Board Meeting_Tuesday, March 16, 2010

The Wharton Club of New York
Board Meeting
Tuesday, March 16, 2010

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

Board Meeting

Attendees:
Kenneth Beck
Roe Bonelli (via phone)
Robert Boyd (via phone)
Nigel Edelshain (via phone)
Regina Jaslow
Dana Michael
Rob Rizzo
Stephanie Shaw
Kent Trabing

Guest:
Charles Forgang, Esq.

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

I. Chairman’s Remarks (Nigel Edelshain)

The meeting was called to order at 7:35 pm by the Chairman. The board minutes of Tuesday, January 19, 2010 was approved contingent on Bill Haddad’s editing.

Motion: Dana Michael
Second: Regina Jaslow
Unanimously Accepted

II. President’s Report (Kenneth Beck)

Club Operations:
The President reviewed 4 issues namely:

1) Newsletter

 At 75K the Club will make a 1 year commitment to do 3 issues of its Newsletter at 25K an issue. The cost will be offset by any sponsorship dollars received.
 The print newsletter is an important communication vehicle to reach all 30,000 + alumni in the New York Metropolitan area.
2) Business Plan Competition

 Dinner had a late start but will go forward as planned.
 10K is committed to dinner.
 The Club will continue to sell tickets.
 Target number of attendees is 50.
 Goal: Start planning for 2011 Dinner from May of this year.

3) Tiered Dues Structure
To be implement at the Annual Meeting in June

4) Communication (Internal & External)
Tabled for next VP meeting

III. Operations Programming Division - Regina Jaslow

 Speaker Series Committee had 3 cancelled events. The group is focusing on more uplifting events.

 Social and Special Events Committee had a successful Scotch Tasting event and is currently working with the school on a Kickoff Reunion Event.

 The Community Partnership committee is exploring other areas such as Government as a means to impact communities outside of the traditional charities.

 University Relations Committee is not experiencing much activity at this time. Regina recently met with head of MBA on Campus.

Kenny added that the Mack Center on Campus would like to work with the Club on an Indian Book Launch. He informed them that the Club is currently testing a China Affinity Group and suggested to them that an India Affinity Group might be worthwhile.

IV. Development Division – Robert Boyd

Leads Council:
 Working with the Leads Council to organize and to move people around in order to create a better experience for all.
 Soliciting information from all the leads council.

Affinity Groups:

 There are about 6-7 active affinity groups.
 Some affinity groups are not advertising via the website. Bruce Gilbertson the new Affinity Chair will do follow-ups to streamline this issue.
 There is a change of leadership in the Non Profit Affinity Group with Rabbi Eric Lankin stepping down.
 Bruce Gilbertson will be conducting a survey to determine which groups are active or inactive and need rekindling.

Business Plan Competition:

 Website came at a bad time.
 Received 40 initial responses and 28 plans.
 Only 18 signed up online.
 5 judges were selected.

Wharton Angel Network
 Has new leadership.
 14 Business Plans submitted via Angelsoft.
 Group making good progress.

V. Finance Division – Rosemarie Bonelli

Rob Rizzo reported for and on behalf of the Finance Department. He presented for review a draft of the audited financials statements as at June 30, 2009 and highlighted the following areas:
 Balance Sheet – Balance of $474,634.00.
 Income Statement – Increase in Net Assets of $26,000.00.
 Statement of Cash Flow – Increase of $53,000.00.
 Increase in revenue attributed to the 2008 Joseph Wharton Dinner and accounts receivables at year end.
 Current Cash Balance is $537,000 – Increase of $60,000 from 2009 financials.
 Increase in revenue attributed to the 2009 Joseph Wharton Dinner.

The Finance Division is in the process of working with the Auditor to complete the Form 990 for 2009 year end.

VI. Career Division – Alan Riffkin
In Alan’s absence, Kenny informed the board that:
 Alan will be stepping down at the Annual Meeting in June and will decide where else he can serve.
 Chuck Forgang will take his position pending approval of the board.
 Chuck will work to re-engineer the Career Development Division and is charged with developing a team and an infrastructure.

Chuck said he intends to:  Maintain and enhance the speaker series group.
 Reach out to broader communities.
 Tap into the resources of other network group.
V. New Business - Dana Michael
Dana Michael is developing revisions to the Wharton Club of New York bylaws in the following areas:

1. How to maintain staggered Director terms in case of a vacancy.
2. Have the bylaws flexible enough to have electronic or other voting.
3. Timing of elections
4. Term limits
5. Handling competition in elections
6. Bylaws language requiring a conflicts of interest policy

In addition, Dana will put together proposed election procedures and timeline to be used in 2010-2011. These will not be part of the bylaws revisions.

Kenny indicated that the bylaws revisions should be completed and submitted to the Club so that they can be distributed earlier than 30 days prior to the annual meeting and voted on.

Dana requested feedback from others if they had comments.

VI. Other Business - Kenneth Beck
Kent suggested that one highlight for the Club would be to visit embassies. Regina suggested hosting this under the umbrella of the Social and Special events Committee

There being no other business to discuss the meeting adjourned at 8:06pm

Motion to adjourned Meeting

Motion: Dana Michael
Second: Regina Jaslow
Accepted Unanimously

Minutes respectfully submitted by Stephanie Shaw