MINUTES NO. 101

 
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, August 9, 2011.
 
FOUNDATION OFFICERS                       EXECUTIVE DIRECTOR
Michael Moorshead, President                       Donald M. Sutton, Jr.
John Capps, Secretary, ex-officio
John Poole, Treasurer, ex-officio                     ALSO PRESENT
                                                                        Catherine M. Rice
                                                                        Skip Lamb, CVCC Local Board Liaison
                                                                        Peggy Samuels, Foundation Accountant
Geoff Hicks, VP of Academic Affairs &        
     Student Services
 

FOUNDATION DIRECTORS

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

CALL TO ORDER

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

APPROVAL OF MINUTES

On a motion from John Doyle and seconded by John Mastroianni, the minutes of the May 10, 2011 meeting were unanimously approved by the Board.
 

FINANCE COMMITTEE REPORT

Mr. McEntire presented items that the Finance Committee recommended to the full Board at their meeting on July 21, 2011.
 
The board approved the 4th Quarter FY11 Operating Budget.
 
The FY11 audit schedule was discussed.  Brockman, Drinkard and Pennington PC will be conducting the Foundation audit.  There will be a presentation to the Audit Committee and to the Finance Committee during the next quarter.  It will then be presented to the full board at the next meeting on November 8, 2011.
 
Mr. McEntire then presented to the full board a copy of the invoice that was paid by the Foundation in July for the D&O Insurance.
 

TREASURER’S REPORT

John Poole presented the corporation’s FY11 Fourth Quarter Financial Statements. 
 
The investment balance is reported at a tax cost basis of $2,182,959.  This amount is broken down between $1,901,513 in long-term investments and $281,446 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 fourth quarter was $2,191,098.  Dividends and interest for the fourth quarter were $61,660 and investment fees were $19,543. 
 
The total Foundation revenue from July 1, 2010 through June 30, 2011 was $763,026.  Donations made to the College represent $560,124 and $55,612 represents donations to the Annual Fund. 
 
The total Foundation expenses from July 1, 2010 through June 30, 2011 were $759,934.  Expenditures represent $737,749 for Program Services.
 
The Board unanimously accepted the Treasurer’s report as presented.
 

RESOURCE DEVELOPMENT COMMITTEE REPORT

In Michael Bradford’s absence, Mr. Sutton presented items that the Resource Development Committee discussed at their meeting on July 20, 2011.
 
Mr. Sutton reviewed the fourth quarter unrestricted FY11 Annual Fund which is $55,612 compared to $58,503 in year prior.  Restricted gifts are $515,289 compared to $646,579 year prior.  Total gifts for FY11 were $570,901 compared to $705,083 year prior. 
 
The executive director then stated that the Resource Development Committee proposed that the FY12 annual fund goal be set at 10% of the FY11 gifts or $61,173.
 
Mr. Sutton then reported that the Tobacco Commission grants had remaining balances of $167,102.  The Foundation has sent the FY12 requests to the Tobacco Commission asking for funding to purchase a wire EDM ($135,000) and Respiratory Therapy Program Lab Equipment ($85,000).
 
The executive director stated that the Access to Opportunity had outstanding pledges totaling $48,730 with the ending campaign total being $266,390 toward a goal of $250,000.
 
Mr. Sutton then outlined the Annual Fund plan for FY12.  The executive director will call on each member of the Foundation Board to ask for their annual fund support and to encourage them to also solicit with the executive director 2-3 individuals or corporations.
 
These calls will center on previous or past donors who will be asked to consider again supporting the CVCC Educational Foundation’s Annual Fund Campaign.
 

NOMINATING COMMITTEE

 
Mr. Moorshead announced that he will be stepping down as president of the Foundation. 
 
Dr. Bashore informed the board that Winfred Nash has agreed to become the president for a one year term.  The Board approved this change in corporate leadership.
 
Next, Dr. Bashore recommended the election of Mr. Peyton “Sandy” Baker to a three-year term on the Foundation board.  Mr. Baker is the president of B&W.  The Board approved this appointment to a three year term.
 

FOUNDATION REPORT

Mr. Sutton provided the board with copies of a future meeting schedule and an updated standing committee list.    He also informed the board that all future meetings will be held in the Merritt Hall multi-purpose room.
 

COLLEGE PRESIDENT’S REPORT

Dr. Capps thanked the board members for sharing their time, resources and financial commitment to the Foundation.  He also thanked Mr. Moorshead for his leadership of the board.
 
Over the last five months, there have been goals put into place to accomplish the Achieve 2015 strategic plan of the Virginia Community College System (VCCS).  Some of those goals are as follows:
 
·         Increase the total headcount enrollment by 3%.
·         Increase enrollment from underserved populations – if the College doesn’t serve underrepresented populations, no one will.  Region 2000 was ranked 49^th in the latest Forbes ranking and 155^th in educational attainment.
·         Educational programs – Annually develop at least one new academic program (degree, certificate or career studies certificate) that respond to emerging, critical workforce needs in Region 2000, particularly in STEM-related areas (science, technology, engineering and mathematics).  This objective was put in place for the talks with the Region 2000 Technology Council about establishing a regional STEM academy.
·         Increase financial aid applicants and recipients – the College will increase the number of students who apply for and who receive financial aid and scholarships by 10%. 
·         Develop and institute a mechanism for awarding Federal Student Loans as part of a comprehensive financial aid program.
·         Serve employers through College courses and programs – increase the number of employers served through college credit and noncredit courses, customized training and other outreach efforts by 10%.
·         Increase fundraising by 10% and increase employee giving by 10%.
·         Employ additional full-time faculty and staff to strengthen programs, ensure consistency and continuity and foster greater collegiality.  There will be six new full-time faculty; two new staff in counseling; one position each in financial aid, institutional effectiveness, workforce development and the library.  All positions vetted through the College’s strategic planning initiative.
 

OLD BUSINESS

There was no old business to report.
 

NEW BUSINESS

Mr. Moorshead recognized Skip Lamb, the Local Board liaison.
 

ADJOURNMENT

There being no further business, the meeting adjourned at 8:45 AM.  The next meeting is scheduled for Tuesday, November 8, 2011 in the Johnnie E. Merritt Hall.