Annual Meeting Minutes - 2005
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:

• 2 July 2005

Trustees:

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

Trustees Participating:

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

Review of Minutes:

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

Treasurer's Report:

• 2004 Income: $25,370.00
• 2004 Expenses: $28,869.00
  Professional Fees: $250.00
  Internet and Other Expenses: $10,559.00
  Donations: $16,060.00
• 2004 Excess Revenue: ($1,499.00)
• Cash in the bank as of this date: $3,573.81
• The Treasurers report was accepted unanimously.

Review of Current Foundation and Web Site Status:

• By the end of December 2004 the number of published text documents had reached 14,000.
• From 11 Feb 2004 thru 10 Feb 2005 we had 5,110,000 individual visitors to the web site determined by IP address.
• Based upon the increase in web traffic and the demand for hosted web sites, we will probable need to have some contract web publishing.
• Review of Budget:
• 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
• Both Income and Expenses are running about half of the proposed budget, but since the Frank and Mary Hoffman agreed to fund up to $26,000.00, coupled with the income from Lifestyle Concepts, no changes were needed.

Old Business:

• Letters were sent to Steve Kaufman and Michael Buckie following last years Annual Meeting asking them if they would accept the appointment to become Trustees of the Foundation.  Both accepted.  Biscone had all legal documents updated and signed.

New Business:

• Proposed Budget for Next year:
• Income from Donations: $44,000.00
• Expenses: $42,800.00
  Internet and Other Expenses: 9,500.00
  Internet Publishing Services: 17,000.00
  Professional Fees: 300.00
  Donations: 16,000.00
• Contingency and Reserve: $1,200.00
• After discussion, and Mary and Frank Hoffman agreeing to fund up to $44,000.00, the proposed Budget was  considered sufficient and accepted unanimously.

There being no further business, the meeting was adjourned.

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