MINUTES NO. 102
CENTRAL VIRGINIA COMMUNITY COLLEGE
EDUCATIONAL FOUNDATION, INC.
BOARD OF DIRECTORS MEETING
November 8, 2011
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, November 8, 2011.
FOUNDATION OFFICERS EXECUTIVE DIRECTOR
Winfred Nash, President Donald M. Sutton, Jr.
Michael Bradford, Vice President
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
Cat Mobley, Business Manager
Geoff Hicks, VP of Academic Affairs &
Clyde T. Clark Richard Worthington
Larry Jackson Zoe S. Miles
Lorenza E. Davis Gregory A. Graham
J. Todd Scruggs Steve McElroy
CALL TO ORDER
The meeting was called to order by the President. Mr. Nash welcomed everyone to the meeting.
APPROVAL OF MINUTES
On a motion from Michael Bradford and seconded by Steve McElroy, the minutes of the August 9, 2011 meeting were unanimously approved by the Board.
FINANCE COMMITTEE REPORT
In Mr. McEntire absence, Dick Worthington presented items that the Finance Committee recommended to the full Board at their meeting on October 18, 2011.
It was stated that the FY11 Audit was completed by Brockman, Drinkard, and Pennington, CPA’s. It was reported that the Foundation received a clean audit with no misstatements. The board approved the FY11 Audit.
Mr. Worthington then presented to the board a recommendation of implementation of a 3% rolling average spending policy. Mr. Worthington stated that at the Finance Committee meeting he did not vote for this policy because he does not believe in spending principal. Mr. Bradford stated that the board would need to have an annual spending policy that states whether a percentage based on five years is appropriate.
It was decided that this recommendation would be tabled until the next meeting of the Finance Committee to confirm the guidelines of the spending policy. Mr. Sutton will look into what the other community college foundations are doing in terms of their spending policies.
Mr. Worthington presented to the board a recommendation for investment firm bids. The Finance Committee felt this was an excellent way to see how other firms are performing and helps in deciphering fees from the investment firms. The board approved the recommended for investment firm bids with Mr. Bradford abstaining as his firm may be one that bids.
The board approved the 1st Quarter FY12 Operating Budget.
John Poole presented the corporation’s FY12 First Quarter Financial Statements.
The investment balance is reported at a tax cost basis of $2,214,077. This amount is broken down between $1,932,623 in long-term investments and $281,454 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 first quarter was $1,952,497. Dividends and interest for the first quarter were $11,268 and investment fees were $5,068.
The total Foundation revenue from July 1, 2011 through September 30, 2011 was $165,847. Donations made to the College represent $120,532 and $9,120 represents donations to the Annual Fund.
The total Foundation expenses from July 1, 2011 through September 30, 2011 were $136,257. Expenditures represent $131,188 for Program Services.
The Board unanimously accepted the Treasurer’s report as presented.
In Ms. Blickenstaff’s absence, Mr. Sutton presented items that the Scholarship Committee discussed at their meeting on October 18, 2011.
Mr. Sutton reported that the Access to Opportunity Campaign has $48,045 remaining in outstanding pledges with a total of pledges and gifts being $266,557. This campaign will be used to fund first-time, part-time student scholarships.
Scholarships awarded for the 2011-2012 were $63,186.13. Mr. Sutton stated that the College has awarded $8.2 million in financial aid support to 2,116 students. This provided 38.6% of the student body with assistance. The Federal Student Loan Program awarded $496,000 to 247 students.
RESOURCE DEVELOPMENT COMMITTEE REPORT
Michael Bradford presented items that the Resource Development Committee discussed at their meeting on October 19, 2011.
Mr. Bradford reviewed the first quarter unrestricted FY12 Annual Fund which is $9,120 compared to $8,683 in year prior. Restricted gifts are $125,021 compared to $14,656 year prior. Total gifts for FY12 were $134,141 compared to $23,340 year prior.
Mr. Bradford stated that the Resource Development Committee was looking into improving the Annual Fund Campaign to help increase annual giving. This year, the corporate solicitation lists will be split into three separate mailings. The A-list mailing containing around 20 constituents will be mailed and a follow up will be made by the Resource Development Committee members. The B-list containing around 75 constituents will be mailed November 15th
and the Resource Development Committee is asking all board members to take two to three names from the list to follow up on. The last mailing is the C-List which will be sent out in January. This list will also be followed up by the board.
It was stated that phone calls and visits from board members does make a difference. Dr. Capps commended the Resource Development Committee and believes this is a step in the right direction, as board members want to be involved, be active and engaged in fundraising.
A suggestion was made that there be business lunches held for the A and B list, to bring them on campus for lunch and a tour of the facilities.
Mr. Bradford then reported that the Tobacco Commission grants had remaining balances of $107,509. The Foundation has received the FY12 grants from the Tobacco Commission for funding to purchase a wire EDM ($135,000) and Respiratory Therapy Program Lab Equipment ($85,000).
Todd Scruggs introduced several action items to the Board:
The Board accepted the election of the following members to a three-year term ending December 31, 2014:
The Board accepted the election of the following corporate officer to a one-year term beginning January 1, 2012:
Michael Bradford, Vice President
The Board approved the appointment of the following committee chairs to a one-year term beginning January 1, 2012:
Ryan McEntire, Finance Committee
Michael Bradford, Resource Development Committee
Jane Blickenstaff, Scholarship Committee
Todd Scruggs, Nominating Committee
The Board approved the retirement of Dr. Robert Bashore.
The Board presented Resolutions to Robert Bashore and Michael Moorshead for their service to the CVCC Educational Foundation.
Mr. Sutton provided the board with copies of a future meeting schedule and an updated standing committee list and Board of Directors directory. Mr. Sutton also gave the board a copy of the VA Risk liability insurance coverage for their information.
COLLEGE PRESIDENT’S REPORT
Dr. Capps stated that he has accomplished his substantive goal of meeting each board member. They were give and take type meetings with the most important element coming from the meetings being the strengthening of fundraising. He believes that the Foundation is on the threshold of doing exciting things.
Dr. Capps thanked the board for serving CVCC in order to help our students and community. He also thanked Winfred Nash for taking over the reins from Mr. Moorshead.
There was no old business to report.
Mr. Nash would like to get the goals of the Foundation in line with the strategic plans for the College.
There being no further business, the meeting adjourned at 9:09 AM. The next meeting is scheduled for Tuesday, February 14, 2012 in the Johnnie E. Merritt Hall.