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 June 2003

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:

• 2002 Income: $14,036.00
• 2002 Expenses: $13,556.00
  Professional Fees: $200.00
  Internet and Other Expenses: $560.00
  Donations: $13,176.00
• 2002 Excess Revenue: $480.00
• Cash in the bank as of this date: $3,684.01
• 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: 2,500.00
  Office Equipment: 1,000.00
  Office Supplies: 300.00
  Professional Fees: 1,000.00
  Donations: 8,000.00
• Contingency and Reserve: $1,200.00
• Both Income and Expenses are running over half of the proposed budget, mostly because of the switch to the new web server, and we will have to shift some some line item expenses to cover the anticipated additional web site and other expenses. The remainder of the year should be under budget. Since the Frank and Mary Hoffman agreed to fund up to $15,000.00, no changes were needed.
• We switched to the new dedicated server at CI Host the beginning of February at a cost of $1,100.00/yr. plus some set up costs.
• The web site traffic continues to grow dramatically. From Dec 2001 to Dec 2002 we had 1,161,500 visitors determined by IP address.  Based on current trends it appears that we could triple the number of visitors for this year.

Old Business:

• There was no old business.

New Business:

• We are exploring ways to increase our internet connection speed for faster uploading, and the possibility of adding an in-house server for handling our data management and publishing operations.
• Proposed Budget for next year:
• Income from Donations: $26,000.00
• Expenses: $24,800.00
  Internet and Other Expenses: 9,500.00
  Professional Fees: 300.00
  Donations: 15,000.00
• Contingency and Reserve: $1,200.00
• After discussion, the proposed Budget and the fact that Mary and Frank Hoffman would find up to $26,000, it was considered sufficient and accepted unanimously.

There being no further business, the meeting was adjourned.

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