MINUTES

Board Members Present: Louis Aiello, Anne Anderson, Margaret Brunton, Carol Cope, Tony Crist,
Joanne Dhody, Marianne Dwyer, Stewart Graham, Tom Hemphill, Michael Hickey, Dina Hitchcock (VP Operations), Kathleen Jones, Mark Keintz (Treasurer), Marie Lachat, Pamela Learned, Virginia Mallery, Anne McNally, Margaret McNally, Ned Mitinger (VP Physical Division), Patrick Moran, Marilyn Paucker, Jane Piotrowski (VP Social Division), Joseph Pizzano, Susan Pizzano, Ron Recko (Immediate Past President), Robert Rossman, Brian Rudnick, Meredith Sonderskov, George Spaeth, Jonathan Sternberg, Kristina Sullivan (Secretary), and Tolis Vardakis (President)

Board Members Excused: AnnMarie Arment, Robert Bacino, Jane Becker, Miguel Castaneda, Eileen
Jacobs, Christopher Padova, Cathy Pimpinella, Rob Remus, and Pam Thistle

Board Members Absent: Brian DeCesare, Janice Manzi, Fran O’Donnell, and Brien Tilley

Others Present: Joan Brown (owner of residence at 543 West Moreland Avenue), Maryanna Ross
Cowper, James Foster, Barbara Gunning (owner of Mom’s Bake at Home Pizza), Philip LeCalsey (Community Manager), Pete Mazzaccaro (CH Local Editor), William McGuckin (Chestnut Hill Community Fund Treasurer), Noreen Spota (Administrative Coordinator), and Frederick Walker (Chestnut Hill Community Fund Trustee)

Tolis Vardakis called the meeting to order at 7:35 PM and asked for a moment of silence. Noreen Spota conducted the roll call.

Approval of Agenda. There was a motion to approve the agenda; this motion was seconded and passed with one abstention (Susan Pizzano).

Approval of Minutes. There was a motion to approve the Board meeting minutes from September 25, 2008 as submitted; this motion was seconded and passed with one abstention.

Approval of Zoning Variance for 543 West Moreland Avenue. Ned Mitinger briefly described the renovation plans for the residence at 543 West Moreland Avenue. This variance request was previously reviewed and recommended for approval by the Land Use Planning and Zoning Committee and the Development Review Committee. There was a motion to approve the zoning variance; this motion was seconded and passed unanimously.

Approval of Zoning Variance for 219 East Willow Grove Avenue. Although no renovations are currently planned on this property (Mom’s Bake at Home Pizza), Ned Mitinger briefly described the need for a use variance. This variance request was previously considered by the Development Review Committee. There was a motion to approve the variance; this motion was seconded and passed unanimously.

Chestnut Hill Community Fund Report. CHCF Treasurer Bill McGuckin distributed and reviewed the “Trustee’s Fall Report” dated October 23, 2008, which included:

a list of CHCF’s reports to the CHCA, most recently a “special report” given by Fund President Jean Hemphill on August 28, 2008
a description of CHCF responsibilities

how the Trustees addressed three issues of concern including the 2006 DCED grant, the 2006 commission paid to Legacy Real Estate, and use of CHCF funds to meet CHCA/Local budget shortfalls
a brief description of the purpose of the Fund and its relationship with the CHCA

a description of the Trustees’ October review of investment policies and costs
a description of the Endowment Investment Policy
fiscal controls
Fund income and expense trends
current portfolio makeup
investment performance
2008 monthly balances, contributions/withdrawals, interest/dividends, and appreciation/depreciation
2002-2008 annual balances, contributions/withdrawals, interest/dividends, and appreciation/depreciation
comparisons of CHCF investment performance to major indices, monthly from 10/07 to 9/08
articles written by Warren Buffett (“Buy American”) and Jack Bogle (“Five Rules of Investing”)

In the ensuing discussion about the report, points that were raised included:

a question about why no action was taken regarding the 2006 commission paid to Legacy Real Estate (Bill McGuckin did not know the answer and said that Trustee Secretary Stan Moat can provide an answer at the next Board meeting)
a discussion about the possibility and desirability of making socially responsible investments (applying social screens to the Fund’s investments)
a question about whether the current investment strategy makes sense given the current economic situation
an observation that being an endowment was not the original intent of the Fund, and consideration about whether the Fund should continue to be an endowment
Bill McGuckin emphasized that the primary objective is to protect the endowment and referred to Mark Nottingham’s recent article in the Local
a request that Fund Trustees consider increasing the Fund’s support of the CHCA, given the possibility that not enough money will be available to pay the Association’s staff
a statement that it is the CHCA Board that decides how the Fund’s money is spent with the stipulation that the Trustees must ensure that it is being spent in accordance with 501(c)(3) regulations
an opinion that the Fund is allowed to use its principal to promote quality of life in Chestnut Hill
an allegation from Jim Foster that $750,000 has been “lost or misspent” by the Fund since 2001
a counter statement from Fund Trustee Fred Walker that no documentation has been provided to support the above allegation

