Minutes of the Archives Partnership Trust Board Meeting
3:30 pm, March 22, 2012
The New York State Archives, Cultural Education Center, 11th Floor Seminar Room, Albany, NY
Board Members Present
John Hanna, Jr., Chair and Barbara A. Brinkley, Treasurer.
By Telephone: George R. Hearst III, Vice Chair; Kathy Ahearn, Nedda Allbray, Kimberly Gilmore, Bronwyn Hannon, Harold Iselin, Lauren Rachlin, and Rosemary Vietor.
Christine Ward, Chief Executive Officer; Robert Bullock, President; Jill Rydberg, Assistant Treasurer and Administrative Officer/Director of Prospect Research; and Grazia Yaeger, Manager, Membership and Special Initiatives.
Board Members Excused
Celine Racine Paquette, Secretary; Tom Birdsey, Harold Holzer, John J. McEneny, Stephen Pagano, Avi Schick, and Jay Summerson.
Call to Order
Mr. Hanna called the meeting to order at 3:35pm. He welcomed Board members and staff to the meeting, noting the presence of a quorum.
Administrative Items (Item 2)
Proposed Resolution for Approval of the Minutes of the February 2, 2012, Board Meeting (Item 2.1)
The first item was a resolution to approve the minutes of the February 2, 2012, Board meeting. The motion to approve the minutes was made by Ms. Brinkley, seconded by Ms. Ahearn, and unanimously passed.
Resolved, That the minutes of the February 2, 2012, Board meeting are hereby approved.
Work Plan and Budget (Item 4)
Proposed Resolution for Approval of the Fiscal Year 2012-13 Work Plan and Budget (Items 4.1.a, 4.1.b and 4.1.c)
Mr. Hanna moved this item up on the list to ensure ample time for question and answers regarding the Budget and Work Plan. Mr. Bullock said he believes all questions have been answered in depth with each Board member that has contacted him over the past couple of weeks since the last meeting. Thus, he will not review the Work Plan again at this meeting, as it has not changed. However, he invited any final questions. No further questions were raised.
Ms. Ward noted the proposed FY2012-13 budget presented is the same budget discussed at the February 2, 2012, meeting with some minor changes and more accurate numbers since the Trust is closer to the end of it fiscal year. Ms. Ward thought it was important to repeat that the budget represents six years (as required by the Office of the State Comptroller and Public Authorities Budget Office): the actual budget from the most recently completed fiscal year, both the current fiscal year’s approved and revised forecast budget, the budget proposed for the upcoming fiscal year, and projections for the subsequent 3 fiscal years. Ms. Ward said proposed projects will be undertaken once the needed funds are obtained. This will ensure that the Trust always maintains a balanced budget.
Ms. Ward reported that the Projects budget proposes taking only a 4.5% draw down from the Endowment. She further noted that, even though the Board has approved using up to 5.0%, the Trust is committed to preserving the endowment by taking only 4.5% or less.
Ms. Ward asked if there were any questions and none were raised. The motion to approve the FY2012-13 Work Plan and Budget as presented was made by Mr. Iselin, seconded by Ms. Vietor, and unanimously passed.
Resolved, That the Work Plan and Budget for Fiscal Year 2012-13, as presented and discussed at the March 22, 2012, Board meeting, are hereby approved.
Board Committees (Item 5)
There was no Audit Committee report.
There was no Executive Committee report.
There was no Investment Committee report.
Nominating Committee Discussion
Dr. Allbray reported that the Nominating committee, consisting of herself, Ms. Hannon and Mr. Smith, presents the following slate of candidates for Trust Board officers: George R. Hearst III for Vice-Chair; Barbara A. Brinkley for Treasurer; and Celine Racine-Paquette for Secretary. Ballots will be sent to Board members via e-mail, with results announced at the annual meeting in May. Ms.Ward noted that there was no need to elect a Chair, as Mr. Hanna was elected to serve a 2-year term as Chair at the 2011 elections. Ballots will be distributed to Board members by email in early May and election results will be announced at the May Annual Meeting.
Development Report (Item 3)
Mr. Bullock presented his report which is attached as Appendix I.
Executive Officer’s Report (Item 6)
Ms. Ward updated the Board on the status of seeking quotes from audit firms for the audit for the year ending March 31, 2012. The Trust has posted a request for quotes in the New York State Contract Reporter and also sent the request for quotes to a dozen local accounting firms. The deadline for responses is April 10, 2012. Ms. Ward also presented her report which is attached as Appendix II.
Financial Reports (Item 2.2)
Ms. Rydberg reported that, as of February 29, 2012, the Endowment Investment Account’s net equity value was $3,274,331, with $36,211 representing Operations and Projects funds temporarily deposited to the account, therefore leaving the actual Endowment value as $3,238,120. She noted that a withdrawal of $269,988 was made in February, representing the approved FY11/12 endowment drawdown ($137,675) and some temporarily deposited Operations ($60,642) and Projects ($71,671) funds. The account for processing credit card transactions (established to keep such transactions apart from the main endowment account for security purposes) had a balance of $9,468. The Operations Account cash balance was $141,912 and the Projects Account cash balance, after income of $530,771 and expenses of $361,004 was $169,767. It was noted that the Financial Reports were presented for the Board’s information and no action is required.
A motion to adjourn the meeting was made by Mr. Rachlin, seconded by Ms. Brinkley, and unanimously passed. Mr. Hanna adjourned the meeting at 4:10 pm and thanked all for their participation.
Grazia A. Yaeger
April 13, 2012, 2