Governance

NSCAF BOD Minutes

Minutes of the NSCA Foundation Board of Directors Teleconference Meeting January 30, 2012; 10:30 a.m. CST

Participating Members: Lee Brown, Jill Bush, Joan Eckerson

The purpose of the meeting was to discuss the allocation of grants and scholarships for 2012 and to discuss an investment opportunity suggested by our financial advisor, Mr. John Martin of Martin Capital Management, LLC.

Lee reported that the NSCAF assets as of January 2012 were $3,756,189, which represents an increase of ~$94,000 compared to assets in January 2011 and, given the volatility of the market during 2011, our portfolio stood up well. Money available for funding each year is equivalent to 5% of the average of the NSCAF?s assets for the previous 12 quarters, and this year the average was $162,385, which is an increase of over $40,000 compared to 2011. This amount is then divided equally between grants and scholarships for a total of $81,192. Other allocations include $2500 for the GNC® Nutritional Grant and $50,000 for the International Collaboration grant; therefore, the total funding available for grants in 2012 is $133,600. A $1000 contribution from Power Systems® is also allocated for scholarships for a total of ~$82,000. Added together, the grand total of available funding in 2012 is $215,885. As was the case last year, if the amount of money allocated to the scholarships exceeds the amount awarded, the remaining funds will be used to fund additional grant proposals.

The other item of business was to discuss an investment opportunity with Franklin Square Investment Corporation as recommended by Mr. John Martin. Franklin Square is a business development company that invests in senior secured 3-5 year bank loans of private corporations and yields monthly dividends of 7.6% that are fully covered by income from the loans. Mr. Martin recommended that we remove $50,000 from our money market accounts and $100,000 from our managed account to invest in Franklin Square for a total of $150,000, and also noted that the fund was closing to new investors sometime in mid-February. After some discussion, Joan Eckerson made a motion to follow the financial advice of Mr. Martin and move $50,000 from the money market account and $100,000 from the managed account for investment in Franklin Square Investment Corporation. The motion was seconded by Jill Bush and the motion was unanimously approved 3-0.

With no further business, the meeting was adjourned at 10:45 a.m. CST

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