Board Meeting: Monday, March 9, 2009

The Wharton Club of New York
Board Meeting
Monday, March 9, 2009
Skadden, Arps, Slate, Meagher & Flom LLP

Board Meeting

Attendees:
Johannes Albeck
Kenneth Beck
Roe Bonelli (Via phone)
Peter Hildick Smith
Ruth Colp-Haber
Diana Davenport
Nigel Edelshain
Regina Jaslow
Dana Michael
Robert Rizzo
Stephanie Shaw
Kent Trabing

Guests:
Naney Pandit
Robert Tye

Thanks to Skadden, Arps, Slate, Meagher & Flom LLP for hosting this meeting.

I. Chairman's Remarks (Nigel Edelshain)
The Chairman called the meeting to order at 7:15 pm and the board minutes of 01/12/09 was approved provisionally. The minutes will be fully approved once it is posted on the website.

Motion: Ruth Colp-Haber
Second: Dana Michael
Unanimously Accepted

II. President's Report (Kenneth Beck)
Alumni in Transition
  • The President reported that the one major issue on everyone's mind is what is happening in the economy. He noted that one of the top five (5) things that the Club has done is to call a meeting of Alumni in Transition in which approximately 50 people attended. The purpose was threefold (1) Start introductions and provide group therapy (2) Brainstorm and identify specific initiative of interest to help fellow alumni and (3) Identify what the Club is doing and to make everyone aware of the initiatives.

  • The outcome of this two hour meeting resulted in the following six initiatives:

(1) Asked for volunteers especially in the technology area to populate and promote the Club's job board with the School's job board and to help create a list serve of job openings.
(2) Create Wharton in Transition Inc as a separate non for profit. This is designed to help Wharton Alumni in transition obtain part time work. Eight volunteers were recruited to start this initiative. The idea is to get seed money to help Wharton Alumni which would work similar to a workfare program.
(3) Develop an infrastructure to match senior Alumni who want to meet “one on one” with Wharton Alumni in transition.
(4) Set up jobs councils similar to the leads group designed specifically to exchange job leads and to get together along functional areas as support group for each other.
(5) Work with the executive education department of the School to design discount programs for Wharton alumni who want to transition into other industries.
(6) Work with the career speaker series group to develop special skills such as research and resume writing.

Kenny noted that the responses have been overwhelming and that these groups will be meeting regularly. An announcement is scheduled to go out to the general membership informing them of these initiatives.

III. Marketing - Peter Hildick-Smith
Newsletter: The group is currently trying to obtain bids for the Newsletter in order to get it self funding and to streamline its advertising revenue budget. Onward Publishing, Inc. is now on board and Kenny is in negotiations with them.

Website: Working with the media technology to have the “Take the Call” promotional video live and in color on the website.

  • Alumni Magnet is now a “one stop shop” with respect to our database management and the largest project will be the data migration. The database list from the school is now on hold until after the Joseph Wharton Dinner.

  • Kenny noted that information will flow from the Club to the School and visa versa. He said we will inevitably give up some of our independent control for the greater good.

Sponsorship:
This is a challenge for the committee, and they are trying to have volunteers help with the raising of sponsorship dollars for the Club through a number of strategic ideas i.e. (a) hiring sponsorship representatives (b) using political fundraisers (c) talking with Paint the Town Red to see if they can assist with sponsorship and (d) looking at the model of using business development staff to raise funds.

Members Benefits:
The division needs to recruit a Chair to develop the aspect of member benefits by providing more offerings and more tiered levels. The division hopes to fill this position from the recently launched Wharton Association of Marketers (WhAM!) pool of talent base.

IV. Operations
Programming Division - Regina Jaslow

The Speaker Series Committee has two upcoming events:
  • Kaplan Mobray to discuss his book The 10Ks of Personal Branding - What is your brand?

  • Kaihan Krippendorff to discuss his book The Way of Innovation.

Jeannette Chang, WG`07 is the new Chairperson for the Social & Special Events Committee.
Andrew Morris, W'80 is the new Chairperson for Community Partnership Committee. The focus of this committee is on community consulting work.
The Alumni Relations is working on legacy programs and engaging more students on campus especially Summer Interns.

Volunteers Division - Diana Davenport
The last volunteer orientation on February 9th was a huge success in recruiting new volunteers. Two of the volunteers recruited were in attendance and were acknowledged. The two volunteers in attendance Naney Pandit and Robert Tye were welcomed and asked to introduce themselves. Naney informed everyone that the jobs council will be hosting their first meeting on Tuesday, March 10th followed by bi-weekly meetings.

Diana reminded all board members and VP's that their bios and pictures are needed and should be submitted in order to be featured on the website

Finance Division - Rosemarie Bonelli
- The 2008 audit has no material or specific issues to report, but recommendations were made in the areas of governance and policy. Such issues will be addressed in a management letter.
- There is the need for (a) conflict of interest policy and (b) whistle blower policy.
- Financial Statements will be circulated to the board members.
- The Club's TD Bank account is interest bearing with a balance of 120K.
- We will be moving 100K from our operating account into our money market account.
- Worker Compensation Insurance and Disability Insurance policies both lapsed, but are now both reinstated.
- We currently have a fine from the NY State Workers Compensation Department.

2009 Financial Statements
JWD net income (Fall 2008 dinner) - $114K
Overall increase in net assets - $80K
Newsletter net expense - 27K
12/31/08 cash balances (divided between Citibank, TD Bank and HSBC)- 496K

Dana inquired if the workers compensation issue needs to be declared as a potential liability. Roe said she is not aware of this but that it should be resolved by year end.

IV. Other Business - Nigel Edelshain
There being no other business to discuss the meeting adjourned at 8:15 pm.
Motion to adjourned Meeting

Motion: Regina Jaslow
Second: Peter Hildick Smith
Unanimously Accepted

Minutes respectfully submitted by Stephanie Shaw