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Amherst Hall, Room 2411
May 13, 2015
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Wednesday, May 13, 2015.


Doyle Allen


Fred Armstrong


Sandy Baker


Bill Blevins


Vivian Brown


John Capps


Clyde Clark


Lorenza Davis


John Doyle


Amy Gallagher


Greg Graham


Stephanie Hart


Larry Jackson


Patti Jurkus


Karen Kinnier


Steve McElroy


Ryan McEntire


Chet McPhatter


Zoe Myers


Winfred Nash


John Poole


Kathryn Pumphrey


Mitch Reaves


David Scott


Karen Simonton


Georgeann Snead


John Watts


Mike Bradford


Catherine Rice


Peggy Samuels


Dan Chipman





          X = in attendance



The meeting was called to order by President Fred Armstrong.


On a motion from Karen Simonton and seconded by John Watts, the minutes of the February 10, 2015 meeting were unanimously approved by the Board.


Dr. Capps updated the board members on activities at the college.  He stated that has been a banner year with the first graduating classes of Lynchburg Early College and the of the Governor’s STEM Academy.  He informed the board that the college’s spring enrollment was up by 1.3%, which is very positive since there were only seven of the twenty-three community colleges showing an increase.
He reported to the board on the college’s new strategic plan for the upcoming year in support of the VCCS’s Complete 2021 strategy.  The VCCS plan has one goal of tripling the number of annual credentials awarded by 2021 to promote improved economic vitality for Virginia and increased individual prosperity of students.  Dr. Capps briefly reviewed the format of the individual goals within CVCC’s new plan (see attached), and indicated that Dr. DuBois was very impressed with it.  Dr. Capps also pointed out that this new plan aligns directly with the VCCS’s move to performance based funding, and told the board that early projections on ranking under this new model showed the college was fifth out of the 23 community colleges. 
Dr. Capps reported that the college recently presented its annual employee awards for the college and Mike Bradford received the Outstanding Administrative Faculty award. 
He reminded the members that the Chancellor was visiting CVCC on May 19th with Virginia Secretary of Commerce and Trade Maurice Jones for a Town Hall meeting with local business and community leaders to get input on workforce training needs.
He closed his remarks by thanking the board for their service.
John Poole presented the corporation’s FY15 Third Quarter Financial Statements. 
The cash and cash equivalent balances reported are $669,069.  This amount is broken down between $387,030 in checking and $282,039 in the money market account, both with SunTrust.  Interest year-to-date was $582. The market value of the long-term investments at the end of the third quarter was $2,759,493, up from $2,708,550 at December 31st.  Dividends and interest year-to-date were $133,581 and investment fees were $25,313. 
The total Foundation revenue from July 1, 2014 through March 31, 2015 was $803,966, of which $568,343 represents contributions and grants received by foundation. The total Foundation expenses from July 1, 2014 through March 31, 2015 were $576,601, including $551,288 for Program Services such as scholarships and the purchase of instructional equipment.
The board approved the Treasurer’s Report as recommended by the Finance committee.


In Mr. McEntire’s absence, Amy Gallagher presented items that had come before the Finance Committee at their meeting on April 30, 2015.
In reviewing the YTD Foundation Budget report, she noted that annual revenues would be short of the forecasted figure due to lower grant reimbursements, but this would be offset on the expense side by lower totals in Tobacco Commission scholarships and in equipment purchases. She noted that total scholarships would probably be $450,000 by year-end, less than budgeted, but much higher than last year. Other expenses were in line, and she pointed out that the funds budgeted for the college’s new marketing position were not needed this year, but would be re-budgeted for the next year. Overall, the change in net assets at the end of the quarter was $225,620.
Ms. Gallagher next informed the board that the committee discussed the investment portfolio performance of SunTrust, including comparison to benchmarks and the fee increase history. The committee also talked about alternative investment management options, our investment policy and our fiduciary responsibilities, noting that the last RFP for these services took place in 2011.  The committee did not make a decision on whether to move forward with an RFP process, but did ask Mr. Bradford to draft for discussion an updated investment policy that more closely reflects the best practices of similar colleges and non-profits, which would put us in a better position to proceed with an RFP when necessary. 
Ms. Gallagher then asked Mr. Poole to give the committee’s recommendation on the auditing firm for this year-end. Mr. Poole informed the board that only one proposal for auditing services was received from the three firms selected for the RFP, and that one proposal was more than twice the amount we have paid in recent years. After the committee discussed the RFP process and the foundation’s alternatives for the June 30, 2015 audit, the committee decided to seek a one-year waiver from the VCCS on the audit rotation policy, and to see if Brockman, Drinkard and Pennington could perform those services again for this year. Mr. Poole received this waiver, and Brockman, Drinkard & Pennington was able to reinsert the foundation into its audit schedule. He referred the board members to the audit letter in the board package, noting that the audit fee was approximately $600 higher. On a motion by Winfred Nash, seconded by Clyde Clark, the board approved the selection of Brockman, Drinkard and Pennington as the auditing firm for FY15.


