Board Meeting: November 2, 2006

The Wharton Club of New York
Board Meeting,
Thursday, November 2, 2006
Hosted by DLA Piper Rudnick Gray Cary US LLP

Attendees

Kenneth Beck
Jason Breemen
Diana Davenport
Nigel Edelshain
Kofi Kankam
Allen Levinson
Dana Michael
Stephanie Shaw
Chelsea Vaughn
Kenneth Beck

Thanks to Bill Haddad for hosting this meeting.

1. Chairman's Remarks (Nigel Edelshain)
a. Corrected minutes to say Board Meeting instead of Annual Board Meeting.

2. President's Report(Ken Beck)
i. Operations
ii. Joseph Wharton Dinner
iii. Budget and Planning Process

Operations
Kenny informed all board members present that we were offered several office spaces to hold our events and expressed special thanks to Bill Haddad in absenture for hosting the Wharton Club of New York for the last 5 years. Kenny said some things will remain the same and will be announced at our volunteer reception on 11/16/06. He added that an updated version of the org chart will be available and distributed and that an election process will be conducted to elect vice presidents, with no change to the management team.

Kenny talked about systemizing career path to bring new and old volunteers together. He said the process for new volunteers will be channeled through Diana Davenport and the volunteers will get listed online. Kenny said this is important in order for us to know who is doing what and it's also incumbent on the management team to reward these volunteers as a way of saying “thank you”. The idea is also to let the volunteers know what is going on e.g. birthdays.

Kenny talked about setting up a schedule of board meetings with VP's meetings in-between on a quarterly basis. Diana Davenport recommended that VP meetings should also be done with the Committee Chairs. Kenny agreed adding that this should be done once or twice per year and mentioned that talks are in progress with Program Directors to look at their plans for the future.

Kenny stressed the importance of improving communication internally and stated that the Newsletter is an integral part of the organization and that the Newsletter will be outsourced specifically for this purpose. He said the goal of the Newsletter is to push people to the website and proposed that the Newsletter goes out on a quarterly basis at an estimated cost of $4,000 per quarter.

Kenny noted 2 burning issues when he took over as President: (i) The Joseph Wharton Dinner and (ii) The Penn Club.

Joseph Wharton Dinner
Kenny reported that the Joseph Wharton Dinner was a huge success in every way, shape and form. Ticket price was set at $500 as a ploy to target senior alumnus and it received overwhelming response in addition to significant sponsorship. He informed us that the School got leads from the Club and as a result the relationship with the School is now phenomenal. Kenny mentioned that Omnicom has already committed to give their support for the coming year, and that other companies will follow suit.

Kenny acknowledged that the event planning company did a great job and Nigel praised Kenny for being the driving force behind the success of the dinner. Allen Levinson added that the event closed an old book and opened a new one with the School. Kenny noted that because print invite was omitted, we only reached 40% of the Alumni population and that the only two living past awardees were John Skully and James Robinson.

Kenny reported that we cleared over $200,000 in revenues but said the only caveat is that the money will be invested in an endowment fund so that the Club will not fall into any financial debt. This financial information should be placed online and going forward a separate budget will need to be established for the Joseph Wharton Dinner. Kenny added that a DVD of the event will be available and some clips will be posted on the website.

Penn Club
Kenny is now the Board of Governors at the Penn Club and is currently negotiating another tiered structure for membership which will include a senior level at $2,000.00 up. This membership level will not only provide membership to the Wharton Club, but also free membership to the Penn Club and a credit for use of the Penn Club dining area.

Budget and Planning Process
Kenny said that for years the Club has been operating without a budget, but for the first time this year a budget is in progress and that we now have a new Assistant Treasurer in charge of Accounting and Budgeting.

HR Report (Diana Davenport)
i. Volunteers getting listed online.
ii. Working with Jack Huang to set up live forums.
iii. Filling open volunteer positions.

Business Development (Jason Breemen)
i. Affinity Groups (special mention was made on the success of the Hedge Fund Affinity Group).
ii. Growth of the Leads Groups.
iii. Finding a Co-Chair for the Affinity Groups.

3. Treasurer's Report (Kent Trabing)
i. Reviewing past financials
ii. Joseph Wharton Dinner Budget
iii. Newsletter Budget

vi. Discussing events policy with Program Directors v. Looking at membership trends (paying and non-paying members).

Old Business
Kenny requested two motions: (i) suspend the “amendment by law” to allow modification to the transition bylaws as stated by article # 9.7 and (ii) amend article XI (transition) of the by laws to get an additional one year.

Motion to suspend the “amendment by law” to allow modification to the transition bylaws
Motion: Allen Levinson
Second: Dana Michael
Unanimously Accepted

Motion to amend article XI (transition) of the by laws to get an additional one year
Motion: Ken Beck
Second: Allen Levinson
Unanimously Accepted

New Business
Nigel suggested putting more money into the website. Kenny agreed, adding that Alumni Magnet is contracted to do an overall makeover of the site.

Kenny suggested phasing out the scholarships given by the Club to Big Brothers Big Sisters Mentoring Program.

There being no new business to discuss, the VP meeting was adjourned to make way for the Board Meeting.

Motion to adjourn: Allen Levinson
Second: Dana Michael
Unanimously Accepted

Board Meeting

Re-election of Board Members to serve another year (Nigel Edelshain)
Motion: Jason Breemen
Second: Kofi Kankam
Unanimously Accepted
It was noted that Chelsea Vaughn asked to step down from her position as Board Member.

Nomination of Chairman, Secretary & Treasurer to serve another year (Ken Beck)
Motion: Kofi Kankam
Second: Allen Levinson
Unanimously Accepted
Kenny nominated Nigel as Chairman, Bill as Secretary and Roe as Treasurer.

Presentation of Management Team for 2006-2007 (Ken Beck)
Motion: Dana Michael
Second: Allen Levinson
Unanimously Accepted
The Management Team remains the same.

Finally, Kenny informed us that a schedule of all future board meetings will be added to the Club's calendar and website for reference.

Minutes of Last Meeting (Ken Beck)
Kenny made motion to amended minutes with correction.
Motion: Nigel Edelshain
Second: Dana Michael
Unanimously Accepted and Approved

Meeting adjourned at 7:20 PM. (Nigel Edelshain)

Minutes respectfully submitted by Stephanie Shaw