Minutes of Meeting of The Board of Directors of
University of Science and Technology of China Alumni Foundation
1. Time and Place. The Board of Directors ("Board") of the University of Science and Technology of China Alumni Foundation (USTCAF) held its meeting on 8/6/2013 at 6pm Pacific Daylight time.
2. Attendance. The following directors of the USTCAF were present: Jeff HUANG, Kefei WANG, Linghang YING, Shuo Qian and Steven LI. The following directors of the USTCAF were absent: David BAI, Yige DING, Xiaohua GONG.
3. Presiding Officers and Quorum. Jeff HUANG (the "chair") called the meeting to order and acted as chair thereof, and Steven LI acted as secretary of the meeting. The chair announced that a quorum of the directors was present, and that the meeting, having been duly convened, was ready to proceed with its business.
4. Introductions. The chair requested a round of self introduction from everyone present, and each director made a brief self introduction.
5. 2013-Q2 Financial Reports. The financial reports of the 2nd quarter of 2013 was briefly presented, and was approved unanimously.
6. Question on Monies Held with USTC IF and USTC EF. A question was raised on why we have monies held with USTC IF and USTC EF, an explanation was provided by fellow directors that these were funds donated to IF/EF in our name, and/or funds left over from historical transfers.
7. Subfund Allocation. One board member chimed in to remind everyone that the majority of our fund balance is with "sub fund" with specialized purposes, and that the balance for our "general fund" is actually small (about $160k).
8. Q2 Report from Secretary General. One director read to the board the report from Mr. ZHANG Wei on the Q2 work result of the secretary general's office. The board acknowledges the work done and value provided by the office. However the board is disappointed that the secretary general did not participate, or arrange staff to participate in the recent annual reunion held on campus at USTC, especially when there were email discussions before the event.
9. Q2 Expense from the Secretary General's Office. On motion duly made and unanimously carried, the board agrees to pay CNY 23,400 to Mr. ZHANG Wei to reimburse the Q2 operating expense of the secretary general's office.
10. Operating Expense and the 7% Threshold. Board members were not clear from Mr. ZHANG's report how precisely he would limit the operating expense to under 7% of the total donations, and deferred additional discussions to future meetings.
11. New Student Care Project: The board read related material on the project to provide certain gifts and amenities to incoming freshmen students. On motion duly made and unanimously carried, the board directs the secretary general to spend up to CNY 20,000 on this project, on the condition that the secretary general provide and execute on a plan to maximize AF publicity and exposure in this event, and that he files a report to the board after it is executed.
12. Participation in Alumni Activities: board members expressed desires for the secretary general to monitor alumni activities, improve participation on behalf of the USTCAF, and report to the board.
13. Mentoring Program: A suggestion was made to start a "mentoring program" to help alumni in need (such as those in mid-career) by established members of the alumni community. Board member QIAN Shuo took the initiative to head up this program. No funding was discussed.
14. Personal Liabilities and Risks: one board member raised the issue of personal liability and risks associated with serving on the USTCAF board, and raised the issue of possibly having the USTCAF purchase insurance for the directors. No motion was made.
15. Quarterly Meetings: On motion duly made and unanimously carried, the board agrees to meet every quarter shortly after the close of a calendar quarter and that the financial report for the quarter had become available.
16. Adjournment. There being no further business to come before the meeting, upon motion duly made and unanimously carried. The meeting was adjourned at 7:30pm Pacific Daylight time.