BOTMinutes021602

MINUTES
The Lincoln University Board of Trustees met on Tuesday, October 8, 2002, via teleconference. Mrs. Adrienne G. Rhone, Chairwoman, called the special (for information only) meeting to order at 5:00 p.m.

Trustees present: Dr. Robert L. Albright, Dr. William E. Bennett, Mr. Warren R. Colbert, Mr. Frank C. Gihan, Richard H. Glanton Esq., Mr. Tracey J. Hunter Hayes, Michael P. Meehan Esq., Mr. Gregory C. Miller, Dr. Calvin S. Morris, Mr. J. Vernon Peterson, Mrs. Adrienne G. Rhone, Ms. Sharlene V. Roberson, Mr. Donn G. Scott, Mr. Dwight S. Taylor, Mr. Craig L. Tucker, Mr. David E. Warr, Regina L. Warren Esq., Hon. LeAnna M. Washington; Ex-officio Trustee: Dr. Ivory V. Nelson; and Student Trustee Mr. Michael Gary. Quorum of 12 satisfied. Faculty Representative Dr. Lennell R. Dade; Emeritus Trustees: Mr. Walter D. Chambers, Dr. Frank T. Coleman, and Mr. William A. Robinson. Additional attendees: Ms. Renee Amoore, Judge Edward N. Cahn, Ms. Rosemary Chiavetta, Christopher Lewis Esq., and Mr. Howard E. Merlin. Trustees absent: Dr. Leonard L. Bethel, Ms. Carol Ann Campbell, Mr. Barry Cooper, Dr. David Knox, Dr. Ernest C. Levister, Rep. W. Curtis Thomas, Senator Hardy Williams, Ms. Phyllis G. Woolley; Ex-officio Trustees: Hon. Johnny J. Butler for Governor Mark S. Schweiker, Mr. Frank Meehan for Secretary of Education Charles B. Zogby; Emeritus Trustees: Dr. James A. Parker, Rev. Leroy Patrick, Mr. Theodore Robb, Dr. Kenneth M. Sadler; and Honorary Trustee Mr. Julius Rosenwald II.

THE BARNES FOUNDATION
On September 24, 2002, the Barnes Foundation filed a Petition in Montgomery County, Pennsylvania Orphans' Court Division to amend the Charter Indenture and By-Laws of the Barnes Foundation.

The Executive Committee met on September 24, 2002, relative to the Petition and agreed to establish a Board level Ad-Hoc Committee on the Barnes Foundation. The Executive Committee also authorized Blank Rome Comisky & McCauley to file an Entry of Appearance on behalf of Lincoln University on this matter. On October 2, 2002, the Executive Committee passed Resolution No. 122_100202: BARNES FOUNDATION PETITION authorizing and directing Lincoln University to intervene in the Barnes Foundation Petition to protect the University's right of Trustee nomination to the Barnes Foundation.

On October 4, 2002, Counsel for the Barnes Foundation and Lincoln University met to discuss the Petitions.

On October 8, 2002, Lincoln University's Petition was filed in Montgomery County, Pennsylvania Orphans' Court Division. A Lincoln University Press Release was also issued to the media.

AD-HOC COMMITTEE ON INVESTMENTS
An Ad-Hoc Investment Committee of the Board of Trustees was developed to provide advice to the Board of Trustees and University Treasurer regarding management of the University's endowment.

On September 30, 2002, on the advice of the Ad-Hoc Committee on Investments, Lincoln University transferred from its Multi-Strategy Equity Fund to its Short-Term Fund $4,591,694.44. Preliminary, unofficial calculations indicated the University's Asset Allocation (as of 09/30/02) Monthly Strategy Fund (Equity Fund 26.2%; Bond Fund 32%; and Short-Term Fund 41.7%).

The Board should expect additional information, and possible recommendations, at the November 16, 2002 Board meeting.

There being no further business, the meeting adjourned at 5:30 p.m.