Item #12

Dischner: I encourage you to approve this but I got an email that they (Marsh?) did raise a concern on some of the media attention regarding the policy stuff. We’ll be able to get this through. Our firm is known to them.

Bernstein: in the text, it says that Marsh solicited bids through a consortium, 77c per 1000 on th larger bonds, outside, it would be 1 per 1000.

Dischner: that’s a typo. $1 per 1000 of coverage.

Motion passes

Item #13

Motion passes

Item #14

Motion passes

Item #15 – no action needed

Mazzocchi: can we get some information on these numbers? I want to try to understand these reports better. How does this information get reported to you?

Brod: it’s recorded in our database.

Mazzocchi: Is there a person responsible for the intake or donations?

Brod: there is a grant accounting team in the finance department. We have centralized how all the grants come to us.

Mazzocchi: how can we get information about the donations made to the school by vendors?

Brod: it does not go through us. It goes straight to the college.

Mazzocchi: explain what a pledge is.

Brod: a pledge is a commitment. A donor signs a form in our office.

Mazzocchi: is there a reason they’re combined with stocks?

Brod: it’s the format of the report. It’s the same report we provide our board.

Mazzocchi: if someone makes a pledge, they don’t have to pay.

Brod: it’s rare. as part of our budgeting process, we have a contingency for that.

Mazzocchi: how are gifts in kind valued.

Brod: they are valued by the donors up to $5,000, beyond that, there needs to be an appraisal. we are required to report pledges at full value. This particular commitment is by a former foundation board member. He has already given $50,000. We’re trying to monitor with our donors because of the publicity, that they still have confidence in us.

Mazzocchi: For gifts that size, the BOT might want to provide their own independent by us. When it comes to the grant reports, under allocated grants, we have this MR Bauer appearing again. If there is an academic study going in, why is it through finance?

Brod: this was not an academic study. It’s a pass-through grant, MR Bauer is unable to be the holder of the grant and entered an agreement with Tom. This would have benefited at least two students and the findings would have been available to the Homeland Security program. I don’t think I would have accepted it?

Mazzocchi: who has the authority over academic grants?

Brod: the president’s office.

Mazzocchi: did you help develop this one?

Brod: no. Our director of grants files the report.

Mazzocchi: could you forward that to dr Collins? How were the students selected? Only Mr Glaser know? Do we know if they get a stipend?

Brod: I don’t know.

Mazzocchi: what kind of quality control is there to ensure that grants have academic value?

Brod: I would say that this is a one-off, all of the other grants have strong control. It’s unusual for someone else to have a contractual relationship.

Mazzocchi: who decided this was permissible? Shouldn’t it have gone through you?

Brod: I would have guessed that it was Tom Glaser.

Napolitano: who approved the exception?

Mazzocchi: Would it have been Dr Breuder?

Brod: possibly.

Mazzocchi: who has control over the Philharmonic funds?

Brod: the foundation.Our grant developer will help.

Motion passes.