Board of Directors Agenda

1. Call to Order of the Meeting of the Finance Committee

ADMIN: The Committee Chair will call the meeting to order if a quorum is present. Announcements may be made at this time.

2. Public Comments

Opportunity for members of the public to address the committee.

3. Approval of the minutes

The Committee Chair will request approval of the minutes of the Finance Committee meeting of June 3, 2015.

If you would like a copy of the document included in this item, please contact the Conservancy office.

4. Finance Committee Charter review

The Finance Committee Charter has been updated and is submitted for review. The last review/update of this charter was June 3, 2015. Staff is seeking recommendation of the charter amendments from the committee to the Board of Directors for approval.

If you would like a copy of the document included in this item, please contact the Conservancy office.

5. Corporate Funds Investment Policy review

The Corporate Funds Investment Policy has been updated and is submitted for review. The last review/update of this charter was August 5, 2015. Staff is seeking recommendation of the policy amendments from the committee to the Board of Directors for approval.

If you would like a copy of the document included in this item, please contact the Conservancy office.

6. Endowment funds agreement expansion

The agreement between T. Rowe Price and the Conservancy engaging T. Rowe Price as endowment funds manager expires at the end of December 31, 2015. Staff seeks authorization from the Board for its Executive Director to execute and deliver an agreement with T. Rowe Price under the same general terms as the existing agreement, but that the agreement be “at will” and not include a defined and specific termination date. T. Rowe Price indicates that it has no other clients with “end date” agreements, and that all other clients have migrated to an “at will” arrangement.

The Conservancy previously wanted to limit its term with T. Rowe Price pending T. Rowe Price having an opportunity to perform as the Conservancy’s endowment funds manager. Staff is pleased with T. Rowe Price’s performance, clarity and documentation. Judging from Conservancy Board member comments, as well as Finance Committee action, there is general satisfaction with T. Rowe Price as well.

If you would like a copy of the document included in this item, please contact the Conservancy office.

7. Groundwater exchange program revenue

Conservancy management has met with Gilbert Associates, the firm that prepares the Conservancy’s IRS Form 990, regarding whether revenue generated from the groundwater exchange program constitutes unrelated business income tax (UBIT).

It is Gilberts’ opinion that the Conservancy’s participation in the groundwater exchange program does not meet the standard for unrelated trade or business and would not be subject to UBIT on revenue from the groundwater exchange program.

8. Public comment

Opportunity for members of the public to address the committee.

9. Adjournment

Official adjournment of the meeting.