Present: D. Crippens R. Farrell D. Kuba R. Lane S. Martínez
Staff: C. Du, Assistant
Guests: Farzad Fanai, Vice President/Private Banker - Union Bank; Hajime Sakiyama, Vice President/Senior Financial Advisor – Union Bank . Meeting Convened: The meeting was called to order at 1:01 p.m. by Darlene Kuba. Public Comment: No public comment.
ITEMS Item III: Interview Investment Advisor and Presentation Key Consideration Farzad Fanai and Hajime Sakiyama introduce themselves. Farzad Fanai states that he representatives have come to see what the foundation’s needs and goals are. Farzad Fanai states that he is the point person and will bring on new team members as needed to address whatever needs the foundation may have. Farzad Fanai states that Hajime Sakiyama is his best team member on investments. Hajime Sakiyama states that his goal is to try to not have funds underperform while reducing risk. Darlene Kuba states that more communication between Union Bank and the foundation is needed. Rod Lane states that communication every two months with an interpretive report would be sufficient. Hajime Sakiyama states that fee structure depends on the type of portfolio Hajime Sakiyama states that previously, foundation investments were at a high risk, low return spot and that he hopes to move the investments to a lower risk higher Committee Name: LATTC Foundation Date: August 29, 2016
Status of Document: Draft Initials: CD
MINUTES return spot which would be roughly 75% bonds and 25% stocks. Rod Lane asks if the organization would be able to handle a situation where a donor donates stocks for an endowment. Hajime Sakiyama states yes and that is called Charity Remainder of Trust. Robert Farrell asks if there is a social responsibility unit. Hajime Sakiyama states that they can hire someone who specializes in socially responsible investing or stipulate that certain things will not be invested in. Farzad Fanai states that he will send some questions for Rod Lane to ask the board. Action Taken: No action required.
Item IV: Status of the Audit Key Consideration Christine Du provides the following update: o The auditor was in the office on August 15 and 16. o The auditor has stated that she should be done with the audit by the end of September, so a presentation would be ready in time for the October Board meeting. Committee discussion results in consensus that a preliminary audit report should be available by the 13th or 14th of September – in time for the September board meeting. Action Taken: No action required.
Item V: Accounting Firm Key Consideration Rod Lane states that in the midst of the transition, the Victoria Genevier has secured a corporate position. Darlene Kuba states that het foundation should remain with Stanislawski. Action Taken: No action taken. Meeting Adjourned: Rod Lane adjourned the meeting at 2:02 p.m.
Committee Name: LATTC Foundation Date: August 29, 2016