No quorum was present on November 21 so no formal action was taken on any item discussed. 

Members present were Neal Ensley, Bill Bird and Larry Leatherwood with guest Mark Bumgarner and Glenn Tolar.

Mark informed the Board that the foundation had received $1,100.00 in contributions during 2008 and that he had filed Federal form 1023 per IRS requirements.

Mark continued regarding the fact that the IRS recommends a Conflict of Interest policy and the group reviewed the sample policy that Mark had provided.  Mark also recommended that the Board adopt the statement "I have no conflict of interest" to be declared by each board member at the beginning of each meeting.

Mark stated that IRS requirements dictated that we must check off on one of three options for our tax deferral status and the we should consider the one which states that our Board does not receive more than one-third of our gross receipts from interest and dividends.  All of the above information will need to be considered by the Board when there is a quorum present at a meeting.

Minutes from the October 17 meeting were presented.

The birthday contributors list was shared and Neal is going to double-check with Tony regarding its accuracy as those present had a few questions regarding the information provided.

Bill Bird reported that the Foundation Board can expect to receive its money from the Rotary Club on a quarterly basis.

The next meeting is scheduled for Friday, December 19 at 12:00 Noon at the Waynesville Country Club.

 

Submitted by

Larry Leatherwood