MINUTES NO. 105
CENTRAL VIRGINIA COMMUNITY COLLEGE
EDUCATIONAL FOUNDATION, INC.
BOARD OF DIRECTORS MEETING
August 14, 2012
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, August 14, 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
Clyde Clark Greg Graham
Lorenza Davis Bill Blevins
Fred Armstrong Zoe Miles
Ryan McEntire Mitch Reaves
John Doyle Todd Scruggs
Doyle Allen Michael Syrek
Steve McElroy John Mastroianni
Dick Worthington Jane Blickenstaff
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 Fred Armstrong and seconded by John Mastroianni, the minutes of the May 15, 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 July 24, 2012.
On a motion by John Doyle and seconded by Clyde Clark, the board approved the Fourth Quarter FY12 Operating Budget.
Mr. McEntire reported that the auditors from Brockman, Drinkard and Pennington were here in July. They will present the financial statements and the Form 990 tax return to the Audit Committee next quarter.
Mr. McEntire brought to the attention of the board that the Foundation had paid the FY13 D&O Insurance.
Mr. McEntire then presented to the board information concerning presentations for investment firms. He reported that the Finance Committee heard from three firms, Scott and Stringfellow, The Trust Company of Virginia and SunTrust. After committee discussion, the firm of SunTrust was selected to continue representing the CVCC Educational Foundation. A motion was made by John Doyle and seconded by Todd Scruggs, the board approved SunTrust as the investment firm for the CVCC Educational Foundation.
John Poole presented the corporation’s FY12 Fourth Quarter Adjusted Financial Statements.
The investment balance is reported at a tax cost basis of $2,300,554. This amount is broken down between $2,019,080 in long-term investments and $281,474 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 $2,184,856. Dividends and interest for the fourth quarter were $10,052 and investment fees were $6,280.
The total Foundation revenue from July 1, 2011 through June 30, 2012 was $506,047. Donations made to the College represent $420,437 and $67,958 represents donations to the Annual Fund.
The total Foundation expenses from July 1, 2011 through June 30, 2012 were $530,849. Expenditures represent $509,568 for Program Services.
On a motion by Mr. McEntire and seconded by Mitch Reaves, the board approved the Treasurer’s Report.
Jane Blickenstaff presented items that the Scholarship Committee discussed at their meeting on July 25, 2012.
Ms. Blickenstaff reported that the Access to Opportunity Campaign showed $249,990 in gifts and pledges received with a balance of $24,030 in pledge payments outstanding for a total of $273,545.
Ms. Blickenstaff then reported that the Scholarship Committee awarded $67,775 thus far for the 2012-2013 academic year. Honors scholarships totaled $54,390 to 14 recipients.
RESOURCE DEVELOPMENT COMMITTEE REPORT
Michael Bradford presented items that the Resource Development Committee discussed at their meeting on July 25, 2012
Mr. Bradford reported that the committee discussed the Annual Fund campaign for the new fiscal year. It was agreed that increased giving would result with additional board member involvement in the campaign solicitation process. The following suggestions were made for improving the process: updating the company lists to ensure contact information is correct; ask foundation board members to be responsible for 5-8 specific company contacts; provide board members with a one-page history for each company to be contacted that would include the company name, contact person, address, phone number and foundation giving history; provide board members with marketing material beyond the 3”x8” fact card; and schedule at least two lunches where up to 12 company decision makers not familiar with the college cold be invited to meet with Dr. Capps and then go on a tour of CVCC.
Mr. Bradford reviewed the fourth quarter unrestricted FY12 Annual Fund which is $67,958.43 compared to $55,612.11 in year prior. Restricted gifts are $234,058.90 compared to $515,289.85 year prior. Total gifts for FY12 were $364,021.94 compared to $570,901.96 year prior.
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.
Todd Scruggs introduced the following action item to the Board:
To accept the resignation of Michael Moorshead
The resignation was approved by the board.
Mr. Scruggs 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
Mike Thomas – Select Bank
Brian Carothers – Teva Pharmaceuticals
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 of the College’s progress report and future goals. He stated that there was a 22% increase in financial aid and 11 new full-time faculty. The College also has redesigned fundamental mathematics.
He reported that there will be a new agreement for Early College for the Lynchburg City Schools. This program is scheduled to being fall 2013.
A regional STEM-H academy progress was reported. The application was submitted. The Department of Education stated that the STEM-H academy for CVCC will push the Governor’s initiatives to completion.
A veteran’s center and the career center have been established. Great Expectations program is attracting foster youth to CVCC.
Dr. Capps stated that a lot has been accomplished this year. The Foundation has applied for a $400,000 tobacco grant and the Annual Fund campaign surpassed goal. This shows the good work that the Foundation is doing and how engaged it has been this past year.
The search for a new Vice President of Institutional Advancement has been completed. The candidate is not ready for an announcement, but the board will be the first to know of the new person in this position. Dr. Capps thanked Winfred Nash for serving on the search committee for the Vice President of Institutional Advancement position.
Dr. Capps then reported on the probation situation with SACS. He explained that this situation developed when SACS made a visit to CVCC in 2009. The College was flagged for recommendation for regularly evaluating the effectiveness of program and curriculum. The College actually stopped doing regular evaluations in 2004. In 2010, the College submitted 12 of the 70 academic programs to SACS for review and in 2011 it submitted 25 out of 70 academic programs. After a second monitoring, 40 out of 42 programs had been evaluated. Mark Smith will be coming to the College next week to consult on the process and evaluate where the College is in the process. Dr. Capps stated that the probation is for one year and another report to SACS will be submitted next spring. The College has created a Focus ’14 to show the progress of the initiative. An email went out to everyone letting them know about Focus ’14 – Every Student, Every Program, Every Success. The Focus ’14 will show the progress the College has made over time and the timeline for achieving its goals.
He reported that the College has not done what needed to be done. He has made some hard decisions, such as staffing changes, which needed to be done to push the College forward. Dr. Capps reiterated that the probation is about not regularly evaluating program and that it does not reflect on the programs and faculty at the College. There will be benchmarks set and Dr. Garren with Lynchburg College has agreed to help in this process as a reviewer.
There was no old business to report.
There was no new business to report.
There being no further business, the meeting adjourned at 9:00 AM. The next meeting is scheduled for Tuesday, November 13, 2012 in the Johnnie E. Merritt Hall.