THE BERKELEY ROTARY

ENDOWMENT

2008-2009

ANNUAL REPORT

ANNUAL MEETING

BERKELEY ROTARY ENDOWMENT

JULY 1, 2008 to JUNE 30, 2009

AGENDA

1. Call to Order Allen Leggett, Chair

2. Introductions of Endowment Board Allen Leggett, Chair

3. Projects Report Grier Graff, Chair, Projects Committee

4. Treasurers Report Bruce Willock, Treasurer

5. Investment Report Scott Paine, Chair, Investment Committee

6. Legacy Committee Pate Thompson

7. Recognition of Donors See Annual Report

8. Paul Harris Matching Funds Michael Roberts, R I Representative

9. Adjournment

Mission Statement:

The Berkeley Rotary Endowment will seek to improve the quality of life and to promote the

well being of the members of our local and international communities, through charitable

giving activities and sponsorship.

 

 

Endowment Board Members 

2009‐2010  

Peter Campbell          Rosemary Mann, Club Past President 

Fred Collignon, Club President Elect    Scott Paine 

Phil Henry            Patrick Rigney 

Steve Holland, Secretary        Deborah Ritchey 

Judith Glass, Club President      Michael Roberts, RI Representative 

Santosh Jain           John Shindo, Vice Chair 

Allen Leggett, Chair        Bruce Willock, Treasurer 

 

Endowment Board Members 

2008‐2009 

Peter Campbell          Scott Paine 

Steve Holland, Secretary        Bob Randall, Club Past President 

Judith Glass, Club President Elect    John Shindo 

Santosh Jain           Preston Staley, RI Representative  

Allen Leggett          John Torpey, Chair 

Rosemary Mann, Club President    Bruce Willock, Treasurer 

 

Annual Report of the Berkeley Rotary Endowment 2008-2009

Thanks to the generosity of our membership, the Endowment received $51,738.00 in donations this past fiscal year. In addition, we received $8,171.00 from the Kite Festival and $16,208.00 from our members work at Golden Gate Fields. This amounted to a total of $76,217.00. In a time when the economy was very difficult and our investments incurred a serious loss, our membership support was wonderful. Our Treasurer, Bruce Willock, Chair of the Projects Committee, Grier Graff and Investment Committee Chair, Scott Paine will report in detail later in the presentation. These funds will be used to support our many projects and scholarships.

The Responsibilities of the Endowment Board:

1. The Board is obligated, first and foremost, to be careful and prudent stewards of the Endowment funds with which it is entrusted.

2. The Board has the responsibility to foster long term giving to the Endowment fund. 3. The Board has the duty to respect and abide by the limitations, covenants and/or

restrictions imposed by the donor, if any. 4. The Endowment exists to fund the charitable giving and community service projects of

the Rotary Club of Berkeley and has the duty to review these funding requests for their charitable or civic purpose.

5. The Board must report to the Endowment membership annually on its activities, including a full financial accounting for the year.

The 2008-2009 Year

1. The professionally managed mutual fund program suffered considerable losses during

the fiscal year. In the last four months the program has recovered much of the losses. 2. The Board is still committed to the goal of growing the Permanent Fund to $1,000,000.

We hope that as the economy improves, the membership will consider joining us in this commitment.

3. The Board, with advice from the investment committee, will work to improve the investment income from our funds. During the past year, more than 50% of the Endowment funds have been in Money Market Funds and Certificates of Deposit which have had a very low return.

Respectfully submitted, December 2, 2009. Allen P. Leggett, Chair of the Berkeley Rotary Endowment

Jun 30, 09

ASSETSCurrent Assets

Checking/SavingsEndowment Checking-Smith Barney 211,143.43Merrill Lynch - Cash 1,782.46

Total Checking/Savings 212,925.89

Other Current AssetsDeposits in Transit 225.00

Total Other Current Assets 225.00

Total Current Assets 213,150.89

Other AssetsSMITH BARNEY ACCOUNT

Certs of Deposit at Cost 86,000.00

Total SMITH BARNEY ACCOUNT 86,000.00

MERRILL LYNCHMutual Funds at Cost 211,912.76Mutual Funds Unrealiz Gain/Loss -21,895.99

