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FINANCIAL OVERSIGHT ROTARY CLUB OF TACOMA NO. 8 Tacoma Rotary Foundation Club Assembly June 5, 2014 FINANCIAL ACCOUNTS & OVERSIGHT Tacoma Rotary Club Operating Account Tacoma Rotary Foundation (TRF) Fundraising Account Trust Fund OPERATING ACCOUNT For Club Business Operations Financial Oversight: Tacoma Rotary Club Board Revenue Expense •Dues •Staff •Initiation Fees •Office rent •Prepaid meal plan •General office expense •Fines •District & International fees •Advertising •Meeting expenses •Meeting sponsors •Bank & credit card fees •Business Expo •Youth Exchange •Interest income •Non-charitable committee •Fundraising administrative expenses expense fee (Fundraising Account) OP FR TF FUNDRAISING ACCOUNT For Annual Fundraising & Charitable Service Committee Spending Belongs to TRF so donations are tax deductible Financial Oversight TRF Board Budget & Day-to-Day Club Board Revenue Expense •Auction income •Trust Fund distribution •Project Grt8ter Good •Designated fines •Special meeting fundraisers •Interest income •Direct auction expense •Fundraising administrative expense fee to Op Acct •Bank & credit card fees •Project Gr8ter Good – Pass thru to Trust Fund & Rotary Intl Fnd. •Service Committees – Charitable Works of Service OP FR TF TRUST FUND For long-term, sustainable funding of Rotary 8 charitable service Financial Oversight: TRF Board Fund Manager: HighMark Capital (div. Union Bank) Revenue Expense •Project Gr8ter Good – TRF •Separate donations •Designated fines •Estate gifts •Investment income •Management fees •Legal & misc •Distributions to Fundraising Account Wickens Fellowship each $1,000 donated to Trust Fund OP FR TF TRUST FUND $1.4M $1.2M Value Over Time $1.0M $800k $600k $400k $200k 2000 1996 OP FR TF 2005 2010 Investment Objective: Balanced Normal Investment Mix • 60% Equities • 30% Fixed income • 10% Alternatives 2014 TRUST FUND Fund growth & long-term distribution calculation method provides sustainable, gradually increasing source of funds, protected against inflation and short-term fluctuations in market conditions and annual donations. Year Value Mar 30 2010 2011 2012 2013 2014 $925,900 $1,063,782 $1,126,914 $1,224,596 $1,371,320 OP FR TF 16-Qtr Distribution Distribution Ave Value Percent* Amount* $880,467 $905,533 $919,839 $1,012,307 $1,125,374 3.0% 3.0% 3.0% 3.0% 4.5% $26,414 $27,166 $27,595 $30,369 $50,642 *For following Rotary Year July 1 – June 30 TRUST FUND Distribution Trust Fund TRF Board Trust distribution + budgeted annual fundraising proceeds How Trust distributions are used OP FR Fundraising Account Club Board Community Service Grants TF Tacoma Rotary Foundation Founded: Aug 1971 w/approx $26,000 501(c)(3) Status: July 1972 Membership: Rotary 8 Club Members Board of Directors: 6 elected club members, plus 3 by virtue of Club office: • President • President-Elect • TRF Committee Chair 9 Total, elections in July Board meets quarterly in August, November, February and May, timed to approve community service grants same week as Club Board Tacoma Rotary Foundation 2013-14 Board President Brett Thomas Vice-President David Snow Director Cynthia Darland Director Jennifer Durham Treasurer Roy Kimbel Director Don Hansen* Secretary Larry Ghilarducci Director Ray Schuler* Director Kathi Willis* *By virtue of Club office. Others elected Tacoma Rotary Foundation Transparency Improvement Initiatives “Just because you’re not trying to keep a secret doesn’t mean you are communicating.” •Annual presentation at Club Meeting / Assembly •Annual Report – inaugural report July 2014 •Overview •Financial summary – Trust Fund •Financial summary – Annual Fundraising Account •Frequently Asked Questions •Board Meeting schedule •Info available at office: By-Laws. Articles, IRS Determination, Financials, Form 990, more! FINANCIAL OVERSIGHT Operating Account Fundraising Account Trust Fund Thank you ROTARY CLUB OF TACOMA NO. 8 Tacoma Rotary Foundation