Another beautiful morning at Bakersfield Breakfast Rotary Club. We were greeted
by
Dr. Jeff Haynes who had to do double duty as we were missing our second greeter,
Marlene Heise. Where were you?
Denise provided our invocation with Temo doing a great job on the flag salute. We were honored to have our special guests John Parnell and Marti Lari.
A round of applause for this week’s scribe, David Lari — proof that not all heroes wear capes; some just carry good pens and a sharp memory!
Program: BBRC Endowment
Our speaker was our very own Jeff Bell from JD Edwards who also manages our Endowment Account and Money Market Account. Jeff covered a variety of topics that helped with the following:
- The Bakersfield Breakfast Rotary Foundation (BBRF) is a tax deductible, charity organization
- Contributions to BBRF comes from members and fundraising efforts like 1000 Flags
- Rotary International, Polio Plus, etc. is a separate foundation and not part of BBRF
- Happy spots and fines typically go to the Club and are not part of BBRF
- Our BBRF was initially funded by the South Rotary with $75,000 to the Endowment and $25,000 to the BBRF checking account
- Our Endowment totals $450,000 and is invested 2/3 in a diversified portfolio and 1/3 in bonds, which are expected to yield a stable return of 5-7% per year. We also have $30,000 invested in a money market account that yields 3%.
- From our initial investment in the endowment, we have contributed an additional $209,000 and earned interest/dividends of $181,000
- The majority of our community giving comes from BBRF
- The goal of the Foundation is to reach $1 million and will take 5 to 7 years to reach based on fundraising efforts and expected yields on investments
- The Endowment is expected to supplement our annual giving once our goals are reached and will last beyond our lives
We had a big surprise with John and Sandra Parnell matching all gifts that were raised at the meeting up to $5,000. Well… The members chipped in $10,000 and Sandra and John will support the full $5,000 so we have an additional $15,000 in the endowment in just one day. The goal is real and achievable. Great job Rotarians.
Recognition:
We had birthdays with Dave Spalinger and Temo Lopez.
Sandra Parnell celebrated her 10 year anniversary (no additional fine, I guess $5,000 was enough).
Happy Spots:
Happy spots were provided by Kristine Hertin with a trip to Croatia, Bryan Wooster contributed $500 to the endowment thanks to Erik Bautista employing his niece and Bill Black contributed another $50 to the endowment.
Announcements:
Pete Leveroni came up with a new pin program with an incentive to give big to the endowment.
Wrapping Up:
Kay Pitts was able to name Liza Minellii’s Cabaret for the special song, which made
her fine free for the rest of the year.
Char Vega was the lucky winner of the 50/50 drawing.
If you missed the meeting, you missed a great one.
