Able Trust Board of Directors Meeting - September 2024

BOARD Meeting Agenda – September 26, 2024, 10:00 AM – NOON, Zoom Link https://us02web.zoom.us/j/82473451988?pwd=01mGvLagM3whZoYuj1ypAZIkaR060x.1 Meeting Call-In Number: 1 929 205 6099 Meeting ID: 824 7345 1988 Passcode: 736190 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.

Call to Order (5 Minutes) Roll Call and Establishment of Quorum Approval of Agenda – Action

IV.

Consent Agenda – Action (5 Minutes) a. Acceptance of May Meeting Minutes b. Acceptance of Banking Services Committee Minutes

V.

VII.

VIII.

IX.

Financial Reports – Action (15 Minutes) a. FY 2023 – 2024 4th Quarter Finance Reports i.

Profit & Loss Sheet ii.

Balance Sheet iii.

Budget to Actual Program Updates – (1 Hour) a. FY 2024-2025 – HSHT, Futures in Focus, Program Evaluation b. HSHT 30th Anniversary & DEAM c. Major Gifts Campaign - Overview & Video - Institutional Case - Case for Support - What’s Next Presentations (30 Minutes) a. VR Report

New Business Public Comment Adjourn

Laurie Sallarulo, Chair Chip Byers, Secretary Laurie Sallarulo

Pg. 1 – 5 Pg. 6

Laurie Sallarulo

Doug Hilliard, Treasurer Delia Finnerty, Law, Redd, Crona & Monroe Pg. 7 – 11 Pg.12 - 13 Pg.14-17

Joey D’Souza, Senior VP Tracey Lowe, VP Strategic Communications

Pg. 18-25

Donna Wright, VP Marketing & Development Joey, Senior VP Allison Chase President & CEO Donna Wright

Michael Newsome, VR Bureau Chief, Bureau of Vendor and Contract Services Laurie Sallarulo, Chair

NEXT Board Meeting: January 30, 10:00 AM - NOON 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 – May 15, 2024, 10:00 a.m. to 12:00 p.m.

Virtual Meeting Members in Attendance

Todd Jennings, James “Chip” Byers, Lori Fahey, Doug Hilliard, Stephanie Westerman, Dr. Mavara Agrawal, Laurie Sallarulo, Victoria Gaitanis, Alexis Doyle

Members Absent Staff in Attendance

Others 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 Terry Hoffman, Kimberly Richey - Sr. Chancelor DOE, David Chappell DVR General Council, Cindy Walker - RAC

Item

Action/Discussion

I.

Call to Order

Laurie Sallarulo, Board Chair called the meeting to order at 09:05a.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 9:07a.m.

IV.

Approval of Consent Agenda – Action a. Acceptance of December Meeting Minutes b. 3rd Quarter Finance Reports i. Profit & Loss Sheet ii. Balance Sheet

Consent agenda approved first by Director Todd Jennings, and seconded by Director Lori Fahey, motion carried unanimously.

V.

Action Items (30 Minutes) a. FY 2024-2025 Draft Budget

III.

Motion to approve the agenda, first by Director Todd Jennings and seconded by Director Doug Hilliard.

Director Doug Hilliard provided a brief overview of the budget process for the board. The budget is driven by the Able Trust team reviewing expenditures as well

1

as making projections for the upcoming fiscal year based on the planned work to be done. President Allison Chase also drafts the budget and shares it one-on-one with board members. Once it is in the clear, it goes to the Chancelor over at the Dept. of Vocational Rehab (“DVR”) for review. It then goes to the finance committee for final review before it being presented to the full board for review and approval. Last, the draft budget goes to the Dept. of Education (“DOE”) for final review and approval.

President Allison Chase followed by sharing highlights on the budget: Income • Lines 2-4: Cash on Hand, $338,830.00 is what we expect to have at the beginning of the fiscal year.

• Line 7: New Grants, $200,000 in estimated in the upcoming fiscal year.

• Line 8: Project Based Revenue, second year of funding VR Federal Grant “ArtCIE”, for moving Vocational Rehabilitation clients into competitive employment in the art industry. The Able Trust has been elected to administer the subgrantees. Projected funds to come in $1,150,840.00.

• Line 9: Sponsored & Unrestricted Gifts – Projected effort on raising funds through the Major Gifts Ramp Up campaign $500,000.

• Line 10: State Appropriations & Other Federal/State/Local Sources o $2,418,000.00, this is to fund and support the High School High Tech (“HSHT”) program, which is a reoccurring fund. o We also requested and received $300,000 to expand the Futures in Focus program that we established in partnership with Consortium of Florida Education Foundations, which has 7 sites running, and we project expanding up to 20 sites this upcoming fiscal year. o Additionally, we have $1,400,000, which the Able Trust did not request, but was given for a special project created by the speaker of the house. The Department of Education is currently in communication with the speaker of the house negotiating what this work will entail as there was no proviso language provided.

Based on the information available, this would be like the ArtCIE program where we would be administering the funds to support this project. We anticipate having a signed contract by the end of June.

• Lines 11 & 12: Investment Withdrawal State and Private o Recurring line items, withdrawal from the endowment and investment funds. A few years ago, we implemented a spending policy to reduce the withdrawal amount yearly by a percentage point till we reached 5% at which point we would reevaluate to determine if this is the appropriate amount.

