MINUTES OF THE CORSICA AREA COMMUNITY FOUNDATION (CAF)

JULY 25, 2002

CAF President Roger Bordewyk opened the “special meeting” at Jimni’s Café and welcomed the twenty three(list is available) individuals in attendance. Roger Explained the goals of the CAF, and the importance of a concentrated effort to gain the support to obtain the “matching grant” available through the State Foundation. He also noted that the local fund currently has about $77.00 available.

John Lillibridge(President of the SD Foundation) spoke in regard to the $12,000 grant and assured that it is available at the present and could possibly extend into 2003. He indicated that about thirty foundations have started throughout the state and are sometimes referred to as “Community Savings Accounts”. Finding a “donor/challenger” within the community is a positive step to gain support for “foundations’. He also stated that the community for Burke has over $125,000 in their fund, and asking each alumnus for $200 was a great “fund-raiser” for their project. John also cautioned on “multiple agreement”, and state that ‘you can direct proceeds anywhere you want”. The 5% factor and the sixteen trailing quarters were explained.

The focus of the meeting then centered on “scholarships. At this time scholarships are not an issue within the Corsica Community as they do not exist…however, there are some communities that are very active regarding the awarding of scholarships.

It was expressed that fundraisers need a “fund drive” in the beginning stages, and a kick-off luncheon has been used on some occasions. At this point, it was mentioned that, “when things happen…you need to make it public”.

Gerald Teunissen(1968 Corsica Graduate) addressed the group and noted the importance of the Corsica Alumni, CAF, Business Community, and other groups working together for the benefit of all. There was some discussion regarding the “principal vs interest” issue when “giving” is occurring. The question of “are there people that would give a gift of $1000 or more over a period of time to support the Corsica Community?”

President Bordewyk closed the meeting with a goal of his, and that is “raise $50,000 by July 1, 2003.