Board Meeting: Monday, June 16, 2008

The Wharton Club of New York
Board Meeting
Monday, June 16, 2008
Hosted by Skadden, Arps, Slate, Meagher & Flom LLP

Board Meeting

Kenneth Beck
Roe Bonelli
Robert Boyd (via phone)
Ruth Colp-Haber
Diana Davenport
Nigel Edelshain
Peter Hildick Smith
Regina Jaslow
Allen Levinson
Dana Michael
Rob Rizzo
Stephanie Shaw
Kent Trabing

Jacqueline Sturdivant
Carol Vinelli

Thanks to Clifford Aronson of Skadden for hosting this meeting.

I. Chairman's Remarks (Nigel Edelshain)
The Chairman called the meeting to order at 7:35 pm and the board minutes of 03/10/08 was reviewed.

Motion to accept minutes:
Motion: Regina Jaslow
Second: Dana Michael
Unanimously Accepted

II. President's Report (Kenneth Beck)
The President reports that the club has several goals for the upcoming year namely:

 The Club needs to do adjustments to its bylaws to adhere to the new auditing.
 Roe will map out changes with Kenny and submit to the board.
 After the changes are made, the Club will then appoint an audit committee.
 This process is required in order to do any changes to the bylaws.
 Going forward the Club needs to be consistent with all these processes.

Transitioning of Power
(a) Kofi Kankam will be stepping down as Marketing and Communication Chair and is replaced by Peter Hildick Smith. Motion to approve Peter as VP

Motion: Kenneth Beck
Second: Regina Jaslow
Unanimously Accepted

(b) Jason Breeman has relocated to India and will be replaced by Robert Boyd, Founding Chair of Wharton Investment Resource Exchange Affinity Group (WIRE) as the new VP of Business Development, subject to approval from the board. Motion to approve Bob

Motion: Kenneth Beck
Second: Rosemarie Bonelli
Unanimously Accepted

III. Joseph Wharton Dinner

- The Joseph Wharton Dinner is on track for 2008. The date is set for October 2nd at the Pierre Hotel.
- We have four award recipients who have already accepted.
- Selection Process: 1st Year - we had a committee that did everything. 2nd Year - we opened up the nominating process to the general public and ask for nominations and the committee made the recommendation to the President. 3rd Year (this year) - we created a committee of the honorary award recipients (4 from the 1st year, 4 from the 2nd year plus John Scully from the 70's). The awards committee accepts nomination from the entire committee, vets the list, selects 3-5 names for each category and presents them to the Award Recipients committee which makes the final recommendation.

The 2008 award recipients are as follows:

 Mr. William L. Mack, W61 - Lifetime Achievement Award
 James S. Tisch, WG '76 - Leadership Award
 Mr. Eugene D. Falk,WG80 - Social Impact
 Michelle A. Peluso, W93 - Young Leadership

- Randall J. Weisenburger, WG '87, EVP & Chief Financial Officer, Omnicom Group Inc will be the Honorary Chair and Bill Griffeth, Co-Anchor of CNBC's Power Lunch, will be the emcee.
- We currently have approximately 100K lined up in Sponsorship Dollars.
- The economy has been a bit of a challenge and the Club is not expecting to hit the same numbers this year as the last two years.

IV. Operations

Marketing (Peter Hildick Smith)

- Peter reported that the Division is almost fully staffed.
- Further updates are required for the website infrastructure for career opportunity.
- Looking at tiered membership and waiting to get approval from the Penn Club to partner in member benefits.
- Kenny added that they are also working on a welcome package for new members to promote member benefits and member services.

Business Development (Robert Boyd)

- The affinity groups are using the model of the Wharton Hedge Fund Network (WHFN).
- WIRE will have its 1st Business Plan Competition in April.
- The Wharton Angel Network (WAN) goal is to have 4-6 formal events per year.
- Focus: To communicate and present business plans on a virtual basis.
- Set up: To bring investors and entrepreneurs together.

Programming Division (Regina Jaslow)

 Speaker Series: targets 8 events per year. Planning to have Professor Peter Cappelli speak in the fall.
 Social & Special Events: 1 happy hour per month.
 Community Service: 1-2 events with the possibility of creating a volunteer consulting firm to work on community projects.
 University Relations: No additional plans for the fiscal year. Still supports the MBA admissions office on campus.

Volunteer Services: (Diana Davenport)

 2 Volunteers nights: One on April 11, 2007 and one February 11, 2008. Another is planned for December 2008.
 Volunteers come and go but we continue to get a good group of new volunteers each year.
 Volunteer positions are posted on the website.
 There is still more work to be done on the website.

Finance & Budgeting (Rosemarie Bonelli)

- Looking to hire a bookkeeping firm to do the Club's financials.
- Most firms are looking for 10-12 hours per month.
- We only need 5-6 hours per month which will cut our fee in half to 6K per year.
- 2007-2008 financials and 990 are in process.
- The Club will close its non interest bearing account at Citibank and open a new account at Commerce Bank.
- We now have the following accounts: (i) Money Market (ii) CD and (iii) Checking.
- An investment committee is now needed to oversee these cash management products.

Budgetary Process:
- The Finance Committee will get templates out to the divisions to submit their individual budgets in March or April in time for the October meeting.
- The Finance Committee will set up a structure to go over financials.
- Our investment is FDIC insured.

New Business (Kenny Beck)

There being no new business to discuss the meeting was adjourned at 8:05 pm.

Motion to adjourned Meeting

Motion: Regina Jaslow
Second: Allen Levinson
Unanimously Accepted

Minutes respectfully submitted by Stephanie Shaw