Able Trust Board Meeting Materials - May 2025

Board of Directors, May 22, 2025 “READ THIS” AGENDA SUMMARY FY25 Quarter 3 Financial Report Highlights Profit & Loss Sheet 

HSHT Futures in Focus (line 606.600): Final deliverable submi ed May 15; final payment of $605,000 pending.



ArtCIE Project (lines 606.900 and 782.000): Income and expenditures significantly reduced due to FDOE/VR’s decision not to contract with four subgrantees. No financial impact to The Able Trust, as these are pass-through funds. FDOE/VR is discon nuing the federal grant. TAT staff are finalizing deliverables and closing subgrantee contracts with VR.

Balance Sheet 

Bank Transi on: Migra on from The First to Capital City Bank to be completed by June 30, 2025. Both account balances currently appear on the balance sheet. The First accounts will be removed a er final reconcilia on (accounts: 109.300, 109.003, 109.002, 109.004, 108.000, 109.000, 109.200).



Assets & Endowments: Down slightly (1%) compared to Q3 last year.



Unearned Revenue (line 321.000): Reflects remaining ArtCIE funds. Final reconcilia on and return of unused funds to FDOE/VR will occur at fiscal year-end.

FY26 Budget Highlights 

Lines 8 & 18: ArtCIE federal grant removed from revenue and expenses.



Line 10: Includes $300,000 for Futures in Focus and $300,000 for HSHT internal opera ons—pending legisla ve and gubernatorial approval.



Line 24: Increase reflects addi on of three new HSHT sites.



Lines 25, 26, 29: Increases reflect Helios-funded project ac vi es.



Line 32: Increase in Research Funds for expanded research on Pre-ETS, HSHT return on investment, and a study of student trajectory from HSHT to VR general services, postsecondary educa on and employment.



Line 34: Decrease due to ending contract with NANOE.



Line 35: Increase for expanding donor events from one to up to ten loca ons statewide.

Page 1 of 3



Line 36: Significant decrease in HSHT Ambassadors funding due to reduced need for travel and discon nued plans for leadership training and student events that would supplant site services.



Line 62: Savings from switching to nonprofit-specific insurance coverage.



Line 83: Significant increase in legal fees due to Pe engill endowment se lement.

FY 2026 – FY 2027 Officer Elec ons 

All current officers have agreed to serve a third and final term: o

Chair: Laurie Sallarulo

o

Vice Chair: Mavara Agrawal

o

Treasurer: Doug Hilliard

o

Secretary: Chip Byers

Legisla ve Funding Requests  

Recurring funds for HSHT ($1,018,000) and nonrecurring funds for HSHT opera ons ($300,000) are in both the Senate and House budgets.

Nonrecurring funds for HSHT Opera ons ($300,000) are in the Senate budget. Our lobbyist is hopeful that these funds will be included in both budgets during the conferencing process.

Pe engill Endowment 

The estate is in probate, which may take up to six months. Ausley McMullen, a Tallahassee firm with estate law exper se, is handling the process on our behalf. No family objec ons have been raised. The estate is valued at $6.6 million. The Able Trust will receive a 1.5% annual management fee (approximately $100,000), with interest and earnings distributed to estate-designated chari es.

FY 25-26 Strategic Priori es and KPIs 



Strategic Priori es and KPIs, presented to the board in January 2025, remain unchanged.

Staff are aligning opera onal plans to meet the following goals: o

Expand youth programs to serve 5,000 students annually by FY 2027–2028.

o

Diversify funding to raise $12 million over four years and strengthen organiza onal sustainability.

o

Invest $260,000 in targeted VR support in FY 2026.

Detailed KPIs are included in board materials.

HSHT/VR Pre-Employment Transi on Program Model

For over 30 years, The Able Trust has delivered high-quality programs with fiscal responsibility.

The HSHT program has a 99% gradua on rate and a 54% postsecondary enrollment rate. A scalable HSHT/Pre-ETS model will include: 

Collabora on with VR and BEESS to clearly define responsibili es between LEAs and VR, ensuring HSHT/Pre-ETS supplements (not supplants) IDEA-mandated services.



Iden fica on of service gaps and overlaps between FAPE/IDEA and WIOA.



A comprehensive delivery model featuring: o

Guideposts for Success-based curriculum

o

Compliance with federal and state policies

o

Defined fees and budgets

o

Clear repor ng roles for The Able Trust, VR, and local partners

o

In-school delivery for accessibility and con nuity

o

A revolving fund from The Able Trust endowment for local startup costs

o

A formal agreement with FLDOE/VR detailing the service model.

BOARD Meeting Agenda – May 22, 2025, 10:00 AM – NOON, Zoom Link https://us02web.zoom.us/j/82857110471?pwd=GBYbimbJDR0NFpgTBbSru8zkohc2MK.1 Meeting Call-In Number: 1 929 205 6099 Meeting ID: 828 5711 0471 Passcode: 320427 Directors are reminded that all Able Trust Board and Committee meeting are open and publicly noticed. Under Florida Sunshine Law, any meeting of 2 or more Able Trust Directors must be publicly noticed. Directors are prohibited from discussing Able Trust business outside of official meetings of the organization. Directors are reminded of conflict-of-interest provisions. In declaring a conflict, please refrain from voting or discussion and declare the following information: 1) Your name and position on the Board, 2) The nature of the conflict, and 3) Who will gain or lose as a result of the conflict.

I. II. III. IV.

V.

VI.

