Page 38 - 2024 April report

BOARD OF DIRECTORS MINUTES (7) E. Investment Committee
Dick noted the excellent minutes written by Hugh. The next Committee meeting will be in person in Boston on June 11th.
F. Financial Reports
1) 2024 operating budget
Tommy presented the 2024 operating budget, highlighting the following items:
Line 23 - New Executive Assistant – This is an all-inclusive number for a partial year.
Line 28 – Employer Matching SS & Medicare Taxes – This number is what is currently seen as the worst-case scenario and the result of the Deferred Compensation risk assessment discussions.
Line 34 – Professional Development – This is a new item for staff professional development.
Line 52 – CPA Consulting – Most of this is related to the risk assessment work and likely reflects one-time costs this year.
Line 54 – Endowment Consultant – Rick Williams has been retained for this new position.
Line 118 – Professional Association Dues – There will likely be an addition for membership in Board Source.
Malcolm suggested that AI is likely to change the way we do our work. We should consider the need for additional technology in the budget. While it may be premature to put a value in the 2024 budget, it should be recommended to the Board in consideration of the budget, that Bobby have the latitude to invest in AI in 2024 as warranted.
The Executive and Finance Committee had expressed that this budget is reasonable and recommended its approval.
The Board unanimously approved the 2024 operating budget as presented. 2) Standard monthly reports
Some of the target numbers are likely to change at the June Investment Committee meeting and be presented to the Board in September.
Investments are off to a good start for the year. The cost of living @ 3.2% is, coincidently, also the asset growth for the first 3 months.
G. Grant Program Committee meeting reflections
Malcolm noted that the $20,000 thank you grant will be offered to University of Florida and in
September Gonzaga University. This amount was increased last year from $10,000. The budget also reflects a suggested $25,000 grant in honor of Maridel Moulton.
Malcolm then asked for input regarding the Grant Program Committee meeting. There was strong consensus that:
• • • • • • •
Hearing from grantees in person is very positive
Grantees were well prepared – gave relatively brief presentations that allowed for questions
Liked the thoughtful and respectful questions asked of the grantees
The financial summaries Tommy had prepared were very helpful
Felt good about the grants that were approved
Meeting did not feel rushed
Getting the right application presenters to attend is critical for quality discussion. Advancement officers are not always the most informed on the programs under consideration. Clarke’s
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April Report