Annual Meeting Minutes
The Mary T. and Frank L. Hoffman Family Foundation

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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:

• 30 Jun 2002

Trustees:

• Mary T. Hoffman
• Frank L. Hoffman

Trustees Participating:

• Mary T. Hoffman
• Frank L. Hoffman

Review of Minutes:

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

Treasurer's Report:

• 2001 Income: $44,116.00
• 2001 Expenses: $42,793.00
  Professional Fees: $16,368.00
  Internet and Other Expenses: $2,516.00
  Donations: $23,909.00
• 2001 Excess Revenue: $1,323.00
• Cash in the bank as of this date: $2,172.05
• The Treasurers report was accepted unanimously.

Review of Current Foundation and Web Site Status:

• Review of Budget:
• Income from Donations: $15,000.00
• Expenses: $13,800.00
  Telephone/Web: 1,500.00
  Office Equipment: 1,000.00
  Office Supplies: 300.00
  Professional Fees: 1,000.00
  Donations: 10,000.00
• Contingency and Reserve: $1,200.00
• Both Income and Expenses are running less than half of the proposed budget, but since the Frank and Mary Hoffman agreed to fund up to $15,000.00, no changes were needed.
• The web site traffic continues to grow.  From Nov 2000 to Nov 2001 we had 363,900 visitors calculated by IP address.  Based upon our current growth rate, we will more than likely have to make a server change early next year.

Old Business:

• It appears that our association with Citizens for the Hudson Valley will no longer be needed after this year, and it was decided to end our relationship on or before the end this year.

New Business:

• We expect that we will exceed the bandwidth limitations for data transfer on our web server sometime next year if our current growth continues. It was decided to explore the idea of having a dedicated web server for next year, and will most likely have to add additional funding into our budget to cover the costs.
• Proposed Budget for Next year:
• Income from Donations: $15,000.00
• Expenses: $13,800.00
  Telephone/Web: 2,500.00
  Office Equipment: 1,000.00
  Office Supplies: 300.00
  Professional Fees: 1,000.00
  Donations: 9,000.00
• Contingency and Reserve: $1,200.00
• After discussion, the proposed Budget (similar to last year's), and the fact that Mary and Frank Hoffman agreed to fund up to $15,000.00, it was  considered sufficient and accepted unanimously.

There being no further business, the meeting was adjourned.

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