Call to Order (5 Minutes) Roll Call and Establishment of Quorum Approval of Agenda – Action Consent Agenda – Action (5 Minutes) a. January and March 2025 Minutes b. FY 24-25 Quarter 3 Profit & Loss Statement c. FY 24-25 Quarter 3 Balance Sheet Action Items (30 Minutes) a. Pensacola Cares, Inc. – Action b. Pettengill Endowment Update c. FY 2025 – 2026 Budget – Action a. Helios Grant d. Officer Elections – Action Regular Business (45 Minutes) a. President’s Report 1. Legislative Update 2. FY 2025 – 2026 Strategic Priorities and KPIs 3. FY 2024 – 2025 Program Reports i. Programs ii. Fundraising iii. Communications & Research

b. VR Report X.

Public Comment (5 Minutes)

Laurie Sallarulo, Chair Chip Byers, Secretary Laurie Sallarulo Pg. 1 – 6 Pg. 7 – 10 Pg. 11 – 12

Laurie Sallarulo

Pg. 13 Pg. 14 – 20 Pg. 21- 23

Allison Chase and Steve Hogan, Esq. Doug Hilliard, Treasurer Laurie Sallarulo

Pg. 24

Allison Chase

Pg. 25 - 26 Pg. 27 - 28 Joey D’Souza, SVP Donna Wright, VP Tracey Lowe, VP Kelly Rogers, VR Director Laurie Sallarulo, Chair

Next Meeting: September 11, 2025 – 10am to Noon Adjourn Please Note: Agenda subject to revisions and additions per the discretion of the Chair of the Board of Directors. Notification will be sent of any such revisions or changes. Members of the Public: Please notify Arnaldo Ramos at Arnaldo@AbleTrust.org if you wish to make public comment on particular agenda items no later than 1-hour prior to beginning of the meeting.

Florida Endowment Foundation for Vocational Rehabilitation, dba The Able Trust DRAFT - Meeting Minutes Board of Directors Meeting – January 30, 2025, 10:00 a.m. to 12:00 p.m.

Virtual Meeting Members in Attendance

James “Chip” Byers, Lori Fahey, Stephanie Westerman, Dr. Mavara Agrawal, Kelly Rogers, Alexis Doyle

Members Absent

Laurie Sallarulo, Todd Jennings, Doug Hilliard

Staff in Attendance

Allison Chase, President; Arnaldo Ramos, Office Administrator and Executive Assistant to the President; Donna Wright, Vice President of Development & Marketing; Joseph D’Souza, Sr. Vice President; Tracey Low, Vice President of Strategic Communications; Justin Adams, Communications Manager; Coleen Agner, State Director of HSHT; Leanne Rexford, Director of Partner Relations

Others in Attendance Item

Action/Discussion

I.

Call to Order

President Chase called the meeting to order at 10:06a.m.

II.

Roll Call and Establishment of Quorum

Chip Byers, Board Secretary completed roll call and a quorum was established at 10:08a.m.

III.

Approval of Agenda – Action

A request to approve and make a change to the agenda made by President Chase to add Director Kelly Rogers provides a Vocational Rehabilitation update.

Motion to approve the change and agenda was made first by Director Alexis Doyle and second by Secretary James Chip Byers. Motion carried.

IV.

Approval of Consent Agenda – Action a. Acceptance of October Meeting Minutes b. FY24-25 Quarter 1 Balance Sheet c. FY24-25 Quarter 1 Profit & Loss Statement

Motion to approve the agenda and consent agenda, first by Director Alexis Doyle and second by Director Kelly Rogers.

d. FY24-25 Family Endowment Funds Approval

Greg B. Burchell, MSSB Investment Advisor, provided an overview of the fourth quarter financials with the invested endowment funds and market analysis for the accounts.

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V.

Action Items a. FY23-24 Audit – Allison Harrell, Thomas Howell Ferguson

Leigh Jenkins from Thomas Howell Ferguson provided a review of the completed audit and financial statements for the board members. Ms. Jenkins detailed some of the key points of the audit and stated that there were no findings upon completion of the audit, and that it was a clean review.

President Chase then asked for a motion to accept the audit report. Director Stephanie Westerman made the motion to accept the audit and was seconded by Director James Chip Byers. The motion carried.

b. Elect Nominating Committee

President Chase then proceeded to explain that the nominating committee was up for election at the end of this year, the nominees are:   

Alexis Doyle Todd Jennings Stephanie Westerman

A motion to approve the nominees elected for the nominating committee was made by Director Alexis Doyle and seconded by Director Lori Fahey.

Motion carried.

VI.

VR Update

Director Kelly Rogers of the Department of Vocational Rehabilitation (“DVR”) shared updates on the following:  



41.4% of people who exited the program were successfully competitively employed within the last fiscal year.

Implementing the Speed to Service Project, a top priority to ensure services are provided timely. Between 2021 and 2024, the average time between when a person applies for VR services, to when they receive their fist service has reduced by a total of 114 days or 55%.

ArtCIE Grant was evaluated, and VR has determined to terminate that grant. However, the services rendered through the grant will not be suspended though general VR funds.

2

VII.

Regular Business a. Presidents Report 1. February 1:1 Budget and Officer Recruitment Meetings

President Chase shared with the board that her executive assistant, Arnaldo Ramos, would be contacting the board members individually to schedule 1 on 1 calls to review the budget and discuss officer recruitment.

President Chase shared an update regarding DVR and The Able Trust’s collaboration regarding transitioning some of the existing High School High 2. Recap Tech programs that are in some of the school districts across the state into HSHT/Preand Pre-ETS programs. DVR is interested in strengthening their ETS Conversations relationship with school districts and can do so by transitioning over to PreETS. and Next Steps President Chase and Donna Wright, VP of Marketing and Development, provided details regarding the March 19th Major Gifts event, “Crossing the 3. March 19 Stage”. Providing details like hotel details, what time the event starts, and Major Gifts location. Donna also shared information on the HSHT Ambassadors that Event will be in attendance to speak and participate that evening as a firsthand experience to the attendees of the hardworking students and impact HSHT has across the state.

