MINUTES NO. 106
CENTRAL VIRGINIA COMMUNITY COLLEGE
EDUCATIONAL FOUNDATION, INC.
BOARD OF DIRECTORS MEETING
November 13, 2012
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, November 13, 2012
FOUNDATION OFFICERS ALSO PRESENT
Winfred Nash, President Mike Bradford, Executive Director
John Capps, Secretary, ex-officio
Catherine M. Rice
Peggy Samuels, Foundation Accountant
Cat Mobley, Business Manager
Clyde Clark Lorenza Davis Bill Blevins Fred Armstrong Zoe Myers Larry Jackson
Ryan McEntire Mitch Reaves
Todd Scruggs Michael Syrek
CALL TO ORDER
The meeting was called to order by the president. Mr. Nash welcomed Mike Bradford as the new Executive Director of the CVCC Educational Foundation.
APPROVAL OF MINUTES
On a motion from Ryan McEntire and seconded by Mitch Reaves, the minutes of the August 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 October 31, 2012.
It was stated that the FY12 Audit was completed by Brockman, Drinkard, and Pennington, CPA’s. It was reported that the Foundation received a clean audit with no misstatements. On a motion by Mr. Armstrong and seconded by Lorenza Davis, the audited financial statements and 990 tax return were unanimously approved by the Board.
On a motion by Clyde Clark and seconded by Zoe Myers, the board approved the First Quarter FY13 Operating Budget.
In John Poole’s absence, Cat Mobley presented the corporation’s FY13 First Quarter Financial Statements.
The investment balance is reported at a tax cost basis of $2,344,734. This amount is broken down between $2,063,253 in long-term investments and $281,481 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 $2,275,707. Dividends and interest for the first quarter were $6,874 and investment fees were $5,173.
The total Foundation revenue from July 1, 2012 through September 30, 2012 was $121,036. Donations made to the College represent $63,630 and $8,047 represents donations to the Annual Fund.
The total Foundation expenses from July 1, 2011 through September 30, 2012 were $54,620. Expenditures represent $49,447 for Program Services.
On a motion by Dick Worthington and seconded by Mr. McEntire, the board approved the Treasurer’s Report.
Mr. Bradford presented the SunTrust performance information to the board. He explained that the board needs to make sure that the money is where it should be according to the Investment Policy. Mr. Bradford stated that restricted equities need to be between 65%-75%. With restricted equity being at 60.39% and nontraditional at 13.92%, SunTrust has complied with the investment policy of the foundation. Mr. Bradford showed the board how the Foundation’s total equity (based on the S&P 500 Index) and the fixed income (based on the Barclays Aggregate Bond) were doing comparing three and five years of information. Mr. Bradford stated that there is $142,000 from the estate of Patricia Davis that is not restricted. He and Dr. Capps will make a motion to the board next quarter as to where these funds could best be used.
Mr. Bradford presented items that the Scholarship Committee discussed at their meeting on November 5, 2012.
He reported that the Scholarship Committee awarded $80,549.51 thus far for the 2012-2013 academic year. The scholarships reviewed were divided into three areas. The first area was designated as Donor Replenishing Scholarships. Mr. Bradford stated that the Commonwealth Legacy scholarship and the Nat Marshall Scholarship recipients were being honored in Richmond today. The foundation awarded $25,785.51 in Donor Replenishing scholarships. The second and third areas are the scholarships that the committee approves. The Honors scholarship totaled $42,735. The Endowment scholarships totaled $12,029.00.
Mr. Bradford reported that the CVCC Scholarships page on the website shows the scholarships available from the Foundation. There are new scholarships that will be added to this website.
The board was informed that the Foundation has received a $400,000 scholarship grant from the Virginia Tobacco Commission. The grant will be for students from Campbell, Appomattox and Bedford counties. There will be $250,000 for STEM-H, $75,000 for Finish Line, $75,000 for Veterans and $50,000 for traditional Tobacco scholarships.
