The Muscatine Community School Foundation Board of Directors met Thursday October 25, 2007 at 9:00 am at the Administration Center. Directors in attendance were Jerry Dittmer, Cara Fuller, Robert Weaton, Michael Hagerty, Dan Olson and Dr. Tom Williams. Others in attendance were Charles Domer-Treasurer, Keith Pogemiller-Secretary. Dr. Williams recognized there was a quorum and called the meeting to order. Dr. Williams introduced the minutes from the April 19, 2007. No additions or corrections were made to the minutes. Mr. Dittmer made a motion to accept the minutes as written. Mr. Haggerty seconded the motion. The motion passed. Mr. Domer reviewed the Treasurer’s report. He presented a balance of 1,871,762.08 for the period ending June 30, 2007. Mr. Haggerty requested the amount of cash on hand for that time period. Mr. Domer referenced the financial report indicating approximately $400,000 accessible cash on hand. At this time Mr. Haggerty moved to accept the financial report as written for the period ending June 30, 2007. Mr. Olson made the second. The motion carried. Additionally Mr. Domer reported 1,852,971.97 as an ending balance for the fiscal period of July 1 2007 to September 30, 2007. Points of interest were the expenditures for that time period amounting to $80,008.64 in scholarship payments and the A.G. Edwards and Edward Jones financials. The boarded reviewed gains and losses of various investments. The board also discussed increasing the number of Muscatine School Foundation General Scholarship awarded each year. Mr. Haggerty moved the Board accept the July 1, 2007 thru September 30 treasurer’s financial report as written. Ms. Fuller seconded the motion. The motion carried. Mr. Domer reviewed the 990 Return of Organization Exempt from Income Tax for the year ending 2006. Total expenditures of $110,787 with $2700 being spent on management and general operations were discussed. Mr. Dittmer moved that the Form 990 for the year 2006 be placed on file. Mr. Haggerty seconded the motion. The motion carried. Mr. Domer explained the annual Foundation audit was done by the firm of Nolte, Cornman and Johnson P.C. This firm is contracted by the Muscatine School District to perform the annual audit for the next three years. Mr. Domer then reported on the management letter received from the auditors for the year ending 2006. The audit reflects the exact amount of total assets presented by Mr. Domer to the Foundation board for the year 2006. The Independent Auditor’s report indicated satisfaction with the Foundation’s reporting of assets, liabilities. Mr. Domer informed the Board that the Auditors recommend some separation of duties among employees. They noted that the cash receipts listing, bank deposits and the posting of cash receipts to the cash receipts journal were all done by the same person. The auditors also noted that the checks are all written and recorded and the bank reconciliations are prepared by the same person. They recommend the Board of Directors remain involved in the financial affairs of the Organization. Mr. Weaton moved that the Board approve, for filing, the 2006 audit. Ms. Fuller seconded the motion. The motion carried. Dr. Williams reviewed the revised Muscatine Schools Foundation informational brochure and letter. This annual mailing is sent to MHS alumni who have indicated interest in the Foundation as well as many area businesses. The annual mailing will be sent in early November 2007. Betsy Baker submitted her request that the Foundation Board allow her to receive the balance of her Temp Associates scholarship in three years. Bob and JoAnn Jensen have indicated their approval of this as have the Foundation’s Board of Directors. Board members agreed that the minutes should reflect that this is an exception to the rule and not a policy change for awarding the Temp Associates Scholarship. Mr. Hagerty made a motion that Betsy Baker receives her final two years of Scholarship money from the Temp Associates fund during her third and final year of college. Her third installment will be awarded at the beginning of her third year of study. Upon
receipt of proof of Ms. Bakers’ continued progress toward graduation at the end of her third year of college the final $2500 installment will be awarded. Mr. Olson seconded the motion. The motion carried. Mr. Weaton moved that the Board approve the scholarship revision made by Mr. Bob Jensen of Temp Associates. This revision changes the Temp Associates award from $2500 to $3000 annually for a total of $12,000 each for four scholarships. The motion was seconded by Mr. Dittmer. The motion passed. The directors acknowledged the award of 46 Muscatine Foundation Scholarships in 2007. The Board also reviewed guide lines and requirements for the Lester Lee Brewer Scholarship. This Scholarship will be funded thru and endowment from Carol Brewer. Included with the agenda, and presented as an information item was the job description for the Muscatine Community School Foundation Development Director/Alumni Relations. The board tabled action on selection of an audit firm until the January 31, 2008 meeting. Dr. Williams spoke briefly about the efforts of the class of 1956 to establish a Foundation scholarship. Dr. Williams presented information to the board, on the Still Making Cents for Kids Campaign. The campaign educates the community on the continued need for the SILO tax. The SILO tax will be put before the public as a referendum in a county wide election in March 2008. Dr. Williams guided discussion concerning the Greater Muscatine Community Foundation. Dr. Williams will keep lines of communication open between the two Foundations. Mr. Hagerty moved to end the meeting. Mr. Olson seconded the motion. The motion carried. The meeting was adjourned at 10:05 October 25 2006.