Transcript MITCNC Annual Report

MITCNC
Summer Board Meeting
July 28, 2009
MITCNC BOD Meeting, July 28th, 2009
Agenda
•
Dinner
6:00 – 7:00 PM
•
Club Operational Review
7:00 – 7:45 PM
•
–
President’s Report
Nelson Lin
–
Treasurer’s Report
Mike Sarfatti
–
IT Status
Javed Samuel
7:45 – 8:30 PM
Breakout Sessions (concurrent)
–
Evolving Alumni Demographics
–
Sponsorship
–
Club Operations in Challenging Economy
•
Breakout Sessions (summary)
8:30 – 9:00 PM
•
Board Business
9:00 – 9:15 PM
•
–
Approve minutes
Elizabeth Reierstad
–
Document Storage
John Chisholm
–
Nominating Committee
Ron Koo
–
Scholarship Contribution
Bill Murray
9:15 – 9:30 PM
Closed Executive Session
MITCNC BOD Meeting, July 28th, 2009
2
1H 2009
Highlights from the Last Six Months
•
Addressed Cash Concerns
–
Cash position exceeds forecast by $14k
–
Reduced operating costs ~ $5k
–
•
Predominantly from replacing printed Spring newsletter with electronic newsletter
•
Postcard announcements of newsletter mailed to alumni inaccessible via email
Event revenue exceeded forecast by ~ $9k
•
•
•
Continued to build volunteer base
–
Five new officers, including transplants from Boston and NY
–
Additional volunteers
Enhanced IT training materials nearly complete
–
•
Clean Tech and Angel Investment events particularly strong contributors
Core goal is to support volunteers to leverage system’s functionality
Resurrected Programs
–
Career Development
–
Clean Tech
MITCNC BOD Meeting, July 28th, 2009
Note: FY2009: August 1 – July 31.
3
1H 2009
Event Highlights – Past Six Months
Date
Event
Attendees
Thanks! to
July 18th
Sloan Volunteer Day
15
Eric Silverberg / Bob
Meese
June 20th
Semiconductor / Clean Tech Mixer
+ Eleanor the MIT Solar Car
80
Alissa Fitzgerald
June 18th
Happy Hour with Stanford and
Princeton Alums
160
Elizabeth Lin
May 20th
Tyler Jacks on Cancer Research /
Inspirational Teacher Awards
80
Bill Reenstra
May 11th /
June 8th
Starting a Career in Cleantech
(Parts I and II)
100 / 85
Shuja Keen
April 23rd
Solving the Puzzle of
Personalized Medicine
30
Geetha Rao /
Elizabeth Ng
MITCNC BOD Meeting, July 28th, 2009
4
1H 2009
New Additions to the Leadership
Team – Past Six Months
• Rohit Gupta ’05 – VP Entrepreneurship
• Mike Bowles ’80 – VP Career Development
• Eileen Tanghal ’97 – Director Clean Tech Entrepreneurship
• Mindy Hsu G’06 – Partner Organization Liaison
• David Lackner G’99 – Emerging Technology Council Chair
MITCNC BOD Meeting, July 28th, 2009
5
2007-09
Report Card: Two-Year Overview
External Goals
Maintain highly
successful programs
Progress Against Goals
– Revitalized programs: Sloan Club, Clean Tech, Career
Development
– New programs: Angel Investing, Emerging Technology Council
– Some programs defunct: Nanotech Forum, Sacramento
– East Bay successful (thanks to Bill Reenstra)
Reach out to alumni in
East Bay and beyond
– Room for improvement in SF (new venues for SF events may
help)
– Leader needed in Sacramento
Continue selected
community outreach
Internal Goals
Expand volunteer base
Upgrade IT system
– Still more opportunities to work on
– Joel West recently brought on board to lead program
Progress Against Goals
– Natural attrition of some leaders / volunteers offset by strong
additions to leadership team
– As volunteer organization, the need to bring in new volunteers
is on-going
– IT conversion complete, new system functions well, but
continued training and effort needed to maximize benefit
MITCNC BOD Meeting, July 28th, 2009
Poor
Excellent
6
2008-09
Maintaining successful programs
Events by Type2 (N~100)
Club Year Statistics1:
•
Approximately 100 events
•
~3,000 estimated total attendance
•
Resurrected programs
Other
10%
Sloan
9%
– Sloan Club of Northern California
– Career Development
– Clean Tech Entrepreneurship
•
Entrepreneurship
41%
Science & Tech;
Life Sciences 10%
New Programs
– Angel Investing
East Bay
8%
– Emerging Technology Council
23%
Social
1.