President Chase then proceeded to discuss the itinerary for the following day, March 20th for the board meeting as well as staff accompanied 4. March 20 BOD Meeting legislative meetings at the capitol.

5. Strategic Planning Workshop Discussion

President Chase presented The Able Trust’s strategic priorities and explained that the organization evaluates and updates the priorities yearly.

1. Expand youth programs and serve 5,000 students annually by fiscal year 2027-2028. See key performance indicators below:  Serve 1,400 students  We are currently serving over 1,600 students and anticipate being serving around 2,000 students by years end.  Fund 46 HSHT Programs  We are successfully funding all 46 programs.  100% of Future’s in Focus students to be referred to DVR  All participating students have been referred.  Develop and implement formal system of program evaluation  Design phase has been completed and are entering the testing phase of the program evaluation.  Create a research plan for youth programs  Currently in the study design phase to validate and amplify basis for investment in youth programs.

3

2. Secure a more diversified funding base to ensure organizational stability and achieve exponential impact. Raise $12,000,000 in four years. See key performance indicators below:  Raise $625,000  Currently fundraised a total of $425,000 of which $375,000 is unrestricted.  Maintain $2.8 million in income  $1,116,500 received to date.

3. Provide focused support to DVR. See key performance indicators below:  Invest $60,000 in DVR directed expenses  $12,333 invested at this time.  Refer 100% of HSHT students to DVR  Achieved and ongoing.  Recognize DVR in all communication tools  Achieved.  Act as ArtCIE subcontract manager  Achieved and ongoing.  Invest up to $200,000 in DVR professional development initiatives  Revising in partnership with DVR leadership to utilize funds for a technology solution to case management pinch points.

Information Items

N/A

New Business

N/A

Next Board Meeting

Date: March 20, 2025 at 8:00a.m.

Location: Tallahassee Shumaker office Motion to adjourn made by Director Lori Fahey. Meeting adjourned at 12:09p.m.

Adjourn

Respectfully submitted, James “Chip” William Byers IV, Secretary

4

Florida Endowment Foundation for Vocational Rehabilitation, dba The Able Trust DRAFT - Meeting Minutes Board of Directors Meeting – March 20, 8:00 a.m. to 3:00 p.m.

Virtual Meeting Members in Attendance

Todd Jennings, James “Chip” Byers, Stephanie Westerman, Dr. Mavara Agrawal, Alexis Doyle, Kelly Rogers

Members Absent

Doug Hilliard, Laurie Sallarulo, Lori Fahey

Staff in Attendance

Allison Chase, President; Arnaldo Ramos, Office Administrator and Executive Assistant to the President; Donna Wright, Vice President of Development & Marketing; Joseph D’Souza, Sr. Vice President; Tracey Low, Vice President of Strategic Communications; Justin Adams, Communications Manager; Coleen Agner, State Director of HSHT; Leanne Rexford, Director of Partner Relations

Others in Attendance Item

Action/Discussion

I.

Call to Order

President Chase called the meeting to order at 8:34a.m.

II.

Roll Call and Establishment of Quorum Approval of Agenda – Action

Chip Byers, Board Secretary completed roll call and a quorum was established at 8:37a.m.

Approval of Consent Agenda – Action a. FY24-25 Quarter 2 Profit & Loss Statement b. FY24-25 Quarter 2 Balance Sheet

Consent agenda approved first by Director Todd Jennings, and seconded by Director Alexis Doyle, motion carried unanimously.

III.

IV.

V.

VI.

Action Items (30 Minutes) a. FY23-24 Budget Amendment Regular Business a. Debrief Crossing the Stage Event

Motion to approve the agenda, first by Director Todd Jennings and seconded by Director Stephanie Westerman. Motion carried.

President Chase reviewed the Balance Sheet and the Profit & Loss Statement with the board.

Due to the unexpected passing of Mr. John Pettingill, his estate is now in probate, and we need to increase the legal budget line to $25,000 to cover legal costs during this time to ensure we are soundly navigating what Mr. Pettingill left to The Able Trust.

Various members of the board mentioned that they thought the event was a success!

It was great to have the HSHT Ambassadors and students from sites present at the event as well as parents. The event brought in over $100,000 in donations. The board appreciated that it did not feel like a requirement to give, but that it was a

5

showcase of the impact the youth programs have across the state and fostered support from legislators and other community leaders for the work The Able Trust is doing as the direct support organization to the Department of Vocational Rehabilitation. b. Debrief Data Walk

Information Items

During the board meeting key speakers from organizations like Project10 and the Department of Vocational Rehabilitation came in to share important information related to resources, services, statistics, and gaps in the systems that may bar and benefit people with disabilities who are seeking to be competitively employed.

New Business

Between 9:45a.am and 3:00p.m., board members were accompanied by Able Trust staff to meet with legislators to provide updates, reports, and showcase the impact The Able Trust has on the lives of students with disabilities through the High School High Tech program.

N/A

Next Board Meeting

Virtual Board Meeting on May 22, 2025 at 10a.m.

Adjourn

Director Stephanie Westerman motioned to adjourn the business part of the meeting at 9:46a.m.