Steve McElroy presented items that the Resource Development Committee discussed at their meeting on April 29, 2015.
He noted that the college’s plan to fill the marketing position will be positive for the college as well as the foundation’s fundraising efforts. He next directed attention to the chart showing the third quarter Annual Campaign giving of $263,801 noting that current projections indicate the goal of $303,000 will be exceeded by year end. Mr. Bradford added that although the Annual Campaign goal will be met, we may come up short on the $353,000 overall contribution goal as he overestimated what Areva’s training needs would be this year.
Mr. McElroy informed the board that the committee also reviewed a listing of all corporate giving over the last five years and discussed trends and potential new donors.
He then gave an update on the Tobacco Commission grants.  CVCC’s needs were most critical in its science laboratories so the Tobacco Commission equipment grant application this year was “Modernization of STEM-H Labs”, a $230,816 project focused on the Biology labs in Lynchburg and the Chemistry lab in the Bedford Center. The Commission meets next week and the foundation is hopeful it will be awarded a 50% grant of $115,408 which will then require an equal amount of funds raised to match. The demand for biology classes is very high given their importance to students working toward healthcare careers, to students in Early College and to many students focused on transferring to four-year colleges. 
Clyde Clark said the committee met on April 29, 2015 and reviewed the updated scholarship awarded so far for the 2014-2015 academic year.  Although all of those available funds were utilized prior to the spring semester, it again looks like some of those spring awards were not used, so summer scholarships were being awarded.
Mr. Clark reported that committee used the new AcademicWorks software program in evaluating 17 Honors Scholarship applicants and this was helpful in uncovering some system issues that needed to be fixed, as well as some grading issues that the users need to address. He noted that these applicants came from 9 high schools and it was noted that all applicants were impressive students in the top 25% of their class and all were going to get tuition free encouragement to select CVCC as their college for the upcoming year. This was possible because eight of the nine high schools were in the Tobacco Region, and therefore students not selected for the Honors Scholarship would still receive a Tobacco Region Academic Scholarship of the same value. The one non-Tobacco Region high school was Amherst and it only had one applicant. 
Mr. Clark said the committee next reviewed three applications for the Faculty and Staff Grant Program, and approved awards in the following amounts:
·       Wendy Ayers, Program Director, Respiratory Therapy Program – A $695 request to market the Respiratory Therapy program, to assist it in reaching its limit of 20 annual graduates from its current level of 10 and bringing in $40,000 in additional annual tuition for CVCC.  It would also increase the number of graduates qualified to fill local healthcare positions in a field forecasted to have above average opportunities.
·       Lauren Calloway, Workforce Development and Community Education Coordinator – A $2,000 request to help pilot a high school internship program called ASITE.  ASITE was created in collaboration with AREVA in an effort to build career interest from local students in engineering and the nuclear industry.  The program will last five weeks and during that time period students will learn, develop and apply soft skills that are applicable in the workplace. The total budget is $13,555 and is funded from AREVA, CVCC Workforce Development, and an Institutes of Excellence grant in addition to the amount requested from the CVCC Educational Foundation.
·       Dianne Sykes, General Coordinator to the President – A $1,129 request to purchase a new, larger conference table for the President’s Conference Room so that larger college groups could utilize the room and so that this very public meeting room would present a more dignified appearance for the college compared to the smaller, scratched and dented very old table currently in use.  There as a good discussion of the appropriate use of these grants with the general conclusion that while non-classroom furniture and fixtures were not going to be a high priority for future awards, this particular request would be approved due to the unique position of this room as an important college meeting room as well as the room where many local leaders attended board and community organization meetings.


Zoe Myers presented the Bylaws revisions that Governance Committee has been working on over the last year, noting that both a final copy as well as “red-lined” copy showing the changes were included in the board package. The changes were discussed and Karen Simonton noted that the Executive Director’s position was not defined in the Bylaws, and it was unclear how committee chairs were nominated. In approving the revised Bylaws, the directors also approved the addition of the two underlined clauses into this sentence in the second paragraph on page 4:
The chairs and membership of the committees (with the exception of the Executive Committee, if such exists) will be selected by the Executive Director, who is a college employee designated by the college to manage the Corporation, with oversight from the Governance Committee.
Mr. Bradford directed the board’s attention to several student thank you notes included in the package to emphasize the impact the director’s service with the foundation is having.
He also referred to a copy of a letter in the package jointly sent by the foundation and a man from Charlottesville to Virginia’s Attorney General in which this donor officially requests that the $100,000 endowed scholarship he created at Sweet Briar be transferred to CVCC when the point is reached in the future that Sweet Briar’s assets are being distributed. 
Lastly, Mr. Bradford noted that the final package insert was a media release on this year’s Chancellor’s Award for Leadership in Philanthropy award which went to Georgia-Pacific’s Big Island Mill for their long history of generous financial support to the foundation, as well as their record of executive leadership participation on the foundation’s board.


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 11, 2015.
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