MINUTES NO. 104
CENTRAL VIRGINIA COMMUNITY COLLEGE
EDUCATIONAL FOUNDATION, INC.
BOARD OF DIRECTORS MEETING
May 15, 2012
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, May 15, 2012.
FOUNDATION OFFICERS ALSO PRESENT
Winfred Nash, President Catherine M. Rice
Michael Bradford, Vice President Peggy Samuels, Foundation Accountant
John Capps, Secretary, ex-officio
Cat Mobley, Business Manager
John Poole, Treasurer, ex-officio
Geoff Hicks, Vice President of Academic
Affairs & Student Services
Clyde Clark Greg Graham
Lorenza Davis Bill Blevins
Fred Armstrong Zoe Miles
Ryan McEntire Mitch Reaves
John Doyle Larry Jackson
CALL TO ORDER
The meeting was called to order by the president. Mr. Nash welcomed everyone to the meeting. The president then introduced new director Bill Blevins of Parker ISS Division.
APPROVAL OF MINUTES
On a motion from John Doyle and seconded by Mitch Reaves, the minutes of the February 14, 2012 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 May 1, 2012.
On a motion by Fred Armstrong and seconded by Clyde Clark, the board approved the Third Quarter FY12 Operating Budget.
The board discussed the proposed FY13 operating budget. It was suggested that future board and committee meeting packages be sent electronically to members who would like to receive them in this manner. It was also suggested that in the future, the meeting information be projected on a screen during the meetings. This would decrease the budgeted amount for printing and mailing of these packets.
On a motion by John Doyle and seconded by Lorenza Davis, the board approved the Proposed FY13 Operating Budget.
On a motion by Clyde Clark and seconded by John Doyle, the board approved the Annual Operating Memorandum of Understanding between the Foundation and CVCC.
On a motion by Mike Bradford and seconded by Fred Armstrong, the board approved the selection of Brockman, Drinkard and Pennington, PC to conduct the corporation’s FY12 audit.
On a motion by John Doyle and seconded by Zoe Miles, the board approved the Proposed FY13 Allocation of Foundation Grants to the College.
Mr. McEntire then discussed the funds that would be available for scholarships during the 2012-2013 academic year under the new 4% quarterly rolling average over five years spending policy. This year the projected amount for scholarships is $77,747.93, which is about $22,000.00 more than we spent under the net income spending policy.
On a motion by Mike Bradford and seconded by Fred Armstrong, the board approved the Funds for FY13 Scholarships.
Mr. McEntire then presented to the board information concerning submissions for investment firms. The Foundation has heard back from SunTrust; Flippin, Bruce & Porter, Inc.; Wells Fargo; Scott & Stringfellow; and The Trust Company of Virginia. A subcommittee has been convened to review the submissions and make recommendations as to which firms should make presentations to the full board. That committee will be comprised of Todd Scruggs, Dick Worthington, John Doyle and John Mastroianni.
John Poole presented the corporation’s FY12 Third Quarter Financial Statements.
The investment balance is reported at a tax cost basis of $2,296,792. This amount is broken down between $2,015,325 in long-term investments and $281,467 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 $2,248,000. Dividends and interest for the third quarter were $7,930 and investment fees were $5,057.
The total Foundation revenue from July 1, 2011 through March 31, 2012 was $368,158. Donations made to the College represent $188,096 and $51,201 represents donations to the Annual Fund.
The total Foundation expenses from July 1, 2011 through March 31, 2012 were $301,938. Expenditures represent $286,937 for Program Services.
On a motion by Zoe Miles and seconded by Lorenza Davis, the board approved the Treasurer’s Report.
In Ms. Blickenstaff’s absence, Catherine Rice presented items that the Scholarship Committee discussed at their meeting on April 25, 2012.
Mrs. Rice reported that the Scholarship Committee will now be awarding all scholarships from the Foundation. She informed the board that the purpose of this called meeting was to select recipients of the Foundation Honors Scholarships. Mr. Clark and Mrs. Rice proceeded to review the applicants’ files and selected recipients from each high school for the awards.
RESOURCE DEVELOPMENT COMMITTEE REPORT
Michael Bradford presented items that the Resource Development Committee discussed at their meeting on May 3, 2012
Mr. Bradford reviewed the third quarter unrestricted FY12 Annual Fund which is $51,200.52 compared to $40,370.71 in year prior. Restricted gifts are $144,962.46 compared to $125,252.56 year prior. Total gifts for FY12 were $258,170.59 compared to $165,623.27 year prior.
Mr. Bradford thanked the board for their help in the Annual Fund solicitations. Follow up contact with the A-List solicitations will need to be done to try and get the last few thousand that is needed to make goal on Annual Fund for this year. It was noted that six board members had not given to the Annual Fund. Mrs. Rice will send out reminder emails to these board members.
Mr. Bradford then reported that the Tobacco Commission grants had remaining balances of $133,103.05. It was noted that $74,779.50 of the remaining funds was for scholarships. It was discussed that the requirements for tobacco scholarships have been changed. With these changes in effect, it is hopeful that this scholarship money can be spent. It was also reported that with the Tobacco grants that will be submitted this year, the Foundation will ask for $350,000 in Tobacco Scholarships.
Mr. Bradford reported that the Access to Opportunity campaign had a balance in pledges to be received of $31,535. It was noted that there was a $475.00 write off in pledges. This left a balance of the campaign at $272,782.00.
In Todd Scruggs absence, Mrs. Rice introduced the following action item to the Board:
To accept the resignation of William Leach, Teva Pharmaceuticals
On a motion by John Doyle and seconded by Greg Graham, the resignation was approved by the board.
Mrs. Rice then informed the board of candidates that the Nominating Committee would be visiting in the following months to seek membership to the board. Those possible members are as follows:
Ivan Teppar – Delta Star
Clif Coleman – Coleman Adams
Patti Jurkus – Bedford Memorial Hospital
Larry Hatch – Advanced Manufacturing Technologies, Inc.
Todd Irby – Innovative Technologies
Mrs. Rice provided the board with copies of a future meeting schedule and an updated standing committee list and Board of Directors directory.
COLLEGE PRESIDENT’S REPORT
Dr. Capps informed the board that the College has published its goals on its website along with its progress report.
The College is engaged in several new initiatives. The College is trying to implement an Early College program in the City of Lynchburg. This should be in place starting fall 2013.
The College is looking to establish a career and placement center. This center would link students with workplaces. This will be funded by the VCCS. The career and placement center will employ four full-time personnel – two at CVCC and two at the One Stop Shop Career Center downtown.
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 8:59 AM. The next meeting is scheduled for Tuesday, August 14, 2012 in the Johnnie E. Merritt Hall.