Club Year runs from Aug 1, 2008 through July 31, 2009
2.
Some events can cross categories; e.g., some East Bay lectures cover Scientific Topics, and some Sloan events
are social in nature; some events not on club calendar not included in total
MITCNC BOD Meeting, July 28th, 2009
7
2008-09
Striving for Geographic Diversity
Events by Location (N~100)
East Bay / Sac
14%
19% SF
Silicon Valley 53%
14%
North Bay
• Almost half of events outside of the Silicon Valley
• Continuing push for expanded event coverage beyond
Silicon Valley
MITCNC BOD Meeting, July 28th, 2009
8
2008-09
Thanks to our Sponsors
Sponsorship
Sponsor
Amount
Palo Alto Investors
$5,000
Seifel Consulting
$5,000
Kenneth Allen -- Townsend and Townsend
and Crew
$1,000
Jeffrey Heller – Heller Manus
$1,000
Charles Salter – Charles Salter Associates
$1,000
Anonymous MITCNC Member
$1,000
MIT Resource Development Office
$3,000
Corporate Sponsors
Spotlight
Individual Sponsors
VIP Reception Sponsor
Other
Tyler Jacks / Cancer
Research Event Sponsor
MIT Professional Education
Total Sponsorship
$500
$17,500
MITCNC BOD Meeting, July 28th, 2009
9
2008-09
In-kind Corporate Sponsors
Continue to Support the Club
The following in-kind sponsors help the club tremendously by hosting
events and providing catering and logistic support:
WSGR
Cooley Godward Kronish
Google
Townsend and Townsend and Crew
MITCNC BOD Meeting, July 28th, 2009
10
2008-09
Thanks to our Entire Officer Team!
Leadership & Infrastructure
Science & Technology
Immediate Past President – Ben Matteo
Director Life Sciences Forum – Elizabeth Ng
Executive Vice President – Catherine Calarco
Director Science Lecture Series – Charles Zhou
Treasurer – Mike Sarfatti
Emerging Technologies Council Chair – David Lackner*
Secretary – Elizabeth Reierstad
VP Communications – Monika Gorkani
Community Programs
VP Membership & Volunteer Int. – Andrey Titov*
VP East Bay Events – Bill Reenstra
Director Volunteer Integration – Alison Chaiken
VP Career Development – Mike Bowles*
Partnership Organization Liaison – Mindy Hsu*
VP Social Communities – Daphne Lin*
Director Sports & Recreation – John Keen
Director MIT10 – Elizabeth Lin
Entrepreneurship Program
VP Entrepreneurship – Rohit Gupta*
K-12 Educational Outreach – Joel West*
Director Angel Investments – Shuja Keen
Spotlight Chair – Brad Schneider
Director Boomertech – Mike Sarfatti
Director Convergence, Community and Commerce –
Vandana Upadhyay
Director Semiconductor – Alissa Fitzgerald
Affiliate Organizations
Co-President Sloan Club – Eric Silverberg* and Bob Meese*
AMITA Liaison – Radha Nayak
Director Clean Tech – Eileen Tanghal*
Director Venture Mentoring – Jennifer Wang
* New to team in 2008-2009
MITCNC BOD Meeting, July 28th, 2009
11
Treasurer’s Report
Mike Sarfatti ‘76
MITCNC BOD Meeting, July 28th, 2009
12
FY 2008-09
Cash Reserves, up 10% yr/yr, ending $14k
higher than forecasted in February 2009
Cash Balance
$160
$136
$ Thousands
10%
$120
$113
$98
$93
$87
$96
$87
$80
Feb ’09
Estimate
$82
$40
$0
July 2006
Feb 2007
July 2007
Feb 2008
July 2008
Feb 2009
July 2009
Major Uses of Cash
Scholarship
$25k
$50k
$25k
$25k
-
-
Kintera / IT
-
-
-
~$10k
~$15k
~$3k
• Main factors leading to higher than forecast year-end reserves are cost savings from electronic
newsletter (~$5k) and increased event revenues in past six months
MITCNC BOD Meeting, July 28th, 2009
13
FY 2008-09
Financial Summary
FY 2007-08
FY 2008-091
Income
Events
$52,418
$51,573
Sponsorship
$ 15,800
$17,500
Membership Dues and Donations
$29,126
$32,130
Bank Interest
$ 2,008
$0
$99,352
$101,203
Events
$24,842
$43,202
Printing, Postage, Mailing2
$ 25,626
$8,714
Administrative
$18,278
$19,246
Internet
$ 11,063
$13,728
$1,721
$2,197
Total Expenses
$81,530
$87,087
Scholarship Fund Contributions
$25,000
$3,141
$5,489
$5,749
($7,178)
$10,475
Total Income
Expenses
Processing / Banking Fees
AMITA (estimated co-mingled funds)