Total MERRILL LYNCH 190,016.77

Total Other Assets 276,016.77

TOTAL ASSETS 489,167.66

LIABILITIES & EQUITYLiabilities

Long Term LiabilitiesDEFERRED INCOME- INVESTMENT A/C

Mutual Funds Unrealiz Gain/Loss -21,895.99

Total DEFERRED INCOME- INVESTMENT A/C -21,895.99

Total Long Term Liabilities -21,895.99

Total Liabilities -21,895.99

EquityFUND BALANCE - RESTRICTED

James Reynolds Scholarship Fund 47,710.16Heather Raine Arnett Scholarshp 4,100.00Graff Family Scholarship Fund 2,000.00YMCA Teen Center 1,000.00Paul Harris Fund 4,690.00Disaster Relief Fund 3,804.00PERMANENT FUND 300,000.00SPENDABLE RESERVE FUND 95,247.00

Total FUND BALANCE - RESTRICTED 458,551.16

FUND BALANCE - UNRESTRICTEDProjects Budget Funds 109,714.62

Total FUND BALANCE - UNRESTRICTED 109,714.62

BERKELEY ROTARY ENDOWMENT11/13/09 BALANCE SHEET REPORTAccrual Basis As of June 30, 2009

Jun 30, 09

Net Income -57,202.13

Total Equity 511,063.65

TOTAL LIABILITIES & EQUITY 489,167.66

BERKELEY ROTARY ENDOWMENT11/13/09 BALANCE SHEET REPORTAccrual Basis As of June 30, 2009

Page 2

Jul '08 - Jun 09 Budget $ Over Budget

Ordinary Income/ExpenseIncome

BUDGET FUNDS for 2010 - 2011Contributions 10,315.74Recognitions

Birthdays 494.50Anniversaries 167.50Memorials 690.00Other 271.00

Total Recognitions 1,623.00

Fundraising ProjectsE- Scrip 75.29Berkeley Kite Festival 8,271.00Rotary Race Day 92.50Golden Gate Fields 16,158.50Nite at the Races 325.16

Total Fundraising Projects 24,922.45

School Dictionary Project 96.00Holiday Food Baskets 275.00

Total BUDGET FUNDS for 2010 - 2011 37,232.19

CONTRIBUTIONS - RESTRICTEDEndowment Corpus

Contributions - Current Year 10,335.00

Total Endowment Corpus 10,335.00

James Reynolds ScholarshipsContributions - Current Year 22,500.00

Total James Reynolds Scholarships 22,500.00

BRC Scholarshipo ProgramContributions - Current Year 1,500.00

Total BRC Scholarshipo Program 1,500.00

Heather R. Arnett ScholarshipContributions - Current Year 5,000.00

Total Heather R. Arnett Scholarship 5,000.00

Graff Family Scholarship FundContributions - Current Year 2,000.00

Total Graff Family Scholarship Fund 2,000.00

LN4 Project 2008-2009$ Collected 3,120.00

Total LN4 Project 2008-2009 3,120.00

Total CONTRIBUTIONS - RESTRICTED 44,455.00

4:00 PM BERKELEY ROTARY ENDOWMENT11/13/09 Income & Expense Actual vs BudgetAccrual Basis July 2008 through June 2009

Page 1

Jul '08 - Jun 09 Budget $ Over Budget

INVESTMENT INCOMEInterest - Smith Barney 6,534.87Merril - Dividends / Interest 6,330.01Merrill - Capital Gains<Loss> -62,698.15

Total INVESTMENT INCOME -49,833.27

Total Income 31,853.92

ExpenseTRADITIONAL PROJECTS

Camp Royal 1,450.00 1,500.00 -50.00Camp Venture 525.00 525.00 0.00Elmwood Christmas Party 0.00 400.00 -400.00Holiday Food Baskets 3,000.00 3,000.00 0.00Speaker Recognitions 2,250.00 2,500.00 -250.00Youth Recognition 0.00 900.00 -900.00Hosting GSE Participants 0.00 1,000.00 -1,000.00Youth Scholars 0.00 1,000.00 -1,000.00Dictionary Project 6,034.59 8,000.00 -1,965.41

