Page 43 - 2025 April Report

Board of Directors’ meeting minutes (draft) (5)
A. Investment Committee
The minutes of the February 18, 2025 meeting had been circulated. Tommy pointed out that the February meeting had been Dick’s last meeting as Chair of this committee. His years of service were acknowledged and applauded.
Tommy pointed out that the next Committee meeting will be in person in Boston on June 3, 2025.
Hugh noted that the Foundation is making asset allocations to align with target ranges for each asset class.
B. Financial Reports
1) 2025 operating budget
Tommy presented the 2025 operating budget, highlighting the following items:
The Executive and Finance Committee had expressed that this budget is reasonable and recommended its approval.
Tommy was instructed to add $50,000 to the budget in consideration of a potential change in the CEO compensation in September.
The Board approved the 2025 operating budget as presented with the additional $50,000.
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.
C. Grant Program Committee meeting reflections Malcolm led the discussion of the meeting on Sunday.
There were 5 presenters. All were very good applications, and all of the presentations had been well prepared and timed. It was noted that all include mentorship and are focused on local communities.
The meeting was conducted very well and timely even with serious discussions.
The Evaluation Scholars presentation was very well received. The students were good ambassadors for the program.
It was pointed out that the Foundation is rather uniquely positioned to share what other organizations (JSF grantees) are doing the same things.
D. Ratification of all Committee actions
The Board ratified all Committee actions taken.
10. Upcoming meetings
▶ Fall 2025 meeting – September 9, 2025 - Anchorage, Alaska
▶ Spring 2026 meeting – Tuesday, March 17, 2026 – Atlanta, Georgia
▶ Fall 2026 meeting – Tuesday, September 15, 2026 - Halifax, Nova Scotia
There being no other business, the meeting was adjourned at 9:50 a.m. Respectfully submitted this 7th day of April, 2025.
Sharon Wood Malcolm Macleod Office Manager Board Chair
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