Net Increase in Cash Reserves
1. As of 1 July 2009. Final Fiscal Year totals may differ.
2. 2007-08 had 3 newsletters and color brochure for membership recruitment; 2008-09 had 1 printed newsletter and traditional letter / card
MITCNC BOD Meeting, July 28th, 2009
14
Membership Update
Andrey Titov ‘07
Manjari C. Bhatia ‘98
MITCNC BOD Meeting, July 28th, 2009
15
Membership increased 14%, matching
growth in our alumni database
MITCNC Membership Registration
1,200
1,056
1,047
966
1,000
898
942
917
800
600
400
200
0
Registration
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
1,056
966
898
942
917
1,047
-8.5%
-7.0%
4.9%
-2.7%
14.2%
12.1%
10.8%
9.7%
10.0%
9.6%
9.6%
8,724
8,963
9,236
9,375
9,575
10,911
2.7%
3.0%
1.5%
2.1%
13.9%
% Y/Y growth
% Penetration
Area Alums
% Y/Y growth
MITCNC BOD Meeting, July 28th, 2009
16
Paid Membership increased 23%,
with gains in all categories1
1,047 Total
1,000
942 Total
917 Total
267
128
800
70
283
108
600
76
100
Free Members2
57
Patron
80
Sustaining
Regular
400
604
636
497
200
0
2006-07
2007-08
2008-09
1.
Potential contributing factors to increase: Spotlight, Kintera (bundled event and membership registration), and economic environment
driving alumni to network
2.
Free Memberships include Recent Grads (Class of ’06, ’07, ‘08); Cardinal & Gray Members; and current students.
MITCNC BOD Meeting, July 28th, 2009
17
On-line registration continues to
grow in popularity
Percent of Membership Registrations Conducted On-line
70%
64%
60%
54%
50%
40%
42%
30%
20%
32%
24%
19%
10%
0%
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
On-line memberships are immediately processed (benefit to member); mail-in
registration requires manual processing and can take months for database to
update
MITCNC BOD Meeting, July 28th, 2009
18
New IT System and Website
Javed Samuel ’04
MITCNC BOD Meeting, July 28th, 2009
19
New website – by the numbers
• ~50 MITCNC events created and managed by Kintera
• ~170 membership registrations
• ~$16,000 from event registration fees
• ~11,500 hits to the home page per month
• ~3,000 hits to calendar page per month
MITCNC BOD Meeting, July 28th, 2009
Note: FY2009: August 1 – July 31.
20
Benefits of new Kintera system
• Decentralized administrative tasks, eliminating bottleneck for
posting events to website (see next slide)
• Better Event Management and Reporting tools
– Easier to performs tasks such as refunds
– Discount Codes for affiliate groups
– Reports segmented by registration type
• Bundled membership and event registration
• Enhanced website functionality
– Upcoming Events
– News feed from MIT
MITCNC BOD Meeting, July 28th, 2009
Note: FY2009: August 1 – July 31.
21
Kintera decentralizes website
administration
Original
Website
Event
Org
Event
Org
Event
Org
Event
Org
Event
Org
Event
Org
Event
Org
Event
Org
Event
Org
Event
Org
Admin
Home page / Calendar
Kintera
Website
Event
Org
Event
Org
Event
Org
Home page
Event
Org
Event
Org
Event
Org
Calendar
Admin
MITCNC BOD Meeting, July 28th, 2009
Note: FY2009: August 1 – July 31.
22
Kintera – outstanding items and
future plans
• Improved Instructions for Officers and Volunteers.
• Further Synchronization with MITAA
• Membership drive
• Migration of email lists currently on Topica
MITCNC BOD Meeting, July 28th, 2009
Note: FY2009: August 1 – July 31.