Expenses • Line 24: Grants to Sites (HSHT) o Increasing from $946,000 to $1,034,000 as we are adding 2 new sites. Part of this funding will come from federal monies and the remaining will come from fundraising.

2

•

•

Line 26: Project Venture o We have made the decision to discontinue Project Venture for the coming year. Although it has been great to do, we have learned from the sites that it really pulls from the resources and time meant to be used for HSHT’s focus and services.

Line 29: HSHT Ambassadors Program o Decreasing from $250,000 to $175,000 as we believe we can replicate experiences like the one held with Advent Health at the Orlando Magic vs. Miami Heat game. We had the ambassadors, their parents, potential program partners, and prospective donors in one room to really market and showcase how the DVR and HSHT has impacted their lives.

Motion to recommend this draft budget to the DOE and DVR. Motion made by Board Chair Laurie Sallarulo; motion seconded by Director Lori Fahey. Motion carried unanimously.

Discussion Items – Full Board (1 Hour 15 Minutes) VI.

President & CEO Annual Evaluation

Board Chair Laurie Sallarulo commended President Chase on her leadership, work, availability, and openness to suggestions made by the board. She also brought forward the following two topics of conversation: •

Bonus recommendation for last year’s performance; o Board Chair Laurie Sallarulo pointed out that President Chase has not had a salary increase since 2020. o Research provided reflects that an appropriate salary range for CEOs of a foundation is between $150,000 - $230,000. o Bonus recommendation discussed is 15% of the current salary of $135,000, which would be a $20,250.00 bonus. o Had the organization been giving President Chase an increase yearly since 2020 at 5%, she would have been at around $27,000 in bonuses cumulatively.

Note: The organization has budget specifically for bonuses, raises and salary adjustments.

Motion to approve first by Director Lori Fahey, seconded by Director Dr. Mavara Agrawal. Motion carried unanimously.

•

Salary increase adjustment recommendation for the coming year; o Had President Chase received a yearly raise of the minimum 3% from $135,000 since 2020, she would have been at $151,942. What was discussed by the Executive Committee was to arrange between 5% - 7.5% increase.

Board Chair Laurie Sallarulo recommended to give a 7.5% increase to the existing salary of President Chase of $135,000, bringing the salary to $145,000 getting her closer to where she would be had there been yearly

3

increases since 2020. Motion made first by Director Doug Hilliard, seconded by Director Todd Jennings. Motion carried unanimously.

•

Setting a date for the next Executive & Finance Committee meeting to outline goals and expectations for the upcoming year;

President Chase requested to make an amendment to the current agenda to jump to the presentations as we were running behind. Director Lori Fahey first made the motion, seconded by Director Doug Hilliard. Motion carried unanimously.

VII.

VIII.

Presentations a. Program Evaluation i. High School High Tech ii. Futures in Focus

President Chase introduced Dr. Cindy Walker from Research Analytics Consulting (“RAC”), who was awarded the contract through the request for proposal (“RFP”) process to evaluate the HSHT and Futures in Focus programs over the next year. Dr. Walker shared the RAC presentation which spoke to the history and mission of RAC and highlighted the evaluation process which would measure data collected from program participants and the organization ensuring to ensure the work is in line with the standards and requirements in place by the authorities that govern the Able Trust. A copy of the proposal was provided in the meeting materials to the board.

b. Responsibilities of a Florida Direct Support Organization

President Chase introduced the DVR’s General Counsel, David Chappell who at their statewide leadership conference shared important information on the responsibilities of Florida’s direct support organization. Mr. Chappell shared a presentation entailing statutory requirements and definitions of what a direct support organization is to better define and the relationship between DVR and the Able Trust.

c. VR Updates

Interim Director Victoria Gaitanis presented updates and new developments within DVR. Ms. Gaitanis provided the following: • Overview of DVR • Goals, Processes, and Priorities • State of the state • Other related updates

President’s Update a. FY24-25 Strategic Plan Goals & KPI’s

President Chase shared that this coming fiscal years goals along with each priorities key indicators: • Priority 1: Expand youth programs to serves 5,000 students annually by FY27-28.

• Priority 2: Secure a more diversified funding base to ensure organizational stability and achieve exponential impact. Raise $26,000,000 in 4 years.

• Priority 3: Provide focused support to DVR.

b. Major Gifts Campaign

Donna Wright, VP of Marketing & Development, spoke on the planned work being done through the Major Gifts Campaign to expand and increase prospective donor activity and partnerships.

4

• •

•

• • • •

Theme: “Crossing the Stage”, referencing graduation, or going from one phase of life to another.

We are doing this to move the needle to tap into these resources that Major Gifts offers and secure investments from donors to continue pushing competitive employment and education of persons with disabilities as well as support DVR. September 12th, 2024 - will be the Major Gifts “Awareness Event”, where we will be sharing our case for support with prospective donors/partners in the Tallahassee area.

October 2024-March 2025, board members to meet with any of the potential prospects.

April 2025 – Major Gifts “Ask Event” June 2025 – $500,000 goal October 2025 – Campaign Celebration Event

Information Items

N/A

New Business

N/A

Next Board Meeting

Virtual Board Meeting on September 26, 2025 at 10a.m.

Adjourn

Board meeting adjourned at 11:52a.m.

