Page 33 - 2020 October Report

Members Present:
Members Present virtually: Others Present:
Other Present virtually:
Malcolm chaired the meeting.
1. Approval of Minutes
September 12, 2022
Malcolm Macleod, Bea Awoniyi, David Blaikie, Mike Miller, Robert Krause (non-voting)
Sherry Salway Black, William Corwin
Richard Krause, I. King Jordan, Jr., Sharon Wood
Hugh Brown
Resilience
Board of Directors’ meeting minutes (draft)
Minutes of the March 22, 2022 meeting had been circulated and were approved as presented.
2. Business Arising from the Minutes
There were no matters arising from the Minutes.
3. Organizational Matters
A. Memo of Understanding
The version 2 draft of the Memo of Understanding is attached as Attachment “A”. This version does include the Board requested financial cap, however Malcolm and Bobby felt that an indemnity was not appropriate. Malcolm offered to insert a disclaimer in the book.
The Board unanimously approved the Memo of Understanding with the addition of language stating that Malcolm commits to stating in the book that the opinions expressed are his and not necessarily those of the Johnson Scholarship Foundation.
B. Investment Policy
The proposed revised Policy includes the change in name of the Investment/Finance Committee to Investment Committee, revised benchmarks, and target and range amounts. Hugh opined that the revised targets and ranges make a lot of sense. The Investment Committee had discussed these Prime Buchholz suggested revisions in detail and recommends adoption of the Policy by the Board. Dick noted that the Investment Committee has the authority to move the targets, but only the Board is authorized to change the ranges.
The Board unanimously approved the revisions to the Investment Policy.
C. Foundation Mission Statement
The Grant Program Committee requested a revised proposal at the December 2022 meeting. No Board action is due at this time.
4. Board Chair’s Report
Malcolm reported that he continues to meet with Bobby on a regular basis and he feels these meetings are very productive.
The first draft of Malcolm’s book was completed this past April. Reviewers expressed that it is a bit long, so Malcolm is working on a more concise second draft which he hopes to have finished by the end of September. He hopes to be finished editing by the end of the year.
Malcolm explained that securing an opportunity to be published is challenging. He has been in conversations with Phil Buchanan of the Center For Effective Philanthropy. Mike noted that no matter
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