Board of Directors Meeting Notes - 6/15/2016

Proceedings:

The meeting of the BOARD OF DIRECTORS (BoD) of BE EDUCATED MOVEMENT, INC. (USA) was held on Wednesday, 6/15/2016 at 8:30 p.m. (EST) at the Principal Office 12 PORCHER STREET, DOVER DELAWARE, 19901 (USA), set forth in written Waiver of notice signed and agreed by all the Directors. It was a conference call meeting.

Meeting called to order by Karuna and moved and seconded by Sanjay.

This was a Q1-Q2 2016 update meeting for all board members.

Attendees:

Taq Ahmed – Board Member – not present

Karuna Annavajjala – Board Member – via phone

Mahesh Gurugunti - – Board Member – not present

Ashok Kumar – Board Member – via phone

Mahendra Kumar - Board Member – via phone

Sanjay Kumar - Board Member – in person at principal office address

Sitaram Peri – Board Member – not present

Ray Prasad – Advisor and Board Member – via phone

Finance Update:

Reviewed income statement for EOY 2015:http://www.beeducated.org/home/files/finance/IncomeExpense2015.pdf

Funds raised so far in 2016:

·       $4800 from Power of One event

Known Expenses/Spend so far in 2016:

·       $15000 to India for library operational expenses

·       $5000 to Nepal for library operational expenses

·       $x to Pakistan: currently on hold until accounting procedures are firmed up

Current funds available:

·       $15000 in Chase account

·       $19000 in Bank of America account

Project Update:

2016 initiatives to continue:

·       Ongoing support for active libraries

·       Continue Wellness camps in libraries locations not covered so far

New initiatives:

·       Start scoping locations and planning for rollout of new libraries: Anand Dasari associated withhttp://www.novedea.com andhttp://www.colaberry.com/ has pledged for sponsoring 100 libraries during 2017-2019 in draught-ridden areas in Ananthapur in Andhra Pradesh and in Bundelkhand in UP/MP.

Other business:

·       A proposal was presented (initiated offline by Sitaram) to exempt Sitaram Peri from board duties due to his inability to participate given his professional commitments at this time. – approved unanimously.

·       A proposal was presented to consider Dr. Manoj K Srivastava to replace Sitaram’s spot on the Board of Directors.

·       The process for operational expense planning was reviewed: A funding letter is developed and delivered by the Operating committee/Lead in country explaining funding needs for upcoming year.  This is taken as input into the financial budget and planning cycle. All spending plans in country are preapproved by key board members here in the US.

Key Decisions:

·       Transfer all funds from Chase  account to Bank of America by end of this year and make this account the primary and sole banking channel for Be Educated going forward.

·       Pay out all annual librarian honorarium payments for given calendar year by end of Q1 the following year.

Action Items:

·       Setup a meeting in August for overall budget review and planning for 2016-2017.

·       Send a note on behalf of the BoD to Sitaram Peri thanking him for his services and contribution to BeEducated board.

·       Share summary bio of Dr. Srivastava for consideration for BoD membership – Complete

·       Decision Dr. Srivastava’s appointment to BoD via email – Complete. Approved.

·       Send a note on behalf of BoD to welcome Dr. Srivastava to the board

 

Meeting adjourned at 9:40 p.m.

Minutes submitted by Karuna Annavajjala.

 

Additional information