Endowment Board of Trustees

Endowment Bylaws View

Mission to Follow

Planned Giving

 To live a life of fulfillment

 To love and be loved by family and friends

To grow through learning in competence and conscience

A spiritual and compassionate Jewish community like Beth David can be central in helping to achieve these important personal goals.

But the search for significance leads many to ponder . . .

how can I leave an enduring legacy?

You can make a lasting impact through a legacy gift to Beth David Endowment Fund. Your gift will continue to make a difference in insuring a vibrant future for Beth David for generations to come.

There are many simple ways to include a legacy gift in your estate plan. Many people discover that they can leave much greater gifts as part of their estate plan than they had ever dreamed possible.

For more information and a no-obligation exploration of your legacy opportunities, please contact Tanya Lorien, lorien@beth-david.org, or 408-257-3333.

CBD Endowment Board of Trustees Meeting Minutes
March 13, 2012

The Congregation Beth David Endowment Board of Trustees met at 7:45 PM on Tuesday, 13 March 2012 at the home of Dan Skilken. President Michael Leitner chaired the meeting. Dan Skilken, Joanne Cornbleet, David Hoffman, Judy Levin, Jerry Bloom and Rick Tavan attended, Rick recording.

Financials
Dan distributed the following reports:

• Profit and Loss Sept. 1, 2011 through March 13, 2012
• Balance Sheet as of March 13, 2012

These financial reports are available to members upon request from the Beth David office.

Dan plans to transfer maintenance of our Quick Books accounts to synagogue office staff who are already using the same tools for their accounting. We will also begin accounting for unsold cemetery lots as assets at the current (member) sale price, subject to adjustment from time to time. 

Potential Conflict of Interest
Dan advised the Board of a potential conflict of interest and recused himself from voting on the matter. The Board discussed the facts and the remaining trustees AGREED unanimously that there is no ownership interest conflict, no investment interest conflict and no compensation interest conflict. Thus, the Board determined that no conflict of interest exists. 

Gift Acceptance Policy
Our mentors from the Legacy Giving group provided two model gift acceptance policy documents to David, advising him that one was closer to our needs than the other. David agreed and revised that document to name and fit the Endowment. Our Legacy Giving Committee reviewed the result and recommended that we adopt it. They also recommend that the Congregation, through its Finance Committee, adopt a similar policy. It might differ from the Endowment’s policy in a number of areas including potentially containing guidelines for the transfer of long-term assets or funds to the Endowment. The Board discussed the subject matter but, since not all members had received the document prior to the meeting, agreed to defer voting on acceptance. Trustees are asked to review the Gift Acceptance Policy and email comments to David, copy to all Board members, by the close of Tuesday, March 20. Barring major change requests that would trigger a special meeting for discussion, we plan to conduct an email vote on acceptance during the week March 21-28. 

Investment Policy Statement
Dan distributed a revised version of the Investment Policy Statement that he has been drafting with the help of Emilio deSousa of Morgan, Stanley, our professional investment advisor. Trustees have reviewed the document and Dan has incorporated most of their feedback. Additional considerations discussed at the meeting included:

• Exclusion of direct investments in individual companies that, in the opinion of the Board, condone anti-Semitism or cooperate with boycotts of Israel or other Jewish entities: Such exclusion would not extend to broadly diversified mutual funds that happen to contain, from time to time, investment positions in such companies.
• Number of signatures required on checks: AGREED that two signatures shall be required on checks in excess of $5,000. Notwithstanding this authorization for single-signature checks for lesser amounts, all disbursements of any size shall be authorized by appropriate Board action. These include individual expenditures, in-budget costs in approved expense categories and sequences of payments relating to approved actions. The Bylaws need to clarify how those approvals may be obtained.
• The Congregation has approximately $500K in long-term or restricted assets and may want to adopt a similar IPS, although the asset utilization window for purposes of determining risk tolerance might be shorter. They might want the Endowment to manage assets whose nature is consistent with Endowment purposes and policies. Dan and David are keeping the discussion going within the Congregation’s Finance Committee.
• Dan will set up a meeting with Emilio [likely March 19 or 26] to discuss remaining items, including but not limited to permitted investments, diversification percentages and rebalancing procedures. Dan, Michael and Rick will attend and other trustees will be welcome if they wish to join.

Trustees are asked to review the latest draft of the Investment Policy Statement and email comments to Dan, copy to all Board members, by the close of Sunday, March 18. If changes from the current draft do not require further all-Board discussion, we will ask for email votes after distributing a proposed, final draft. 

Cemetery
Rick extracted some information from California Monument Company on benches. Prices range from $1,000 to $3,500 for different types of stone and we have photos of gravestones using those materials. After discussion, the Board AGREED:

• We will select one type/color of granite stone from the middle of the price range and require that all benches be of that type. If the chosen type becomes unavailable in the future, the Board or a future Cemetery Committee will choose a new type close to the original.
• The Board or a future Cemetery Committee will retain approval right on donor-requested text.
• All benches must be placed on donor-selected, non-burial plot locations. ACTION: Rick to obtain a diagram of the Beth David Memorial Garden showing where those locations are, probably around the periphery of the property.
• Rick will continue his efforts to extract further detail from the monument company and the cemetery including bench dimensions, design (back or no back?), photos, text location, and additional costs, if any, for engraving and placement. 

Successor Trustees
Some trustees will be up for reelection or replacement this coming summer. Jeff Kanel has requested replacement. The Board discussed possible candidates. ACTION: Joanne and Rick to research Congregation and Endowment records, respectively, to determine which other trustees’ terms are due to expire; Joanne to research availability of potential candidates. 

Next
The meeting adjourned at 10:00 PM without scheduling the next quarterly meeting.
Respectfully submitted,

Richard Tavan, Secretary 

[These minutes were distributed to the members of the Endowment Board of Trustees on March 14 with request for corrections by March 21.]