JAGA Scholarship Trustee Meeting - May 4th, 2011

San Jose Country Club

 

Officers Present: Bob Streightiff, Joe Power, Tom Tierney, Arch Copeland, Gary Owensby, Earl Kelly, Ed Witten, and Jim Edwards

 

Call  To Order - Bob Streightiff called the meeting to order at 11:45am

 

The main focus of the meeting was to discuss the Trust shortfall due to the economic downturn. Several financial statements were circulated to meeting members (Operating Budget and Operating Statements) that detailed the shortfall and declining revenue. It was noted that the Trust assets have varied over time from $380,000 (as of 1/1/11) to $407,000.

 

It was decided to transform the Bill Black tournament to the JAGA Charitable Trust Golf Tournament and use the funds raised from the event to shore up the Trust Assets. Gary will run the tournament and contact Lee Crowe about the change. Gary will work out a way to include Lee in the renamed tournament organization should Lee be interested.

 

Tom reported that we currently have 26 scholars. We will loose seven this year due to graduations, to bring the total down to 19.

 

A discussion about a more conservative financial approach to awarding scholarships included suspending the program for awhile, transferring more funds from JAGA to the Trust and to try to “push” the endowment contributions. We are close to having financial statements for JAGA so that we have a clearer picture of what funds can or can’t be given to the Trust.

 

It was decided to hold the number of scholars to 24 per year @ $1000 per semester, This will help the finances until we see if more funding can be generated from any of the ideas recorded above.

 

Trust Agreement - it was agreed to hold a separate meeting (probably before the Amelia National game) to go over the Trust documents and make sure we are all on the same page as to how things should operate. The Bylaws, Constitution & Amendments will be made available to all members prior to the next meeting.