Professional Documents
Culture Documents
Notes:
______________________________________________________________________________
______________________________________________________________________________
Members Present:
Larry Bevis, Karl Brandes, Lynn Dumais, Joe Garcia, Oscar Horton, Scott Jacobsen, Marc Spencer.
Others Present:
Brad Baumgardner, Brenda Browning, Ricky Gallon, Chris Letsos, Debbie McCarthy, Tai Ishia Robinson,
Cassandra Thomas, Jennie Yingling, Glenn Permuy and guests, Dan Hevia, Leonard Levy, Elizabeth Frazier, Pam &
Rick Reed, Karen Lewis (Executive Session).
Board Chair Marc Spencer called the meeting to order at 12:05 pm.
Marc introduced Elizabeth Frazier, with the Lightning Foundation and Leonard Levy, recipient of the Lightning
Community Hero Award. Leonard and his brother, George, donated the award of $50K to Boys & Girls Clubs.
Elizabeth and Leonard presented Marc with a check for the $50K.
Marc then introduced Pam and Rick Reed.
Chris Letsos introduced our Bank of America Student Leaders, Chris Bryant, Gabriella Gonzalez, Cooper Kahn and
Daniel Erickson. They each shared their plans for the future with everyone.
Consent Items:
Copies of the April 9, 2015 and the April 2015 Financial Report were provided to the members for their review
prior to the meeting, with copies provided at the meeting. A Motion to approve the Minutes was made by Oscar
Horton, Second by Lynn Dumais. Motion passed.
Lynn then made a Motion to approve the April Financial Report, Second by Oscar, Motion passed.
2014 Audit:
Dan Hevia asked that the audited Financial Statements, provided by Reeder and Associates (Auditors), be
handed out to the members. He commented that the Audit Committee had reviewed the audited financial
statements and the related audit reports submitted by the Auditors and the Audit Committee recommends
approval. Rick Reeder from Reeder and Associates reviewed the audited financial statements with the
members. He started by indicating that Reeder and Associates was able to perform the audit in accordance with
Generally Accepted Auditing Standards in the USA and the standards applicable to financial audits contained in
Government Auditing Standards and that they were able to issue a clean opinion which states that the financial
statements are presented fairly, in all material respects, in accordance with Generally Accepted Accounting
Principles in the USA. He also indicated that as part of the work that was performed, a Schedule of Expenditures
of Federal Awards and State Projects (SEFA) was prepared and that two additional report on internal controls
were submitted and included as part of the audited financial statements. He directed the members attention to
the first of these two reports (included behind the SEFA) to bring their attention to the fact that while the
Auditors did not identify any deficiencies in internal control that are considered to be material weaknesses, they
did however identify a deficiency in internal control determined to be a significant deficiency. A significant
Investment Committee:
Larry Bevis provided a handout to the members and spoke about a summary of our 3 buckets of funds:
Foundation, Endowment and Community Foundation. We manage the Foundation funds. Larry reviewed the
summary with of the members. We changed the Manning & Napier Fund with and International Fund., to not
taking to much risk. We recently changed from Northern Trust that manages our investments, to Bank of
Tampa. Scott made a Motion to Accept the Investment Report. Second was made by Oscar Horton. Motion
passed.
Community Relations:
Ricky Gallon gave a slideshow with pictures of various events going on.
Deloitte held an Impact Day with Dover & Nick Capitano that impacted 350 kids.
Employees of Coca Cola visited West Tampa and worked on the club
Dress for Success Event was held for our Liberty Club
Photos of Riverview Renovation being worked on
Second Kiwanis Reading Room was completed.
Reports:
Jennie Yingling reported that letters are being sent out on Scott Jacobsens behalf to help on major gifts. For
Pasco County, we are working on marketing material. On August 27th, we will host a Heritage Club reception
from 5:00 pm to 7:00 at Marriott Waterside. No update on a date for GFB.
Cassandra Thomas provided a handout for Steak Dinner and announced that Trudy Carey will be our Community
Hero. The dinner will be held on September 29th at Al la Carte. We are currently at $111K.
Chris Letsos provided a handout to the members and stated we are doing well, estimating serving 3K a day, the
summer enrollment filled up fast. He reported 21st Century is up for renewal, the Childrens Board is out as
managing the funds. Chris was at Tallahassee and spoke to Senator Lee. Earl Lennard stepped in and we might
lose half a million. If any of the members know Senator Lee please reach out to him to help us get funded.
Presidents Report:
Brad Baumgardner spoke about a Foundation Board candidate, Dr. Kevin Scott, recommended by Glenn Permuy
and Fred McClure stated that Chris Letsos had met with him. Bob Basham also knows him. A motion to approve
Dr. Kevin Scott was made by Joe Garcia, Second by Lynn Dumais, Motion passed.
Marc gave an update on the succession planning. June 15th is the cut-off on receiving resumes. The committee
has 8 candidates and will start interviewing in July. The process is moving very quickly.
