Page 45 - April Report2022

Resilience
Board of Directors’ meeting minutes (4) A. Audit Committee
Hugh reported that the Committee continues to work well. It just approved the retention of Templeton & Company for the 2022 tax and audit work, noting that they are rotating Lead Partners for Foundation work.
B. Compensation Committee
King reported that the Committee’s only action was to approve the updated numbers for the cost of staff medical benefits.
Question was raised as to whether the Compensation Committee should have vetted the Director Discretionary Grant Policy and the Matching Grant Policy as potentially being considered benefits. After discussion, it was agreed that the ability to make these grants is a plus for Directors, but not a direct benefit.
C. Executive Committee
Malcolm reported that the Committee had reviewed the proposed budget at its January and March meetings as well as met regarding the in-person meetings here in Toronto. Otherwise, there had been little activity, which continues to be a good thing.
D. Grant Program Committee
Malcolm reported that all of the presented applications had been approved by the Committee. There remains approximately $1.2million of available grants funds to be distributed in 2022.
E. Nominating Committee
Bill reported that the Committee discussed various potential Director candidates. The Committee feels that the current Board of 7 Directors is adequate and does not require any rush to action. It is anticipated that Bobby will be able to meet more people in-person this year and be able to help expand the current list as well as assist in evaluations of current listees.
Bill encouraged the Board to submit nominees to him or anyone else on the Committee.
Bea is eligible for re-election to the Board. Bea was excused from the meeting at this time. Bill reported that Bea had completed the new questionnaire form prior to the meeting. Both Bea and the Committee found the form very helpful. The Committee reviewed the questionnaire and interviewed Bea. The Committee felt that Bea contributes in many ways, is a great colleague, is deeply involved in Foundation work, and adds great value not only in disability and higher education matters, but in all areas. The Committee recommended re-election of Bea to the Board for another three-year term.
The Board unanimously approved the re-election of Bea Awoniyi to the Board for another three- year term.
Bea returned to the meeting and was advised of the decision.
F. Investment/Finance
1) 2022 budget
The staff has been working on this budget since December. Numbers highlighted in red are changes of $5,000 or more from the 2021 budget or reflect the 5% cost of living increases.
Net investments are budgeted at 7.76% which is a change from the 5% shown on the budgets in previous years. This more accurately follows the Investment Policy goals of 5% plus cost of living. Because of the fluctuation of annual cost of living amounts, the decision was made to use the average for the past 5 years, which is 2.76% this year.
The CRUT distribution is the final payment and was received in January.
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