The primary purpose of the meeting was to discuss the allocation of grants and scholarships for 2011 and to approve a Return of Organization Exempt from Income Tax Form 990 completed by the Foundation’s accounting firm Waugh & Goodwin, LLP for the tax year starting April 1, 2009 and ending March 31, 2010.
Lee reported that the NSCAF assets as of January 2011 were $3,662,000, which represents an increase of ~$500,000 compared to assets in January 2010. Money available for funding each year is equivalent to 5% of the average of the Foundation’s assets for the previous 12 quarters; however, only 9 quarters have elapsed since the establishment of the NSCAF, therefore, this year’s available funding represents 5% of the average for 9 quarters, which is $140,000. When considering the $10,000 contribution to the NSCA from GNC® ($2500 of which is used to fund the GNC® Nutritional Grant and the remaining $7500 is invested), $50,000 for the International Collaboration grant recently approved by the NSCA BOD, and the $1000 contribution from Power Systems® for scholarships, the grand total of available funding in 2011 is $201,000.
The board members agreed that the funds available from the NSCAF would be divided equally between grants and scholarships ($70,000 each) and that the other contributions would be allocated toward their respective category. Therefore, $71,000 will be available for scholarships and $122,500 ($70,000 + $50,000 + $2500) will be made available for grant awards in 2011. If the amount of money allocated to the scholarships exceeds the amount awarded, the remaining funds will be used to fund grant proposals.
The completed 990 form was reviewed by the board and approved for submission to the IRS by Waugh & Goodwin, LLP.
The meeting was adjourned at 10:20 am PST.