23
www.mitcnc.org/mitangels
Shuja Keen ’99
VP Angel Investment
MITCNC BOD Meeting, July 16th,
28th, 2008
2009
24
MIT Angels Overview
• Facilitate introduction of MIT-affiliated entrepreneurs and investors
• Engage the start-up community with committment to invest time
and money into cutting-edge, early-stage businesses
• Invite MIT Angels with broad experience and interest in technology,
semiconductor, energy, general management, entrepreneurship,
finance, consulting and law
• Quarterly meeting - Invite 3 startups per meeting that can benefit
from advice or investment (preference for companies started by
MIT alum entrepreneurs)
• Deal Selection Team evaluates more than 50 business plans to
select the 3 presenting companies
MITCNC BOD Meeting, July 16th,
28th, 2008
2009
25
Significant interest in MIT Angels
• Co-hosted events
– June 13, 2009: Cleantech Pitch Lunch at Computer History Museum
• Co-hosted with Organization of Pakistani Entrepreneurs (OPEN)
• 30 applications – invited 8 companies to present. 50 investors attended.
• Sponsorship / Media Partner
– June 26, 2009: Financing the Cleantech Vision
• Hosted by Reuters & Ventures Capital Journal
• 60% discount for MIT Alums
– June 3-5, 2009: 20th Annual Venture Capital Investing Conference
• Hosted by IBF & National Venture Capital Association
• 55% discount for MIT Alums
– Monthly: Keiretsu Forum events
MITCNC BOD Meeting, July 16th,
28th, 2008
2009
26
MIT Angels – Next Steps
• Expand the team
• Secure a regular meeting place
– Member meetings for MIT Angels / investors
– Pitch meetings
• Strengthen relationships with other Angel Groups
– Band of Angels
– The Angels’ Forum
– Sandhill Angels
– Harvard Angels
• Create ties with Industry Associations
– National Venture Capital Association etc
MITCNC BOD Meeting, July 16th,
28th, 2008
2009
27
Specific Roles within the MIT Angels
Team
• Member Outreach Committee
– Reach out to potential Angels – MIT entrepreneurs, investors, and other
professionals
• Deal Sourcing Committee – leverage synergies across MITCNC
– MIT Venture Mentoring Service
– Interest groups (cleantech, semi-conductor, technology, bio-tech, etc)
– Reach out to MIT Entrepreneurs / professionals
• Deal Screening Committee
– Meet quarterly to select presenting committees at the quarterly Pitch meeting
• Entrepreneur Advocate Committee
• Sponsorship Team
MITCNC BOD Meeting, July 16th,
28th, 2008
2009
28
MIT Angels – Upcoming Events
• Investor-Only Events
– Targeting potential Angels – focus on investor educations and sharing of best
practices
• Quarterly Pitch Events
– Deal Screening Meetings
– Pitch Meetings
Upcoming Events
Aug 26th
Deal Screening Meeting – Only Deal Committee to review proposals
Sep 23rd
Quarterly Pitch Meeting
Nov 11th
Deal Screening Meeting – Only Deal Committee to review proposals
Dec 9th
Quarterly Pitch Meeting
MITCNC BOD Meeting, July 16th,
28th, 2008
2009
29
Emerging Technologies Council
Knowing is not enough; we must apply.
- Leonardo da Vinci
David Lackner G‘99
MITCNC BOD Meeting, July 28th, 2009
30
Overview: What is ETC?
• Like-minded group of R&D professionals drawn from
multiple disciplines who are searching for, creating,
developing, and harnessing next-generation
technologies
• Common bonds
– At the cutting edge of technology in their field
– Innovative development & commercialization paths required
• Focus on hardware and “engineered” technology
• ETC is NOT about incremental technologies nor those
that are close to commercialization
MITCNC BOD Meeting, July 28th, 2009
31
Purpose: What are ETC’s goals?
• To create a physical and virtual space for R&D
professionals to exchange ideas about emerging
technologies
• Reinvigorate the world of engineered things
• Introduce and explore new theory and practices in
interdisciplinary design and product development
• Explore new tools that allow “responsive creativity” like
rapid prototyping
• Expand on the renaissance of makers and open source
developers
MITCNC BOD Meeting, July 28th, 2009
32
Inaugural Event
• Purpose:
“pre-EmTech” for those who are attending the MIT
EmTech Conference
• Invited speaker:
Bill Reinert, National Manager, Advanced Technology
Group, Toyota Motor Sales USA
• Where:
TBD
• When:
Week of Sept 14th, 2009; Prior to MIT EmTech 09 (Sept
22nd – 24th)
MITCNC BOD Meeting, July 28th, 2009
33
Career Development
Mike Bowles ScD ‘80
MITCNC BOD Meeting, July
Feb 17th,
28th, 2009
34
Career Development Activities
•
Scheduling 1st Three Outside Speakers
– Career coaching
– Using social networking as career development tool
– Considering consulting?