Brad announced that Jeff Eakins, Superintendent of Hillsborough County Schools will be attending the July 9th
board meeting.
The meeting was adjourned at 1:07 pm, staff left the room and an Executive Session was held.
Brenda Browning, Recorder
_____________________________ ____________
Chris Roederer, Secretary
Date
Executive Committee
From:
Date:
Please find attached the Statement of Financial Position and the Statement of
Activity for the Unrestricted Fund for the six months ended June 30, 2015.
Total Public Support Ahead of Budget by $265,000
Fees & Grants are ahead of budget by $326,000. This is due to several grants
that were not anticipated or known during the budgeting process for this year.
They include the three Community Hero grants from the Lightning Foundation
totally, $104,000, $50,000 from the Community Foundation of Tampa Bay for our
outreach summer camp program at Bethune Park in Wimauma this summer,
$20,000 for the new Community Service Block Grant (CSBG) passed through
Hillsborough County for year round services for youth, and $12,000 for the new
After Zone grant for Plant City Middle Schools from the Childrens Board of
Hillsborough County. And finally, we are $130,000 ahead of budget for the
Prodigy grants from the University Area Community Development Corporation
(UACDC). These additional funds have enabled the organization to serve more
kids more often through the first half of the year and the additional costs of
providing those services is evident in the increase in operating expenses of the
organization over budget for the same period.
The budget surplus in Fees & Grants is offset by the $72,000 that Funds
Released from Restriction is behind budget. These are restricted funds for
programs and operations that are released from restriction as they are used. In
the case of the reserves that were set aside for the Freddie Solomon Club and
the Riverview Club, we are not utilizing these reserves as quickly as we
anticipated in budgeting since the clubs are raising more funds through grants
and contributions than expected to date.
Net Special Events Behind Budget by $73,000
Net Special Events is behind budget due primarily to a decrease in the net
proceeds from the Yankee Luncheon ($33,000) and the East Pasco Round Up
($31,000).
Page 2 of 2
Please let me know if you have any questions or comments on the statements.
Page 1
Temporarily
Restricted
Fund
6/30/2015
Unrestricted
Fund
6/30/2015
Total
All
Funds
6/30/2015
Endowment
Fund
6/30/2015
Total
All
Funds
6/30/2014
ASSETS
Current Assets
Cash & Cash Equivalents
Investments
Accounts Receivable
Other Receivables
Pledges Receivable - Current, net of allowance
Due from BGCTB Foundation
$322,312
$1,143,276
$29,935
$1,495,523
$2,915,647
$1,000,341
$0
$618,964
$1,619,304
$918,897
$533,167
$0
$0
$533,167
$273,157
$41,707
$0
$0
$41,707
$10,174
$19,688
$2,859
$0
$22,547
$40,437
$1,028,556
$25,000
$0
$1,053,556
$903,452
$86,320
$0
$0
$86,320
$93,628
$3,032,092
$1,171,135
$648,898
$4,852,126
$5,155,393
$7,722,004
$0
$0
$7,722,004
$7,620,376
$45,000
$0
$0
$45,000
$52,500
$0
$44,985
$0
$44,985
$117,375
$0
$79,997
$0
$79,997
$76,887
$12,622
$0
$0
$12,622
$2,610
$7,779,625
$124,983
$0
$7,904,608
$7,869,748
$10,811,717
$1,296,118
$648,898
$12,756,734
$13,025,141
Accounts Payable
$323,828
$0
$0
$323,828
$358,611
Accrued Expenses
$173,756
$0
$0
$173,756
$177,477
$576,807
$31,579
$0
$608,386
$305,698
$0
$4,000
$0
$4,000
$3,000
$1,074,391
$35,579
$0
$1,109,970
$844,786
Prepaid Expenses
Total Current Assets
Other Assets
Total Non Current Assets
TOTAL ASSETS
Deferred Revenue
Total Current Liabilities
Page 2
Temporarily
Restricted
Fund
