CENTRAL VIRGINIA COMMUNITY COLLEGE

EDUCATIONAL FOUNDATION, INC.

BOARD OF DIRECTORS MEETING

February 11, 2014

 

The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, February 11, 2014.

 

The meeting was called to order by the president. 

 

On a motion from John Doyle and seconded by Ryan McEntire, the minutes of the November 12, 2013 meeting were unanimously approved by the Board.

 

John Poole presented the corporation’s FY14 Second Quarter Financial Statements. 

 

The cash and cash equivalent balances reported are $372,859.  This amount is broken down between $391,125 in checking and $281,734 in the money market account, both with SunTrust.  Interest year-to-date was $418.

 

The market value of the long-term investments at the end of the second quarter was $2,542,888.  Dividends and interest year-to-date were $67,084 and investment fees were $11,716. 

 

The total Foundation revenue from July 1, 2013 through December 31, 2013 was $249,254.  Donations made to the College represent $65,909.  The total Foundation expenses from July 1, 2013 through December 31, 2013 were $148,500, including $117,168 for Program Services.

On a motion by Clyde Clark and seconded by Fred Armstrong, the board approved the Treasurer’s Report.

 

Mr. McEntire presented items that had come before the Finance Committee at their meeting on January 23, 2014.

 

The Second Quarter FY14 Foundation Budget was presented to the board.  Total revenue for the second quarter was $293,259 and year-to-date expenditures for FY14 are $150,750.  He noted that contributions are approximately half-way to the annual budgeted figure, and feels confident that the budget will be met since only small portions of the corporate and individual campaigns have been conducted thus far.

 

On a motion by John Doyle, and seconded by Steve McElroy, the board approved the Second Quarter FY14 Foundation Budget.

 

Mr. McEntire presented to the committee the report from SunTrust on the investment portfolio performance.  He stated that equity is at 68.7% once the two Aberdeen and Wasatch funds are include.  As expected, the duration of the fixed income portfolio is below our Investment Policy requirements at 3.40 years vs. the minimum of 4.17 years (75% of the Barclays U.S. Aggregate duration of 5.56 years).  SunTrust is continuing to recommend that we keep the Fixed Income duration low given their outlook for further rate increases.

 

On a motion by John Doyle, and seconded by Zoe Myers, the board approved the waiver for the duration requirements for the 3/31/14 quarter.

 

Mr. McEntire brought to the attention of the board the additional report from SunTrust.  This one page report showed a custom blended benchmark that mirrored the actual allocation in the foundation’s investment portfolio and compared the portfolio’s performance over various periods to this alternate benchmark. 

 

Clyde Clark informed the board that the committee did not meet due to inclement weather.  He then proceeded to discuss the scholarship awards and the money that is still available to students.

 

Mr. Clark reported that the Honor’s Scholarship did not have full participation for all the eligible schools.  This year he would like to meet and give the committee members talking points.  These talking points will be used to call on the schools to increase participation. 

 

Larry Jackson presented items that the Resource Development Committee discussed at their meeting on January 21, 2014.

 

 

 

Mr. Jackson reviewed the 2^nd Quarter YTD Fundraising Report.  Total Annual Campaign contributions are at $117,427 through December 31, 2013, which is up 22% from last year and slightly ahead of schedule versus the annual goal of $232,500.  Within that total, unrestricted giving is slightly behind schedule, but in good shape considering the major campaigns for corporations and individuals are not yet fully underway.  Restricted giving is on schedule and up 74% from last year due in large part to funds raised for the Radiology campaign and to the timing of the Centra gift.

 

Regarding the Corporate Campaign component of the Annual Fund, Mr. Bradford said that his plan is to send out letters in stages in February, April, and June this year, and to follow up on these himself, unless a director has offered to make the committee.  The next item discussed was the Individual Campaign.  Mr. Bradford informed the board of the report showing contributors by giving category for the year ended June 30, 2013.  He pointed out that the foundation has many generous corporate donors, but there were only five individual donors of $1,000 or more, with four of those being employees or directors. 

 

Zoe Myers presented items that the Governance Committee discussed at their meeting on January 28, 2014.

 

The proposed changes to the bylaws was discussed.  These changes were to bring the bylaws up-to-date with current board practices, and/or to bring them into compliance with VCCS policy changes with respect to foundations.  These were the changes which needed to be completed as soon as possible.

 

On a motion by Zoe Myers, and seconded by Steve McElroy, the board approved the changes to the foundation bylaws.

 

Ms. Myers presented four candidates for the foundation board for approval.  They are:

·       Kathryn Pumphrey, Centra Foundation

·       Stephanie Hart, AREVA

·       John Watts, Watts Petroleum

·       Chris Olson, Genworth

 

On a motion by John Doyle, and seconded by Mitch Reaves, the board approved the candidates for the foundation board.

 

Mr. Bradford discussed the Memorandum of Understanding showing instruction equipment donated to the college. 

 

On a motion by John Doyle, and seconded by Fred Armstrong, the board approved the Memorandum of Understanding.

 

Mr. Bradford informed the board that the meeting schedule has changed and to be aware of the changes for future meetings.

 

Dr. Capps provided the board with the Goals Supporting Achieve 2015 for this fiscal year (see attached).

 

Enrollment has increased mainly due to retention and recruitment. CVCC previously ranked 23^rd in retention and last year was 10^th. 

 

This is the first year of early college in Lynchburg and for the STEM-H academy.  Enrollment will more than double next year.  CVCC has 25 students being helped through Great Expectations.

 

The construction is proceeding.  The student center should be done in the next couple of weeks.  The bathrooms in Amherst should be completed soon.  The next project will be to replace the remaining bathrooms in Amherst and in Campbell.

 

CVCC is blessed to have all of you on this board.  We are not the same college or the same board.  You could be in a lot of places, but we are most grateful for you being here.

 

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 Wednesday, May 14, 2014.