Respectfully submitted, James “Chip” William Byers IV, Secretary

6

The Able Trust

Accrual Basis

Profit & Loss Budget vs. Actual July 2024 through June 2025 TOTAL Actual

Budget

$ Over Budget

% of Budget

338,830.00

338,830.00

0.00

100.0%

1,485,883.00

1,485,883.00

0.00

100.0%

Ordinary Income/Expense Income 600.116 · Cash-Public Invest Prior @ 6/30 600.101 · Cash on Hand - Other 603.016 · Fees Earned-Manage Family Funds

0.00

45,000.00

-45,000.00

0.0%

603.017 - New Grants

199,479.00

200,000.00

-521.00

99.74%

606.106 · High School High Tech

509,000.00

1,018,000.00

-509,000.00

50.0%

603.101 · Corp./Ind. Gifts - Unrestricted

32,934.36

0.00

32,934.36

100.0%

603.003 · Sponsorships & Unrestr Gifts - Other

419,112.79

500,000.00

-80,887.21

83.82%

603.011 - State Investment Withdrawals

771,925.00

1,029,234.00

-257,309.00

75.0%

661.001 - Private Investment Withdrawals

121,469.00

144,567.00

-23,098.00

84.02%

606.600 · HS/HT Futures in Focus - DVR

795,000.00

1,400,000.00

-605,000.00

56.79%

606.900 · ArtCIE Grant Revenue

413,537.30

1,150,840.00

-737,302.70

35.93%

5,087,170.45

7,312,354.00

-2,225,183.55

69.57%

Total Income

Expense 786.000 · Program Evaluation

60,159.00

100,000.00

-39,841.00

60.16%

785.000 · Futures in Focus

892,500.00

1,400,000.00

-507,500.00

63.75%

782.000 · ArtCIE Federal Grant Project

341,069.94

1,150,840.00

-809,770.06

29.64%

791.000 · Grant Writing

31,500.00

42,000.00

-10,500.00

75.0%

118.73

0.00

118.73

100.0%

731.000 · Interest Expense 772.000 · Late Fees

115.00

0.00

115.00

100.0%

808.600 · Able IF 2025

19,985.56

110,000.00

-90,014.44

18.17%

701.002 · Compensation

623,082.34

855,116.00

-232,033.66

72.87%

701.200 · Payroll Processing/Reports Fee

325.00

550.00

-225.00

59.09%

701.250 · Finance, HR & Record Keeping

49,528.00

72,000.00

-22,472.00

68.79%

702.000 · Payroll & Unemployment Taxes

47,981.30

60,363.00

-12,381.70

79.49%

703.000 · Employee Health/Dental Ins.

52,325.61

71,445.00

-19,119.39

73.24%

703.100 · STD/LTD/Life Insurance

3,161.52

4,500.00

-1,338.48

70.26%

704.000 · 401(k) Match & Expenses

27,870.53

42,755.80

-14,885.27

65.19%

710.000 · Staff Membership Dues

8,595.59

10,000.00

-1,404.41

85.96%

710.500 · Staff Training & Development

5,368.09

12,000.00

-6,631.91

44.73%

Unaudited for Management Purposes Only

7

Page 4 of 7

The Able Trust

Accrual Basis

Profit & Loss Budget vs. Actual July 2024 through June 2025 TOTAL Actual

Budget

$ Over Budget

% of Budget

711.000 · Staff Travel & Outreach

20,116.46

57,000.00

-36,883.54

35.29%

730.000 · Invest & Bank Account Charges

82,855.62

110,000.00

-27,144.38

75.32%

750.000 · Computers & Equipment

3,270.36

9,000.00

-5,729.64

36.34%

750.100 · Software & Licenses

21,067.40

22,000.00

-932.60

95.76%

867.98

0.00

867.98

100.0%

758.000 · Insurances - non-health

11,636.32

21,792.10

-10,155.78

53.4%

765.000 · Legal

10,363.50

30,000.00

-19,636.50

34.55%

765.200 · Lobbying

27,300.59

35,000.00

-7,699.41

78.0%

766.000 · Audit & Tax

42,219.13

38,000.00

4,219.13

111.1%

770.000 · Office Supplies

2,394.94

4,000.00

-1,605.06

59.87%

359.91

0.00

359.91

100.0%

755.000 · Endowment Funds/Invest Mgmt

774.000 · Postage 775.000 · Printing 776.100 · Rent - Office Space 776.101 · State Storage Document Destruct 776.104 · Copier maintenance & ovrg fee

492.19

1,650.00

-1,157.81

29.83%

53,409.68

70,000.00

-16,590.32

76.3%

130.54

1,000.00

-869.46

13.05%

0.00

5,000.00

-5,000.00

0.0%

790.000 · Telephone/Internet

3,176.92

2,750.00

426.92

115.52%

790.100 · IT Support

2,685.77

15,000.00

-12,314.23

17.91%

793.000 · Board Related Expenses

3,492.02

14,500.00

-11,007.98

24.08%

794.010 · CEO Meetings/Travel/Misc Exp.

6,667.64

20,000.00

-13,332.36

33.34%

794.030 · CEO Memberships

2,314.49

2,000.00

314.49

115.73%

780.000 · DVR/Staff Events

54,127.31

60,000.00

-5,872.69

90.21%

781.000 · Other Support to DVR

125,627.49

200,000.00

-74,372.51

62.81%

802.010 · Donor Directed Grants

28,969.00

75,000.00

-46,031.00

38.63%

802.100 · Grant Obligations - HS/HT AT/VR

934,000.00

1,034,000.00

-100,000.00

90.33%

803.303 · Grants - Sponsorsips

12,100.00

15,000.00

-2,900.00

80.67%

805.000 · Advertising

11,087.72

30,500.00

-19,412.28

36.35%

400.00

300.00

100.00

133.33%

805.300 · Fundraising & Donor Development

24,204.05

142,000.00

-117,795.95

17.05%

807.100 · HSHT Operations & Ambassadors

110,320.46

213,000.00

-102,679.54

51.79%

807.600 · Disability Empl Awareness-DEAM

694.00

5,000.00

-4,306.00

13.88%

6,323.46

12,000.00

-5,676.54

52.7%

34.26

0.00

34.26

100.0%

805.122 · Solicitation License Renewal

795.300 · Moving Expenses 810.310 · Miscellaneous Expense

Unaudited for Management Purposes Only

8

Page 5 of 7

The Able Trust

Accrual Basis

Profit & Loss Budget vs. Actual July 2024 through June 2025 TOTAL Actual 738.000 · Depreciation Total Expense