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

5

Banking Service RFP Review Committee June 19, 2024

In Attendance: Doug Hilliard, Delia Finnerty, Arnaldo Ramos, Allison Chase The committee conducted a review of four banking services proposals and the results of in-person presentations from the banking teams. Each bank was closely aligned with the needs of the organization, and demonstrated strong financial health.

The final decision was made to select Capital City Bank primarily due to their depth of team, longevity in the community, and superior security protection services.

Respectfully submitted, Allison Chase June 19, 2024

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The Able Trust

Profit & Loss July 2023 through June 2024

Accrual Basis

Jul '23 - Jun 24 Ordinary Income/Expense Income 603.016 · Fees Earned-Manage Family Funds 600.300 · Endowment Admin Fees

22,922.67 22,922.67

Total 603.016 · Fees Earned-Manage Family Funds 600.102 · Grants 603.017 · New Grants 603.100 · Grants/Gifts - Unrestricted

68,926.02 68,926.02

Total 603.017 · New Grants

68,926.02

Total 600.102 · Grants 600.105 · Project Based Revenue Sources 606.106 · High School High Tech 606.800 · DEAM/DMD Income

25,000.00 11,900.00 36,900.00

Total 600.105 · Project Based Revenue Sources 603.003 · Sponsorships & Unrestr Gifts 603.101 · Corp./Ind. Gifts - Unrestricted

11,550.00 11,550.00

Total 603.003 · Sponsorships & Unrestr Gifts 603.006 · State Appropriations/Other Govt 606.900 · ArtCIE Grant Revenue 606.700 · HS/HT DOE-VR Funds

438,168.75 763,500.00 1,201,668.75

Total 603.006 · State Appropriations/Other Govt 603.008 · Investment Income 603.009 · Bank Accounts 610.001 · Interest/Dividends 610.025 · Interest/Div Bank Accts Current 610.018 · Interest The First Sinking Fund Total 610.025 · Interest/Div Bank Accts Current

2,029.45 2,029.45 2,029.45

Total 610.001 · Interest/Dividends

2,029.45

Total 603.009 · Bank Accounts 603.011 · Investments State Endowment 610.026 · Int/Div Invest Accts Current 610.021 · Interest/Dividend MSSB(2) 610.031 · Interest/Dividend Wells Fargo Total 610.026 · Int/Div Invest Accts Current Total 603.011 · Investments State Endowment 603.014 · Gain/Loss on Investments 662.000 · Realized Loss/Gain Invest-State

227,301.54 409,619.13 636,920.67 636,920.67 158,035.34 158,035.34

Total 603.014 · Gain/Loss on Investments Total 603.008 · Investment Income

796,985.46

610.016 · Income Principal Stock 603.013 · Other Income 615.000 · Miscellaneous Income

177.45 25,926.23

Total 603.013 · Other Income

25,926.23

603.000 · Grants/Gifts - Restricted

149,250.00

Unaudited for Management Purposes Only

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Page 1

The Able Trust

Profit & Loss July 2023 through June 2024

Accrual Basis

Jul '23 - Jun 24 371.28

610.000 · Bank/CD Int/Div.-unrestricted

2,314,677.86

Total Income

2,314,677.86

Gross Profit Expense 782.000 · ArtCIE Federal Grant Project 739.100 · Bad Debt Expense 791.000 · Grant Writing 731.000 · Interest Expense 772.000 · Late Fees 808.600 · Able IF 2025 808.606 · Able IF Trainings & Events 808.604 · Able IF Content Experts 808.602 · Able IF Travel 808.601 · Data/Economic Analysis 808.600 · Able IF 2025 - Other

271,207.13 16,500.00 105,300.00 178.45 65.00 51.06 9,000.00 18,642.71 60,000.00 0.00 87,693.77

Total 808.600 · Able IF 2025 701.002 · Compensation 701.000 · Salaries

744,611.17 6,432.00 4,854.21

701.230 · Cell Phone Reimbursement 701.240 · Allowance for Incentives Total 701.002 · Compensation

755,897.38

Payroll Expenses 701.200 · Payroll Processing/Reports Fee 701.250 · Finance HR & Record eeping

42.00 601.75 74,260.00

702.000 · Payroll & Unemployment Taxes 703.000 · Employee Health/Dental Ins. 703.001 · Employee Health Insurance 703.002 · Employee Dental Insurance 703.000 · Employee Health/Dental Ins. - Other

56,130.43 61,100.60 2,975.51 284.05 64,360.16

Total 703.000 · Employee Health/Dental Ins. 703.100 · STD/LTD/Life Insurance 703.101 · Employee STD/LTD 703.102 · Employee Life Insurance

3,383.76 831.60 4,215.36

Total 703.100 · STD/LTD/Life Insurance

32,890.74 3,528.00 1,846.50 20,961.59 5,000.00 102,673.13 2,246.86 26,081.55

704.000 · 401(k) Match & Expenses 710.000 · Staff Membership Dues 710.500 · Staff Training & Development 711.000 · Staff Travel & Outreach 713.000 · Research/Data Collection Projec 730.000 · Invest & Bank Account Charges 750.000 · Computers & E uipment 750.100 · Software & Licenses 755.000 · Endowment Funds/Invest Mgmt 755.625 · Endow-Griffith Holdings Fees

