LogoAnnual Meeting Minutes - 2018
The Mary T. and Frank L. Hoffman Family Foundation

Dedicated to cruelty free living through a vegetarian vegan lifestyle.

The Annual Meeting of The Mary T. and Frank L. Hoffman Family Foundation is held over several days in late Spring or early Summer of each year following the filing of the 990-PF with the Internal Revenue Service, on or before 15 May.  The time frame allows for personal, telephone, and email communication among Trustees in accordance with the By-Laws.  The Dated indicated below is the date these Minutes were compiled.

Date:

  • 24 June 2018

Trustees:

  • Mary T. Hoffman
  • Frank L. Hoffman
  • Michael Budkie
  • Stephen Kaufman
  • Marybeth Wosko

Trustees Participating:

  • Mary T. Hoffman
  • Frank L. Hoffman
  • Michael Budkie
  • Stephen Kaufman
  • Marybeth Wosko

Review of Minutes:

  • The minutes of the previous Annual Meeting were reviewed and approved unanimously.

Treasurer's Report:

  • 2017 Income: $190,555
  • 2017 Expenses: $89,641
    Professional Fees: $635
    Internet and Office Expenses: $14,177
    Internet Publishing Services: $52,639
    Office, Utilities, Maintenance Expenses: $10,341
    Depreciation: $11,297
    Donations: $552
  • 2017 Excess Revenue: $100,914 (towards office & residence purchase)
  • Cash in the bank as of 31 May 2018: $3,860.97
  • Office and Residence
    Real Property Value $248,550
    Contents $20,000
    Depreciation: $11,297
    2017 Year End Value: $257,253
    2017 Year End Loan Balance $41,001
  • The Treasurers report was accepted unanimously.

Review of Current Foundation and Web Site Status:

  • We have continued to update the web site and have continued with the loss in visitor traffic since the spring of 2016, when the search engines changed their algorisms again. We are doing everything the search engine companies say they want, and suspect that there is something more sinister going on. This continues to be very frustrating; however, the visitor loss seems to have ended the end of 2017, and is very slowly inching up again this year.
  • We are still hosting about 40 other like-minded organization's web sites.
  • Review of Budget (1st 5 months of 2017):
    • Income from Donations: $45,476
    • Expenses: $50,679
      Internet and Other Expenses: $10,594
      Internet Publishing Services: $19,968
      Debt Service $19,020
      Professional Fees: $750
      Donations: $365
    • Contingency and Reserve: -$5,204
    • Both Income and Expenses are running about 5/12 of the proposed budget, but since Frank and Mary Hoffman agreed to fund up to $120,000.00 to cover debt service on loan and increased operation expenses, no changes were needed.

Old Business:

  • The new office and residence loan payments will be completed this November, and the total expenses for the Foundation will reduce to an estimated $84,000, which the Hoffman's will donate.

New Business:

  • Since we have taken over the Vegan Venue website, we are continuing to update the wordpress site to emphasize a vegan lifestyle. We are antipating this will help us navigate around the algorism issue; however, it is still hard to determine whether it is working.
  • This year we need to vote on Directors for the Foundation. The candidates are:
    Marybeth Wosko
    Michael Budkie
    Stephen Kaufman
    Tammy Nicholson
  • The results of the election were:
    Stephen Kaufman - 5 Votes
    Tammy Nicholson - 5 Votes
    Marybeth Wosko - 3 Votes
    Michael Budkie - 2 Votes
    Stephen, Tammy, and Betsy are the new Directors.
    We very much appreciate Michael Budkie's service over the years, and hope that he will run for the Board again.
  • Proposed Budget for Next year:
    • Income from Donations: $85,000
    • Expenses: $80,000
      Internet and Other Expenses: $20,000
      Internet Publishing Services: $57,000
      Professional Fees: $1,000
      Donations: $2,000
    • Contingency and Reserve: $5,000
    • After discussion, and Frank and Mary Hoffman's assurance that they would fund up to $84,000.00, the proposed Budget was  considered sufficient and accepted unanimously.

There being no further business, the meeting was adjourned.

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