Report from Treasurer. Mark Keintz circulated and reviewed the income statement and balance sheet for the Local for the month ending 8/31/08. He pointed out that the monthly budget figures have now been calculated and included in the income statements. He also stated that the decision has been made not to fund the employer’s contribution to the 401(k) in December 2008 (covering the period April 1 through November 31, 2007). In the ensuing discussion about the report, points that were raised included:

accounts receivable for advertising are way too high and may not all be collectable given the current economic climate
given the absence of a Business Manager, the Board needs to have a clear understanding of and control over the Local’s finances
the lack of up-to-date financial reports is a concern
perhaps the bookkeeper position needs to be a full-time equivalent
perhaps the business manager position can be filled by a volunteer or funded by one of the banks in Chestnut Hill
perhaps expenses can be cut from another part of the Local’s salary budget in order to have the necessary funds for a full-time bookkeeper and/or business manager
in the past, the Community Manager assisted with business management of the Local
there is an urgent need to increase advertising rates and cut expenses

At this point, Mark Keintz offered a motion to go into executive session; this motion was seconded and passed with 18 votes in favor. All those present who are not Board members were asked to leave the room. After the executive session, these individuals were invited back into the meeting.

Report from Vice President, Physical Division. Ned Mitinger reported that the Traffic, Transportation, and Parking Committee will discuss plans for the “bump out” at the intersection of Germantown Avenue and Bethlehem Pike on Monday, November 10, and he urged all those present to attend.

Report from Vice President, Social Division. Jane Piotrowski reported on plans for the “Zoo2” Auction (to be held on Saturday, November 15) and the Circle of Trees event (to be held on Saturday, December 6 after the Holiday House Tour). She also emphasized the urgent need to recruit new CHCA members.

Report from Vice President of Operations. Since Dina Hitchcock had already left the meeting, there was no report from this division.

Report from Community Manager. Philip LeCalsey distributed and reviewed his report, which provided updates on the following topics: 1) community meeting with 14th District Police held on October 1, 2) the Holiday House Tour, 3) the Fund Drive thank you party, 4) office repairs and improvements, 5) Fabrics on the Hill lease of the 8436 Germantown Avenue space, and 6) annual audit. To follow up on the discussion of the Local’s finances, Phil made the Board aware of several office technology issues that impact on the bookkeeping function. Tolis then praised Phil’s work as Community Manager.

Old Business: Chestnut Hill Business Association Concerns. Tolis reported that there was a meeting on Tuesday, October 21 with four representatives of the CHCA (AnnMarie Arment, Bob Bacino, Mark Keintz, and himself), four representatives of the CHBA (President Greg Welsh, Vice President Mike Hickey, Amy Edelman, and Ron Pete), and Pete Mazzaccaro. All agreed on the need to improve communication between the two associations. The CHBA will now permit Pete to attend and report on its Board meetings. In response to the CHBA’s request to publish more positive stories about Chestnut Hill businesses in the Local, Pete showed them numerous examples of positive stories that have appeared in the paper.

Announcements.

Teenagers, Inc. Events. Marianne Dwyer distributed fliers about the Ghost Walk, a service activity of Teens, Inc. to be held on Saturday evening, October 25, and A Taste of Chestnut Hill, a fundraiser to be held on Sunday, November 16 from 5:30-8:00 PM at Springside School.

Senior Center Bazaar. Jane Piotrowski and Meredith Sonderskov reminded Board members about the Senior Center Bazaar and “Almost Antiques Road Show” to be held on Saturday, October 25 from 10 AM to 3 PM at St. Paul’s Episcopal Church.

CHCA Health Seminar. Tolis mentioned that the first CHCA health seminar, which was originally planned for October 28, has been postponed. However, plans are still underway for seminars to be held in November and subsequent months.

There being no further business, the meeting was adjourned at 9:55 PM.

Minutes prepared by Noreen Spota, CHCA Administrative Coordinator, on 11/2/08.

Respectfully submitted on 11/18/08 by:

Kristina Sullivan
CHCA Secretary

Approved by the Board of Directors without amendment on 11/20/08.