3,882.98

Total 755.000 · Endowment Funds/Invest Mgmt 758.000 · Insurances - non-health 758.100 · Insurance - BOP Auto Event Canc 758.200 · Insurance - Liability Umbrella 758.300 · Insurance Directors & Officers 758.400 · Insurance Worker's Compensatio 758.500 · Insurance-ERISA bond-401

3,882.98 6,113.76 1,401.24 1,689.94 1,005.00 2,003.28

Total 758.000 · Insurances - non-health

12,213.22

765.200 · Lobbying

55,883.83

Unaudited for Management Purposes Only

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Page 2

The Able Trust

Profit & Loss July 2023 through June 2024

Accrual Basis

Jul '23 - Jun 24 766.000 · Audit & Tax 766.001 · Auditor Fee 766.200 · Forms 990 & 5500 Filing

35,511.00 1,560.00

Total 766.000 · Audit & Tax

37,071.00

770.000 · Office Supplies

2,936.43

774.000 · Postage 775.000 · Printing 776.100 · Rent - Office Space 776.101 · State Storage Document Destruct 776.104 · Copier maintenance & ovrg fee 790.000 · Telephone/Internet 790.100 · IT Support 793.000 · Board Related Expenses 793.050 · uarterly Meetings 793.003 · Committee Meetings 793.001 · Board Retreats

264.00 942.18 48,364.68 180.16 391.81 3,668.92 3,424.99 268.80 189.19 581.92

793.000 · Board Related Expenses - Other

10,019.00 11,058.91

Total 793.000 · Board Related Expenses 794.000 · CEO Program Management/Research 794.010 · CEO Meetings/Travel/Misc Exp. 794.030 · CEO Memberships

20,804.71 5,485.06

Total 794.000 · CEO Program Management/Research

26,289.77

780.000 · DVR/Staff Events 781.000 · Other Support to DVR 802.000 · Grant Obligations - Current F 802.010 · Donor Directed Grants 802.100 · Grant Obligations - HS/HT AT/VR 802.200 · Grants - HS/HT Continuation AT 802.300 · Grants - HS/HT VR Funded 802.100 · Grant Obligations - HS/HT AT/VR - Other

51,306.81 78,266.45 125,296.14 95,264.75 197,992.00 774,222.00 6,786.00

Total 802.100 · Grant Obligations - HS/HT AT/VR

979,000.00

803.303 · Grants - Sponsorsips 805.000 · Advertising 805.135 · Website Maint. & Updates 805.000 · Advertising - Other

23,900.00 1,845.00 11,240.87 13,085.87

Total 805.000 · Advertising

358.75

805.122 · Solicitation License Renewal 805.300 · Fundraising & Donor Development 805.199 · Consultants & Contractors

44.72 44.72

Total 805.300 · Fundraising & Donor Development 807.100 · HSHT The Able Trust 807.121 · HSHT Travel 807.160 · Travel-Vice President

0.00

807.121 · HSHT Travel - Other

10,030.60

Total 807.121 · HSHT Travel

10,030.60

807.145 · HSHT Supplies & Postage 807.150 · HSHT Annual Training

28.14 20,827.83

Unaudited for Management Purposes Only

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Page 3

The Able Trust

Profit & Loss July 2023 through June 2024

Accrual Basis

Jul '23 - Jun 24 807.200 · HSHT Student Initiatives 807.204 · BAC Devel/Speech Research 807.200 · HSHT Student Initiatives - Other

0.00 28,844.59 28,844.59

Total 807.200 · HSHT Student Initiatives

59,731.16

Total 807.100 · HSHT The Able Trust 807.600 · Disability Empl Awareness-DEAM 807.601 · DEAM Events 807.604 · DEAM-Printing & Supplies 807.600 · Disability Empl Awareness-DEAM - Other

2,442.00 6,018.08 4,362.48

Total 807.600 · Disability Empl Awareness-DEAM

12,822.56

808.500 · ABLE Network 808.510 · Support to Regional Networks 808.520 · Resources & Supplies 808.500 · ABLE Network - Other

0.00 0.00 0.00

Total 808.500 · ABLE Network

0.00

810.310 · Miscellaneous Expense

0.00 3,277,329.89

Total Expense

962,652.03

Net Ordinary Income 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

11,723.41 231,050.99 242,774.40

Total 603.015 · Gain/Loss Investments-Private 602.001 · Endowments & Be uests 602.101 · Endowment Contrib-Private Accts 602.196 · Account Contribution Mc eon 602.197 · Account Contribution Pettengill

0.00 50,000.00

Total 602.101 · Endowment Contrib-Private Accts

50,000.00

Total 602.001 · Endowments & Be uests 602.301 · Managed Account Distributions 603.194 · Account Distribution Gallimore 603.198 · Account Distribution Thomas

13,824.00 19,155.00 32,979.00

Total 602.301 · Managed Account Distributions

1,208,258.77

661.000 · Endow. Unrealized Loss/Gain 663.001 · Invest Private Endow Int/Div 663.194 · Invest Private-Int/Div-Gallimor 663.195 · Invest Private Int/Div-Hibbard 663.196 · Invest Private Int/Div-Mc eon 663.197 · Invest Private Int/Div-Petteng 663.198 · Invest Private Int/Div-Thomas 663.199 · Invest Private Int/Div-Ward 663.192 · Invest Private Int/Div-LeRoy

