« Professional Development Day | Main | Minutes - March 26, 2008 membership meeting »

Special Meeting regarding Tri-State Funds

We had excellent discussion regarding short and long term use of the Tri-State funds we received as a result of hosting the NEAFCS Annual Session in St. Paul. The Board will consider all the input and questions including that of members who could not attend the special meeting on March 26. More information will be forthcoming to respond to questions on how a Quasi-Endowment might work.

If there are more questions, input or opinions, please e-mail me. cgengler@umn.edu

NEAFCS – Minnesota Affiliate Share of the Tri-State Committee Fund Income
NEAFCS 2007 Annual Session

Background
NEAFCS-MN Affiliate has received our share of the funds from the Tri-State Committee’s work. The total is $8,215.45. This amount has been placed into a bank CD which will come due Fall 2008. This allows our Minnesota affiliate to collect interest as decisions are made. In the meantime, your President has talked with Dean Durgan who has said as long as we work with our adviser Karen Shirer, she is okay with however we wish to use the funds. The Board has talked with Karen about possibilities for short and long term use of the funds.

Possible Scenarios

1). Dedicate a specified amount per year over a limited period of years to use for scholarly work/professional development on the part of our members:
- Public Issues Leadership Development (PILD) scholarship supplementing funds from the Director’s office (currently $500)
- scholarship to present scholarly work at NEAFCS Annual Session
- dollars for Professional Development Committee to use toward a speaker or event (example might be a retreat or the regular professional development day we have had in recent years)

2). Contribute to the NEAFCS Endowment – The goal is $300,000 by the 2009 Annual Session with the emphasis on “$75 by the 75th? (NEAFCS anniversary). Current amount contributed is more than $100,000 as of October 2007. Minnesota has four individual contributors currently.
These funds will be used to: (adapted from the NEAFCS website)
• Support targeted projects such as international, marketing, awards and professional development.
• Mentor new FCS educators.
• Provide a steady income for quality and permanence to the profession.
• Champion and strengthen the profession.
3). Establish a Quasi- Endowment through the University of Minnesota Foundation. The minimum is $10,000. NEAFCS – MN Affiliate is very close to that amount if we were to combine the Tri-State funds ($8,215.45) with other smaller amounts including our other CD ($1,250), future interest on both CDs (approximately $300) and award money ($150) that has been donated to the organization. There is the potential for individual contributions as well. This would be a long term investment generating dollars annually. The interest in part goes back into the principle for long term growth and part would be available to MEAFCS yearly to use toward a designated purpose; possibly similar to the scholarships and committee work as described in the first scenario. The President has consulted with Matt Musel, Associate Development Officer, University of Minnesota Extension, on the basics as described above.
4). Possible combination use of funds for scenarios 1, 2 and 3.
5). Other possible scenarios?

Comments

I just reviewed the agenda, handouts and outline for the enhancing creativity session. It looks just excellent. Many useful tools we can use in our programming efforts. Invite others to attend. Registration deadline is April 17th.

Post a comment

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)