Page 34 - 2024 October

BOARD OF DIRECTORS MINUTES (DRAFT)
September 10, 2024
Members Present:
Member Present virtually: Others Present:
Others Present virtually:
Malcolm chaired the meeting.
1. Approval of Minutes
Angelique Albert, Bea Awoniyi, Sherry Salway Black, David Blaikie, William Corwin, Robert Krause (non-voting)
Malcolm Macleod, Mike Miller
Richard Krause, Thomas Pence, Sharon Wood, Lisa Loomis
Hugh Brown
Minutes of the March 19, 2024 meeting were approved as circulated.
2. Business Arising from the Minutes
There were no matters arising from the Minutes.
3.
Organizational Matters A. Revision of Bylaws
The proposed revisions to the Bylaws had been circulated. Bobby reminded the Board of the shortfalls in scholarships awarded to the children of Florida UPS employees in the past several years. He explained these proposed revisions to modify Article 7, Subsection 7.3. D. are the result of negotiations with UPS limiting the amount of the annual grant for scholarships for children of UPS employees in Florida to amounts in line with demand. Attorney Norman Brothers signed a consent on behalf of UPS to revise the terms to express that funds would be awarded up to the percentages specified in the Bylaws. The language presented to the Board has been approved by Foundation attorney, Nat Nason.
The Board complimented Bobby on his work in accomplishing this concession.
The Board unanimously adopted the Restated Bylaws dated September 10, 2024 revising Article 7, Subsection 7.3. D. to read as follows:
(D) To colleges and universities located in the state of Florida, for the benefit of children of present and retired permanent employees of United Parcel Service who are and for the immediately preceding twelve calendar months have been residents of the state of Florida, the sum of:
(i) up to 23.56% of the Primary Restricted-Grants Allocation and
(ii) up to 10.68% of the Secondary Restricted-Grants Allocation (if any);
(iii) provided, however, that subject to the limitations set forth in Section 7.3(D)(i) and (ii) above, the total sum to be distributed annually pursuant to this Section 7.3(D) shall be sufficient to satisfy, but shall not exceed, a sum derived by multiplying (a) the number of qualified applicants each year by (b) the then existing scholarship dollar amount per scholarship as established by an outsourced, independent non- profit scholarship administrator.
B. Investment Policy Statement
The proposed revisions to the Policy had been circulated. Tommy explained that at the June 11, 2024 meeting of the Investment Committee, Prime Buchholz recommended increasing the target asset allocation to Private Equity funds and reducing the target asset allocation to Public Equities and Hedge funds. They believe Private Equity will provide a greater return over the next 5 to 10 years. As part of their recommendation, there will also be a 5% dedicated Private Real Asset allocation. The Investment Committee approved the revised Benchmark definitions and revised
Page 32 October Report