MINUTES NO. 107
CENTRAL VIRGINIA COMMUNITY COLLEGE
EDUCATIONAL FOUNDATION, INC.
BOARD OF DIRECTORS MEETING
February 12, 2013
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, February 12, 2013.
FOUNDATION OFFICERS ALSO PRESENT
Winfred Nash, President Mike Bradford, Executive Director
John Poole, Treasurer, ex-officio
Catherine M. Rice
Peggy Samuels, Foundation Accountant
Cat Mobley, Business Manager
Clyde Clark Lorenza Davis Larry Jackson Doyle Allen
Ryan McEntire Mitch Reaves
Michael Syrek John Doyle
Patti Jurkus Karen Kinnier
John Mastroianni Steve McElroy
CALL TO ORDER
The meeting was called to order by the president. Mr. Bradford introduced the three new board members, Patti Jurkus with Bedford Memorial Hospital, Karen Kinnier with American National Bank and Chet McPhatter with Banker Steel.
APPROVAL OF MINUTES
On a motion from John Doyle and seconded by Mitch Reaves, the minutes of the November 13, 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 January 22, 2013.
Mr. McEntire reported that Kathy Graves and Oscarlyn Elder presented an investment review to the committee. He informed the board that the performance is below our performance index that measures returns for the Foundation. The breakdown of holdings shows equity holdings at 61.02%. It was explained that the 13.68% of non-traditional holdings were considered equity.
The board approved that the fixed income can operate outside of the investment policy.
John Poole presented the corporation’s FY13 Second Quarter Financial Statements.
The investment balance is reported at a tax cost basis of $2,403,500. This amount is broken down between $2,122,011 in long-term investments and $281,489 invested with SunTrust in a Short Term Money Market Account. The market value of the long-term investments at the end of the second quarter was $2,296,719. Dividends and interest for the second quarter were $35,637 and investment fees were $10,446.
The total Foundation revenue from July 1, 2012 through December 31, 2012 was $256,818. Donations made to the College represent $101,203 and $42,209 represents donations to the Annual Fund.
The total Foundation expenses from July 1, 2011 through December 31, 2012 were $124,992. Expenditures represent $111,204 for Program Services.
On a motion by Mr. Doyle and seconded by John Mastroianni, the board approved the Treasurer’s Report.
The Second Quarter FY13 Operating Budget was presented. On a motion by Clyde Clark and seconded by Mr. Doyle, the board approved the Second Quarter FY13 Operating Budget.
Mr. McEntire reported that there needed to be more clarity in the spending policy. After discussing this matter, the board decided to let the Finance Committee work on updating the spending policy for clarity.
RESOURCE DEVELOPMENT COMMITTEE REPORT
Larry Jackson presented items that the Resource Development Committee discussed at their meeting on January 24, 2013.
Mr. Jackson informed the board that Dr. Ruth Hendrick made a presentation at the committee meeting. He stated that every committee meeting will have a guest speaker to inform the committee of things happening at CVCC.
Mr. Jackson discussed the Student Emergency Fund. This fund is for students who need financial assistance, whether it is gas, food, etc. He stated that the majority of contributors to this fund have been the Faculty and Staff of CVCC.
He explained that a discussion at the committee meeting centered on scholarships. It was noted that $500,000 per year would need to be available to fund every need of the college.
The Annual Fund Solicitations and Progress was presented by Mr. Jackson. He noted that the Foundation Board is up to 59%. Mr. Jackson informed the board that whether it is an individual gift or a corporate gift to the Annual Fund by the board, it is counted in the percentages reported.
Mr. Bradford explained the 2012-2013 Annual Fund – Corporate Campaign Phase II. In November a list was provided to the board of businesses that need to be contacted. Each board member took one to two names from that list to call. He informed the board that 34 businesses would be followed up on, eight donations were made to the Foundation, seven face-to-face calls were completed and 25% of cold calls had no return calls.
In Phase II, board members are asked to select up to four businesses to call. Mr. Bradford will send out the list for board members to select who they would like to contact. He will let the board members know when these letters are mailed and will give a copy of the letter to the board member. The goal should be to visit these potential contributors and let them know what CVCC is doing. The strategy is to get in the door to share the CVCC story.
Mr. Jackson informed the board that there will be business lunches, which are scheduled on February 26, March 21 and April 23. Mr. Bradford and Dr. Capps will meet with these individuals to get reconnected.
Mr. Bradford stated that there will be new positions on the board and that new leadership is needed to have a complete interactive board. He shared with the board a list of considerations for selecting Foundation board members. One new item that was added to this list was the requirement of attendance at meetings.
Mr. Bradford discussed the list of prospective board members that the committee would like to recommend to the board for approval. On a motion by Mr. Mastroianni and seconded by Lorenzo Davis, the board approved the list of prospective board members.
COLLEGE PRESIDENT’S REPORT
In Dr. Capps’ absence, Mr. Poole reported that enrollment is down by 3% but that CVCC is doing better than other community colleges. He stated that enrollment should rise with the Lynchburg Early College program starting in the fall. There should be about 50 students from both high schools. Mr. Poole informed the board that with the improving economy enrollment will decrease. The amount of enrollment impacts the budget of CVCC.
Mr. Poole stated that CVCC is currently looking at strengthening its security systems. CVCC has a strong alert system with text, computers and TV monitors displaying the alerts. CVCC now needs to invest in an external alert system. He stated that CVCC will also be increasing the police staff for more coverage on campus.
Mr. Poole informed the board that CVCC’s SACS accreditation process. The report to SACS is written and being reviewed by outside consultants. If all goes according to plan, CVCC should be off probation by June. A SACS team will be visiting the college in April. The ten year accreditation will be done in 2014.
There was no old business to report.
There was no new business to report.
There being no further business, the meeting adjourned at 9:12 AM. The next meeting is scheduled for Tuesday, May 14, 2013 in the Johnnie E. Merritt Hall.