Budget

$ Over Budget

% of Budget

0.00

3,000.00

-3,000.00

0.0%

3,766,395.42

6,180,061.90

-2,413,666.48

60.94%

22,274.51

0.00

22,274.51

100.0%

Other Income/Expense Other Income 603.015 · Gain/Loss Investments-Private 662.001 · Realized Gain/Loss Invest-Priva 661.001 · Unrealized Gain/Loss Inv Privat

-39,992.62

144,567.00

-184,559.62

-27.66%

Total 603.015 · Gain/Loss Investments-Private

-17,718.11

144,567.00

-162,285.11

-12.26%

602.196 · Account Contribution McKeon

0.00

0.00

0.00

0.0%

602.197 · Account Contribution Pettengill

0.00

0.00

0.00

0.0%

Total 602.101 · Endowment Contrib-Private Accts

0.00

0.00

0.00

0.0%

0.00

0.00

0.00

0.0%

603.194 · Account Distribution Gallimore

29,979.00

0.00

29,979.00

100.0%

603.198 · Account Distribution Thomas

29,022.00

0.00

29,022.00

100.0%

602.301 · Managed Account Distributions - Other

9,051.00

75,000.00

-65,949.00

12.07%

Total 602.301 · Managed Account Distributions

68,052.00

75,000.00

-6,948.00

90.74%

661.000 · Endow. Unrealized Loss/Gain

-1,079.62

0.00

-1,079.62

100.0%

663.194 · Invest Private-Int/Div-Gallimor

27,346.90

0.00

27,346.90

100.0%

663.195 · Invest Private Int/Div-Hibbard

32,824.15

0.00

32,824.15

100.0%

663.196 · Invest Private Int/Div-McKeon

66,731.63

0.00

66,731.63

100.0%

663.197 · Invest Private Int/Div-Petteng

1,932.18

0.00

1,932.18

100.0%

663.198 · Invest Private Int/Div-Thomas

37,846.09

0.00

37,846.09

100.0%

663.199 · Invest Private Int/Div-Ward

44,520.39

0.00

44,520.39

100.0%

663.192 · Invest Private Int/Div-LeRoy

15,495.00

0.00

15,495.00

100.0%

663.001 · Invest Private Endow Int/Div - Other

8,911.00 235,607.34

0.00

235,607.34

100.0%

284,861.61

219,567.00

65,294.61

129.74%

602.001 · Endowments & Bequests 602.101 · Endowment Contrib-Private Accts

Total 602.001 · Endowments & Bequests 602.301 · Managed Account Distributions

663.001 · Invest Private Endow Int/Div

Total 663.001 · Invest Private Endow Int/Div Total Other Income

Unaudited for Management Purposes Only

9

Page 6 of 7

Accrual Basis

The Able Trust

Profit & Loss Budget vs. Actual July 2024 through June 2025 TOTAL Actual

Budget

$ Over Budget

% of Budget

Other Expense 730.501 · Managed Account Fees

16,805.46

0.00

16,805.46

100.0%

730.502 · Managed Acct Able Trust Adm Fee

24,529.04

0.00

24,529.04

100.0%

41,334.50

0.00

41,334.50

100.0%

243,527.11

219,567.00

23,960.11

110.91%

Total Other Expense Net Other Income

Unaudited for Management Purposes Only

10

Page 7 of 7

The Able Trust

Balance Sheet As of March 31, 2025 ASSETS UNRESTRICTED March 31, 2024

March 31, 2025

UNRESTRICTED

RESTRICTED

PARTIALLY RESTRICTED

Current Assets/Bank Accounts 107.300 · CCB ArtCIE

-

113,862.61

107.200 · CCB Admin Sinking

-

332,840.19

332,840.19

113,862.61

107.100 · CCB Reserve

-

462,888.00

462,888.00

107.000 · CCB Operating

-

133,157.97

133,157.97

109.300 · ArtCIE

100,000.00

-

-

109.003 · ICS 716

317,916.54

0.01

0.01

109.002 · ICS 001

211,903.91

379,810.38

379,810.38

109.004 · ICS 096

87,873.00

0.01

0.01

108.000 · The First Reserve

10,017.01

10,012.01

10,012.01

109.000 · The First Operating

45,995.67

28,554.79

28,554.79

109.200 · The First Admin Sinking

278,950.12

-

-

178.81

178.81

178.81

110.061 · Morgan Stanley Smith Barney (2)

213,908.38

198,699.60

110.200 · Wells Fargo

118,930.87

330,355.94

Total Current Assets/Bank Accounts

1,385,674.31

1,990,360.32

109.001 · Petty Cash

198,699.60 330,355.94 418,556.01

529,055.54

-

Current Assets/Accounts Receivable 12000 · Undeposited Funds

7,688.37

-

-

120.001 · Accounts Rec - General

17,500.00

1,500.00

1,500.00

120.006 · Accounts Rec - Comm/DEAM

23,000.00

5,500.00

5,500.00

120.007 · Accounts Rec - SOF/DOE/VR Total Current Assets/Accounts Receivable

-

-

-

48,188.37

7,000.00

7,000.00

110.061 · Morgan Stanley Smith Barney (2)

9,237,465.07

8,991,245.47

110.200 · Wells Fargo

9,717,414.50

9,295,287.73

18,954,879.57

18,286,533.20

260.000 · Present Value-Deferred Contrib.

