LTEF Board Meeting 2008-08-25
Place: 11 Progress Avenue Unit-14, Scarborough.
Date: August 25, 2008
Time: 6:00 pm – 10:00pm
Type of Meeting: Board Meeting
Chaired by: Alex Liew
Minutes Taken: Rose Jin
Attendees: Alex Liew, Rose Jin, Leo Qu
Approve the agenda of this meeting.
Re-approve Important Minutes of Previous Meetings — Prepared by Secretary Rose Jin
Summary Report on Fund-raising for Sichuan Relief Funds —By Secretary Rose Jin
Re: Sichuan Earthquake Relief Fund and School Rebuilding Fund
Total fund raised as of June 23, 2008 was $101641.93.
$91080.89 was handed to UNICEF, including CIDA matched and unmatched funding. （For CIDA matching and unmatched funding）
As agreed in the previous meetings with UNICEF, The balance of the total fund collected not applicable to the Foundation is $10561.04 (i.e. $6570 1 to 1 orphan support amount and $3991.04 cash collections) and the Foundation will issue to cheque to return the funds. Upon issuing the cheque, Alex mentioned that Leo will not submit the cash collected as there might be donors wanting tax receipts, so the final amount deducting $834 is $9727.04. (detailed listing of donors required)
The cheque by Yong Wang (non-board members of the Foundation) and key contact for the earthquake orphan assistance program. This fund was subsequently wired out to Sichuan Mianyang City, Pingwu County, Education Bureau.
Clean up the Accounts — By Alex Liew:
The need to creating two accounts.
Sichuan taxable & Non-taxable.
Old stuff taxable & Non-taxable.
Keep only one account starting August 08, 2008 after pulling out all donations that need to be applied directly to receivers without request of taxable receipts?
(The 2008 donations only)
Interim Financial Statement for the Foundation be made available by an accountant.
(Too expensive $6,000.00 requested by Norman’s friend).
Restriction of new activities until completion of re-organization and the set up of an Executive Committee.
