MITCNC Winter Board Meeting July 16, 2008

MITCNC BOD Meeting, July 16th, 2008

Agenda

• Dinner 6:00 – 7:00 PM • Club Operational Review 7:00 – 7:20 PM – President ’ s Report (Nelson Lin) – Treasurer ’ s Report – IT Project Update – Selected Officer Reports* (Mike Sarfatti) (Catherine Calarco & Javed Samuel) • Board Business – Minutes from Feb 8, 2008 meeting – Nominating Committee resolutions – Scholarship Fund – Charter Committee (Bill Murray) (Bill Murray) 7:20 – 8:00 PM • Club Strategy Working Sessions • Closed Executive Session 8:00 9:00 – – 9:00 PM 9:30 PM *Will not be discussed at meeting MITCNC BOD Meeting, July 16th, 2008 2

Progress Towards Goals set forth in February

• • External Goals – Maintain highly successful programs – Reach out to alumni in East Bay and beyond – Continue selected community outreach Internal Goals – Expand volunteer base – Upgrade IT system Maintaining quality and breadth Making progress Slow progress Key for upcoming year New website should be ready by fall MITCNC BOD Meeting, July 16th, 2008 Poor

Progress Ratings

Excellent 3

FY 2007-08

Maintaining successful programs

• • • • • Fiscal Year Figures 1 : Exactly 100 events 3,800+ estimated total attendance 3,056 total SmarTrans registrations – 2,234 unique registrations 2 events featuring MIT-affiliated Nobel Laureates – Prof. Andrew Fire – Prof. George Smoot Top attendee is still Tad Artis ’86 – participated in at least 23 events – helped organize 1 event Life Science Forum 8

Events by Program (N=100)

Other 12 Entrepreneurship 20 Science & Technology 6 East Bay & Capital Area 15 Social 39 1. FY runs from Aug 1, 2007 through July 31, 2008 MITCNC BOD Meeting, July 16th, 2008 4

FY 2007-08

Event Highlights – Past Six Months

Date Event

March 8 th Bodies Revealed in Sacramento March 15 th MIT on the Road May 6 th June 15 th Bringing Down the House, featuring Jeff Ma 100 th Anniversary Celebration at Angel Island June 28 th July 10 th California State Railroad Museum in Sacramento AMITA Leadership Spotlight: Diane Greene

Attendees

45 200 80 125 35 85

Thanks to!

Anthony Pelosi MITAA Elizabeth Lin Daphne Lin Abdallah Jabbour John Velasco Joyce Chung MITCNC BOD Meeting, July 16th, 2008 5

FY 2007-08

Reaching out to the East Bay and Beyond

Events by Location (N=100)

Capital Area 58 East Bay 17 SF 14 Peninsula 58 North Bay 8 • Almost half of events outside of Peninsula • Three successful events in Sacramento MITCNC BOD Meeting, July 16th, 2008 6

FY 2007-08

Thanks to our Officer Team!

Officer

Mike Sarfatti Elizabeth Reierstad Ben Matteo Catherine Calarco Monika Gorkani Manjari Bhatia

Title

Treasurer, Director Boomertech Series Secretary Immediate Past President Executive Vice President VP Communications VP Membership & Volunteer Integration

Officer

Bill Reenstra John Velasco* Charles Zhou Elizabeth Ng Wasiq Bokhari Ben Skolnik Alison Chaiken Richard Rabbat Director Volunteer Integration VP Entrepreneurship John Keen Elizabeth Lin* Vandana Upadhyay Alissa Fitzgerald Director Convergence, Community, and Commerce Director Semiconductor Entrepreneurship Director Clean Tech Javed Samuel Brad Schneider Gregg Dieguez Tricia Erickson Jennifer Wang Entrepreneurship Mentoring Program Radha Nayak Shuja Keen* Director Angel Investments Ethan Merritt MITCNC BOD Meeting, July 16th, 2008 * New to team in 2007-2008

Title

VP East Bay Events Director Capital Area Events Director Science & Tech Director Life Sciences Forum Director Nanotech Forum VP Social Communities Director Sports & Rec.

Director MIT10 Director IT Implementation Chair Spotlight Sloan CNC President AMITA Liaison Administrative Assistant 7

FY 2007-08

Three Newsletters this Fiscal Year

Thanks to Ethan Merritt and all Contributors

Winter Fall Spring

MITCNC BOD Meeting, July 16th, 2008 8

FY 2007-08

Prof. Nicholas Negroponte Confirmed for Spotlight 2008-2009!

