Board Meeting_Monday, January 12, 2009

The Wharton Club of New York
Board Meeting
Monday, January 12, 2009

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

Board Meeting

Johannes Albeck
Kenneth Beck
Robert Boyd
Ruth Colp-Haber
Diana Davenport
Nigel Edelshain
Regina Jaslow
Allen Levinson
Dana Michael
Alan Riffkin
Robert Rizzo
Stephanie Shaw

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 7:10 pm and the board minutes of 10/23/08 was presented. In the interest of time, it was recommended that the minutes be posted on the website to be reviewed and approved at the next meeting.

II. President’s Report (Kenneth Beck)
Corporate Relations

The President reported that at the Management Team meeting there were three broad areas that were addressed:
1. Managing volunteers more effectively.
2. Filling slots particularly in business development area and moving people up the organizational chart.
3. Working with Wharton Alumni in Transition and what we are doing for them.

Kenny stated that when Bear Sterns closed, the Club acted first by sending out an e-mail outlining all the available offerings for Alumni in Transition. Subsequently, the school follow suite with several events in the City which were well received, and since then there has been lots of imagination in this area. The Club discovered that the Wharton Career Development office on campus has a job listing board for all Alumni. They have the technology but it is not publicized because they do not have the resources and jobs to populate the job board. The school has agreed to allow the Club to turn it into “our” job board, and so it is now linked to our website and we are looking for volunteers to staff that area as part of the offering to the alumni. We want alumni to be aware that the jobs are there and that they can also post their resumes. The goal is that whatever we do it needs to have tangible results, thus we must identify specific things that the Club can do to help these Alumni to (1) find a job (2) start their own company or (3) switch careers.

We have scheduled an upcoming Alumni in Transition meeting that will help us to find out:

- What they are going through.
- What we can do to help them.
- What we currently have available to help them.

From this meeting we will be able to come up with a comprehensive plan to help as many Alumni as we can and to also help them connect with others through the network.

III. Marketing - Peter Hildick-Smith
Kenny reported for Peter Hildick-Smith in his absenture.
Kenny noted that under the Marketing Division we have the Sponsorship, Website, Newsletter and Membership Committee.

Newsletter Sponsorship: The management team has decided on outsourcing the sponsorship of the newsletter by finding company or companies that are willing to partner with us. We have a request for proposal out to take over the production and sponsorship (not the content) and to split the corporate sales revenue. The newsletter currently cost us 20K -25K per year to produce and is a very important communication tool for the Club. The newsletter is however a drain on our capital and will continue this way until we develop a sponsorship base. Currently we have sponsorship commitments as follows:

- Atlantis Health Plans – 10K
- First Data – 5K
We also receive other revenues on a sporadic basis.

Website: We are transitioning our website which the school should have done at the end of September. Wharton has taken on and created Wharton Connect, which is the replacement for WAVE. The platform used is Alumni Magnet which incorporates approximately 15 clubs. We are expected to transition to their platform so that everyone will be interconnected. The date is currently “up in the air” but will ultimately include LinkedIn which is not yet officially connected.

IV. Operations
Programming Division - Regina Jaslow

The Speaker Series Committee has had several successful events and currently has three upcoming events with the following speakers: Michael Lipper, Spencer Sherman and Phil Laut. The University Relations Committee is quiet at this time of the year but has several activities scheduled for the Fall. The Community Service and Social and Special Events Committees are quiet because the committees are lacking Committee Chairs at this time.

Career Development Division - Alan Riffkin
There are several events planned for 2009. Past Career Speaker Series events have seen attendance of 15-20 people at the most who gets involved in networking aspect. The division hopes to see an increase in numbers as a result of Alumni in Transition.

Volunteers Division - Diana Davenport
Our next volunteer orientation is scheduled for February 9th and we are currently deciding to change the recruiting process for the Chairs of Committee. We will now be accepting resumes and asking volunteers to fill out applications and provide references. The prospective Chairs will then have a formal interview with the VP’s based on their area of preference and the VP’s will get together to decide on who should be placed on which committee. The idea is new but the objective is to create a larger group of committed volunteers that will stay with us for a longer period. In addition, the bios and photos of all Committee Chairs as well as those of the board members will be highlighted.

Kenny added that it is all about managing expectations and that the idea is to provide volunteers with hands-on tangible experience. This he said can be achieved with the help of regular scheduled meetings that the volunteers can use on their resume to get a job in exchange for their time. To that end we have made a number of changes on our website, one such example is to profile our volunteers on the website. Kenny said it is important that we present volunteering as a privilege, a reward and an honor.

Next management meeting will be on Monday, April 20th. This will have the VP’s meeting with the Chairs and giving their progress report. Diana said that this will be a great opportunity for everyone to get together and share planning ideas. All meetings will be made public and posted on the website.

Development Division - Robert Boyd
The division has been focusing in the areas of Human Resources and Marketing.

- Human Resources: Finding entrepreneurs.
- Marketing: Encouraging entrepreneurs to look at available resources.
The division is currently working with Megan at the School to bring the students over to New York for a Job Fair in the Spring.

Finance Division - Rob Rizzo
The division is in the process of reviewing mid year financial statements for which a more detailed report will be provided at the next meeting. Our 2009 financials are diversified as follows:

TD Bank
Checking 69K
Money Market 52K
CD 101K
HSBC ( 2 CD’s) 155K
Citibank 128K
Current Cash Balances $505K

- The budget is now broken down into the following areas: Membership, Events, JWD, Newsletter and G & A.
- Workers Compensation payment is now required of the Club by New York State.
- Conflict of Interest Policy is in the process of being formalized and is posted on the website.

New Business -Nigel Edelshain
Nigel asked if the Club could do anything to assist in getting communication going via e-mail. Kenny responded by saying that the “Take The Call” message board allows everyone to post anything of interest such as jobs, apartments, etc and periodically an e-mail is sent out in our weekly e-newsletter. Kenny said that for years the Club has been lobbying to get Alumni Magnet to automate this process, and that they have now agreed to create a platform specifically for this.

IV. Other Business - Nigel Edelshain
There being no other business to discuss the meeting adjourned at 8:28 pm.

Motion to adjourned Meeting
Motion: Johannes Albeck
Second: Dana Michael
Unanimously Accepted

Minutes respectfully submitted by Stephanie Shaw