558,240.99

581,538.99

258.000 · Lease, right-of-use asset

76,639.50

25,546.50

25,546.50

634,880.49

607,085.49

25,546.50

205.000 · Computers

24,089.85

19,829.85

19,829.85

211.000 · Furniture & Fixtures

94,079.70

94,079.70

94,079.70

(111,629.03)

(112,769.04)

(112,769.04)

6,540.52

1,140.51

1,140.51

-

-

State Endowments

Total Other Current Assets

8,991,245.47 9,295,287.73 -

18,286,533.20

-

Long Term Assets

Total Long Term Assets

581,538.99

581,538.99

-

Fixed Assets

230.000 · Accumulated Depreciation Total Fixed Assets

-

-

-

-

Other Assets 250.100 · Security Deposit

4,200.00

6,056.25

6,056.25

255.000 · Rec. re: Griffith Ins. Policy Estimated

97,750.00

97,750.00

97,750.00

257.000 · PFG Stock (273 shares @ $59.96) Total Other Assets

TOTAL UNRESTRICTED ASSETS

Unaudited for Management Purposes Only

16,369.08

16,369.08

16,369.08

118,319.08

120,175.33

120,175.33

21,148,482.34

21,012,294.85

572,418.35

11

19,397,127.73

-

Page 1 of 2

The Able Trust

Balance Sheet As of March 31, 2025

March 31, 2024

March 31, 2025

UNRESTRICTED

RESTRICTED

PARTIALLY RESTRICTED

Private Endowments 110.020 · Pettengill Ability Fund

5.30

5.30

110.216 · McKeon Ability Fund

631,421.08

609,378.98

609,378.98

110.217 · Ward Ability Fund

419,455.04

404,412.97

404,412.97

110.215 · Hibbard Ability Fund

310,847.95

300,109.63

300,109.63

110.231 · Gallimore Ability Fund

667,801.15

651,504.25

651,504.25

110.232 · Thomas Ability Fund

923,830.10

913,596.91

913,596.91

110.233 · Pettengill Ability Fund

32,679.05

33,779.47

110.234 · LeRoy Ability Fund

154,253.28

141,735.54

110.235 · Cantwell Ability Fund

178,232.56

174,449.15

3,318,525.51

3,228,972.20

24,467,007.85

24,241,267.05

24,467,007.85

320.000 · Accounts Payable 2110 · Direct Deposit Liabilities

Total Endowments

TOTAL ASSETS AND ENDOWMENTS

TOTAL MANAGED FUNDS AND ASSETS RESTRICTED AND UNRESTRICTED

5.30

33,779.47 141,735.54 174,449.15 -

3,195,187.43

33,784.77

572,418.35

22,592,315.16

33,784.77

24,241,267.05

572,418.35

22,592,315.16

33,784.77

21,731.17

77,630.47

77,630.47

(26,134.62)

(3,304.28)

LIABILITIES & EQUITY Current Liabilities

320.993-999 · Payroll Liabilities

-

(333.75)

2,099.66

2,099.66

329.000 · Accrued Leave

18,009.00

-

-

330.100 · Lease liability, current

50,223.00

321.000 · Unearned Revenue Total Current Liabilities

63,494.80

26,517.53 263,523.00 366,466.38

263,523.00 77,630.47

265,622.66

-

Noncurrent Liabilities 330.000 · Lease liability, noncurrent

24,155.48

-

Total Noncurrent liabilities

24,155.48

-

Total Liabilities

87,650.28

366,466.38

558,241.21

581,539.21

558,241.21

581,539.21

-

-

-

-

-

-

Deferred Inflow of Resources 270.000 · Deferred Inflow of Resources Total Deferred Inflow of Resources

581,539.21 -

581,539.21

-

Equity Retained Earnings 690.000 · Fund Balance Net Revenue Total Equity TOTAL LIABILITIES, DEFERRED INFLOWS & EQUITY

Unaudited for Management Purposes Only

160,449.06

987,263.79

22,860,187.63

22,860,187.63

800,479.67

(554,189.96)

23,821,116.36

23,293,261.46

24,467,007.85

24,241,267.05

12

-

-

-

Page 2 of 2

13

14

15

16

17

18

19

20

The Able Trust Budget - FY2025 - 2026 Budget DRAFT 5.22.2025 FY 2024-2025 Budget Cash on Hand prior FY @ 6/30 1 Cash on Hand 600.101 2 Sinking Fund 610.018 3 Cash in Public Investment Accounts 600.116 4 Ordinary Income Managed Account Contributions 602.301 5 Fees Earned for Managing Family Funds (1.5%) 603.016 6 New Grants 603.017 7 Helios Professional Training Revenue $32,500 Helios Student Assessment Revenue $104,500 Helios Student Scholarship & Savings Plan Revenue $37,500 Helios Administrtative Revenue $20,500 Other Projected Grant Revenue $305,000 Project Based Revenue 600.105 (ArtCIE Project) 8 Sponsorships & Unrestricted Gifts 603.003 9