• Spotlight 2008 – Topic: One Laptop Per Child – Oct 13th, 2008 – SF Airport Marriott, Burlingame • Thanks to Catherine Calarco and Brad Schneider • Sponsorship for this event a key issue that team is addressing MITCNC BOD Meeting, July 16th, 2008 9

Treasurer’s Report Mike Sarfatti ‘76

MITCNC BOD Meeting, July 16th, 2008 10

FY 2007-08

Cash Reserves Down from 2007

Account Balances

MITCNC Checking Accounts and CD MITCNC Checking (Sloan)

31 July 2007

$82,091 10,914

1 July 2008

$71,101 10,914

Total Bank Balances $93,005 $82,015 Change

($10,990) 0

($10,990)

MITCNC BOD Meeting, July 16th, 2008 11

FY 2007-08

Financial Summary

FY 2006-07 Income

Events Sponsorship Membership Dues and Donations Bank Interest

Total Income

$73,327 $35,000 $29,558 $0

$137,885 Expenses

Events Printing, Postage, Mailing Administrative Internet Processing / Banking Fees Professional Services

Total Expenses Scholarship Fund Contributions AMITA

(estimated co-mingled funds) $41,101 $19,252 $18,364 $639 $1,913 $2,383

$83,652 $50,000 N/A Net Increase in Cash Reserves

MITCNC BOD Meeting, July 16th, 2008

$4,233 FY 2007-08

$48,539 $15,800 $28,356 $2,008

$94,703

$24,049 $25,626 $16,911 $11,063 $1,610 $1,060

$80,319 $25,000 $5,489 ($16,105)

12

FY 2007-08

Financial Summary – Selected Details

Sponsor

Lightspeed Venture Partners Doll Capital Management Antenna Group

Total Sponsorship Program

100 th Anniversary Lecture Series Semiconductor Entrepreneurship Cleantech Entrepreneurship

Amount

$10,000 $5,000 $800

$15,800

Plus, significant in-kind sponsorships from WSGR, Cooley Godward Kronish, Google, and Townsend & Townsend & Crew MITCNC BOD Meeting, July 16th, 2008 13

IT Project Update

Catherine Calarco ’06 Javed Samuel ’04 Monika Gorkani ‘93 MITCNC BOD Meeting, July 16th, 2008 14

IT Project Status Update

• Kintera contract signed April 16 th , 2008. Congratulations to the IT Team!

– Catherine Calarco – Ben Matteo – Ed Tau – Javed Samuel – Dick Clayton • Many Thanks: – To Harbo Jensen, John Chisholm and the Executive Committee for their counsel and support – To Mike Sarfatti for providing valuable comments and challenging assumptions – To MITAA’s technical staff for their efforts in facilitating this pilot project MITCNC BOD Meeting, July 16th, 2008 15

IT Project Implementation

• Kintera implementation phase underway – Javed Samuel and Monika Gorkani leading this effort – Working closely with Kintera and MITAA technical teams • Customization work limited to data transfer and website design – Event management and membership modules utilize Kintera off the-shelf features • Presidents Committee met July 7, 2008 – MITAA IT team worked proactively with MITCNC and President’s Committee to modify Summary Statement, to the benefit of the project • Initial data download will include all alumni data • “Opt-in” allows alums to share their profile with other alumni • MITAA staff will have access to MITCNC website for downloading MITCNC alumni data, such as event attendance MITCNC BOD Meeting, July 16th, 2008 16

Kintera Migration Status

Project Workstream

Define Functional Specifications Draft Creative Brief Wireframe for new website Site architecture

Status

Complete Complete Complete Under review

Comments

Home page design Create sub-page template Data mapping for downloads from MITAA to MITCNC Content migration, clean-up, and testing Go-live date Reviewing with club officers In development Reviewing with club officers Target start date: 3 rd week in July In progress Need template that is flexible enough for all sub-pages Submitted requirements to MITAA technical team for script modification Target start date: August 4 Target late August MITCNC BOD Meeting, July 16th, 2008 17

IT Project Estimated Costs

Fiscal Year Cost Comments

2007-2008 2008-2009 2009-2010 $10k • Initial payment to Kintera, April 2008 $18k (estimated 1 ) $8k (estimated 1 ) • $14.3k to Kintera • $3.5k in estimated incremental transaction costs compared to SmarTrans • $4.2k to Kintera • $3.5k in estimated incremental transaction costs compared to SmarTrans 1. Does not include potential incremental revenues from increased membership; new system should allow alumni/ae to register for club membership while registering for events MITCNC BOD Meeting, July 16th, 2008 18

