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2015-02-10

MINUTES NO. 115

 
 CENTRAL VIRGINIA COMMUNITY COLLEGE
EDUCATIONAL FOUNDATION, INC.
BOARD OF DIRECTORS MEETING
Amherst Hall, Room 2502
February 10, 2015
 
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Wednesday, February 10, 2015.
 

X

Doyle Allen

X

Fred Armstrong

X

Sandy Baker

X

Bill Blevins

 

Vivian Brown

X

John Capps

 

Clyde Clark

 

Lorenza Davis

X

John Doyle

X

Amy Gallagher

X

Greg Graham

 

Stephanie Hart

X

Larry Jackson

 

Patti Jurkus

 

Karen Kinnier

 

Steve McElroy

 

Ryan McEntire

 

Chet McPhatter

X

Zoe Myers

 

Winfred Nash

 

Christopher Olson

X

John Poole

X

Kathryn Pumphrey

X

Mitch Reaves

 

David Scott

X

Karen Simonton

X

Georgeann Snead

 

John Watts

X

Mike Bradford

X

Catherine Rice

X

Peggy Samuels

X

Dan Chipman

X

William McBratney

 

CALL TO ORDER

The meeting was called to order by President Fred Armstrong.  Mr. Armstrong asked Mike Bradford to introduce the new board members and special guest.
 
Mr. Bradford welcomed three new members: Amy Gallagher of Davidson, Doyle & Hilton; Karen Simonton of the Orthopaedic Center of Central Virginia; and Georgeann Snead of Electronic Design and Manufacturing.  Ms. Gallagher and Ms. Snead have agreed to serve on the Finance Committee and Ms. Simonton has agreed to serve on the Scholarship Committee.
 
He then welcomed Mr. William McBratney, who has generously given $200,000 to the CVCC Educational Foundation.  This is the largest gift by an individual to the Foundation.  The gift will be used for the McBratney Career and Technical Training Program.  The Lynchburg City Schools and CVCC are partnering on a new program to offer Lynchburg high schools students career specific training that will give them both a head-start toward preparation for jobs that are in demand locally as well as college credit and credentials.
 

APPROVAL OF MINUTES

On a motion from John Doyle and seconded by Zoe Myers, the minutes of the November 12, 2014 meeting were unanimously approved by the Board.
 

COLLEGE PRESIDENT’S REPORT

Dr. Capps reported on the state of the college.  He shared with the board the college’s 2015 goals supporting Achieve 2015 for the school year as well as the college’s goals for the upcoming year.  He asked the board to review the goals presented.  The new goal for the college will be to triple the number of credentials awarded through the community college system.  He stated that Kris Ogden, the Dean of Institutional Effectiveness, would be emailing the board the CVCC Strategic Planning: Complete 2021 Survey to help the college prepare its internal goals for meeting the Complete 2021 goal. 
 
Mitch Reaves asked Dr. Capps if the current infrastructure can handle the increase needed to meet the Complete 2021 goal.  Dr. Capps told him yes and no.  It is a realistic goal, but with meeting that goal, the college will need to add faculty, more facilities and technology.  Resources will be a challenging factor, but he is hoping that there will be no more budget cuts.
 
He closed his remarks by thanking the board for their service and asking them to please complete the survey.
 
TREASURER’S REPORT
John Poole presented the corporation’s FY15 Second Quarter Financial Statements. 
 
The cash and cash equivalent balances reported are $472,862.  This amount is broken down between $190,878 in checking and $281,984 in the money market account, both with SunTrust.  Interest year-to-date was $220.
 
The market value of the long-term investments at the end of the second quarter was $2,708,550.  Dividends and interest year-to-date were $126,284 and investment fees were $13,796. 
 
The total Foundation revenue from July 1, 2014 through December 31, 2014 was $296,179.  This amount includes $80,926 which represents private donations made to the college during the fiscal year and $47,143 represents donations to the Annual Fund.  The total Foundation expenses from July 1, 2014 through December 31, 2014 were $320,763, including $306,967 for Program Services.
 
On a motion by Kathryn Pumphrey and seconded by John Doyle, the board approved the Treasurer’s Report.
 

FINANCE COMMITTEE REPORT

In Mr. McEntire’s absence, Mr. Bradford presented items that had come before the Finance Committee at their meeting on January 28, 2015.
 