24,419.46 14,067.62 28,730.26 2,291.29 33,774.31 19,207.27 13,249.74 135,739.95

Total 663.001 · Invest Private Endow Int/Div

1,669,752.12

Total Other Income

Unaudited for Management Purposes Only

50,000.00

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Page 4

The Able Trust

Profit & Loss July 2023 through June 2024

Accrual Basis

Jul '23 - Jun 24 Other Expense 730.501 · Managed Account Fees 730.502 · Managed Acct Able Trust Adm Fee

20,687.13 22,922.67

Total Other Expense

43,609.80 1,626,142.32

Net Other Income Net Income

Unaudited for Management Purposes Only

663 490.29

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Page 5

The Able Trust

Accrual Basis

Balance Sheet As of June 30, 2024 Jun 30, 24 ASSETS Current Assets Checking/Savings 100.000 · Bank Accounts/Savings 109.004 · ICS 096

147,914.03

109.300 · ArtCIE

100,000.00

109.003 · ICS 716

545,580.75

109.002 · ICS 001

234,436.28

108.000 · The First (FMB) Reserve

74,412.01

109.000 · The First (FMB) Operating

51,388.10

109.001 · Petty Cash

178.81

109.200 · The First Admin Sinking Fund

279,472.04

Total 100.000 · Bank Accounts/Savings

1,433,382.02

100.001 · Investment Accounts-Able Trust 110.061 · Morgan Stanley Smith Barney (2)

9,293,543.42

110.200 · Wells Fargo

9,774,199.07

Total 100.001 · Investment Accounts-Able Trust

19,067,742.49

Total Checking/Savings

20,501,124.51

Accounts Receivable 120.001 · Accounts Receivable - General

64,000.00

120.006 · Accounts Rec - Commun/ DEAM

6,500.00

Total Accounts Receivable

70,500.00

Other Current Assets 100.003 · Managed Investment Accts.

110.235 · Cantwell Fund - Wells Fargo

177,972.46

110.020 · Pettengill Ability Fund

5.30

110.216 · McKeon Ability Fund Wells Fargo

628,817.56

110.217 · Ward Ability Fund Wells Fargo

417,515.43

110.230 · Hibbard Ability Fund Wells Farg

309,647.02

110.231 · Gallimore Ability Fund - WF

660,770.16

110.232 · Thomas Ability Fund-Wells Fargo

914,072.41

110.233 · Pettengill Ability Fund-WF

32,854.73

110.234 · LeRoy Ability Fund-Wells Fargo

146,424.40

Total 100.003 · Managed Investment Accts.

3,288,079.47

259.000 · Long Term Assets 260.000 · Present Value-Deferred Contrib.

558,240.99

Total 259.000 · Long Term Assets

558,240.99

Total Other Current Assets

3,846,320.46

Total Current Assets

24,417,944.97

Fixed Assets 205.000 · Computer Equipment and Software

24,089.85

211.000 · Furniture & Fixtures

94,079.70

230.000 · Accumulated Depreciation

-111,629.03

Total Fixed Assets

6,540.52

Other Assets

Unaudited for Management Purposes Only

12

Page 1 of 2

The Able Trust

Accrual Basis

Balance Sheet As of June 30, 2024 Jun 30, 24 258.200 · Allowance for Doubtful Accounts

-60,000.00

258.100 · Accumulated Amortization

-76,639.69

258.000 · Lease Asset

153,279.19

250.100 · Security Deposit

4,200.00

255.000 · Rec. for Ins. Policy Estimated

97,750.00

257.000 · PFG Stock

16,369.08

Total Other Assets

134,958.58

TOTAL ASSETS

24,559,444.07

LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 320.000 · Accounts Payable

250,801.89

Total Accounts Payable

250,801.89

Other Current Liabilities 330.100 · Current - Lease Liability

50,223.00

270.000 · Deferred Inflow of Resources

558,241.21

2110 · Direct Deposit Liabilities

-26,299.76

320.900 · Payroll Liabilities 320.993 · Health Ins Employee deduction

0.01

320.994 · AFLAC liability employee ded

-125.54

320.995 · Dental Insurance employee ded.

74.52

320.996 · 401k company match liability

-0.01

320.997 · 401k employee ded/liability

0.01

320.998 · RT-6 payroll liability

2.53

320.999 · 941 Payroll Liabilities

234.75

Total 320.900 · Payroll Liabilities

186.27

329.000 · Accrued Leave

18,009.00

Total Other Current Liabilities

600,359.72

Total Current Liabilities

851,161.61

Long Term Liabilities 330.000 · Lease Liability

24,155.48

Total Long Term Liabilities

24,155.48

Total Liabilities

875,317.09

Equity Retained Earnings

160,449.06

690.000 · Fund Balance

22,860,187.63

Net Income

663,490.29

Total Equity

23,684,126.98

TOTAL LIABILITIES & EQUITY

Unaudited for Management Purposes Only

24,559,444.07

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The Able Trust Income & Expense BTA 7.1.23 - 6.30.24 Actual 1 Cash on Hand prior FY @ 6/30/23 2 Cash on Hand 600.101 1,080,000.00 3 Sinking Fund 250,459.00 4 Cash in Public Investment Accounts 300,000.00 Ordinary Income 5 Endowment & Bequests 6 Managed Account Contributions 602.301 66,469.56 7 Fees Earned for Managing Family Funds (1.5%) 603.016 22,922.67 8 Grants 9 New Grants 603.017 218,176.02 11 VR ArtCIE Federal Grant Project 600.105 649,937.25 12 Sponsorships & Unrestricted Gifts 603.003 60,350.00 13 State Appropriations or Other Federal/State/Local Sources 603.0061,018,000.00 14 Investment Income 15 Investment Income (including sales): State 603.117 1,080,000.00 16 Investment Income (including sales): Private 661.100 137,504.00 17 Total Income 4,883,818.50

