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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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BERKELEY ROTARY ENDOWMENT
2008-2009 ANNUAL REPORT
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