RESOURCE DEVELOPMENT COMMITTEE REPORT
Michael Bradford presented items that the Resource Development Committee discussed at their meeting on November 1, 2012
Mr. Bradford reviewed the first quarter unrestricted FY13 Annual Fund which is $8,046.88 compared to $9,120.36 in year prior. Restricted gifts are $1.215.00 compared to $4,912.50 year prior. Restricted Grants, which is a new category on this report, are $68,722.29 compared to $58,104.15 in year prior. Total gifts for FY13 were $77,984.17 compared to $58,104.15 year prior. He discussed the Annual Fund Giving chart, which showed that over a 15-year period, there have been two noticeable downturns in the overall giving – in FY04 during the Major Gifts Campaign and in FY09 during the Access to Opportunity Campaign. Corporate giving made up 52% while faculty and staff giving made up 15%. This shows that only 25% of giving was outside the realm of corporate and faculty and staff giving.
Mr. Bradford explained the 2012-2013 Annual Fund – Corporate Campaign. There will be 34 letters mailed this week. Each member of the board has been assigned a corporation to visit. In the packet the board members received were a copy of the letter that will be mailed, the biographical information of the corporation they will be visiting, a fact sheet about CVCC, a copy of the Annual Fund card that will be included in the outgoing letters, a list of the curriculum of study at CVCC, and a summary of tuition at CVCC compared to public colleges in Virginia. Each board member is asked to call or visit each person they are assigned and report back to the Foundation information gleaned from the call or visit. In February, March and April the process will be repeated again for individuals.
Todd Scruggs introduced several action items to the Board:
On a motion by Clyde Clark, seconded by Dick Worthington, the Board accepted the election of the following members to a three-year term ending December 31, 2015:
On a motion by Mitch Reaves, seconded by Lorenza Davis, the Board accepted the election of the following corporate officers to a one-year term beginning January 1, 2013:
Winfred Nash, President
Fred Armstrong, Vice President
On a motion by Mr. Worthington and seconded by Fred Armstrong, the Board approved the appointment of the following committee chairs to a one-year term beginning January 1, 2013:
Ryan McEntire, Finance Committee
Fred Armstrong, Resource Development Committee
Clyde Clark, Scholarship Committee
Zoe Myers, Nominating Committee
On a motion by Zoe Myers and seconded by Mr. Reaves, the Board accepted the election of the following new members to a three-year term ending December 31, 2015:
Patti Jurkus, Bedford Memorial Hospital
Karen Kinnier, American National Bank
The board was informed of the resignations of Jane Blickenstaff and Todd Scruggs from the foundation board.
Mr. Bradford informed the board that he is very glad to be here.
COLLEGE PRESIDENT’S REPORT
Dr. Capps told the board that he was pleased to have Mr. Bradford as the new Executive Director of the Foundation. He sees Mr. Bradford more engaged and energizing the Foundation Board. He stated that this was one of the best meetings conducted. He sees Mr. Bradford do great things for the Foundation.
He reported that there will be a new Early College for the Lynchburg City Schools. This program is scheduled to begin fall 2013.
A regional STEM-H academy was approved for CVCC. This academy will enrich high school students. It will be located on the CVCC campus. It is scheduled to begin fall 2013.
A veteran’s center and the career center have been established. Great Expectations program is attracting foster youth to CVCC.
Dr. Capps then reported on the probation situation with SACS. The college has accomplished many things. All program assessments have been completed and a consultant has been retained to help in this process. Dr. Capps stated that this has been the most difficult time in the College’s history, but it will be the best time in the College community. CVCC will be an even better college next year. He stated that since we are on probation, our reaffirmation has been delayed until 2015.
There was no old business to report.
There was no new business to report.
There being no further business, the meeting adjourned at 9:20 AM. The next meeting is scheduled for Tuesday, February 12, 2013 in the Johnnie E. Merritt Hall.