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Board Members Present: Gary Anderson, Joyce Hartman Diaz, Elmer Gooding, Jo Madonna, Doug Johnson, Connie McNeill, Rose Minetti, Carolyn Minner, William Moor, Val Peterson, Bill Stasi, Mary Stevens. Absent: Bob Barnhill, Jim Fordemwalt
Committee Chairs Present: Jerry Aronson, Wilma Mathews
Guests: Mary Wheeler, Asst. VPfor Business Services Support, ASU Foundation, Hal White, former ASURA president and Board member
The meeting was called to order by President Mary Stevens at 10am.
Mary explained that this special meeting is limited to discussion and action on the Finance Committee's Revised Endowment Report with recommendations sent to Board electronically by Connie McNeill on January 21, 2010, and related fund raising questions. Mary thanked Joyce Hartman Diaz and her committee for their diligent efforts and timely report and recommendations.
To provide a framework for the discussion, Mary summarized background and issues identified by the Committee and raised some questions for discussion.
CURRENT FUNDS FOR SCHOLARSHIPS
FINANCE COMMITTEE'S RECOMMENDATIONS
The Finance Committee Members are: Joyce Hartman Diaz, Carolyn Minner, Doug Johnson, Bill Moor and Joan Leard. The following are their recommendations.
Earnings may be used only for scholarships per ASURA intent when endowment was established.
Criteria are returning students who are AZ residents out of school for 5 years.
Could change the 5-year requirement.
Question: Should the criterion be modified?
Mary asked chairs of the Finance and Scholarship Committees to work with Mary Wheeler, the Asst. Vice President for Business Services Support, to develop criteria for scholarships and present this to the Board, hopefully at the 2/10 meeting.
A) Committee recommendation: Funds from fund raising should not be deposited into the endowment account because they cannot be withdrawn. The special projects account should be used for these deposits. The Board decided that it should review this issue each fiscal year. The Board also recommended that the membership enrollment form include separate lines for members to indicate additional donations to special projects, including donations to the endowment account. Elmer Gooding motioned that funds specifically donated for the endowment fund be deposited into the endowment account. Bill Moor seconded this motion and it passed.
B) Committee recommendation: Have business manager track designation donations for each project. Bill Moor made a motion to support this recommendation and Val Peterson seconded the motion. The motion passed unanimously.
C) Committee Recommendation: Each event committee should plan to break even or make a bit on their events and submit a final account of each event. Bill Moor made a motion to support this recommendation and Bill Stasi seconded the motion. It passed unanimously.
Additional points raised by the committee:
POSSIBLE FUNDRAISER IDEAS
Mary Stevens asked Wilma Mathews to share some of her thoughts about fund raising. Wilma offered the following ideas and recommendations:
Doug Johnson and Joyce Hartman Diaz will start looking at fundraising ideas and Wilma will consult with them.
Bill Stasi made a motion to adjourn the meeting and Rose Minetti seconded the motion. The motion passed unanimously.
ASU Retirees Association
Mailing address: PO Box 873308, Tempe, AZ 85287
Physical address: Community Services Building Room 201, 200 E. Curry, Tempe, AZ