Annual Meeting: Monday, June 16, 2008

The Wharton Club of New York
Annual Meeting
Monday, June 16, 2008

Hosted by Skadden, Arps, Slate, Meagher & Flom LLP

Attendees:
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

Guests:
Jacqueline Sturdivant
Carol Vinelli

Thanks to Clifford Aronson of Skadden for hosting this meeting.

1. Chairman's Remarks (Nigel Edelshain)
The Chairman called the meeting to order at 6:55 pm and the minutes of 03/10/08 were reviewed and accepted. Nigel thanked everyone present for their contribution in helping to make the operations of the organization run smoothly.

Kenny set the stage by explaining that the process of the annual meeting is to:

 Look at the year in review
 Handle elections
 Take questions from visitors

Our two visitors Jacqueline Sturdivant and Carol Vinelli were both welcomed and ask to introduce themselves.

Year in Review
Programming Division (Regina Jaslow)


Regina reported that the programming division is made up of 4 areas i.e. Speaker Series, Social and Special Events Committee, Community Service and University Relations.

 Speaker Series: 1 event per month for the fiscal year.
 Social & Special Events: Under the new leadership of Peter Tripp has done 2 events over the last 2 months and is currently recruiting volunteers for his committee.
 Community Service: Had 2 events (Ronald McDonald House and New York Cares).
 University Relations: Typically 6 events each fall.

Volunteer Services: (Diana Davenport)
 2 Volunteers nights: One on April 11, 2007 and one February 11, 2008. Another is planned for September 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.
 Still working on website to make it resourceful to our volunteers.

Business Development (Peter Hildick Smith)

Peter reported in the capacity of Assistant Vice President of Business Development

 Over 10 separate affinity groups with lots of common interests.
 Tremendous growth in the last year.
 Great successes in getting more people involved on a day to day basis.
 8 leads groups including Manhattan, Fairfield and Long Island with a possibility of adding Westchester in the near future.
 WHFN is the big money maker, netting 17K year to date with membership of 400 + members under the leadership of Jewel Huijnen.
 Media and Entertainment has 155 members and continues to increase its programs and work closely with campus.

Business Development (Robert Boyd)

Robert reported in the capacity of incoming Vice President of Business Development.

 The Business Plan Competition (BPC) has recruited several volunteers.
 Currently working with Megan at the Wharton School to be on track with the timeline.
 Winners will be announced in the Spring - April 23, 2009.
 The Wharton Angel Network (WAN) had two meetings.
 1st Meeting - 17 angels investors attended and shared their ideas.
 2nd Meeting - 4 companies showcase their business plans to 22 angel investors.  WAN has 34 qualified investors.
 The requirement for a qualified investor is to be: (i) a paid member of the club and (ii) a credited investor. The aim is to drive membership.
 Leadership is now established for the Wharton Venture Capital/Private Equity (WVCPE) group of the WIRE and this group will have its first event sometime in the fall.

Career Development (Alan Riffkin)
Kenneth Beck reported for Alan in his absenture.

 The division has had several stops and starts with its virtual services.
 The ongoing Career Speaker Series events have seen an increase as the economy turns.
 There is a career development website on campus to help alumni with their career development -- but the technology is under utilized.
 The Club has arranged with the School to integrate the school's website with the club's website in order to help them populate the information on jobs.
 This arrangement will create a strong tie with the School and set an example for the rest of the Alumni association to follow.

Marketing (Kofi Kankam)
Kenneth Beck reported for Kofi the outgoing VP of Marketing in his absenture:

 Kofi is currently transitioning from this division.
 2 great accomplishments are the Sponsorship program and the Building of organization.
 Started to build an organization (bench) with the Chairs of different committee, formulating structure and defining a clear mission.

Finance & Budgeting (Kent Trabing)
The Treasurer's report was submitted as a separate report (line item) for the board meeting.

 We have now reached our revenue threshold of 250K which requires us to have our financials audited.
 Our bookkeeping was previously done by a college student.
 The Club now has an accountant doing it on an ongoing basis.
 Currently interviewing for a professional to handle the accounts.
 Our June 2007 audit was satisfactory.
 Issue: We have had no separation of accounts which is not uncommon of most small non profits.
 Suggestion: Need to create an investment committee and whistle blowing committee to formulate conflict of interest policy.
 Our 2007 financial will be published and available on the website.
 We have filed our 990 and tax returns for 2007.

Handling Elections: (Kenny Beck:)
Our Bylaws are still too sketchy with respect to our elections. They need to be improved.

Our board is set-up with tiered membership and we have two board members who need to be reelected for another three year term.

We have nine (9) members on the board. Eight have staggered three year terms, and the President serves for four (4) years.

The bylaws state how to call for nominees and it does request us to make an announcement three weeks in advance which we did via our website. The bylaws however do not specify if we need to have a general election when the seats are uncontested.

We need to update our bylaws for the elections to have specific processes. In the meantime, Ruth Colp Haber and William Haddad names were submitted for consideration as the two uncontested board members to serve again for another three years. Motion made to approve them as members of the board (vote by all members present).

Motion: Kenneth Beck
Second: Dana Michael
Unanimously Accepted

Other Business (Kenny Beck)

The minutes of the last annual meeting was submitted for approval:
Motion: Nigel Edelshain
Second: Rosemarie Bonelli
Unanimously Accepted
New Business (Kenny Beck)

There being no new business to discuss the annual meeting was adjourned at 7:30 pm.

Motion to adjourned Meeting

Motion: Nigel Edelshain
Second: Regina Jaslow
Unanimously Accepted

Minutes respectfully submitted by Stephanie Shaw