Board Meeting Friends of the First Company Governor’s Horse Guards, Inc

 

Date:    12-17-2010     Location: Stone Well Rest. Farmington, CT.      Time:    12:00 hrs         

 

Present: Board Members: Richard Belliveau, Andrew Arsenault, Bill Cowell, Ken Nelson, Richard St. Pierre, Richard Morgenstern , James Murdock  Guest: Steve Meltzer

 

The Friends of the First Company Governor’s Horse Guards held a board meeting on 17, December 2010 to review its financial position and conduct any new business that arises.

 

Minutes - The meeting minutes of 21st September, 2010 were reviewed and approved. Motion made by Rich Morgenstern and 2nd by Jim Murdock.

 

Financial Review:-Ken Nelson reported that the balance in Friends accounts is $96,758.72 as of 12/31/2010.  See attached financial report for details. Ken also reported that the liability insurance was paid for the year.

 

Golf Committee – Nothing to report. Rich Morgenstern indicated he would represent the 501-c at the golf committee meetings held by the troop for this coming year and will report back to the 501 at its quarterly meetings

 

Horse Show Nothing to report. Bill Cowell will represent the 501-c at the horse committee meetings held by the troop this coming year and update the 501-c at its quarterly meetings.

 

Donations Status  

·        Donation to 1GHG scholarship fund to be given in January 2011.

·        The Donation to “Give to the Troops” for 2010 still open.

·        Obligation to give $10,000 for the care of two horses from 7/1/2010 to 6/30/2011 is still open. No monies have been donated to date and will not until $80,000 has been expended on horse care by the state.

New Business

Directors- Richard St.Pierre submitted his resignation from the board effective 12/31/2010. The board accepted his resignation with regret and thanked him for his efforts especially with the golf tournament over the last five years. Steve Meltzer was nominated to replace Rich and this was approved 

 

Resolution to limit funds donated  Bill Cowell recommended that with a short fall in the income revenue this past year compared to previous years, that the board should have something in place to allow it to officially limit funds donated in order to avoid depleting all its monies. He suggested the following:

Motion: For a resolution that the Friends of 1GHG do not allocate more than100% of the net income from the prior year to be donated in the upcoming year. However this could be overridden for extenuating circumstances that may arise on a case by case basis.

Discussion: around the concern that 501 could delete its funds if something like this motion was put in place. It was decided to table this motion until the first meeting in 2011 at which time the board had an opportunity to talk with Major Downes and inform new members on the board about its concern

 

Next meeting.1st Quarter 2011 DBT                     

Submitted,

William J. Cowell, Secretary     http://www.friendsofthefirstcompanygovernorshorseguards.org/