1. Meeting opened at 1:30 pm. Present
Present: Paul Evans (Chair) Penni Stewart (Secretary)
Jagdish Hattiangadi
Lorna Erwin( phone)regrets: Walter Whiteley
2. Minutes of meeting September 22, 2008. Unfortunately no minutes are available.
a. From recall however, there was agreement that the cachement area for funded projects will be expanded beyond Jane/Finch neighborhood.
b. Resolutions for AGM 2008 were passed
c. Financial report 2008 was approved
d. on the advice of the auditorit was agreed to seek a legal opinion on the terms of the trust to ensure that it continues to satisfy the criteria for tax free status. This might become important were the trust to be dismantled.
2. Business arising
a. Paul Evans will arrange a meeting with York Foundation and Endowment fundin connection with our interest in monitoring the Foundation’s progress with regard to developing a socially responsible investment policy.
b. Penni Stewart reported that the Transition Year Program is gearing up for a fall 2009 start. The Program has now received provincial approval.
c. Paul Evans reported that our auditor Philip Creighton is satisfied with the legal opinion confirming that, while not guaranteed , the Trust very likely continues to qualify for tax free status. One step that we could take would be to agree that should the trust be wound up that the York Foundation will be the beneficiary. It was agreed to propose this idea to the membership at the Trust AGM in November. Moved. P.Stewart, second, J.Hattiangadi. Passed.
3. YUFA Foundation Report
Paul Evans reported on his efforts to follow-up our interest in providing bursary funds for part-time and/or graduate students. No firm information to date.
4. Financial Report
Auditor Philip Creighton, has prepared the financial statement.
a. Trustees noted that to date we had to spend only about 50% of money approved for renovations to the Glendon Senior Common Room.
b. Employment Insurance rebate now exceeds $100,000.00
c. Some unrealized loss on a fair value from investments.
Motion to present the financial statement to the AGM for approval moved by P.Stewart, second, L. Erwin. Passed.d. Selection of auditor. Trustees had a discussion regarding rotation of auditor and and agreed to recommend Philip Creighton once again. Moved J.Hattiangadi, second, P.Stewart. Passed.
5. Annual report.
Trustees reviewed the report and agreed to propose to the AGM that in 2009/2010 we provide 5,000.00 for each of the Advanced Credit Experience program and the summer literacy program. Moved. J. Hattiangadi, second, L.Erwin. Passed
6. Trustee
Trustees noted that we must seek a new trustee to replace J. Hattiangadi.
7. Adjourned 2:15 pm
