Skip to Content



February 14, 2012
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, February 14, 2012.
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
                                                                        Peggy Samuels, Foundation Accountant
Cat Mobley, Business Manager
Ruth Hendricks, VP of Workforce


Clyde Clark                                         Richard Worthington
Lorenza Davis                                     John Mastroianni
Todd Scruggs                                      Steve McElroy
Fred Armstrong                                  Doyle Allen
Ryan McEntire                                    Mitch Reaves
Mike Moorshead                                 John Doyle                             


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


On a motion from John Doyle and seconded by John Mastroianni, the minutes of the November 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 January 31, 2012.
On a motion by John Doyle and seconded by Clyde Clark, the board approved the Second Quarter FY12 Operating Budget.
Mr. McEntire then discussed the 4% quarterly rolling average over five years spending policy recommended by the finance committee.  This spending policy is designed to make a spending policy that is prudent to protecting the principal while spending the growth wisely.  With this spending policy, it provides snapshots of time that helps to flatten spikes that may happen in the market.  The Finance Committee recommended this spending policy with the recommendation that the board of directors committing to a future campaign to raise money for the endowments.  It was also noted that this spending policy can be changed in the future if the need arises.   This spending policy would not commence until the next fiscal year (July 1, 2012).
On a motion by Clyde Clark and seconded by John Doyle, the board unanimously approved a 4% quarterly rolling average over five years spending policy that would take effect July 1, 2012.
Mr. McEntire then presented to the board the information concerning the investment firm RFP.  It was stated that it had been five years since this action had been taken.  The committee feels this needs to be done to see what is out there in terms of fee structures.  The RFP will be going out to eight firms. 
On a motion by John Doyle and seconded by Fred Armstrong, the board approved the Investment Firm RFP.


John Poole presented the corporation’s FY12 Second Quarter Financial Statements. 
The investment balance is reported at a tax cost basis of $2,302,658.  This amount is broken down between $2,021,198 in long-term investments and $281,460 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 $2,070,474.  Dividends and interest for the second quarter were $52,811 and investment fees were $4,876. 
The total Foundation revenue from July 1, 2011 through December 31, 2011 was $335,447.  Donations made to the College represent $165,687 and $40,099 represents donations to the Annual Fund. 
The total Foundation expenses from July 1, 2011 through December 31, 2011 were $173,375.  Expenditures represent $163,431 for Program Services.
On a motion by John Mastroianni and seconded by Mitch Reaves, the board approved the Treasurer’s Report.
In Ms. Blickenstaff’s absence, Mr. Sutton presented items that the Scholarship Committee discussed at their meeting on January 26, 2012.
Mr. Sutton reported that the Access to Opportunity Campaign has $37,425 remaining in outstanding pledges with a total of pledges and gifts being $270,722.  This campaign will be used to fund first-time, part-time student scholarships.
Scholarships awarded for the 2011-2012 were $96,167.43.  Mr. Sutton stated that the College has awarded $9.4 million in financial aid support to 3,414 students. 


Michael Bradford presented items that the Resource Development Committee discussed at their meeting on January 26, 2012.
Mr. Bradford reviewed the second quarter unrestricted FY12 Annual Fund which is $40,099.24 compared to $34,363.43 in year prior.  Restricted gifts are $118,913.92 compared to $107,636.21 year prior.  Total gifts for FY12 were $221,017.77 compared to $141,999.64 year prior.  The money received from the estate of Patricia Davis will remain in the money market account.
Mr. Bradford thanked the board for their help in the Annual Fund solicitations.  Relationships will need to be created with these donors to differentiate the Foundation from other nonprofits. 
Mr. Bradford then reported that the Tobacco Commission grants had remaining balances of $158,308.79. 


Todd Scruggs introduced several action items to the Board:
The election of the following member to a three-year term ending December 31, 2014 was presented to the board:
            William “Bill” V. Blevins, Jr. – Parker ISS Division
On a motion by John Mastroianni and seconded by Mike Moorshead, the election was approved by the board.
Mr. Scruggs then informed the board that an email will be sent out to them with possible nominees to the board.  If a member knows any of the candidates or if they know of any good candidates for nomination, please let the executive director know.


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 informed the board that Harris Corp. will receive this year’s Chancellor’s Award for Leadership in Philanthropy.   


Dr. Capps informed the board that the College has published its goals on its website along with its progress report.
The College has hired five full-time faculty and two full-time recruitment/retention counselors.  The College has hired Ruth Hendricks, the new Vice President for Workforce.  She has over 12 years in workforce development and will be taking CVCC’s workforce development to the next level.
Dr. Capps reported several new initiatives at CVCC.  First, the College is trying to implement an Early College program in the City of Lynchburg.  The College is creating a veteran’s resource center.  It is also promoting dual enrollment in untapped potential.
The College is looking to establish a career and placement center.  This center would link students with workplaces.
Great Expectations, which provides support services for foster youth, is being supported at CVCC.  There are 250 foster youth in the College’s service area.  This program is slated to being fall 2012.
The regional STEM Academy is slated to begin fall 2013.  This program will meet the needs of students and employers. 
Dr. Capps praised the Foundation for its work.  He stated that there seems to be a renewed enthusiasm among the members and that your commitment is deeply appreciated.


There was no old business to report.


There was no new business to report.


There being no further business, the meeting adjourned at 9:15 AM.  The next meeting is scheduled for Tuesday, May 15, 2012 in the Johnnie E. Merritt Hall. 
Back to top