Total TRADITIONAL PROJECTS 13,259.59 18,825.00 -5,565.41

CONTINUING PROJECTSBRC Scholarship Program 4,689.00 6,000.00 -1,311.00Rotoract Bone Marrow Project 2,000.00 2,000.00 0.00Y Scholars College Tour 1,035.00 1,035.00 0.00Out-of-District Project 0.00 5,000.00 -5,000.00YEAH Hostel Homeless Youth 4,417.01

Total CONTINUING PROJECTS 12,141.01 14,035.00 -1,893.99

NEW PROJECTS - LOCALBerkeley Chess School 3,180.00 3,180.00 0.00Berkeley City Ballet 4,175.59 6,000.00 -1,824.41BORP Handicapped Van 5,000.00 5,000.00 0.00Future Leaders Institute 5,000.00 5,000.00 0.00Longfellow Trophy Case 2,372.19 2,000.00 372.19Peace Grove -15.00 0.00 -15.00UC Botanical / Malcolm X 1,669.04 5,000.00 -3,330.96YMCA Teen Center 10,000.00 10,000.00 0.00Berkeley Youth Alternatives 1,600.00

Total NEW PROJECTS - LOCAL 32,981.82 36,180.00 -3,198.18

NEW PROJECTS - INTERNATIONALHospt de la Familia Guatamala 500.00 0.00 500.00Bombay Water Project 0.00 5,000.00 -5,000.00Alliance for Smiles 2,000.00

Total NEW PROJECTS - INTERNATIONAL 2,500.00 5,000.00 -2,500.00

EMERGING NEEDSReserve 0.00 2,500.00 -2,500.00

Total EMERGING NEEDS 0.00 2,500.00 -2,500.00

OPERATING EXPENSEAccounting 1,000.00 1,825.00 -825.00Review BRE Books 0.00 1,000.00 -1,000.00D/O Liability Insurance 333.00

4:00 PM BERKELEY ROTARY ENDOWMENT11/13/09 Income & Expense Actual vs BudgetAccrual Basis July 2008 through June 2009

Page 2

Jul '08 - Jun 09 Budget $ Over Budget

Administrative CostsOffice Supplies 0.00 250.00 -250.00Bank Service Charges / Taxes 335.08 100.00 235.08Other 709.28

Total Administrative Costs 1,044.36 350.00 694.36

Total OPERATING EXPENSE 2,377.36 3,175.00 -797.64

Total Expense 63,259.78 79,715.00 -16,455.22

Net Ordinary Income -31,405.86 -79,715.00 48,309.14

Other Income/ExpenseOther Income

VETERANS PROGRAM$ Collected 1,290.00Transfer to BRC / Hs Lordships -540.00

Total VETERANS PROGRAM 750.00

TOGO RELIEF PROJECT$ Collected 3,220.00Money Sent -2,720.00Wire Transfer Fees -50.00

Total TOGO RELIEF PROJECT 450.00

Total Other Income 1,200.00

Other ExpenseSCHOLARSHIPS GRANTED

James Reynolds Scholarship 21,206.34Heather R Arnett Scholarhip 1,500.00Graff Family 2,000.00

Total SCHOLARSHIPS GRANTED 24,706.34

INVESTMENT EXPENSEMFA Fee 2,114.67Fractional Shares Adjustment 175.26

Total INVESTMENT EXPENSE 2,289.93

Total Other Expense 26,996.27

Net Other Income -25,796.27

Net Income -57,202.13 -79,715.00 22,512.87

4:00 PM BERKELEY ROTARY ENDOWMENT11/13/09 Income & Expense Actual vs BudgetAccrual Basis July 2008 through June 2009

