KASF ERC Board of Directors Meeting

1. KASF ERCBoard of Directors Meeting June 18, 2011

2. Agenda • Welcome – Exec. Dir. David Yang • President’s Remarks - Leonard Kim • Introduction of New BoDs – Dr. Patrick Lee • KASF-ERC Financial Report– Bom Hoe Huh • Review of KASF Endowment – Dr.Yoonsoo Park • Scholarship Committee Report – Dr. Ed Chun • Demo of online application system – Dr. Ed Chun • Demo of proposed KASF website – Ben Nah • Closing Remarks – Past President Young Whan Park Korean American Scholarship Foundation

3. Welcome Exec. Dir. David Yang Korean American Scholarship Foundation

4. President’s Remarks President Leonard Kim Korean American Scholarship Foundation

5. NBD Meeting Summary • Financial Status – to be discussed by Dr. Yoonsoo Park • Scholarship Payout –increase the allocation from last year’s 50% to 87.5%.  This means that National Board will allocate about $30,000 more in Chair Scholarships to our region.    • Chair Scholarship Term Limit – Repealed our decision to limit the life of our future Chair Scholarships to 25 years.  Instead, agreed that a better solution to protect our endowment base is to adjust our scholarship payout amount and/or combine several scholarships if and when we experience unusual downturn in the market.  • Future Chair Scholarship Amount - Increase the amount of future Chair Scholarships to $25,000 and set the payout percentage to 4% to generate $1,000 scholarships. • 2012 National Board Election – Elected Dr. Sang Name Lee as the new Chairperson for the National Board; elected Mr. Benjamin Nah as the new NB Secretary; elected Leonard Kim as the Executive Director.  Their terms will start in 2012, just in time to host our next National Board meeting in our area next year. Korean American Scholarship Foundation

6. 2011 Scholarship Goal - $100k • $57k from Chair Scholarships • $20k from Designated Scholarships • $10k from Banquet • $10k from 9/11 Music Concert • $ 5k from the savings in operations cost. • $103k – Estimated

7. Introduction of New Board of Directors Dr. Patrick Lee Korean American Scholarship Foundation

8. Intro of New Potential BoDs • Mr. Mike and Kwangnam Hwang – managing director of C2 Education in Bethesda, Md. • Mr. Joon Jae Song – CEO of a CPA firm in Annadale. • Mr. John Lee – Department head at Naval Research Lab. • Mr. Sung Wook Park – Retired Chairman of Financial Institutions in Korea. • Mr. Henry Choi – CTO, Northrop Grumman. • Dr. Jamie and Min Park – Dentist and dental office manager. • Dr. Albert Oh – Director of pediatric plastic surgery at Children Hospital. Korean American Scholarship Foundation

9. Review of KASF-ERC Finance Bom Hoe Huh Korean American Scholarship Foundation

10. Korean American Scholarship Foundation

11. Review of KASF Endowment Dr. Yoonsoo Park Korean American Scholarship Foundation

13. Investment Outlook • S&P 500 has fallen for each of the past 5 weeks. This is the longest continuousdrop for the US stock market. • Our accounts on May 31, 2011 stood at $3,529,197. This morning, June 10, 2011, theaccounts stood at $3,498,019 - a decrease of about 0.88% for the month ofJune. • Since May 31st, the stock market has fallen -4.18%. • Currently16.90% of the portfolio is invested in U.S. stocks. • At the NBD Meeting this year, theBoard approved my recommendation to decrease the weighting in U.S. stocks by 8%. • The portfolio iswell positioned for further stock market declines should those occur. Korean American Scholarship Foundation

14. Scholarship Committee Report Ed Chun

15. Application Status • Online application process is fairly smooth • Over 420 students started application process • Deadline is July 8th • Recently sent reminders to students to complete their applications • Concern - Still short of evaluators!!!

16. Demo of Online Application System http://scholarselect.com/ Korean American Scholarship Foundation

17. Demo of a new KASF website • Old Site: http://www.kasf.org/ • New Site: http://66.117.42.155/kasf3/ Korean American Scholarship Foundation

18. The 42nd Annual Scholarship AwardsBanquet • Date: Sunday, October 9th, 2011 • Location: Hilton McLean Tysons Corner

19. Closing Remarks Past President Young Whan Park Korean American Scholarship Foundation