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# Wrenfield Family Council — Regular Meeting Minutes

**Date:** Thursday, 2026-07-16 · **Time:** approx. 4:00 p.m. · **Location:** [confirm]
**Meeting kind:** Regular family council meeting

*Draft — for review by the recorder and chair; not the official record until approved.*

> **Note on source & names:** these minutes are drawn from the in-room **audio recording**, transcribed by
> speech-to-text. The raw transcript has **no speaker labels**, so speaker attributions below are inferred
> from context; the six action owners are as the chair **read them back** at the close. Names and entities
> were garbled by the transcription in places and are rendered here at their best-supported spelling, not
> guessed. Where only a first name was spoken, the surname is marked `[confirm]`.

---

## 1. Attendance & quorum

**Present (in the room)**
- Diane Marsh — COO; chair
- Catherine `[surname — confirm]` — family; foundation (leads the fall grant cycle)
- Andrew `[surname — confirm]` — family (raised the distribution request)
- Steven `[surname — confirm]` — finance (liquidity / cash-flow; portfolio reporting)
- Robert `[surname — confirm]` — reported the tax packet; restated the wire-verification control

**On speakerphone**
- James `[surname — confirm]` — family; investment committee (dialed in from an airport gate; intermittent, and the line dropped before adjournment)

**Absent (assigned in absentia by the chair)**
- Grace Kim — staff accountant (also transcribes the recording)
- Tom Bradley — property
- Rachel Okoye — foundation EA (Catherine's EA)

**Referenced, not in attendance:** Cranbrook Trust Company (corporate trustee) · Barrow Kessler (CPA) ·
Ardent Specialty (insurer).

**Quorum:** confirmed by the chair.

## 2. Call to order

Called to order by Diane Marsh, chair, at approximately 4:00 p.m. The meeting was recorded in-room for the
minutes; the recording is transcribed by staff (Grace Kim). The chair confirmed the recording stays in the
office ("nothing leaves the building").

## 3. Approval of prior minutes

No prior minutes on file for approval — this is the first council meeting recorded under this process.

## 4. Numbered business items

### 1. Distribution request — $400,000
Andrew requested a distribution of **$400,000** ("four hundred thousand"). Discussion touched on the timing
relative to the fall foundation cycle and current liquidity. The chair stated plainly that **the council does
not approve distributions** — a distribution is a trustee decision.

**RESOLVED,** that Andrew's **$400,000** distribution request be referred to **Cranbrook Trust Company** as a
trustee matter, with the file, for the trustee's decision; the COO to forward the request by 2026-07-17.
*(The council did not approve the distribution; the matter was routed to the trustee.)*

**RESOLVED,** that Steven update the liquidity / cash-flow calendar and run the distribution scenario for
Cranbrook so the trustee has real numbers, due 2026-07-22.

*Discussion noted, not tasked:* a member (context indicates Catherine) observed that short-notice distribution
requests land on the operating side and the foundation. At the speaker's request, and confirmed by the chair,
this was recorded as a comment — **noted, not tasked** — and placed on no action list.

### 2. Tax packet & K-1 status
The tax packet was reported mostly closed. The **Sturgis Valley Cider** operating number — Box 1 ordinary
business income — came in at **$1,240,000** ("one point two four") and is complete. Two K-1s remain
outstanding — **Harrow Point RE Two** and **Windham Credit**, both from **Barrow Kessler**, reported slow. An
amended K-1 on **Blackford Three** is known and expected.

**RESOLVED,** that Grace Kim chase the two missing K-1s (Harrow Point RE Two and Windham Credit) from Barrow
Kessler, due 2026-07-31.

### 3. Insurance — Fine Art & Collections renewal
The **Fine Art and Collections** policy (**Ardent Specialty**) renews **2026-08-15**.

**RESOLVED,** that Tom Bradley begin the renewal ahead of the renewal date and pull the appraisal-versus-insured
drift for review before renewing, due 2026-07-28.

### 4. Foundation — fall grant cycle
Ahead of the fall grant cycle, **RESOLVED,** that Rachel Okoye circulate the updated grant shortlist to
Catherine before the cycle, due 2026-07-30.

### 5. Investment committee — Cormorant Four position note
The **Cormorant Four** position note remains to be marked up before the next investment-committee call. The
fund NAV was stated for the record at **$82,000,000** ("eighty-two million", held steady).

**RESOLVED,** that James review and mark up the Cormorant Four position note before the next
investment-committee call, due 2026-08-03.

## 5. Reports received

- **Tax / K-1:** packet mostly closed; Sturgis Valley Cider Box 1 ordinary business income **$1,240,000**
  (complete); two K-1s outstanding (Harrow Point RE Two, Windham Credit, from Barrow Kessler); amended K-1 on
  Blackford Three expected.
- **Investment / portfolio:** Cormorant Four NAV **$82,000,000**, held steady; position note pending markup
  (item 5).
- **Compliance / controls (standing rule restated):** the office wire control was restated for the record by
  Robert — **no funds wire out of the office on an email or a verbal say-so; a human verifies the wire against
  the portal before anything moves, every time, regardless of who it appears to be from.** Recorded as a
  standing policy; not an action item.
- **Property:** the Elk Fork Ranch well repair and fencing invoice was reported **already paid** (prior week);
  noted as handled — no action.

## 6. Actions & owners

| Action | Owner | Due |
|--------|-------|-----|
| Forward Andrew's $400,000 distribution request to Cranbrook Trust Company as a trustee decision (with the file) | Diane Marsh | 2026-07-17 |
| Update the liquidity / cash-flow calendar and run the distribution scenario for Cranbrook | Steven `[surname — confirm]` | 2026-07-22 |
| Start the Fine Art & Collections renewal (Ardent Specialty) and pull the appraisal-vs-insured drift | Tom Bradley *(in absentia)* | 2026-07-28 |
| Circulate the updated foundation grant shortlist to Catherine before the fall cycle | Rachel Okoye *(in absentia)* | 2026-07-30 |
| Chase the two missing K-1s (Harrow Point RE Two, Windham Credit) from Barrow Kessler | Grace Kim *(in absentia)* | 2026-07-31 |
| Review and mark up the Cormorant Four position note before the next IC call | James `[surname — confirm]` | 2026-08-03 |

## 7. Adjournment

The chair adjourned the meeting following a read-back of the six action items. James dropped off the line
before adjournment. **Next meeting date:** `[confirm]` (not set on the record).

## 8. Signatures

`______________________` Secretary / Recorder — Grace Kim

`______________________` Chair / Presiding — Diane Marsh

---

*Figures reproduced as voiced in session; spine reconciliation pending (drafted 2026-07-21).*

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