Membership Update Manjari C. Bhatia ‘98

MITCNC BOD Meeting, July 16th, 2008 19

MITCNC membership registration has declined slightly over the past five years

Registration

% Y/Y growth % Penetration

Area Alums

% Y/Y growth 1200 1000 800 600 400 200 0 1056

MITCNC Membership Registration

966 898

2003-04

1,056 12.1% 8,724

2004-05

966 -8.5% 10.8%

2005-06

898 -7.0% 9.7% 8,963 2.7% 9,236 3.0% MITCNC BOD Meeting, July 16th, 2008 942

2006-07

942 4.9% 10.0% 9,375 1.5% 917

2007-08

917 -2.7% 9.6% 9,575 2.1% 20

Changes in Membership by Tier

1000 900 800 700 600 500 400 300 200 100

942 Total 128 70 108 636 917 Total 283 57 80 497

Increase in Recent Grad members (96) accounts for majority of increase in Free Members Free Members 1 Patron Sustaining Regular 0

2006-2007 2007-2008

• Welcome Reception significantly increased Recent Grad membership • Increase in Free Members offset by decline in Regular members 1. Free Memberships include Recent Grads (Class of ’06 or ’07); Cardinal & Gray Members; and currently students MITCNC BOD Meeting, July 16th, 2008 21

Trend towards increasing percent of Membership Registration on-line

Percent of Membership Registrations Conducted On-line

60% 54% 50% 40% 30% 20% 24% 10% 19% 32% 42% 0%

2003-04 2004-05 2005-06 2006-07 2007-08

MITCNC BOD Meeting, July 16th, 2008 22

Sacramento Area Events John Velasco ‘05

MITCNC BOD Meeting, July 16th, 2008 23

Making Strides in the Capital Area

• Three successful events this past half year – March 8th Bodies Revealed exhibit – March 29th screening of movie “21” – June 28th California State Railroad Museum tour • Following each event, dinner at local restaurant provided opportunity for alums to strengthen connections • Many Class of ’12 admits have been in attendance MITCNC BOD Meeting, July 16th, 2008 24

Looking Ahead in the Capital Area

• Upcoming Events – August 9 th Cambridge!

Rail Event & Send off for Class of ’12 as they head to – Sacramento River Cats baseball game (TBD) • Thanks to

Anthony Pelosi ‘01

leadership and dedication and

John Velasco ’05

for their • Leadership Transition – John will be relocating to Washington DC in the Fall – Seeking new Director: 4-5 candidates identified from past events MITCNC BOD Meeting, July 16th, 2008 25

Life Sciences Forum Elizabeth Ng ‘78

MITCNC BOD Meeting, July 16th, 2008 26

Life Sciences Forum Overview

• • • Organize lectures and tours across a broad scope of the life sciences: – Biopharmaceuticals – Medical devices – Diagnostics Explore innovations and developments along multiple dimensions: – Scientific – Business – Policy Steering Committee: – Sooji Lee Rugh ‘ 87 – Gloria Lee ‘ 95 – Kelley Liu ‘ 01 – Bill Murray ‘ 67 – Elizabeth Ng ’ 78 (Director) MITCNC BOD Meeting, July 16th, 2008 27

Life Sciences Forum FY 2007-2008 Events

2007

August 1 October 25 October 29 November 12

2008

February 19 April 17 May 27

Event

Prof. Andrew Fire – Nobel Laureate Stanford “ Lessons from studying how cells respond to genetic change" ” Dr. Erika Wagner, Director of the Mars Gravity Biosatellite Program Stanford Cell Science Imaging Facility (CSIF) Tour UC Berkeley Adaptive Optics Research Lab-Lecture/Tour

Event

Prof. Mark Kay, Stanford "Gene-based Therapeutics -- Academia to Industry" Dr. Peter Karp, SRI Bioinformatics “ What Do Biofuels and Anti-Bacterial Drug Discovery Have in Common?

” Tour of Goodman Simulation Center at Stanford Medical School MITCNC BOD Meeting, July 16th, 2008 28

Life Sciences Forum – Upcoming for Fall 2008

• Lecture Events – Emerging importance of biomarkers – Update on breast cancer and innovative diagnostic approaches – Ophthalmic Tomography • Beginning Fall, have arranged regular venue in Palo Alto (Townsend & Townsend) – Seeking more events and venues in East Bay • Grooming next director and expanding Steering Committee MITCNC BOD Meeting, July 16th, 2008 29

AMITA (Association of MIT Alumnae) Radha Nayak ‘93

MITCNC BOD Meeting, July 16th, 2008 30

AMITA Activities Last 12 Months – Four well-attended events (50+ attendees each)

2007

July 2007 September 2007

2008

May 2008 July 2008

Event

“ The Path to Entrepreneurship ” • For those early in the pursuit of their entrepreneurial career “ Women in Science and Technology: Generational Challenges and Changes ” • Learning from progress made, and looking forward to new challenges for women in tech

Event

“ Understanding Your Health: Its Not Just for Men Anymore!

