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July Women's Bar Association Foundation Board Meeting Minutes, 1998 1 (1998)

handle is hein.peggy/wbabmmviii0007 and id is 1 raw text is: Deborah Cost ow - 00761521D0C Page 1 Minutes of the Board of Directors The Women's Bar Association Foundation Tuesday, July 7, 1998 The meeting was convened by the President Deborah Costlow, at the law offices of Arent, Fox, Kintner, Plotkin & Kahn, 1050 Connecticut Avenue, N.W., Washington D.C. 20036. Board members present were: Deborah Israel, Sandra Robinson, Tania Hannra, Juliana Schulte O'Reilly and Nancy Long by telephone. The Women's Bar Association was represented by Michelle Gary. Minutes Minutes of June 9, 1998 meeting were approved, as amended. Old Business I. WBA/WBAF Equipment Lease. A motion was made, seconded and approved to approve the lease as blacklined with the additional insertion of language that the WBA be relieved of specific rental obligations of certain affected equipment during the period of time after a loss but before receipt of insurance proceeds to repair or replace the affected equipment. This motion further authorizes Deb Costlow to draft such language and submit it to the WBA Board without further review. 2. Report on Tax Counsel Opinion re: Endowment Fund. Deb Israel reported on her conversation with Dave Duren and her tax partner from Silverstein & Mullins, Diane Fuchs, concerning administrative expenses for 501(c)(3) purposes and the Combined Federal Campaign. For purposes of whether the WBAF needs to take some particular action to form the endowment, an analysis of our tax exemption must be done. The WBAF is a 509(a)(1) subset of a 501(c)(3). A 509(a)(1) is a publicly supported institution. One-third of revenues must come from the public, and no one person can contribute greater than 2%. Income generated from the endowment may affect these limitations. This category may need to be adjusted given the WBAF's endowment plans. Diane Fuchs will work with Tate & Tryon to analyze these issues. 3. Retention of Auditors. It was moved, seconded and approved that the WBAF retain Tate & Tryon to perform the 1997-98 audit, the financial statements, IRS returns and tax structure analysis with tax counsel. This motion further authorizes Deb Costlow to enter into an appropriate agreement for such services the cost of which is not to exceed $5,000. 4. WBA Newsletter Request. Tabled until Retreat. 5. Comedy Night. Sold 15 tables so far. Confirmation letters need to be sent to the comedians. Post-event thank you letters need to be sent. 6. Directors Liability Policy. Tabled until September meeting. 7. WBA Liaison Report. Michelle Gary reported that the retreat went well. Michelle reiterated that having a WBAF Liaison (Marjorie Reeder) was a great idea. The purpose of the retreat was to review rules, procedures and requirements of programming. Marjorie spoke at the retreat concerning the WIBAF, its mission and its relationship with the WBA. Treasurer's Report Sharon Goley and Sandra Robinson met to discuss transition of WBAF Treasurer position. There is no new information from the Schwab and Smith Barney accounts. New Business U 6 o -ra h 'I ff o-s t f& 7 ITO_7_6_1_5_ > (i) C ' ' -

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