6/30/2015
Unrestricted
Fund
6/30/2015
Total
All
Funds
6/30/2015
Endowment
Fund
6/30/2015
Total
All
Funds
6/30/2014
Other Liabilities
Deferred Lease Revenue
$132,000
$0
$0
$132,000
$180,000
$132,000
$0
$0
$132,000
$180,000
$1,206,391
$35,579
$0
$1,241,970
$1,024,786
$1,148,913
$250
$0
$1,149,163
$1,932,286
Total Liabilities
Net Assets
$8,456,414
$0
$0
$8,456,414
$8,091,977
Temporarily Restricted
$0
$1,260,289
$0
$1,260,289
$1,269,428
Permanently Restricted
$0
$0
$648,898
$648,898
$706,665
$9,605,327
$1,260,539
$648,898
$11,514,764
$12,000,356
$9,605,327
$1,260,539
$648,898
$11,514,764
$12,000,356
$10,811,717
$1,296,118
$648,898
$12,756,734
$13,025,141
Total
Budget
1/1/2015
to
6/30/2015
Variance
Favorable
(Unfavorable)
Variance
%
Total
2015
Budget
Actual
1/1/2014
to
6/30/2014
Variance
Favorable
(Unfavorable)
Variance
%
$422,060
$423,490
Contributions
$886,302
$874,000
$61,316
$133,000
$1,610,917
$1,285,000
$2,980,595
$130,260
($1,430)
(0.3)%
$847,000
$425,039
($2,980)
(0.7)%
$12,302
1.4%
$1,913,000
$866,450
$19,852
2.3%
($71,684)
(53.9)%
$325,000
$91,596
($30,280)
(33.1)%
$325,917
25.4%
$2,156,500
$1,116,469
$494,448
44.3%
$2,715,490
$265,105
9.8%
$5,241,500
$2,499,554
$481,040
19.2%
$137,500
($7,240)
(5.3)%
$279,500
$136,646
($6,386)
(4.7)%
Revenue
Program Service Revenue
Investment Revenue
$5,599
$3,000
$2,599
86.6%
$6,000
$1,085
$4,513
415.8%
Other Revenue
$5,432
$12,500
($7,068)
(56.5)%
$25,000
$12,429
($6,998)
(56.3)%
$141,290
$153,000
($11,710)
(7.7)%
$310,500
$150,160
($8,871)
(5.9)%
$527,076
$608,000
($80,924)
(13.3)%
$759,000
$584,118
($57,042)
(9.8)%
($105,646)
($113,750)
$8,104
7.1%
($153,000)
($70,485)
($35,160)
(49.9)%
$421,431
$494,250
($72,819)
(14.7)%
$606,000
$513,633
($92,202)
(18.0)%
$3,543,315
$3,362,740
$180,575
5.4%
$6,158,000
$3,163,347
$379,968
12.0%
$1,612,784
$1,491,800
($120,984)
(8.1)%
$2,976,000
$1,309,441
($303,343)
(23.2)%
Employee Benefits
$161,039
$159,250
($1,789)
(1.1)%
$319,000
$149,544
($11,495)
(7.7)%
Payroll Taxes
$121,737
$122,000
$263
0.2%
$240,000
$99,854
($21,883)
(21.9)%
Total Revenue
Special Events
Expenses
Personnel Costs
Compensation
$20,035
$18,500
($1,535)
(8.3)%
$27,500
$15,061
($4,974)
(33.0)%
$1,915,595
$1,791,550
($124,045)
(6.9)%
$3,562,500
$1,573,900
($341,695)
(21.7)%
$72,703
$74,750
$2,047
2.7%
$113,500
$56,448
($16,255)
(28.8)%
Operating Costs
Professional Fees
7/27/2015
Page 1
Contract Services
Variance
Favorable
(Unfavorable)
Variance
%
Total
2015
Budget
Actual
1/1/2014
to
6/30/2014
Variance
Favorable
(Unfavorable)
Variance
%
$41,591
$52,150
$10,559
20.2%
$137,000
$31,627
($9,964)
(31.5)%
$262,621
$156,100
($106,522)
(68.2)%
$298,000
$148,343
($114,278)
(77.0)%
$58,380
$60,880
$2,500
4.1%
$109,500
$58,920
$540
0.9%
Occupancy Expense
$659,824
$654,320
($5,504)
(0.8)%
$1,306,000
$641,128
($18,695)
(2.9)%
Equipment Expense
$34,789
$31,040
($3,749)
(12.1)%
$62,000
$28,220
($6,569)
(23.3)%
$3,337
26.9%
Supplies
Information Technolgy
$9,090
$12,270
$3,180
25.9%
$24,500
$12,427
Transportation Expense
$87,920
$85,400
($2,520)
(3.0)%
$170,000
$82,743
($5,178)
(6.3)%
$52,504
$51,450
($1,054)
(2.0)%
$80,500
$38,978
($13,526)
(34.7)%
$121,147
$97,250
($23,897)
(24.6)%
$204,500
$104,465
($16,681)
(16.0)%
$43,123
$34,750
($8,373)
(24.1)%
$91,500
$35,643
($7,480)
(21.0)%
$1,443,692
$1,310,360
($133,333)
(10.2)%
$2,597,000
$1,238,942
($204,751)
(16.5)%
$3,359,288
$3,101,910
($257,378)
(8.3)%
$6,159,500
$2,812,842
($546,446)
(19.4)%
$184,027
$260,830
($76,803)
(29.4)%
($1,500)
$350,506
($166,478)
(47.5)%
Program Services
Other Expenses
Total Operating Costs
Total Expenses
NET SURPLUS/(DEFICIT)
7/27/2015
Budget
1/1/2015
to
6/30/2015
Page 2