” •Dr. Marcia Stefanick of Stanford on how health research now takes womens ’ health seriously, and what has been learned AMITA-NorCal Leadership Spotlight Event: Diane Greene ” •Diane Greene talks about her remarkable career and experiences in founding VMWare MITCNC BOD Meeting, July 16th, 2008 31

AMITA Social/Service Activities

• Community Event: Save the Bay, August 2007 • Ongoing Events – Monthly Networking Lunches (typical attendance is 10 – 15 people) • Peninsula: First Tuesday of Each Month • South Bay: Third Tuesday of Each Month • San Francisco: Third Tuesday of Each Month – Volunteer Meetings – goal is to hold these twice a year • First meeting of the year – January 2008 • Planned a roster of events for the year MITCNC BOD Meeting, July 16th, 2008 32

Summary of Club Operations Nelson Lin ‘91

MITCNC BOD Meeting, July 16th, 2008 33

Summary

• • External Goals – Maintain highly successful programs – Reach out to alumni in East Bay and beyond – Continue selected community outreach

July 2008

Internal Goals – Expand volunteer base – Upgrade IT system

Target for July 2009

MITCNC BOD Meeting, July 16th, 2008 Poor

Progress Ratings

Excellent 34

MITCNC Scholarship Program Wm. E. Murray

’

67 Scholarship Program Manager

MITCNC BOD Meeting, July 16th, 2008 35

Summary • MITCNC Endowment (6/30/08) ~ $938,000 • Since 1984:

– Helped ~ 135 MIT students from No. Calif.

– Funded nearly $400,000 in tuition aid!!

MITCNC BOD Meeting, July 16th, 2008 36

FY 2007-08 MITCNC Scholars

•

Douglas Albert ‘ 11 (Judy and Phil Friend

‘

58 Memorial Scholar)

•

Anshul Bhagi ‘ 11 (Gaynor Langsdorf

’

32G Memorial Scholar)

•

Avril Kenney ‘ 11 (MITCNC Alumna Scholar)

•

Amanda Mok ‘ 11 (Janet Grosser

’

53 Memorial Scholar)

•

Drew Wolpert ‘ 11 (Robert Swanson

‘

69 Memorial Scholar)

•

Emmanuel Quiroz ‘ 11

MITCNC BOD Meeting, July 16th, 2008 37

Funding FY 2008-09 Scholarships

• MITCNC 2007-08 Endowment Earnings project to be $48,000 (outstanding!) • Current scholarship is 12% (1/8 th ) of tuition – $4,300 per scholarship, or $25,800 total – From Endowment Earnings, club can afford more.

– MIT Financial Services (Susan Wilson) requests permission to make the 6 awards according to financial need, rather than all 6 in the same amount and – To use all available earnings from the MITCNC Scholarship Endowment towards this critical need (i.e., $48,000) • Board Motion: To use all available income to provide customized undergraduate scholarship support for 6 students.

MITCNC BOD Meeting, July 16th, 2008 38

MITCNC Charter Review Report Wm. Murray, Fred Lam, Ron Koo and Barry Newman

MITCNC BOD Meeting, July 16th, 2008 39

Objectives of Review:

• At 2/4/08 Board meeting questions arose on compliance of MITCNC current activities with 1978 Corporate Charter* • Subcommittee met (2/25/08) and decided to request a legal review of activities WRT to MITCNC Charter * N.B., MITCNC’s 501(c)(3) non-profit status with IRS, FTB, etc. was granted based on 1978 Charter MITCNC BOD Meeting, July 16th, 2008 40

Review Action

• Discussions with Gavin McCraley, Esq. Club Counsel at WSGR on selecting outside counsel for a review • Subsequently MITAA arranged help from Esq. in MIT Office of General Counsel • Charter Committee supplied counsel with: – 1978 Charter – Club Bylaws – IRS Determination Letter – 2 years of MITCNC Newsletters – Website access MITCNC BOD Meeting, July 16th, 2008 41

Feedback from Counsel

(Richelle A. Nessralla, Esq.) •

“ The permissible activities of the Club, stated in Section 2 of the Articles (of the Charter), are very broad. I think that the activities of the Club as described in the newsletters fall comfortably within the permitted scope of activities.

”

MITCNC BOD Meeting, July 16th, 2008 42

Constructive Advise from Counsel on Fundraising and Expenditures

• Non-profit entities may acknowledge contributions but may not sell advertising • Generally a good idea for non-profits to obtain professional outside tax advise from time to time • Something akin to an audit, but less formal MITCNC BOD Meeting, July 16th, 2008 43

Action Item

• Propose establishment of “ audit ” review process • Review financial books and Federal 990 filing for 2008 • Report back to Board at winter 2009 meeting MITCNC BOD Meeting, July 16th, 2008 44