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<br /> . <br /> . ARDEN JJrT 1,S FINANCE COMl\'J.u .1.1!J!; <br /> OCTOBER 15, ~'4 <br /> MlNtJ'I'ES <br /> CALL TO ORDER: 7:05 p.m. <br /> MEMBERS PRESENT: Cristine Leavitt, Frances R(l~"" Carl Rnndquist, Thomas Steele, and <br /> Chuclt Mcncn3Otto. Charles Stoddard was unable to attend. Also present were Council Liaison, <br /> Paul Malone and City Accountant, Terry Post. <br /> JOINT MEETING WITH PARK AND RECREATION COMMmEE - SPEAKER FROM MINNESOTA <br /> FOUNDATION <br /> Richard B. Lancaster, Executive Director, Minn...otaFoundstiaD, spoke to a joint meeting of the <br /> Finance Conuniuee and the Park and Recreation Committee. The purpose of this joint meeting <br /> was to ex-plore the opportunities for a foundatiOD for Arden Hills 10 support the park and trail <br /> fund. Mr. Lancaster began his discussion by saying that there are three primary purposes for the <br /> Minnesota FoW1dation. It is a vehicle to: 1) create "haritahle funds; 2) hold and administer <br /> charitable monies; and 3) provide opportunities for plam1ed gifts. The Minnesota Foundation and <br /> . the St. Paul FOll"".tion, which are rela1ed, provide smaller foundations investing and <br /> administrative services. <br /> Mr. L.mcaster explained that the cost 10 the fmmdatiOll5 for the services of the MinnesotalSt. Paul <br /> F OUJ1t!Mion is approximately OJIC percent of each individual fund's capital investment. Of that <br /> amount, approllimately one-half percent is paid to the investment advisor, this amount varies but it <br /> averages approximately one-half percent. The other ODe-half percent, a.fixed fee, is paid to the <br /> Minnesota Foundation, for the administration of the fund. <br /> Apart from investing and administrative services, a major activity of the Minnesota Foundation is <br /> to help the foundations which are under its wnbrc:Ila in marketing to identify donors. <br /> Approximately 90"10 of monies for foundations comes from individuals. The Minnesota <br /> Foundation provides: t) marketing clinics and workshops to which ail its members are invited <br /> (there was recently an October session); and Z) workshops on finances, planned giving, and keys <br /> to SUGGessful fundraising. The Minnesota Foundation is a resource. It does not actua1Iy do the <br /> job of fundraisiDg, but it hdps foundations to implement a plan and discusses what other <br /> found<nions have done. hi regard to the potential Arden Hills Fonnrl.rinl1, the marketing.would <br /> emphasize that the foundation provides citizens with an opportUDity to show affilction and <br /> stewardship to their hometoWll. <br /> After Mr. L.1ncaBter had given his talk, he responded to questions from the group. One question <br /> was what other cities the sW: of Arden Hills had sd up a foundation using the Minnesota <br /> . Foundation. These cities include Red Wing, Worthington, New Ulm, Argyle, and MoDlivideo. In <br /> - .: :_:~~:::;: ':::~ :~.~. :~r ~.:'~: ~: .~. :, :~G:\; :~~ :~:~8~ ~ ~~::C~~: ~C~: <br /> , <br /> - <br />