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February 8, 2011
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, February 8, 2011.
Michael Moorshead, President                       Donald M. Sutton, Jr.
Michael Bradford, Vice President
John Poole, Treasurer, ex-officio                     ALSO PRESENT
                                                                        Catherine M. Rice
                                                                        Cynthia Bambara, Interim President
                                                                        Cathryn Mobley, CVCC Business Manager
                                                                        Martin Giudice, CVCC Local Board Liaison
                                                                        Geoff Hicks, Vice President of Academic
          Affairs and Student Services


Robert L. Bashore                               Mitchell W. Reaves
Clyde T. Clark                                                Denise Woernle
Richard B. Worthington, II                Ryan A. McEntire
Lorenza E. Davis                                Jane Blickenstaff
J. Todd Scruggs                                  J. Frederick Armstrong
Doyle Allen                                         John Mastroianni


The meeting was called to order by the President.  Mr. Moorshead welcomed everyone to the meeting.


On a motion from John Mastroianni and seconded by Mitchell Reaves, the minutes of the November 9, 2010 meeting were unanimously approved by the Board.


Mr. McEntire presented items that the Finance Committee recommended to the full Board at their meeting on January 18, 2011.
The board approved the Corporate Resolution between SunTrust and the CVCC Educational Foundation.
The board approved the 2nd Quarter FY11 Operating Budget.
The board approved the Proposed FY12 Allocation of Foundation Grants to the College.


John Poole presented the corporation’s FY11 Second Quarter Financial Statements. 
The investment balance is reported at a tax cost basis of $2,223,295.  This amount is broken down between $1,841,866 in long-term investments and $381,429 in a short-term money market both of which are invested with SunTrust.  The market value of the long-term investments at the end of the second quarter was $2,107,358.  Dividends and interest for the second quarter were $32,030 and investment fees were $4,677. 
The total Foundation revenue from July 1, 2010 through December 31, 2010 was $217,401.  Donations made to the College represent $109,055 and $34,363 represents donations to the Annual Fund. 
The total Foundation expenses from July 1, 2010 through December 31, 2010 were $136,836.  Expenditures represent $127,524 for Program Services.
The Board unanimously accepted the Treasurer’s report as presented.


Jane Blickenstaff presented items that the Scholarship Committee discussed at their meeting on January 19, 2011.
Ms. Blickenstaff reported that the Access to Opportunity Campaign has a total effort of $265,487 against the goal of $250,000.
Total scholarships awards for the 2010-2011 academic year were $97,764.  Ms. Blickenstaff reported that total financial assistance during the first semester of 2010 was $8.2 million to 2,116 students.


Michael Bradford presented items that the Resource Development Committee discussed at their meeting on January 19, 2011.
Mr. Bradford reviewed the second quarter unrestricted FY11 Annual Fund which is $34,363.43 compared to $35,685.24 in year prior.  Restricted gifts are $107,636.21 compared to $190,238.60 year prior.   Total gifts for FY11 were $144,641.68 compared to $250,145.84 year prior. 
Mr. Bradford reported on the FY11 Annual Fund solicitations.  CVCC Educational Foundation Board solicitations were at 65% with the CVCC Local Board solicitations were at 60%. 
Mr. Bradford then discussed the Tobacco Commission Grants with the report showing the funds received over the years and the balance still remaining to be spent. 
Mr. Bradford then discussed the two pieces of equipment purchased by the Foundation for the Machine Tool Lab.  A Robotic Welder was purchased with $25,000 grant from Dominion and $21,900 from the Foundation.  A Coordinate Measuring Machine (CMM) was purchased by the Foundation for $58,000.  Both pieces of equipment were paid with funds from the Major Gifts Campaign.


Dr. Bashore introduced an action item to the Board:
The Board accepted the election of the following member to a three-year term ending December 31, 2013:
            Zoe S. Miles, GP Big Island


Mr. Sutton provided the board with copies of a future meeting schedule, and updated Board of Directors list, and an updated standing committee list.  He also provided the board with a copy of the Virginia’s Community College Annual Report.


Dr. Bambara, interim college president reported on several items for the Board:
·         The presidential search process is complete and on March 1, 2011, Dr. John Capps will be here to lead CVCC.  A special thank you to the Foundation Board members who took the time to participate in the process by attending the community reception and open forums for our four candidates.
  • Annualized student enrollment for FY10 was 2,915 FTEs, an increase of 9.9% over the previous year.  The College has seen an increase over a three-year period of more than 25%.  In the summer of 2010, growth began to slow when the College experienced a 3.58% increase.  This past fall the College saw a 2% increase and served a record 5,500 students.  This spring the College is trending slightly ahead of last year with about a 2% increase.  The Off-Campus Centers enrollments have remained steady with just over 700 students this spring.  The College is serving 1,050 students in online courses.  New programs such as culinary arts, Campbell County Early College, expansion of machine industry and welding programs, and the development of the nuclear quality control program contribute to steady growth in enrollment across the College. 
  • While student numbers have increased by more than 25%, over the past few years, the state allocation for CVCC has dropped over $1.5 million.  Increases in tuition have helped, but do not make up the total difference. 
  • As you are aware, the Virginia Community College State Board raised tuition for Fall 2010 by 9% with 2% of that increase paid by stimulus money, and tuition will increase at least that much again in 2011 and 2012.
  • This past October, all VCCS colleges were asked to submit a 2%, 4% and 6% scenario for potential budget cuts.  CVCC was able to submit a proposal without impact to our valued human resources.  The College continues to hold vacant 10 positions. 
  • CVCC’s follow-up to its fifth year SACS report was submitted in September and that no further follow-up is required by CVCC.  In April, CVCC will have one remaining follow-up to our substantive report for three of its Centers (Altavista, Bedford and Appomattox).  CVCC’s next SACS project is the Reaffirmation of Accreditation due in 2014.
Dr. Bambara thanked the Board for all its support.  The board thanked Dr. Bambara for her outstanding job during CVCC’s presidential transition.


There was no old business to report.


There was no new business to report.


There being no further business, the meeting adjourned at 8:47 AM.  The next meeting is scheduled for Tuesday, May 10, 2011 in the Johnnie E. Merritt Hall. 
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