Mr. Bradford presented the SunTrust Quarterly Report to the board.  He informed the board that the SunTrust management team of Kathy Graves and Oscarlyn Elder presented the foundation portfolio at the meeting.  Mr. Bradford noted that our investment policy requires us to judge equity performance in comparison to the S&P 500 which is not a good match given the more global equity strategy used by SunTrust.  He noted that our portfolio’s performance, net of fees, over the 3 to5 year periods was only slightly less than blended benchmark.  He informed the board that he observed that the 3 to 5 year performances, net of fees, appeared to be better than the CPI + 5% target used in our investment statement.
 
Mr. Bradford reminded the board that at a prior meeting they had pre-approved an exception to the fixed income duration being under the range required by the Investment Policy for the September 30th and December 31st quarters.  A motion from the committee was made to preapprove an exception to the fixed income duration being under the range required by the Investment Policy for March 31st.  The board approved the motion from committee.
 
Mr. Bradford presented the Second Quarter FY15 YTD Foundation Budget report.  Total contributions were $89,982, while grant revenue was $38,051 and all investment related income was $167,780.  He noted that the contribution income was behind budget and explained to the board how he would meet budget by year-end.  Grants likewise are behind budget and he explained that $120,000 was received just after year-end, and he believes there will be large equipment grants received in the third quarter and a large scholarship grant will be received in the fourth quarter.  However, the tobacco scholarships are unlikely to reach his aggressive budget, so the grant income budget will likely not reach its target by year-end.
 
Mr. Bradford proceeded to present the expenses.  He noted that everything appears in line with the budget.  Program expenses are less than budget as the marketing position has not be filled.  Equipment expenses are less than budget due to slow installation and billing on several items.  G&A expenses are all at expected levels.
 
Mr. Bradford asked the board to approve a motion from the committee for a Memorandum of Understanding for the transfer of ownership of a 2008 Chevrolet Impala with lights and siren to the college. The board approved the motion from committee.
 

RESOURCE DEVELOPMENT COMMITTEE REPORT

In Mr. McElroy’s absence, Mr. Bradford presented items that the Resource Development Committee discussed at their meeting on January 27, 2015.
 
Mr. Bradford reported on the Fund Raising Report and pointed out that the total Annual Campaign giving was $78,646, which was significantly below the 50% target it should approximate at the midpoint of our fiscal year.  He explained that when gifts that are pledged, already received, or almost certain to be received are counted, and including the first year gift of $105,000 from Bill McBratney, it appears the $303,000 is very likely to be exceeded by the fourth quarter.  He noted that while the total dollar goal would be reached, he recognized that some of the component goals within the total, such as Great Expectations, are not yet so certain and he will work to achieve that one in particular.  He stated that the Greater Lynchburg Community Trust had granted the Foundation $7,766 for Great Expectations.
 
SCHOLARSHIP COMMITTEE REPORT
In Mr. Clark’s absence, Mr. Bradford presented items that had come before the Scholarship Committee at their meeting on January 29, 2015.
 
Mr. Bradford discussed a history and bar chart showing scholarship growth from FY12 through FY15.  The annual scholarship totals were broken down between foundation, AREVA and AHA/Centra scholarship types, so that growth in foundation scholarships (ones where the foundation selects the recipients) can be seen.  The dollar amount of foundation scholarships will be more than double last year and almost four times the year before last.  The number of applicants is rising, but still not enough applied this year.
 
The committee reviewed two requests for the foundation’s faculty and staff grant program. 
 
The committee approved a grant of $1,000 for Dr. Joseph Penrod’s request to develop the course design, instruction plans and lab plans for a new Genetics course (BIO 256).  The committee recognized that as the type of new initiative the program was meant to inspire, as well as professional development component that should be supported. 
 
The committee approved a grant of $750 for Dr. Ruth Hendrick’s request to attend the annual conference of the National Association of Workforce Development Professionals.  The committee recognized that Dr. Hendrick manages a large and important division of CVCC that supports the economic development of the region.
 

GOVERNANCE COMMITTEE REPORT

Ms. Myers presented items that the Governance Committee discussed at their meeting on January 28, 2015.
 
Ms. Myers welcomed the new members to the board.  She stated that it is wonderful that Mr. Bradford does orientation sessions for the new directors.
 
She stated that the committee is going over materials on the revisions of the bylaws.  Once the revisions are completed, Mr. Bradford will email the document to the board members 14 days before the board meeting for your review.
 
FOUNDATION REPORT
Mr. Bradford reported that the foundation has added the capability to take card donations online.  He state the foundation is using Click and Pledge as this firm is used by several other Virginia community colleges.
 

OLD BUSINESS

There was no new business to report.
 

NEW BUSINESS

There was no new business to report.
 

ADJOURNMENT

There being no further business, the meeting adjourned at 9:05 AM.  The next meeting is scheduled for Wednesday, May 13, 2015.
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