LOWER MERION HISTORICAL SOCIETY Annual Meeting & Open House Sunday, April 6, 2008 The Lower Merion Academy Call to Order: Jerry Francis called the meeting to order at 1:00pm, followed by the Pledge of Allegiance. Opening Remarks by Jerry Francis: For more than a decade, The Historical Society has been in a period transition. We are growing and doing quite well, but we still facemany challenges ahead. Our short term goals and objectives have been achieved. We published "The First 300:..." We rehabilitated and relocated our headquarter's facility to the Academy building where we have attracted many new volunteers, where our Special Library Collections have grown, and where we developed a website that has been a success. Finally, we enhanced our money reserves so that there is no longer a need to worry about our short term financial survival. Our medium term goals and objectives can be achieved. We have leveraged our previous successes and resources and have expanded into the Cynwyd Station Project which should add a cash flow stream into the future. Also, most recently, the Society was the recipient of the S. Hamill Horne Charitable Trust. We must now decide how best to invest and expand these two assets. Our long term goals and objectives are yet to be determined. Mostly likely it will take the Society another decade of work to achieve a guaranteed financial future and to develop a mechanism of succession of leadership into the next generation. The challenge will be how to keep the momentum going. There are still many opportunities and challenges in our future. Elections of Directors: Andrew Amsterdam, Denise H. Francis and Bruce D. Reed were elected for a three year term for the Class of 2011. Max Buten was elected for a two year term for the Class of 2010. Deferred to the Thursday, June 19th Executive Board Meeting: Presentation of the "2007 Financial Review Report" (Phil & Ann Bagley) Review of the "2008 Statement of Financial Position" (Jack Hagner) N.B. Jerry reported that as of April 3rd, our "unrestricted" cash balance was $200,187. Approval of "2008 Budget" (Jack Hagner & Jerry Francis) Respectfully Submitted by Jerry Francis The Executive Board Meeting adjourned at 1:40pm and the Open House followed immediately afterwards