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May 14, 2014
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Wednesday, May 14, 2014.


Doyle Allen


Fred Armstrong


Sandy Baker


Bill Blevins


Vivian Brown


John Capps


Clyde Clark


Lorenza Davis


John Doyle


Greg Graham


Stephanie Hart


Larry Jackson


Patti Jurkus


Karen Kinnier


Steve McElroy


Ryan McEntire


Chet McPhatter


Zoe Myers


Winfred Nash


Chris Olson


John Poole


Kathryn Pumphrey


Mitch Reaves


David Scott


John Watts


Mike Bradford


Peggy Samuels


Catherine Rice







The meeting was called to order by President Winfred Nash.


On a motion from John Doyle and seconded by Steve McElroy, the minutes of the February 11, 2014 meeting were unanimously approved by the Board.
John Poole presented the corporation’s FY14 Third Quarter Financial Statements. 
The cash and cash equivalent balances reported are $643,741.  This amount is broken down between $361,927 in checking and $281,804 in the money market account, both with SunTrust.  Interest year-to-date was $605.
The market value of the long-term investments at the end of the third quarter was $2,691,923.  Dividends and interest year-to-date were $76,488 and investment fees were $21,132. 
The total Foundation revenue from July 1, 2013 through March 31, 2014 was $381,709.  This amount includes $123,539 which represents private donations made to the college during the fiscal year and $59,270 represents donations to the Annual Fund.  The total Foundation expenses from July 1, 2013 through March 31, 2014 were $262,134, including $221,386 for Program Services.
On a motion by Clyde Clark and seconded by John Doyle, the board approved the Treasurer’s Report.


In Mr. McEntire’s absence, Mr. Bradford presented items that had come before the Finance Committee at their meeting on April 24, 2014.
The Third Quarter FY14 Foundation Budget was presented to the board.  Total revenue for the third quarter was $426,962 and is not on track to meet the annual budgeted figure of $749,577 (excluding unrealized gains). He indicated that revenues budgeted for contributions and investment earnings will be met, but that the budgeting for grant revenue from the Tobacco Commission did not correctly take into account how long the ordering, shipping, billing and reimbursement process can take on equipment, nor did it anticipate the time required to finalize scholarship billing from the college and reimbursement from the Tobacco Commission.
YTD expenditures for equipment purchases are less than budgeted.  Scholarship expenditures at $191,702 YTD are less than budgeted and will not meet the annual figure for reasons discussed at previous meetings, that being the current school year being the staff’s first full year of doing the scholarship work in-house.  Mr. Bradford pointed out that student scholarships for the year will be at record levels, just not at the budget.  Overhead expenditures are on track to come in at, or below budget.  Funds budgeted for faculty and staff development will not consume the amount budgeted due to few applications being received yet for the new grant program.
After discussion, Mr. Bradford presented the SunTrust monthly investment portfolio to the board.  He noted that the portfolio equity allocation (65.0%) meets the policy requirement (65% to 70%), especially when adjusted (72%) for the two alternative strategy funds.  He indicated that the committee had previously approved the shorter duration of the fixed income portfolio being less than required by the policy for March 31, 2014. On a motion by John Doyle, seconded by Mitch Reaves, the board approved the same exception to the Investment Policy for the upcoming June 30, 2014 quarter-end date.
Mr. Bradford then presented to the board the selection of the firm Brockman, Drinkard and Pennington, PC, to conduct the corporation’s FY14 audit.  On a motion by John Watts, seconded by John Doyle, the motion was approved by the full board.
Clyde Clark presented items that had come before the Scholarship Committee at their meetings on March 11, 2014 and April 22, 2014.
Mr. Clark stated that Mr. Bradford gave an overview of the scholarship effort year-to-date, noting that scholarships awarded and students assisted will end up at all-time highs, but that total will not meet the aggressive estimates contained in the budget. 
The scholarship committee began the 2014-2015 year awards by approving seven Honors Scholarships and six Tobacco Region Academic Scholarships.


In Mr. Jackson’s absence, Mr. Bradford presented items that the Resource Development Committee discussed at their meeting on April 14, 2014.
Mr. Bradford informed the board that the total Annual Campaign contributions were at $161,161 which is slightly behind the pace versus the budgeted annual goal.  Of the three components, the unrestricted campaign shows the largest gap.  He explained that this is due to the later start of both the corporate campaign and the friends, alumni and retiree campaign.  The corporate campaign final stages got underway in February and he believes it will successfully meet its goal.
Restricted giving is up substantially from the prior year due in large part to funds raised for the Radiology and Machine Tool campaigns.
Tobacco grant receipts are $36,494 YTD. It was noted that the STEM Academy reduced its grant request from $100,000 to $60,000 after the budget was complete and may not draw the full $60,000 by June in view of the organizational changes in the Region 2000 Tech Council.  In addition, the $100,000 scholarship figure will be $40,000 less as the foundation scholarship applicants have been drawing less than awarded due to Pell grants received, the foundation has not been able to generate more applicants to fully utilize the funds and there is a greater than anticipated delay in getting billed by the college and then getting reimbursed by the Commission so much of the money will be received after June 30th
Mr. Bradford gave an update on the Radiology Campaign, noting that $20,000 of the $23,471 needed is in hand, and a grant request to Centra Foundation has been submitted for the remainder.  The $43,472 in equipment will be ordered shortly.
On the Machine Tool Campaign, he indicated the Foundation has received $25,000 of a $75,000 gift from B&W, and a $10,000 check from Flowserve.  He has received a verbal agreement from Wegmann for $15,000. 


In Ms. Myers’ absence, Mr. Bradford presented items that the Governance Committee discussed at their meeting on April 17, 2014.
Mr. Bradford reported that the committee has were reviewing the bylaws best practice recommendations that came from a VCCS employed consulting firm, the Clement Group, in late 2011 and see where those differ from our current Bylaws. It was suggested that the committee go through the recommendations article by article and consider whether our current bylaws needed to be changed to accommodate the recommendations.
The board was informed by Mr. Bradford that he saw the Governance Committee as also being responsible for monitoring board member education and engagement, in addition to selection.  He described his new board member orientation sessions held for the four new board members. In addition, this board meeting marks a change to using various classrooms around campus as meeting sites in order to familiarize the members with some of the college’s programs.  The Respiratory Therapy Technology program head, Wendy Ayers, will describe the program and the equipment after the meeting for those who can stay. The foundation secured a Tobacco Commission grant a few years ago that helped purchase $86,000 in equipment for this program.
No report.


Dr. Capps reported on the state of the college.  He informed the board that this fall will begin a new curriculum, with the help of Harris Corp., in computer and electronics technology.
The college is in the process of completing compliance for the upcoming SACSOS certification. 
Dr. Capps informed the board of the visit from Senator Tim Kaine, who wanted to see our career and STEM-H programs. 
The Commencement ceremony will showcase individuals that are enriched and improved because of their education.  He thanked the board members for everything they contribute and invest at CVCC, and expressed his deep appreciation for their support.


There was no new business to report.


There was no new business to report.


There being no further business, the meeting adjourned at 9:10 AM.  The next meeting is scheduled for Tuesday, August 12, 2014.
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