Page 37 - April JSF Report

BOARD OF DIRECTORS MINUTES (DRAFT) (5)
Angelique and everyone has been very impressed with her. The Committee believes she fits well with the Foundation’s focus on scholarships and Native issues. She has many past connections with the Foundation including being a graduate of the Gonzaga MBA-AIE program. The consensus of the Committee is that she is an outstanding candidate. Bill has been in conversations with her during the past few days and she expresses that she is very interested in becoming a Director. The Committee recommends she be elected for an initial three-year term as three years fits well with other current Director terms and is more affirmative to her than two years. It was noted that past practice has been either two or three years.
The Board unanimously approved inviting Angelique Albert to join the Board of Directors for an initial term of three years.
3) Re-election of Bill Corwin to the Board.
Bill was excused from the meeting.
Bobby reported that Bill had completed the self-evaluation form prior to the meeting and it had been reviewed by the Committee. The Committee met with Bill to further discuss his comments. The Committee is enthused by what Bill has brought to the Board and recommends re-election of Bill to the Board for another three-year term.
The Board unanimously approved the re-election of Bill Corwin to the Board for another three-year term.
Bill returned to the meeting and was advised of the decision.
4) Re-election of Sherry Salway Black to the Board.
Sherry was excused from the meeting.
Bill reported that Sherry had completed the self-evaluation questionnaire form prior to the meeting and it had been reviewed by the Committee. The Committee met with Sherry to further discuss her answers. She did note that she does not intend to seek re-election after this term. Bill reported that the Committee felt that Sherry continues to bring a wealth of knowledge and value to the Board. The Committee recommended re-election of Sherry to the Board for another three-year term.
The Board unanimously approved the re-election of Sherry Salway Black to the Board for another three- year term.
Sherry returned to the meeting and was advised of the decision.
F. Investment/Finance
1) 2023 operating budget
Dick presented the 2023 operating budget. This budget is an increase of 11.14% over the 2022 budget. Lines 150 - 170 are changes of $5,000 or more from the 2022 budget.
Travel expenses are a major part of the increase over the 2022 budget however, they are in line with the 2022 actuals. The expenses were higher in 2022 due to traveling to the West Coast, two Board site visits in September, substantial inflation costs, and inviting more people to attend our meetings.
It was noted that the Grant Distribution Requirement is higher than it was in December. The current Grant Distribution estimate reflects the most recent projection from Templeton. Dick expects the number will go down slightly by September, but it is truly unknown until all of the K1s are filed.
Consistent with our practice, the budget does not include taxes.
The Executive and Finance Committee had expressed that this budget is reasonable and recommended its approval.
The Board unanimously approved the 2023 operating budget as presented.
Page 35 HORIZONS