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Areva Technology Center, Room 6119
August 11, 2015
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, August 11, 2015.


Doyle Allen


Fred Armstrong


Sandy Baker


Bill Blevins


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 Clyde Clark and seconded by John Doyle, the minutes of the May 10, 2015 meeting were unanimously approved by the Board.


Dr. