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Board Members Present: Gary Anderson, Joyce Hartman Diaz, Jim Fordemwalt, Elmer Gooding, Doug Johnson, Jo Madonna, Connie McNeill, Rose Minetti, Carolyn Minner, William Moor, Val Peterson, Bill Stasi
Absent: Bob Barnhill, Mary Stevens, Lou Weschler
Ex-Officio Absences: Rojann Alpers, Rachel Montoya, Robert Muscari, Eric Sloan
Committee Chairs Present: Jerry Aronson, Sue Blumer, Alan Johnson, Wilma Mathews, Linda Van Scoy
Guests Present: Hal White
Vice President Connie McNeill called the meeting to order at 10:00am.
Connie welcomed everyone and explained that Present Mary Stevens was unable to attend the meeting and she asked Connie to preside over the meeting today.
Joyce Hartman Diaz asked that section V. A. Scholarship Report of Feb. 10th minutes be amended to read, “Sue Blumer and Joyce Hartman Diaz met briefly on Feb. 8th to discuss scholarship criteria as it has been used in the past by the scholarship committee.” Gary Anderson motioned that the minutes be approved as amended and Val Peterson seconded. The motion passed unanimously.
She also submitted a 4 page report (available in ASURA office) that summarizes points that need to be discussed regarding ASURA Scholarship Endowment at the ASU Foundation. The foundation agreement was not completed when the Endowment was originally established and this needs to be done now. At today’s meeting Joyce asked the Board to discuss and make decisions on the first two pages of this report.
The first issue discussed dealt with agreement on the Spending Account. Joyce explained that the administrator for the endowment is the ASU Scholarship Office and ASURA is the donor. The committee recommended Option B in section E of the submitted report. This option gives the Board some flexibility on spending account use. It states that “if in a given year, no use, or only partial use is made of the Fund Payout, the unused amount shall be retained in the spending account.” This would allow the ASURA Board flexibility on how to manage the spending account, i.e. to leave unused amount in the spending account, or to put some of the balance in the spending account back into the endowment account. Elmer Gooding motioned that the Board support Option B, Val Peterson seconded the motion and it carried unanimously.
The second issue discussed was how to deal with any unspent amount still available for spending from the endowment spending account. The committee’s report offered two options. After discussion, Bill Moor motioned that the Board support Option B in Section G of the report and Val Peterson seconded the motion. This option provides that, in the event that the Fund market value falls below the gift value, the Fund Payout will be reduced or terminated until such time as the Fund market value exceeds the Gift Value. This may result in a reduced Fund Payout to the Administrator (the ASU Scholarship Office) unless the Donor (ASURA) makes additional gifts to support the Fund Payout. Such additional gifts may be available due to fund raising activities or from the ASURA Operations and/or Special Projects account. This motion passed unanimously.
Joyce also reported that the Foundation Support Fee that ASURA is charged is a set amount determined by the fee policy established and approved in accordance with the ASU Foundation bylaws.
A special ASURA Board meeting will be held 3/24 or 3/31 to discuss the other issues in the committee’s report. Representatives from the Scholarship Office and Foundation will be asked to attend and the meeting date will be determined based on the availability of these representatives.
New Board Members - Val Peterson reported on the Board elections. The ballots were counted by the executive committee. There were 228 ballots, representing 34% of the total membership. The results will be officially announced at the Annual Meeting and the Board members will take office as of the May Board meeting. Gary Anderson suggested that an orientation be given to the new Board members. Connie McNeill said that she would do it.
Annual Meeting – Val Peterson reported that all of the plans are in place for the meeting. Connie reminded everyone that they should send their annual reports to her so that the ASURA Annual Report can be prepared for distribution at the Annual Meeting.
Carolyn Minner distributed a report (available in the ASURA office) about Foundation Fees and also information about establishing an ASURA Checking Account outside of the Foundation. Connie wants the Executive Committee to explore options with the Foundation and explore the possibility of opening a non-Foundation checking account as a non-profit organization. Bill Stasi motioned that we explore non-profit status and all reasonable options for a non-Foundation checking account. Jim Fordemwalt seconded the motion. It passed unanimously.
The Annual Meeting will be on Saturday, April 17, 2010. The next regular Board meeting will be on Wednesday, May 12, 2010.
Val Peterson made a motion that the meeting be adjourned and Bill Stasi seconded the motion. The motion passed unanimously and the meeting was adjourned at Noon.
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