HomeMy WebLinkAbout2007-07-13-COA-min (3PM)Joint FRIENDS of COUNCIL ON AGING
and
COUNCIL ON AGING
Meeting: Thursday, July 13, 2007
3:00 p.m.
FCOA Attending: Mary Ellen Goodwin, Treasurer
Marie Hill, Recording Secretary
Susan O'Keefe, President
Guests: John Fedorochko, Vice President, LexSA
Jim Goell, President, LexSA
COA Attending: Betty Borghesani Staff: Diane Snell
Shirley Buck
Bob Edwards
Dan Fenn
Paul Lapointe, Vice Chairman
Jane Pagett
Jane Trudeau
Liaisons: Hanle Manz, Selectman
Tom Griffiths, School Committee
What is the Purpose of the FCOA vs. the COA?
Susan O'Keefe presented a summary of the organization, purpose, and goals of the
FCOA (copy of outline, attached). Three years ago, there was a total reorganization of
the FCOA with a new Board and revised By -Laws. The mission statement of the FCOA
is to "provide funds for programs /services at the Senior Center and special projects."
The COA provides the services.
Fundraisers planned for 2007 - 2008 a yard -sale type event at Sacred Heart Church hall in
conjunction with the East Lexington Fair,
The FCOA is strictly a fundraiser. Examples of funding by the FCOA are the COA's
new "My Senior Center" software; ping -pong table; pool table; honorarum for Veterans'
group speaker; and painting of the interior of the Senior Center. O(
Contributions to the FCOA are tax deductible. The FCOA is a 501 c 3 ) charitable
entity.
John Fedorochko stated that publicity should be an important component of their
fundraising strategy. Susan said that there will be a different blurb in each monthly
COA Newsletter. Monthly minutes and Treasurer's Report will be kept at the library.
FCOA meetings will be open to anyone who cares to attend. Meetings will be held the
third Wednesday of the month at 8:3Q a.m.
The Financial Organization is as follows.
1. Regular Operating Account. FCOA
2, Revolving Account at Senior Center
3, Human Services AccountBsmall, Lauren and Social Services Director can
sign checks, Public Trust and Funds for Lexington deposited, FCOA tax ID# used, but
not FCOA funds.
4, Public Trust Fund FCOA puts monies it raised voluntarily into the FCOA
portion of the Public Trust, consists of funds ed fo and e Once funds are deposited d
Gardner Fund, The Gardner Fund is to be used programs.
into the Public Trust, there are restrictions on n�withdrawal, o P alnn ome an be used for
for capital projects, Seventy -five (75% per
any purpose. Questions were raised as to the rate of return on FCOA funds,
NOTE: When the FCOA holds a fundraiser, they contribute Twenty -five (25 %)
percent of the amount raised into the Public Trust, Presently, the Public Trust holds
Three Hundred Twenty - Seven, Two Hundred Seventy ($327,270.00) dollars of FCOA
funds, The distributable income produced is about Eleven Thousand ($11,000,00)
dollars annually.
Member Organization
In addition ti of ioi ioi the Officers, Susan O'Keefe uld b ecome the future t recruit four (4) additional
officers
members to their Board who wo
There was an unresolved discussion about who appoints the officers of the FCOA, In the
past, it has been the COA, Dan Fenn questioned whether the FCOA should have its
own Nominating Committee.
Paul Lapointe suggested that we develop a list of our need for funding from the FCOA
with a three (3) year horizon.
The joint FCOA and COA meeting adjourned at 4 :30 p.m.
Next meeting:
Res ctfully submitted,
Jan . Trudeau, fecording Secretary