The Walter H. McClenon Fund

Annual Meeting of Members and

Annual Meeting of Trustees

Saturday 16 March 2013

Minutes of Meetings

 

Annual Meeting of Members

 

The annual meeting of the Members of the Walter H. McClenon Fund, Inc. was held at 4 p.m. on Saturday 16 March 2013 at the apartment of Paul R. McClenon.  The President called the meeting to order at 4:05 p.m.  The following Members were present in person or on the phone:

 

    • Bob McClenon – President
    • Chuck McClenon – Treasurer (phone)
    • Carol McClenon – Secretary
    • Jean-Michel Giraud (phone)
    • Paul McClenon
    • Clara McClenon (phone)

 

The minutes of the previous Annual Meeting (of March 12, 2012) of the Members were accepted unanimously.

 

Chuck McClenon presented the Annual Report of the Treasurer.  In a nutshell, the Stock Market was up at the end of the year and has been going up.  The Special Endowment ended the year with a balance of close to $19,000.  The General Endowment ended with approximately $54,000 in Fidelity.  There are also some funds in checking.

 

The Secretary presented the Report on the Election of the Trustees and noted that the following Trustees were elected or re-elected:

 

            Tom Baisden

            Katherine Clark

            Robin Clark

            Jean-Michel Giraud

            Carol Livaditis

            Carol McClenon

            Charles McClenon

            Clara McClenon

            David McClenon

            Lee McClenon

            Robert McClenon

           

The meeting of the Members was adjourned at 4:11 p.m.

 

Annual Meeting of Trustees

 

The annual meeting of the Trustees of the Walter H. McClenon Fund, Inc., was held at 4:11 p.m. on Saturday 16 March 2013 at the apartment of Paul R. McClenon (5420 Connecticut Ave., NW, Apt. 322, Washington, DC 20015).

 

The President called the meeting to order at 4:11 p.m.  The following trustees were present in person and on the phone:

    • Bob McClenon – President
    • Paul McClenon
    • Chuck McClenon – Treasurer  (phone)
    • Carol McClenon – Secretary
    • Jean-Michel Giraud (phone)
    • Clara McClenon (phone)

 

  1. Approval of minutes of previous quarterly meeting of  5 December 2012:

A correction to the minutes was noted:  Under the General Endowment, the contribution was authorized to Community Council for the Homeless, rather than Community Center as recorded.  The minutes were unanimously approved as corrected.

 

  1. Quarterly Report of the Treasurer (previously distributed by e-mail).  There are reports through the end of December 2012, and January-February 2013, which are posted on the website.  There is also a current report through March 16, just released, which has not yet been posted. The current quarterly report (January 1 – March 2013) was unanimously accepted.      

     

  1. Report of President:

The President summarized the 38-page report (which includes one blank page).

    • General [Endowment] Summary (1 pages)
    • Special [Endowment] Summary (1 pages)
    • Assigned List (1 page)
    • Unassigned List (2 pages)
    • Long Agenda List (32 pages)

 

  1. Discussion about the Website:

Clara McClenon expressed a preference for PDF files on the website.  Clara and Bob exchanged information regarding Clara’s intention to begin enhancing the website as a summer project. 

 

  1. Ad-Hoc Committee reports – none

5a.  Other Committee reports – none

 

  1. Election of Officers for the period of April 1, 2013 – March 31, 2014.

 

Bob McClenon was re-elected President by acclamation.

Chuck McClenon was re-elected Treasurer by acclamation.

Carol McClenon was re-elected Secretary by acclamation.

Tom Baisden was re-elected by Vice President by acclamation.

Carol McClenon was re-elected Assistant Treasurer by acclamation.

Tom Baisden was re-elected Assistant Secretary by acclamation.

 

7a.  Proposed changes to wording of Bylaw III (deferred):

 A motion to postpone discussion  to the next Quarterly Meeting carried unanimously.

7b. Notice of motion to change the quorum for by-laws changes to five, to change the

quorum for contributions to four, and to change the rule of number of persons who must be physically present at the designated place of the meeting from two to one:

A motion for these three changes was carried with five affirmative votes and one abstention.  (It was noted that we did have the requisite quorum of six to conduct this vote on changing the by-laws, because Paul McClenon will continue to serve as a Trustee through March 31, 2013.)

 

8.   Action on File of Grant Requests:

 

The Trustees agreed not to make any contributions this quarter.

 

9.  Other New Business:

 

The Treasurer asked for permission to move the Special Endowment checking from BBVA Compass to Wells Fargo.  A motion to this effect was carried unanimously, including the authorization for the Treasurer to carry out paperwork required by the financial institutions involved.

 

The Treasurer requested authorization to establish brokerage accounts for both Endowments with Morgan Stanley and after these are duly established, to transfer the Endowments’ assets from Fidelity to Morgan Stanley.  A motion to this effect was carried unanimously, including the authorization for the Treasurer to carry out paperwork required by the financial institutions.

 

10. A motion was made to instruct the Treasurer to send supporting information for the

       Annual Report to the Board and to authorize the Board to act as an Audit Committee of

       the whole.  The motional was carried unanimously.

 

11.   Next Meeting:  The Quarterly Meeting will be held on Sunday, June 23rd, 2013, at

        4  p.m. Eastern time, 1 p.m. Pacific Time.

 

The meeting was adjourned at 4:59 p.m.

 

Respectfully Submitted,

 

 

 

Carol A. McClenon

Secretary