ALABAMA and FLORIDA CREDIT UNION FOUNDATIONS ANNUAL MEMBERSHIP MEETING DEL LAGO 3-4, JW MARRIOTT HOTEL, ORLANDO, FL WEDNESDAY, JUNE 16, 2010 ABRIDGED MINUTES The Foundation(s) Board of Trustees meeting was called to order by Chairman Rich Helber on Wednesday, June 16, 2010 at 1:40 p.m. Trustees in attendance were Rich Helber, Joe McGee, Mary Wood, Tina Williams and Steve Swofford. APPOINTMENTS Chairman Helber appointed Ms. Teresa Gray as recording secretary. NEW BUSINESS A. Alabama Foundations Audit Report Mr. La Pine stated that the 2009 audit report had not been completed and ready for approval at the March 24, 2010 Board meeting, however, it had been sent to all Directors prior to the meeting for their review. Motion was made by Mr. Steve Swofford and seconded by Ms. Tina Williams to approve the 2009 Audit Report of the Alabama Foundations as presented. B. Proposed Consulting Contract for Foundations Mr. La Pine discussed the need to employ a consultant to review and analyze the Foundations and recommend a process to utilize the Foundations to best serve members credit unions. He said that while talking with several consultants, Eric Barritt Consulting, LLC had been chosen, primarily due to cost and the knowledge of his work. He provided a document highlighting the deliverables and the cost involved. He said there were three phases of the plan, and the projected time-line for completion was December 31, 2010. One additional item related to the Foundations was a resolution authorizing signatories to sign financial instruments and assign certain financial transactions on behalf of the Florida CU Foundation. The two signatories designated were Patrick W. La Pine, LSCU President/CEO and Cassandra J. Grayson, Association Services Chief of Staff. Motion was made by Mrs. Mary Wood and seconded by Mr. Steve Swofford to approve Resolution for Signatories as written and presented. ADJOURNMENT The meeting adjourned at 1:45 p.m. Respectfully submitted, Mr. Steve Swofford, Secretary
Ms. Teresa Gray, Recording Secretary