18 Expense 19 DVR Support & Activities 20 DVR Staff Events 780.000 21 Grants & Other Support to VR 781.000 VR ArtCIE Federal Grant Project (includes Grant Mgmt) 22 Grants, Support & Sponsorship 23 Grants & Capacity Building 802.000 24 Donor Directed Grants 802.010

$ Over Budget

Budget

% of Budget

1,080,000.00 176,720.00 300,000.00

75,000.00 45,000.00

-8,530.44 -22,077.33

88.63% 50.94%

100,000.00 644,919.25 100,000.00 1,018,000.00

118,176.02 5,018.00 -39,650.00 0.00

218.18% 100.78% 60.35% 100.00%

1,080,000.00 137,504.00 4,757,143.25

0.00 0.00 126,675.25

100.00% 100.00% 102.66%

51,306.81 107,061.70 524,167.41

60,000.00 300,000.00 644,919.25

-8,693.19 -192,938.30 -120,751.84

86% 36% 81%

125,296.14 66,469.50

300,000.00 75,000.00

-174,703.86 -8,530.50

42% 89%

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25 Sponsorships 803.303 26 Programs and Projects 27 High School High Tech 28 Grants to Sites 807.100 29 HSHT Annual Training 807.150 30 Project Venture 807.200 31 HSHT Educational Materials 807.140 32 HSHT Supplies & Postage 807.145 33 HSHT Travel 807.121 34 DEAM (Disability Employment Awareness Month) 807.600 35 Inclusive Florida 36 Research/Data Analysis 808.601 38 Content Experts 808.604 42 Travel 808.602 43 Fundraising & Donor Development 44 State License Registration 805.122 45 Endowment Funds & Investment Management 46 Investment & Bank Account Charges 730.000 47 Marketing & Communications 49 Website 805.135 50 Marketing & Support Materials 805.110 51 Board Related Expenses 52 Board & Committee Meetings 793.050 53 Board Retreats & Travel 793.001 54 CEO Program Management (see 413.615(9)j FS 55 CEO Travel 794.010 56 CEO Memberships & Registrations 794.030 57 Operations & Overhead 58 Interest Expense 59 Miscellaneous (Bad debt adjustment, late fees) 60 Office 776.100 61 State Storage Facility (or destruction)776.101 62 Furnishings, Equipment & Software 64 Computers & Equipment 750.000

23,900.00

30,000.00

-6,100.00

80%

979,000.00 20,827.83 28,844.59 0.00 28.14 10,030.60 12,822.56

990,000.00 30,000.00 30,000.00 1,000.00 1,000.00 15,000.00 25,000.00

-11,000.00 -9,172.17 -1,155.41 -1,000.00 -971.86 -4,969.40 -12,177.44

99% 69% 96% 0% 3% 67% 51%

60,000.00 14,044.72 18,693.77

60,000.00 60,000.00 13,000.00

0.00 -45,955.28 5,693.77

100% 23% 144%

358.75

350.00

8.75

103%

106,556.11

110,000.00

-3,443.89

97%

7,140.00 11,240.87

7,140.00 16,500.00

0.00 -5,259.13

100% 68%

457.99 10,600.92

500.00 14,000.00

-42.01 -3,399.08

92% 76%

20,804.71 2,500.00

20,000.00 2,500.00

804.71 0.00

104% 100%

178.45 16,565.00 48,364.68 180.16

0.00 0.00 60,000.00 1,000.00

178.45 16,565.00 -11,635.32 -819.84

0% 0% 81% 18%

2,246.86

9,000.00

-6,753.14

25%

15

65 Copier 776.104 66 Depreciation 738.000 67 Software & Licenses 750.100 68 Insurances - non-health 69 BOP & Business Auto 758.100 70 Directors & Officers 758.300 71 ERISA Bond-401K 758.500 72 Liability Umbrella 758.200 73 Worker's Compensation 758.400 74 Staff Memberships & Registration 710.000 75 Staff Training & Development 710.500 76 Staff Travel & Outreach 711.000 77 Telephone & Internet 790.000 78 Printing & Mailing 775.000 79 Office Supplies 770.000 80 Staffing & Consultants 81 Salaries 701.002 82 Benefits 83 Health Insurance 703.001 84 Dental Insurance 703.002 85 Life Insurance 703.102 86 Short Term Disability/Long Term Disability 703.101 87 401(k) Match & Expenses 704.000 88 Payroll Taxes & Expense 89 Payroll & Unemployment Taxes 702.000 90 Payroll Processing Fees 701.200 91 Consultants & Contractors 92 Finance & Record Keeping 701.250 93 Grant Writing 791.000 94 Audit & Tax 766.000 95 IT Support 790.100 96 Lobbying 765.200 97 Legal 765.000 98 Total Expense