•
Developing Career Development Team Infrastructure
– Bring Web Page up to Date
– Established Wiki for Team Use and Institutional Memory
– Setup Team Communication and Scheduling Processes
MITCNC BOD Meeting, July
Feb 17th,
28th, 2009
35
Sloan Club
Eric Silverberg, Bob Meese, Ajit Dansingani, Abhinav Khushraj
MIT Sloan ‘08
MITCNC BOD Meeting, July 28th, 2009
36
Recent Events
• April 9th happy hour with Kellogg
– After-work event at Orson in SF
– Organized by Bob Meese and Kellogg
– Gathered about 20 Kellogg alums, 20-25 Sloan Alums
• May 20th happy hour for new admits
– After-work event at Bacar in SF
– Organized by Eric Silverberg & Bob Meese
– Gathered 10-15 new admits/guests, 15-20 alums
• June 18th cocktail hour with Stanford & Princeton
– After-work event at Melt in Palo Alto
– Organized by Elizabeth Yin
– Gathered >100 total participants, >20 MIT/MIT Sloan alums
MITCNC BOD Meeting, July 28th, 2009
37
Recent Event: MIT Sloan
Volunteers in the Marin Headlands
July 18th, 2009
Planting
flowers for the
Golden Gate
Conservatory
MITCNC BOD Meeting, July 28th, 2009
38
Upcoming Events
• MIT Sloan Summer Gathering, August 12th
– Featuring Professor Richard Locke
– Hosted annually by Richard & Susan Owen
– Organized by MIT Alumni Association
– The largest Sloan gathering of the year!
• North Bay Gathering
– Organized by Herb Meyers, Albert Richards
– Venue, date still be decided
– Alumni association has offered to let us use their mailing list for a
date/venue survey
MITCNC BOD Meeting, July 28th, 2009
39
Clean Tech Entrepreneurship
Eileen Tanghal ‘97
MITCNC BOD Meeting, July 28th, 2009
40
Cleantech Entrepreneurship
•
Established in 2009 in partnership with Semiconductor
Entrepreneurship program
– Leverage Semiconductor infrastructure and volunteers
– Topics at the intersection of business and technology
– http://www.mitcnc.org/Clean_Technology_Series.htmm
•
Steering Committee
– Director: Eileen M. Tanghal ’97
– 3-5 dedicated volunteers, looking to expand
– Advisory board of distinguished colleagues
•
2009-2010 Sponsors
– Cooley Godward Kronish (in-kind: venue and catering)
– Applied Ventures (in-kind: venue and catering for one event)
MITCNC BOD Meeting, July 28th, 2009
41
Cleantech Entrepreneurship
2009 Events
• May 2009: Accelerating Energy Management Rollout panel
Panelists included
–
Matthew Denesuk, Partner, Venture Capital Group, IBM
–
Matt Smith, VP Marketing, Greenbox Technologies
–
Peter Sharer, CEO, Agilewaves
–
Linda Hanson, Echelon, VP Corporate Marketing
–
Sumeet Jain, Senior Partner, CMEA Capital
–
Bill Shetti, Managing Director Storm Ventures and Board Member Demi Energy
• July 2009: Summer Mixer featuring Eleanor, the MIT Solar
Electric Vehicle
• September 2009: Light it UP (next generation lighting
technology)
MITCNC BOD Meeting, July 28th, 2009
42
Summer Mixer…featuring Eleanor the
MIT Solar Car
June 16th at Cooley Godward
Kronish in Palo Alto
Roughly 80 alumni and
friends attended, with
Eleanor proving a big hit
MITCNC BOD Meeting, July 28th, 2009
43
Cleantech Entrepreneurship
• Strong Beginning
– A good re-start of the series
– Have managed to recruit some top speakers
– Good attendance by MIT alumni
• Challenges Ahead
– Director bandwidth
– Consistent participation by volunteers
– Sponsorships: reduction in available sponsorship money
due to economic downturn
MITCNC BOD Meeting, July 28th, 2009
44
Evolving Alumni Base Demographics
45
