, Rob Dwan, Jack Meacham, Evangelina
Sundgrenz, Dorothy Soper
The committee members received the following information on paper:
draft of the 2008 budget of WCPCA, letters to explain the details of
the gift of funds for Beryl's memorial fund, and for the Calvert
Foundation investment. A folder from the Oregon Community
Foundation (OCF) that explains the 'Endowment Partners Program' was
available.
The committee discussed the following topics:
1. Annual reports that WCPCA will be required to file with the IRS
and the Oregon Dept. of Revenue once the organization gains 501 C3
status. We feel that the board should have this information in
writing. Some further help in understanding these requirements
should be available to us from the OCF once we join its 'Endowment
Partners Program.'
We thought that the full board would be liable for our completing
reports and managing funds according to the regulations for the 501
C3 status. The board needs to verify this so that the full board is
aware of the matter.
2. We talked about our current responsibilities for filing.
Evangelina explained that we are a 'non-profit' organization within
the state of Oregon. We now file an annual report and pay an
assessment of $50 with the Oregon Dept. of Revenue, Corporate
Division. We file an annual report also with the Oregon Department
of Justice, Charitable Activities Section and pay an assessment of
$25.
3. We felt that we should have an accountant review our
assessment/tax status with the state of Oregon and the IRS. The
goal would be to verify that we are handling this matter correctly
now.
James has already secured the pro bono services of Charlie Ward who
is a local RPCV and an accountant. Rob offered the services of his
accountant if Mr. Ward isn't available.
James agreed to call Mr. Ward to ask his help for the above purpose.
We want to know how much work this will require on his part and
whether he wants to meet with some of us before working on this. If
Mr. Ward wants to meet with some members of WCPCA first, James,
Jack, and Rob offered to go to such a meeting.
4. After reviewing our current financial status in the draft budget
the committee felt that the board should feel comfortable in
awarding up to $2,000 in grants in 2008. Of this amount the board
has already awarded $300 to a PC project in Mongolia. This leaves
$1,700 that the current board might award in 2008. (Note that the
general election for new board officers takes place in November.
The new board assumes office in December.)
5. For a short time we discussed what kinds of programs or projects
that would be appropriate for the organization's sponsorship. We
recognized that this is a matter for the board to decide.
We endorsed the board's funding humanitarian programs of all types
either internationally or within the US as is currently done. We
also discussed our contributing to local scholarships, arts
programs, and other charitable funds and, as a result, having the
organization's name listed in a program or on a website as a donor.
We felt that this would give the organization some exposure and
perhaps be helpful in recruiting new members.
6. We discussed how the organization might raise the amount in
Beryl's memorial fund to the $25,000 level to qualify as an
endowment partner in the OCF. We anticipated that once we have 501
C3 status there will be donors interested in contributing for this
purpose. Thus we didn't see the need for a special campaign to this
end at the present time. We did think, however, that the board
might consider asking for pledges for this purpose.
7. We concluded our meeting with the following requests:
a. that the board consider awarding a total of $2,000 in grants in
2008.
b. that the board consider the request in #6 above.
c. that the board discuss how best to select project for funding and
whether to include the ideas presented in #5 above. We recommended
consulting the general membership initially and also once a few
possible projects are identified.
d. that Evangelina present to the board for approval at its next
meeting a budget for the period of the board's tenure. This will
inform that board about our full financial status and pave the way
for a discussion of its making additional awards.
8. We felt that the financial planning committee should meet again
to review the results of the consulting of an accountant, the
board's decisions about the amount to award in grants and
investments in and possible pledges for Beryl's memorial fund.
We set a tentative next meeting date for Saturday, June 21st, 10:00
am, at Dorothy's house. Rob has since said that he can't come on
that date. I'm not sure whether Evangelina can come. She had left
by the time that we set the date. I'd appreciate any further
comments by the committee members regarding preferences to keep this
date or to change it. Dorothy will be out of town July 2-28.
Summary by Dorothy
Thanks to all for your thoughtful participation.
Note: I called the Calvert Foundation and learned the following:
In August, 2005, WCPCA invested $2,000 in the foundation's
Microenterprise Program. This was a three year commitment. We've
been receiving reports but I haven't seen any. I requested the most
recent and we'll soon have a copy. It's also available on the
website.
In September, 2008, we'll receive a letter saying that our
investment is at an end, that the investment has earned a certain
amount in interest, and a request for how we want the funds handled.
We can ask that our $2,000 plus interest be returned; we can
reinvest the same; or we can convert our investment into a donation.
The board should be thinking about this in advance.
You can learn more by looking at the foundation's website at:
www.calvertfoundation.org
