Board Establishes Reserve & Highlights Toys for Tots Success
At its January 2016 meeting the Board of Directors adopted a resolution establishing a Board Designated Operating Reserve with an initial allotment of $15,000.00. The Board is expected to approve a target minimum for the Reserve at its February meeting and to adopt a policy statement outlining how the fund is to be managed. The Board believes that establishment and maintenance of an operating reserve promotes public and donor confidence that the Foundation is stable and that funds invested in it will have a lasting impact, and doing so helps to ensure accomplishment of its mission into the future.
In other business:
Accepted a financial report showing the Foundation with total assets of $76,237.99, of which $20,750.00 is allocated, leaving $55,487.99 in unallocated assets.
Received a report that during the 2015 Toys For Tots Campaign, which the Foundation sponsored in Tuscaloosa and surrounding areas for the fourth year running, over 900 families and 2,376 children received toys this past Christmas, a 30% increase over 2014. Toy donations from individuals and businesses totaled 55,093 items. From cash donations of $18,519.00, 5,091 toys were purchased to fill shortfalls for certain age groups. A great response from the Tuscaloosa community! Many thanks to all who donated toys, money, time, and effort to the Campaign, assuring that less fortunate children in our area once again experienced hope and happiness at Christmas.