Our Alumni Base has grown
significantly over the past ten years
12,000
10,679
10,000
8,000
6,000
3,764
4,000
2,000
0
1980
1,879
774
1985
1990
1995
2000
MITCNC BOD Meeting, July 28th, 2009
2005
2010
46
Young Alums constitute a smaller portion of
our base than they did 20 years ago
40
36
40
36
45
42
48
44
100%
90%
14%
38%
37%
60%
27%
50%
30%
40%
30%
29%
20%
20%
10%
0%
Median age
22%
28%
80%
70%
Average age
15%
4%
1984
1%
1989:
32% had
graduated
at last two
decades
earlier
19%
2009:
26%
52%
graduated
at last two
decades
ago
21%
2000’s
1990’s
1980’s
1970’s
1960’s
1950’s
1940’s
1930’s
14%
14%
9%
4%
8%
3%
1989
1999
MITCNC BOD Meeting, July 28th, 2009
10%
5%
2%
2009
47
The percentage of women have
increased
100
92
85
82
77
80
Male
60
40
15
20
23
18
Female
8
0
1980
1985
1990
1995
2000
MITCNC BOD Meeting, July 28th, 2009
2005
2010
48
Graduate alums represent a gradually
increasing proportion of our base
100
80
68
64
62
60
40
32
36
38
Undergrad
Grad
20
0
1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
MITCNC BOD Meeting, July 28th, 2009
49
EE still department with greatest
representation
Alumni Base by Major
Percent of Alums
30%
25%
20%
15%
10%
5%
0%
1984
Sloan MBA
1989
Physics
Life Sciences
1999
Math
MITCNC BOD Meeting, July 28th, 2009
EE
2009
Mech Eng
Chem E
50
Life Sciences has shown greatest relative
increase over last two decades
Change in Proportion of Alumni, 2009 relative to 1989
Life Sciences
Architecture
Sloan MBA
EE
Mech Eng
Material Science
Math
Physics
Chem E
Aero Astro
Chemistry
60%
80%
100%
120%
140%
160%
180%
100% = no change from ’89 to ‘09
MITCNC BOD Meeting, July 28th, 2009
51
Where are our alums?
MITCNC BOD Meeting, July 28th, 2009
52
Thank You!
Thank you Directors, Officers and Volunteers
for making MITCNC a great club and resource
for our alums
It has been a rewarding two years serving as
Club President!
MITCNC BOD Meeting, July 28th, 2009
53
Board Business
MITCNC Scholarship Program
For 2009-10
Wm. Murray ’67
Program Manager
54
2008-09 MITCNC Scholars
•
John Bardeen ‘12
Hometown: Napa, CA
•
Xiao Chen ‘12 (Robert Swanson ‘69 Memorial Scholarship)
Hometown: Oakland, CA
•
Dhruv Garg ‘12 (Gaynor Langsdorf ’32G Memorial Scholarship)
Hometown: Cupertino, CA
•
Susana Hak ‘12 (MITCNC Alumna Scholar)
Hometown: San Leandro, CA
•
James Silva ‘12 (Janet Grosser ’53 Memorial Scholarship)
Hometown: San Jose, CA
•
Andrew Sutherland ‘12 (Judy and Phil Friend ‘58 Memorial
Scholarship)
Hometown: Albany, CA
MITCNC BOD Meeting, July 28th, 2009
55
Scholarship Funding for 2009-10
Daniel Hastings (Dean for Undergraduate Education)
Wrote the MITCNC (7/13/09) asking:
“The combination of constrained finances… demand that
……we use our scholarship resources as efficiently as possible.
It is vital that we exhaust income from endowed scholarships
before tapping into general Institute funds. With this in mind, I
am asking the Club to allow MIT to award the full amount of
endowment income for the MITCNC Scholarship, rather than
returning a portion to principal.”
MITCNC BOD Meeting, July 28th, 2009
56
Endowment Income from 2008-09
• $48,090 Available at MIT for Scholarships
• Motion: allow MIT to award six MITCNC
scholarships at $8,000 each
MITCNC BOD Meeting, July 28th, 2009
57
Proposed Addition to MITCNC
Endowment
• To Keep the MITCNC Endowment at MIT
growing
• Motion: Transfer $10,000 from MITCNC to
the MITCNC Endowment at MIT
MITCNC BOD Meeting, July 28th, 2009
58