391.81 0.00 20,786.55

5,000.00 4,500.00 18,500.00

-4,608.19 -4,500.00 2,286.55

8% 0% 112%

6,113.76 1,689.94 2,003.28 1,401.24 1,005.00 6,513.06 1,846.50 20,961.59 10,100.92 1,206.18 2,936.43

6,896.26 2,703.75 1,000.00 6,896.26 2,703.75 20,000.00 10,000.00 32,000.00 9,000.00 6,000.00 5,000.00

-782.50 -1,013.81 1,003.28 -5,495.02 -1,698.75 -13,486.94 -8,153.50 -11,038.41 1,100.92 -4,793.82 -2,063.57

89% 63% 200% 20% 37% 33% 18% 66% 112% 20% 59%

744,611.17

766,500.00

-21,888.83

97%

65,954.81 3,259.56 831.60 3,383.76 32,890.74

67,722.52 4,797.67 1,359.44 7,476.89 38,278.30

-1,767.71 -1,538.11 -527.84 -4,093.13 -5,387.56

97% 68% 61% 45% 86%

56,130.43 643.75

66,927.84 1,260.00

-10,797.41 -616.25

84% 51%

74,260.00 35,700.00 37,071.00 3,424.99 55,883.83 0.00 3,460,690.17

75,000.00 42,000.00 31,447.50 18,000.00 54,000.00 2,500.00 4,183,379.43

-740.00 -6,300.00 5,623.50 -14,575.01 1,883.83 -2,500.00 -722,689.26

99% 85% 118% 19% 103% 0% 83%

16

99

Net Ordinary Income

1,423,128.33

573,763.82

17

849,364.51

248%

18

Passion found me. When I chose Rehabilitation Services as my major at Florida State University, it ignited a 30+ year journey helping Floridians with disabilities pursue their career aspirations. Today, as the President and CEO of The Able Trust, I am proud to lead an organization dedicated to addressing a critical issue: the perceived lack of postsecondary education and career opportunities for young people with disabilities.

For too long, many high school students with disabilities have not realized the possibility of postsecondary education and meaningful employment.

This reality stems from low expectations from others, a lack of awareness or exposure to postsecondary options, and their own limiting beliefs.

This should not be their reality.

At The Able Trust, we believe in challenging and changing these limiting perceptions. Research and firsthand experience show that with the right support and opportunities in high school, students with disabilities have a much higher chance of succeeding in postsecondary education and employment.

The Able Trust’s High School High Tech (HSHT) program is a testament to the potential of these students.

Our program boasts a 54% postsecondary education entry rate for high school graduates, surpassing the 51% rate for all Florida public school graduates.

I’ve had the extraordinary privilege of watching a student’s eyes go wide when introduced to new career possibilities they never imagined for themselves. The words, “I never knew . . .” have become some of my favorites, as in, “I never knew I could be a nurse;” “I never knew a career in manufacturing is well paying and not always dirty!” or “I never knew I could go into the military.”

The Able Trust youth programs provide the awareness, support, and encouragement necessary to set students on the right path to career success.

I invite you to join us in fostering a future where “Crossing the Stage” becomes a celebration not just of graduation but of countless moments of triumph and fulfillment for students with disabilities.

Together, we can make a profound difference.

Warm regards,

Allison Chase President & CEO

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1

When I started high school, I was terrified and felt utterly alone, especially with the added challenge of a learning disability. Everything changed in my sophomore year when I joined High School High Tech. Over the next three years, my confidence grew, and I was excited to think about my future. In my senior year, I became a High School High Tech Ambassador, speaking to local communities about the program’s impact. Now, I dream of attending college and becoming a teacher, and I wholeheartedly credit HSHT for helping me envision and plan my future.

-Jaycee Moser

PREPARING TO CROSS THE STAGE Jaycee’s experience is not unique. The Able Trust’s High School High Tech program has been changing the lives of students with disabilities for more than 30 years.

To be successful in today’s competitive world, high school students must continue with some type of education or training.

Unfortunately, only 28% of Florida’s students with disabilities go on to the next level.

These students face an uncertain future.

Without a path forward, they risk missing out on the education and training that is crucial to finding a job. They’re faced with limited career opportunities that leave them feeling hopeless about achieving their full employment potential.

High School High Tech opens a world of possibilities for these students. Dedicated HSHT professionals work with students to ensure they graduate high school, and they learn about education and employment opportunities that fit their interests.

High School High Tech prepares students with disabilities for the next step after they cross the stage during graduation and shows them the path forward.

54%

Percentage of High School High Tech Students Enrolling in Postsecondary Education or Training

28%

Percentage of Florida Students with Disabilities Enrolling in Postsecondary Education or Training

1990

1994

1997

The Able Trust was established to increase and improve employment opportunities for Floridians with disabilities.

Partnered with the Dole Foundation for Employment of People with Disabilities to fund start-up of High School High Tech (HSHT). The first HSHT program included six students.

Named Florida’s official liaison to the US Department of Labor Office of Disability Employment Policy.