Projected FY 2024-25 Income/Expense

Proposed FY 202526 Budget

$ $ $

1,235,424.00 $ 250,459.00 $ 338,830.00 $

1,300,482.00 250,459.00 300,000.00

$1,422,858.00 $332,840.00 $258,485.00

$ $ $

75,000.00 $ 45,000.00 $ 200,000.00 $

66,471.00 43,370.00 272,867.00

$70,000.00 $51,225.00 $500,000.00

$ $

1,150,840.00 $ 500,000.00 $

827,072.00 421,329.00

$0.00 $500,000.00

10 11 12 13

State Appropriations or Other Federal/State/Local Sources 603.006 Investment Withdrawal: State 603.011 Investment Withdrawal: Private 661.001 Total Income

$ $ $ $

2,418,000.00 1,029,234.80 144,567.00 7,387,354.80

$ $ $ $

2,418,000.00 1,029,234.00 144,567.00 7,073,851.00

$1,618,000.00 $1,015,461.00 $170,752.00 $5,939,621.00

14 15 16 17 18

Expense DVR Support & Activities DVR General Support 780.000 Other Support to VR 781.000 ArtCIE Federal Grant Project 782.000

$ $ $

60,000.00 $ 200,000.00 $ 1,150,840.00 $

60,000.00 94,116.00 631,000.00

$60,000.00 $300,000.00 $0.00

21

19 20 21 22 23 24 25 26 27 28 29 30 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53

Grants, Support & Sponsorship Donor Directed Grants 802.010 Sponsorships 803.303 Programs and Projects High School High Tech Grants to Sites 802.100 HSHT Annual Training 807.150 - Includes Helios Project HSHT Educational Materials 807.140 - Includes Helios Project HSHT Supplies & Postage 807.145 Futures in Focus 785.000 Program Evaluation - Includes Helios Project Content Experts 808.604 Research/Data Analysis 808.601 Fundraising & Donor Development Consultants & Contractors 805.199 Donor Events & Meeting Expenses 805.115 HSHT Ambassadors 807.207 State License Registration 805.122 Marketing & Communications Website 805.135 Marketing & Support Materials 805.000 Board Related Expenses Board & Committee Meetings 793.003 Board Retreats 793.001 CEO Program Management (see 413.615(9)j FS CEO Travel 794.010 CEO Memberships & Registrations 794.030 Operations & Overhead Office 776.100 Moving, Utilities, Cleaning State Storage Facility (or destruction)776.101 Furniture Computers & Equipment 750.000 Copier 776.104

$ $

22

75,000.00 $ 15,000.00 $

67,000.00 15,000.00

$70,000.00 $20,000.00

$ $ $ $ $ $ $ $

990,000.00 35,000.00 3,000.00 1,000.00 1,310,000.00 100,000.00 80,000.00 30,000.00

$ $ $ $ $ $ $ $

990,000.00 28,500.00 2,500.00 1,310,000.00 100,000.00 62,284.00 30,000.00

$1,054,000.00 $44,500.00 $23,250.00 $0.00 $210,000.00 $193,000.00 $100,000.00 $75,000.00

$ $ $ $

82,000.00 60,000.00 175,000.00 300.00

$ $ $ $

81,800.00 45,000.00 82,450.00 300.00

$25,000.00 $102,500.00 $25,000.00 $400.00

$ $

8,500.00 $ 22,000.00 $

8,500.00 19,547.00

$8,500.00 $22,000.00

$ $

500.00 $ 14,000.00 $

270.00 6,500.00

$500.00 $10,000.00

$ $

20,000.00 $ 2,000.00 $

16,366.00 1,839.00

$20,000.00 $12,000.00

$ $ $ $ $ $

70,000.00 12,000.00 1,000.00 5,000.00 9,000.00 5,000.00

68,281.00 9,657.00 500.00 3,000.00 7,460.00 5,400.00

$75,000.00 $10,000.00 $500.00 $3,000.00 $9,000.00 $5,670.00

$ $ $ $ $ $

54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85

Software & Licenses 750.100 Staff Memberships & Registration 710.000 Staff Training & Development 710.500 Staff Travel & Outreach 711.000 (all staff except CEO) Telephone & Internet 790.000 Printing & Mailing 775.000 Office Supplies 770.000 Insurances - non-health BOP & Business Auto 758.100 Directors & Officers 758.300 ERISA Bond-401K 758.500 Liability Umbrella 758.200 Worker's Compensation 758.400 Staffing & Consultants Salaries 701.002 Benefits Health Insurance 703.001 Dental Insurance 703.002 Life Insurance 703.102 Short Term Disability/Long Term Disability 703.101 401(k) Match & Expenses 704.000 Payroll Processing Fees 701.200 Payroll & Unemployment Taxes 702.000 Consultants & Contractors Finance & Record Keeping 701.250 Grant Writing 791.000 Audit & Tax 766.000 IT Support 790.100 Lobbying 765.200 Legal 765.000 Total Expense Net Ordinary Income

$ $ $ $ $ $ $

22,000.00 10,000.00 12,000.00 57,000.00 2,750.00 1,650.00 4,000.00

$ $ $ $ $ $ $

21,665.00 6,920.00 9,962.00 39,885.00 3,986.00 2,118.00 3,616.00

$22,000.00 $10,000.00 $25,000.00 $57,000.00 $4,000.00 $2,000.00 $4,000.00

$ $ $ $ $

11,388.00 2,973.00 4,549.00 2,930.00 2,700.00

$ $ $ $ $

3,640.00 2,024.00 2,003.00 3,330.00 1,009.00

$3,008.00 $2,146.20 $2,104.15 $3,008.25 $1,500.00

$

855,116.00 $ $ 68,945.00 $ 2,500.00 $ 1,000.00 $ 3,500.00 $ 42,755.80 $ 550.00 $ 60,363.00 $ .

