$75 sounds like a lot of money, especially in these economic times. A $75 contribution is the goal that NEAFCS has nationally for each of us to build the NEAFCS Endowment for the Future through the NEAFCS Foundation. The Endowment builds toward marketing Extension, leadership, awards, professional development scholarships and more.
Even though $75 sounds like a lot consider the wealth of possibilities just by consulting our own members:
- You could forgo purchasing 75 - $1.00 bottles of water during the year. Yes, you still need to drink the water, but consult our Food Science educators on which kind of water bottle to purchase. Then, fill your own from the tap and save all that money! It can go to the Endowment.
- You could also give up buying 75 - $1.00 snacks during the next few months. Consult with our Health and Nutrition educators for healthy alternatives you could make at home. And again, save all that money that could go to the Endowment instead.
- How about considering memorials to the NEAFCS Endowment or shifting what you contribute to other groups? We are committed to this profession or we wouldn't be here. Check with the Family Relations educators for making this a priority.
- Finally, consider a savings plan throughout the year. Family Resource Management educators have spending plans. You could save a quarter a day and over 300 days, you would have saved $75 to go to the Endowment. Or how about $1.44 a week or $6.25 a month? Same thing but it all adds up to $75.
So, $75 sounds like a lot but with some planning it can be done. It would be great to see Minnesota add to the four life and current members who have contributed. The Minnesota Affiliate Board will be talking about what we can do to celebrate the 75th Anniversary including adding to the Endowment.
If you'd like to check out more details, go to the website at: www.neafcs.org.
Note: this is completely separate from anything we do in Minnesota with a quasi-endowment.
Colleen and Becky were voting delegates at the NEAFCS Annual Meeting at the Galaxy III Conference. Here is a brief report of what that included.
- we attended the Open Forum, Central Region Business meeting, and the Annual Business meeting; voting delegate responsibilities are primarily at the Central Region and Annual Business meetings, the Open Forum is for all members.
- a few highlights from each:
Open Forum - Kathy Olson was introduced as candidate for secretary and she gave her speech; also Jeanne Priester was awarded the Friend of NEAFCS award - some of you may be aware of the health & nutrition conference which is named after her.
Central Business Mtg - we heard from the national VPs for the various committees, received the invitation to attend the 75th celebration - Annual Session in Birmingham Alabama.
Annual Business meeting - at national, seating of voting delegates is taken very seriously. There was a credentials issue with some states not naming alternates and having planned voting delegates unable to attend because of hurricane/weather related issues. We voted for the officer candidates and also on some issues brought forth on cost savings for the NEAFCS budget. Although National is looking at cost savings, there wasn't a mention of any dues increase. Since our change in management companies, it seems there is a real effort to provide members with services that are of value to them.
We also heard at one of the meetings aobut the Annual Session Ad-Hoc Committee Report. This looks at both large and small changes for future annual sessions. Some changes have been implemented already. The October newsletter has a link to the report if you'd like to read it.
NEAFCS MN Affiliate Conference Call -- 10-3-08
Present: Rose Allen, Shirley Anderson-Porisch, Kim Asche, Roselyn Biermaier,
Deb Botzek-Linn, Carol Ann Burtness, Suzanne Driessen, Colleen Gengler,
Becky Hagen-Jokela, Rosi Heins, Kathy Olson, Cindy Petersen
Purpose: To review information/clarify options for using proceeds from the Tri State Committee - NEAFCS Annual Session 2007, St. Paul, MN:
Colleen reviewed options, timeline for developing options, clarifications of endowment terminology and steps taken by the Board to use member input and bylaw information related to budget for direction to develop options. Details would need to be worked through for either option. Matt Mussel, U of M Foundation, will attend MN-Affiliate Annual Meeting in Duluth on 10/22/08 to provide information on quasi-endowment.
Questions raised by caller participants:
1. Is there a penalty if the principal falls below $10,000?
No, not a penalty. Quasi implies long growth vs. a CD. Choice would be only to use interest. Option 2 - unclear if only use CD interest. There is no principal guarantee with quasi. Quasi can be maintained even with loss in principal.
Option 2 may take more time on part of MAEE treasurer. Colleen clarified management of quasi vs. short term options. MEWS (MN Extension Worker's Scholarship Fund through ESP - also set up as a quasi-endowment) needs a statement of use for using funds to expedite payment to end user. A 4-H quasi example was described - return has been positive but there is administrative cost that seems reasonable.
2. Will interest be used to maintain budget?
Will principal be used to maintain budget?
Current budget projections are based on current membership and current expense level which suggest our budget can continue to operate with carryover funds for the next 8-10 years. Funds from interest could be used to support things including that which may have been removed in the past i.e. PILD. For the short term option, the board would need to determine how much principal would be used.
3. Has there been MAEE discussion as to increasing support for PILD?
MAEE has been happy that Dean increased support from $0 to $500.
4. How do we get to a principal of $10,000?
Present funds have been put into a 10 month CD @ 3.25% interest which will bring balance to over $10,000 at maturity.
Board was thanked for putting together informative options for discussion
Colleen said that Dean Durgan and Karen Shirer are supportive of decision that will be made by MN-Affiliate membership.
Cindy reported 23 members so far including 2 new members.
Congratulations were extended to Kathy Olson, NEAFCS Secretary, elected at Galaxy as well as to all award winners.
With no further discussion, conference call ended at 11:10 am.
Minutes prepared by Shirley Anderson-Porisch for Sara Croymans.
Here are clarifications on the questions posted:
1. On option 1 - is it correct that we can decide how the money is used and if we so decided we could withdraw all of it at anytime?
Yes, the organization would establish some basic guidelines as part of the process in setting up a quasi-endowment. Expenses during the year would need to fall within those basic guidelines. It appears that generally, members are interested in supporting staff development which could include the workshop the president and president elect have attended (president is paid for through National), Public Issues Leadership Development Conference (Director's office give $500 per section in the last few years), scholarship to attend NEAFCS to present scholarly work, dollars for a yearly professional development day for members. Those are the main examples that have been suggested. The board would determine what will be covered as they look at the budget and then those expenses would be covered.
Yes, funds can be withdrawn at anytime.
2. Why/how does option 2 differ from l in the respect that "Money may be depleted in a few years." Is it because of the interest rate?
As members vote on these options, it is for a general direction: quasi-endowment or short-term investment plan. For the short-term investment plan, the board would need to determine what exactly that means. Do we only use the interest earned from whatever short term investment is used, ie CDs or is the principal used over a period of years?
So, if this is the option chose, the board through input from members, could decide for example, to use $1000 per year for the next few years. With that example, we earn less and less interest each year because the principal is less each year. Eventually, the money is depleted.
Again, it depends on the specifics that would need to be determined once an overall direction is set through the choice of one of the two options.