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2

When I started High School High Tech, I was shy, reserved and I avoided joining any school clubs. I had already decided that college wasn’t for me and planned to go straight into the workforce after graduation. But the HSHT coordinator saw something special in me and encouraged me to join. Over the next three years, I became more sociable, professional, and driven. Now, I am enrolled at Tallahassee State College, and I plan to transfer to Florida State University to major in Computer Science. HSHT gave me the confidence, leadership skills, and ambitious career goals that have set me on the path to success.

-Jakel Baker

OUR VISION FOR FLORIDA STUDENTS WITH DISABILITIES In 1994, The Able Trust launched High School High Tech with just one program and six students. Today, we proudly serve over 1,200 students in High School High Tech programs across Florida.

High School High Tech Programs in Florida 2024

However, our vision extends far beyond our current reach.

We aim to quadruple the number of students in our youth programs each year, serving 5,000 students with disabilities across Florida by 2028.

By expanding High School High Tech, more students with disabilities will explore their interests, learn how they connect to different careers, and participate in industry tours and college visits. They will leave high school with a clear plan.

Students like Jaycee and Jakel will shed the stigma of being different and find a community where they can experience a sense of belonging. They’ll remember high school as a positive time in their lives that prepared them for the future.

This vision will soon become a reality.

2001

2003

2005

Partnership with the National Aeronautics and Space Administration (NASA) expanded HSHT to 12 programs.

Received $990,000 grant from US Office of Disability Employment Policy to expand HSHT over 5 years.

In FY 2003-04, HSHT had grown to 20 programs statewide serving 510 students.

Received $350,000 from the Florida Legislature and the Florida Department of Education, Division of Vocational Rehabilitation (FLDOE/VR) to add 10 new HSHT programs.

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3

THE ABLE TRUST’S FOUR-YEAR GOALS • Quadruple Impact: Expand from serving 1,200 to 5,000 students annually, empowering thousands to achieve their career potential.

• Futures in Focus: Expand this new program which offers flexible career and postsecondary exploration activities.

• Secure the Future: Grow our endowment to ensure long-term support and opportunities for future generations.

Our vision is to quadruple our current number of students over the next four years.

• Enhance Facilities: Improve our office facilities to boost productivity and provide a welcoming environment for staff and visitors.

ABOUT THE ABLE TRUST The Able Trust, through a public-private partnership with the Florida Division of Vocational Rehabilitation, has been working with students with disabilities and helping with their transition out of high school for more than 30 years. The type of disabilities in Florida students varies, from hearing impairment to developmental delay, language impairment and specific learning disability. The largest percentage of Florida students with disabilities have a learning disability, and this is also true for students in our youth programs.

2006

2008

2013

Launched a national pilot project in partnership with CVS and US Department of Labor to provide internships for students with disabilities.

HSHT expanded to 35 programs in 36 counties across Florida.

Exceeded $30 million in grants awarded to communities throughout the state.

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4

THE ABLE TRUST CAMPAIGN BUDGET OPER ATIONS

CURRENT Y E AR Y E AR 2

Y E AR 3

Y E AR 4

High School High Tech

$3,523,501

$4,119,302

$5,182,863

$7,772,961

Futures in Focus

$303,357

$388,472

$540,409

$1,371,699

Total

$3,826,858

$4,507,774

$5,723,272

$9,144,660

Current Revenue

$3,201,090

$3,297,122

$3,396,035

$3,497,916

Funding Gap

$625,768

$1,210,652

$2,327,237

$5,646,744

Lease/Renovations

$100,000

$-

$-

$-

Total

$100,000

$-

$-

$-

Endowment Funding

$350,000

$600,000

$900,000

$1,150,000

One-Time Capital Projects

Total Program

$23,202,564

Total Capital

$100,000

Total Planned Giving/Endowment

$3,000,000

Total Existing Revenue

$13,392,163

CAMPAIGN TOTAL

$12,910,401

High School High Tech cost per student =

$1,000 per year

2016

2017

2023

Expanded HSHT to 43 programs in 40 counties.

Partnered with the Brevard Education Foundation to pilot a project-based learning model for HSHT. Students and mentors designed and built a Tiny House which was sold for $30,000.

Received an additional $550,000 from FLDOE/DVR for the HSHT program.

Expanded HSHT to 45 programs.

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5

My son Jakel struggled in school. He had trouble making friends, socializing with his peers, and he lacked confidence. When he was 13, we found out he had Autism and ADD. I knew there would be a lot of challenges ahead of him and as he entered high school, I was worried that he wouldn’t be ready for what the world had to offer. I was afraid he wouldn’t be ready to go to college or find a good career path.

After joining High School High Tech (HSHT), Jakel blossomed. It gave him the opportunity to open up and make new friends. High School High Tech helped Jakel plan for the future by allowing him to visit different universities and talk to people about various careers. That’s when he figured out what he wanted to study.

Jakel has grown into a great young man with a lot of potential and a bright future ahead of him. He’s a problem solver and he takes the initiative to help other people. Jakel is currently enrolled in Tallahassee State College and will transfer to Florida State University for computer science. Without High School High Tech, he would not have had these opportunities. It’s a wonderful program and has made a tremendous difference in his life.

- Crystal Jackson

Our commitment remains unwavering: To empower students with disabilities to achieve their full potential and build brighter futures.

Join us in making this vision a reality.

2024 Launched Futures in Focus in partnership with the Consortium of Florida Education Foundations.

The program builds on HSHT principles and increases student enrollment capacity.

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