Board of Directors Minutes of January 5, 2016

Board of Directors Meeting 5 January 2016

Meeting was called to order at 7:45 pm. Gene Goldsmith laid out what decisions he felt need to be made.

Continue to do the same as we have done in the past. The money in the scholarship account would last about 13 or so years.
Spend down the fund to a zero balance when the chapter closes.
Move the fund to a school and let them administer it.

The Scholarship Committee (Bill Bowen, Gary Lysne and Kirk Lyon) gave their report. They interviewed three schools WWU, BTC and WCC. The committee feels that we should consider two schools at maximum.

Things to consider:

Choose one or two institutions
If we choose two then:

Do we split the money between the schools and fill the endowments to the minimum per each school adding to each endowment each year?
Do we split the money between the schools and add to each fund on alternating years?
Do we do more fund raising to fund each endowment at the minimum now?

After much discussion about the use of the scholarship money, Ken Richardson suggested that the BOD direct the committee to:

Choose one school
Choose the amount to fund the endowment and
Set the perameters for the scholarship(s).

This met with general agreement.

Meeting adjourned at 8:45.