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May 10, 2011
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, May 10, 2011.
Michael Moorshead, President                       Donald M. Sutton, Jr.
Michael Bradford, Vice President
John Capps, Secretary, ex-officio                    ALSO PRESENT
John Poole, Treasurer, ex-officio                     Catherine M. Rice
                                                                        Cathryn Mobley, CVCC Business Manager
                                                                        Martin Giudice, CVCC Local Board Liaison
                                                                        Peggy Samuels, Foundation Accountant


Robert L. Bashore                               John D. Doyle, Jr.
Clyde T. Clark                                                Larry E. Jackson
Ryan A. McEntire                               Zoe S. Miles
Lorenza E. Davis                                Gregory A. Graham
J. Todd Scruggs                                  J. Frederick Armstrong
Doyle Allen                                         John Mastroianni
Steve McElroy                                    Michael Syrek


The meeting was called to order by the President.  Mr. Moorshead welcomed everyone to the meeting.  The president then introduced new director Zoe S. Miles of GP Big Island, LLC.


On a motion from Doyle Allen and seconded by Clyde Clark, the minutes of the February 8, 2011 meeting were unanimously approved by the Board.


Mr. McEntire presented items that the Finance Committee recommended to the full Board at their meeting on April 26, 2011.
The board approved the 3rd Quarter FY11 Operating Budget.
The board approved the Proposed FY12 Operating Budget.
The board approved the Annual Operating Memorandum of Understanding between the Foundation and CVCC.
Next was the discussion of the selection of the FY11 audit firm.  As the firm of Brockman, Drinkard and Pennington PC has served as the corporation’s auditor for the past five years, the firm will provide a rotation of accountants to perform this year’s financial review.  The board then approved the selection of Brockman, Drinkard and Pennington, PC to conduct the corporation’s FY11 audit.
It was recommended to the full board to withdraw the sum of $30,000 from the cash balance in the SunTrust investment account to be used for the Honors Scholarship program.  It was approved by the board as recommended.


John Poole presented the corporation’s FY11 Third Quarter Financial Statements. 
The investment balance is reported at a tax cost basis of $2,280,374.  This amount is broken down between $1,898,935 in long-term investments and $381,439 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 third quarter was $2,183,279.  Dividends and interest for the third quarter were $50,363 and investment fees were $14,356. 
The total Foundation revenue from July 1, 2010 through March 31, 2011 was $293,246.  Donations made to the College represent $116,762 and $40,371 represents donations to the Annual Fund. 
The total Foundation expenses from July 1, 2010 through March 31, 2011 were $413,025.  Expenditures represent $398,669 for Program Services.
The Board unanimously accepted the Treasurer’s report as presented.


In the chairperson’s absence, Mr. Sutton presented items for the Scholarship Committee report.
Total scholarships awards for the 2010-2011 academic year were $103,210.  It was noted by Mr. Sutton that the Foundation was awarding various restricted scholarships for the upcoming FY12 year.  He stated that the website showed all the scholarships that were available to students.


Michael Bradford presented items that the Resource Development Committee discussed at their meeting on April 25, 2011.
Mr. Bradford reviewed the third quarter unrestricted FY11 Annual Fund which is $40,370.71 compared to $45,787.84 in year prior.  Restricted gifts are $125,252.56 compared to $483,921.86 year prior.   Total gifts for FY11 were $168,265.31 compared to $553,931.70 year prior. 
Mr. Sutton reported that the annual fund campaign for this year is down due to a miscalculation by the committee when setting FY11 annual fund goal.  Instead of increasing goal by 4.5% as suggested, it in error increased the goal by 13.5%.  The next committee meeting will address the needs of setting and meeting goal for next year.


Dr. Bashore informed the board that the nominating committee will be meeting in the near future to discuss nominations of several new members.  Mr. Sutton informed the board that Winfred Nash will continue to serve on the board after his retirement from B&W.


Mr. Sutton provided the board with copies of a future meeting schedule and an updated standing committee list. 


Dr. Capps, the new president of CVCC, informed the board that he was delighted to be here and thrilled to be a part of CVCC.  He then informed the board of three topics that presidents inevitably talk about: buildings, enrollments and budgets.
·         The new Culinary Arts building is complete and there will be a ribbon cutting ceremony on July 20, 2011.  Dr. Capps encouraged the board to attend.
·         Construction will begin on the new fitness center in the next couple of weeks.
·         There will be a planning study completed for the renovation of the Student Center.
·         Other renovations on campus will be completed as funds are available.
·         FTE Enrollment for 2010-11 is up 1/3% over 2009-2010.  Summer FTE enrollment is up 1.4% while headcount is up 2.6%.
·         The budget for the upcoming year is set at $18.3 million, which is around $300,000 less than last year.  This also reflects reduction to the VCCS of approximately $20 million in FY12, which reflects the addition to the budget of approximately $26 million in stimulus funding.  The state provides 40% of the college’s budget, and that is down approximately 45% from last year.  The shortfall is being made up by increases in tuition.
·         There is good news.  The General Assembly gave the VCCS $5.4 million to hire additional full-time faculty.  For CVCC, that amounts to $140,000 in additional funding which equates to three new full-time faculty members.
·         Funding for Tech Prep has been eliminated and there are threatened reductions to Pell Grants as well, which would reduce the amount awarded to students from $5,550 to $3,040.  That amount is not enough for full-time tuition and fees.  The College has 2,311 students who received Pell Grants this year.
·         To help offset this situation; CVCC is planning to institute a federal student loan program.  This will provide access and retention by moving students to full-time status providing higher graduation rates. 
·         Increasing enrollments and generating additional revenue represent two of the ways in which the College can grow itself out of the current budget dilemma.  Managing its expenses more carefully represents another solution to the problem.  There is relatively no discretionary funding available.  Most of the college budget is consumed by personnel costs and fixed expenses.  This year there were requests for $1.4 million in initiatives, but the College was unable to fund any. 
·         A comprehensive review of the College’s operations and organizational structure will be completed.  The College will be good stewards of the Commonwealth’s resources and of its students’ tuition, so it will engage in a critical analysis of the institution to determine how it can operate more efficiently and more effectively.
·         The College is having challenges, but there are great things happening.  N.B. Handy was honored with the Chancellor’s Award for Leadership in Philanthropy.  Two of our students were named to Phi Theta Kappa All-American Team.
·         The College has submitted significant proposals to the National Science Foundation and the Department of Labor for programs that support STEM education and workforce development.
·         With the inception of the new Machine Tool and Quality program, the College is more committed to workforce development.   Dr. Capps made a declaration to the board, as business and community leaders, that the College will continue that legacy, building upon that commitment.
·         The College has outstanding academic programs, exemplary student services and workforce development programs that are second to none.  In all those ways, CVCC is poised to meet the needs of the community.  It is poised to succeed because it has the right people in the right places. 
·         Dr. Capps stated that he is impressed with the faculty and staff at CVCC.  They are people of heart, people who are committed to their profession and people who genuinely care about students.
·         The College staff has to be here – want to be here – it’s our vocation.  You, the board, do not have to be here, you have chosen to be here.  It is reassuring to the College that you believe in the College’s mission and its work.  You give it your most precious gifts – your wisdom, knowledge and time – and the College is most grateful for your service and many contributions to CVCC.


There was no old business to report.


There was no new business to report.


There being no further business, the meeting adjourned at 8:55 AM.  The next meeting is scheduled for Tuesday, August 9, 2011 in the Johnnie E. Merritt Hall. 
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