72,000.00 $ 42,000.00 $ 38,000.00 $ 15,000.00 $ 35,000.00 $ 30,000.00 $ 5,936,809.80 $ 1,450,545.00 $

837,732.00 67,727.00 3,208.00 830.00 3,382.00 38,234.00 550.00 65,236.00

$957,872.00

74,484.00 42,000.00 36,491.00 10,758.00 36,000.00 27,631.00 5,091,691.00 $ 1,982,160.00 $

$75,000.00 $50,000.00 $38,000.00 $11,500.00 $36,000.00 $30,000.00 4,006,010.60 1,933,610.40

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

23

$72,000.00 $3,500.00 $1,000.00 $3,500.00 $43,980.00 $550.00 $68,522.00

FY 2026 – FY 2027 Officers Slate • Chair – Laurie Sallarulo • Vice Chair – Dr. Mavara Agrawal • Treasurer – Doug Hilliard • Secretary – Chip Byers

24

Vision: A Florida where all people with disabilities reach their employment potential.

Mission: To support Florida Vocational Rehabilitation in the advancement of employment for all Floridians with disabilities through engagement, investment, and collaboration.

Strategic Priority #1: Expand The Able Trust youth programs to serve 5,000 students annually by FY 2027 2028.

FY26 Key Performance Indicators • Serve 2600 students.

• Maintain 99% graduation rate.

• 42% of HSHT seniors complete FAFSA. • Pilot a HSHT/Pre-ETS model in partnership with VR. Create an expansion plan based on learnings.

• Develop a post-secondary readiness tool.

• Implement research plan for youth programs.

Lean Impact Model*

Strategic Priority #2: Secure a more diversified funding base to ensure organizational stability and achieve exponential impact. Raise $12 million in 4 years.

FY26 Key Performance Indicators • Raise $1.2M in new funds, 60% of which will be unrestricted dollars.

• Maintain $3.1 million in current income (investments, legislative, grants, donors, sponsors).

• Grow state support through contracted Pre-ETS services and legislative budget requests.

Strategic Priority #3: Provide focused support for VR. FY26 Key Performance Indicators • Create a $1M revolving fund for HSHT/Pre-ETS sites’ start-up costs • Invest $60k in VR directed. expenses for marketing materials and employee recognition.

• Refer 100% HSHT and FinF students to VR. • 80% of HSHT students will obtain a key VR metric (i.e., Measurable Skills Gains, Credential Attainment).

• Recognize VR in all communication tools.

• Invest up to $200k in VR directed projects and initiatives.

Embedded Tools and Strategies Major Gifts Ramp Up** Internal Engagement, Communication & Research Plans

25

*Lean Impact Model ©Ann Mei Chang 2018

**Major Gifts Ramp Up

26

FY25 Review-The Able Trust Programs High School High Tech • 1,226 students participated in High School High Tech as of April 17, 2025, a slight decrease of the total number of students served in FY24 • This was due to an unexpected loss of four programs (Columbia, Dixie, Gilchrist and Union counties) due to organization partner switch over.

• The four contracts were replaced in Q4 with programs in Dixie, Okeechobee, Flagler and Martin Counties.

• The Program Evaluation project was successfully completed. The year end analysis will occur in July.

• The annual professional development conference for HSHT program staff was held successfully in Orlando.

• Site of the Year was Abilities of Florida which serves students in Pasco, Pinellas and Hillsborough counties.

Futures in Focus • 610 students participated in Futures in Focus as of May 13, 2025.

• 100% of participants met with DVR Counselors.

• 63% of participants had an increased interest, as indicated in pre and post surveys, in participating in postsecondary education opportunities.

• A main takeaway from many projects was the need for parents to be educated alongside the students – to learn possible ways their students can engage in life after high school.

• Futures in Focus sites: Alachua, Brevard, Desoto, Hernando, Lake, Martin, Orange, Putnam, Seminole counties.

27

Communications and Research – Update on Meeting Strategic Priorities In addition to The Able Trust communications efforts to increase brand awareness and inform stakeholders about our purpose, programs and successes, communications tools are used across all KPIs within the three strategic priorities. #1: Expanding The Able Trust Youth Programs • The 30th anniversary of High School High Tech (HSHT) presented an opportunity to help raise awareness. Working with local media, we were successful in having radio and television news spots that focused on the anniversary.

• During the 2025 Legislative Session we distributed an annual report that illustrated the success of HSHT, in support of continued Legislative funding.

• HSHT information was also distributed to legislators and included regional snapshots and a local student story, illustrating the local impact.

• New student success stories were developed to use on the website, in social media and in meetings with legislators and prospective donors.

• Engagement with communication tools: o Social media engagement: Our social media engagement rate from July 2024 to May 2025 is an average of 10.46%– compared to typical nonprofit engagement of between 1% and 3.5%. o Website engagement – area for improvement: Our engagement rate is 43.6% with a goal of increasing to between 60% and 70%. #1: Develop Research Plan for Youth Programs • A research plan was developed and includes the following components: o Identify best practices for Pre-ETS to inform our efforts to expand HSHT in more school districts in Florida. o Work with consultants to determine what information is needed to measure the return on investment and economic impact of HSHT. o Identify data available through DOE to better understand the population of students with disabilities and graduation rates by disability. o Work with VR to learn more about the trajectory of (Pre-ETS) students with disabilities who become clients, determining what their employment outcomes are. #2: Diversify Funding • New student success stories, HSHT coordinator testimonials, a new Case for Support and local radio advertising were used to support both the awareness event in 2024 and the 2025 fundraising event.

• Other communications messaging and tools continue to be updated to better meet the needs of development efforts.

#3: Support VR • Support VR through highlighting their efforts with students in communications tools.

• Work with VR staff to identify opportunities for partnering on webinars.

• Include VR logo in all communications tools.

28