The H.L. Snyder Medical Foundation’s Board of Trustees met at 3:30 p.m., Tuesday, November 24, 2009.

Voting Trustees present were:  Jim Snyder – President, Todd Gentry – Vice President, Lucy Freeman – Secretary, Tom Herlocker – Assistant Secretary, Dave Norris – Treasurer, Lucien Barbour, Caroline Blakeslee, Bob Bourdette, Hannelore Snyder Brown, Jim Buterbaugh, Katie Eastman, Dan Freeman, Harry Garschagen, Jean Garschagen, Merrill Gordon, Alan Herrman, Dean Kennedy, Carolyn Langenwalter, Lin Lewis, Hal McCoy, Dave Norris, Kent Radcliff, Dr. C. John Snyder, Marjorie Snyder and Michael Tamburini.

Other Trustees present were:  Susan Forrester.

Voting Trustees present by proxy; Heidi Snyder Flagg, Dorothy Flottman, and David McDermott.

Other Trustees present by proxy:  Dr. Martin Snyder.

Others present:  Michael Norton from Edward B. Stephenson & Co., Marvin Estes, Superintendent of USD 465, Richard Vaught of William Newton Hospital and Toya Rice – Administrator.

President Jim Snyder called the meeting to order at 3:30 p.m. and welcomed the group.  Jim Snyder declared a quorum present and asked that the November 25, 2008 minutes be approved.  Kent Radcliff moved to approve the minutes John Snyder seconded.  They were approved.

Mr. Snyder then turned the meeting over to Michael Norton who gave an overview of our financial statements.  Total assets are $7,366,836.62.  Income was -$216,510.78, which included oil income, scholarship contributions, program contributions, investments, capital gains that were actually realized during the year, and unrealized gains.  Expenses were $331,345.10, which includes $215,000 research, $54,228 scholarships, $2,978.76 fundraising, $30,558.62 administration and $28,579.72 investment advisory services.  The Wakefield account with CornerBank has a fair market value of $110,662.34 and with Commerce Bank has a fair market value of $578,915.98. 

In response to questioning, Tom Herlocker, legal counsel, summarized our 501(C) 3 status as a public foundation.

1.       As a public foundation, we are obliged to have 1/3 of our grants be given as donations to the foundation.  In other words, if we give away $90,000, we need to have received $30,000 in donations.

2.      In order to qualify as a public foundation, our charter requires us to support medical research.  We have checked with the IRS about the scholarship program and if it will jeopardize our status as a public foundation and they have approved the scholarship program at the 25% level.

3.      We have not quite reached the 33 1/3% level the last couple of years for donations, and this is additional motivation to increase our fund raising efforts, and to think of new ways to raise money for the foundation.  If we do not meet the criteria for a public foundation, we become a private foundation and are required to give away 5% annually and pay a 1% excise tax.  This cuts our flexibility considerably and would certainly threaten our endowment over the long term.

Dr. John Snyder gave an overview of the research programs being supported by the Foundation.  The Research Committee recommends funding the following investigator’s research programs: 

1. Stanford University:  Dr. Seung Kim $30,000, Dr. Karl Deisseroth $30,000, and Dr. Judy Shizuru $40,000.
2. City of Hope:  Dr. Chih-Pin Liu $40,000, which we have already sent $30,000.
3. Dana-Farber Cancer Institute:  Dr. Matt Freedman $30,000 and Dr. William Hahn $40,000.
4. Dr. Karen Aboody of City of Hope and Dr. Phillip Kantoff of Dana Farber will not be funded.

Todd Gentry seconded the recommendation and it carried.

Hannelore Snyder Brown went over this year’s scholarship and grant awardees and stated that the committee was able to award $54,228 in scholarships and grants.

In Dennis Herlocker’s absence Tom Herlocker read the recommendations from the Nominating committee:  re-elect the 5 following Executive/Finance committee members: Jim Buterbaugh, Harry Garschagen, Tom Herlocker, Jim Snyder, and Todd Gentry and add Marjorie Snyder.  A motion was made to re-elect and add the members.  Lucy Freeman seconded and motion carried.  Nominating committee recommended nominating Jim Snyder as President, Bob Bourdette as Vice-President, Dave Norris as Treasurer, Lucy Freeman as Secretary and Tom Herlocker as Assistant Secretary.  John Snyder made a motion to accept the nominations.  Jean Garschagen seconded and motion carried.

Jim Snyder informed the group that at the last Executive/Finance committee meeting the Foundation has adopted a records retention schedule.

Being no other business the meeting was adjourned.