Page 3

Berkeley Rotary Endowment

Investments Held at June 30, 2009

Investment Description

Market Value % of % of

Mutual Funds Equities Total

AIM International Growth $ 15,565 8

Artio International $ 15,821 8

Baron Partners Fund NLD $ 18,867 10

Cambiar Opportunity Fund $ 19,430 10

CGM Advisor Targeted $ 13,261 7

Federated Kaufmann Small $ 10,131 5

Franklin Mutual Global $ 22,438 12

Hartford Growth $ 19,144 10

Ivy Asset Strategy $ 8,629 5

Neuberg & Berman Genesis $ 9,594 5

Oppenheimer Gold/Mineral $ 14,141 8

Victory Diversified $ 22,796 12 39

Total Mutual Funds $190,017 100

Certificate of Deposit

(Int: 0.8% Matures: 9/11/09) $ 86,000 18

Money Market Funds

Smith Barney $208,248

Merrill Lynch $ 1,782

Total MMFs $210,031 43

Total Investments $ 486,048 100

Merrill Lynch EMA Account

End of Month Balances

From 7-01-2008 Start Date

October 15th

, 2009

Month Ending $ Balance (rounded) % Change

July 2008 $262,000

August 2008 $260,000

September 2008 $229,000

October, 2008 $186,000

November, 2008 $172,000

December, 2008 $178,000 ( -32.1 )

January, 2009 $166,000

February, 2009 $153,000 LOW ( -41.6 )

March, 2009 $164,000

April, 2009 $180,000

May, 2009 $194,000

June, 2009 $192,000

July, 2009 $206,000

August, 2009 $210,000

September, 2009 $222,000 ( -15.3 )

DOLLAR LOSS FROM 7/01/08 TO 2/28/09 LOW $ 109,000

DOLLAR GAIN FROM 3/01/2009 TO 9/30/2009 $ 69,000

NET DOLLAR LOSS 7/1/2008 TO 9/30/2OO9 $ 40,000

RECONGNITION OF SPECIAL CONTRIBUTORS

The Berkeley Rotary Endowment recognizes seven levels of cumulative giving

since July 1, 1989. Listed are current active members:

Senior Humanitarian

$100,000 or Greater

Oliver, Steve

Reynolds, Jim

Humanitarian

$75,000-!00,000

Senior Benifactor

$50,000-$75,000

Ockels, Theodore

Benifactor

$25,000-$50,000

Senior Patron

$10,000-$25,000

Betts, Rick

Campbell, Peter

Ferguson, John

Foorman, Carl

Goldenberg, Larry

Graff, Grier

Leggett, Allen

Loftesness, Carl

Malcolm, David

Mayer, Jules

McPhail, Jack

Thomson, Pate

Waller, Edward E., Jr

Patron

$5,000-$10,000

Alter, Don

Ashraf, Khawaja

Collignon, Fred

Enaeman, Bob

Fraser, Alan

Forsburg, Frank

Fuller, Glenn

Glass, Judith

Goggio, Bev

Hacker, Dennis

Hauch, Kurt

Holland, Steve

Masters, Jim

Paine, Scott

Randall, Robert

Rathbun, Mary Alice

Regan, Terry

Spencer, Roy

Vicars

Senior Centurion

$2,500-$5,000

Bailey, Schuyler

Batra, Manjul

Ceridono, Cliff

Church, Edward

Commerford, Bill

Doolan, Pamela

Erickson, Dick

Fasset, Fred

Ferrey, Gilbert

Garcia, Reg

Gilmore, Roger

Glass, Alexander

Hickey, Ken

Mann, Rosemary

Melandry, Don

Olson, Thomas

Orenstein, Moe Reed, Tom

Ritchey, Deborah

Sorenson, Bob

Strong, Ed

Torpey, John

Wei, Mory

Williams, Carroll Willock, Bruce

Centurion

$1,000-$2,500

Barsotti, Mario

Chernila, Larry

Endlich, Michael

Henry, Phil

Jain, Santosh Kumar

Kim, Doug

Lai, Peter

Luna, George

Lundin, Steve

Pena, Joe

Rigney, Patrick

Rowlands, Kirk

Schneider, Robert

Shindo, John

Staley, Preston

Wainwright, Mary

White, Burch C.

MEMBER ACCESS TO THIS REPORT IS AVAILABLE AT:

WWW.BERKELEYROTARY.ORG

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