Annual Meeting of Rotary Club of McHenry Charitable Foundation

Posted by John Halbleib on Jan 18, 2018
 
Foundation Annual Meeting
 
Each Fiscal Year the Rotary Club of McHenry Charitable Foundation, Inc has an annual meeting of its Members.  Last year it was on December 22, 2016.  The Rotary Club of McHenry holiday activities dominated December 2017; the Annual Meeting of members was scheduled for January 18, 2018. 
Ron Bykowski, Chairman of the Board, began the meeting and, following a reading of the Minutes from the last Annual Meeting, provided a report.  Chair Bykowski reported as follows:
  • 2018 marks the 11th year of operation of the Foundation
  • Over the last five plus years, the Foundation has raised more than $200,000 primarily through Blues, Brews and Barbeques, of which more than $160,000 has gone to local community, vocational and youth service projects.
  • In addition to such fundraising, the Foundation has grown through wise investment (Foundation funds are managed by the investment banking firm of Morgan Stanley):
  • As of January 17, 2018, invested assets totaled:              $ 241,997
  • As of June 30, 2017, invested assets totaled:                   $ 167,161
  • As of June 30, 2016, invested assets totaled:                   $ 131,598
Foundation funds in its Benefits Account are not reflected in these numbers.  The Foundation’s investments have achieved excellent returns, averaging 17.56% over the last year. 
 
 
  • The current Board of the Foundation is comprised of 7 Directors:
Ron Bykowski, Chairman
Thomas Webb, Vice-Chair
Cheryden Juergensen, Treasurer
John Halbleib, Secretary
Denis Buch (Director)
Tony Huemann (Director)
Mike Low (Director)       
 
Section FB-4.3. Selection and Terms of the Foundation’s By-Laws provides that the Board shall consist of 7 members:
 
The Foundation Board shall be comprised of the current Club President, the current Club Treasurer and five (5) members at large. The five (5) members-at-large shall be elected by the Foundation Members and serve a term of three-years or until their successors are elected and qualified.
 
The last election of Directors was for a term commencing July 1, 2016 to June 30, 2019.
  • The Foundation (and its Board of Directors) serve as fiduciaries, seeking to invested in a prudent manner while striving to both as preserve capital and earn a fair return on investment.  Part of such fiduciary responsibilities contemplate establishing both an “Operating Budget” as well as a “Service Project Budget” for each Fiscal Year (which runs from July 1 to June 30).
 
  • While the Board of Directors of the Foundation establishes the size of such budgets, a committee known as the “Service Projects Committee” receives and evaluates applications for grants and other funding from qualified 501(c)(3) organizations in the greater McHenry Area (and which serve the National and international avenues of service), determines and recommends the allocation of each year’s Service Projects Budget, and follows up to ensure distribution of funds to approved recipients.  Amounts at $1,000 and above must be approved by Member vote.
On behalf of the Scholarship Committee, Vice-Chairman Thomas Webb reported as follows:
  • Academic Scholarships:
    • Historically, we have awarded three – $3,000 post-secondary academic scholarships, payable at $750 per semester.
    • This past year, we awarded
      • Awarded two – $3,000 scholarships; and
      • Funded Advanced Placement Testing for high school students in McHenry (School District 156) and Johnsburg (School District 12).
The general cost of one of these tests is approximately $93.Our support in this area is focused on students who qualify for financial aid.
We project that our AP Testing program in McHenry along has given rise to a projected tuition savings for students and parents of over $450,000.
The Scholarship Committee and Rotary Club Officers have met with the administration from both high schools
  • Going forward – Based on that which we have learned, the Scholarship Committee plans to provide further funding to students who qualify for financial aid so as to facilitate their taking of Advanced Placement Tests, thereby assisting them in demonstrating their qualification to take college level courses, save tuition for those courses for which they earn credit by testing out of such courses, and ultimately achieve the college education each is capable of achieving.   ( of the AP programs, in lieu of any scholarships.
 
  • Vocational Scholarships:
    • This past year we awarded two $500 to second year students in MCC's Law Enforcement program. We will continue this funding for the foreseeable future.
  • Other responsibilities of the Scholarship Committee include serving as an evaluation mechanism for:
    • the Rotary Club of McHenry Charitable Foundation Harry Dean Endowment for business related awards (which have included DECA in the past); and
    • the Kathy Pelz Scholarship, in connection with which we have met with the McHenry County Workforce Network and have evaluated applicants for funding through available Kathy Pelz Scholarship funds.
Secretary John Halbleib reviewed the current Service Projects Budget and the upcoming budgeting process.  This is the first year during which the entire budgeting process becomes effective.  
 
The Foundation Members Meeting also included opportunities to ask and have questions answered. 
 
Ron Bykowski is pictured below
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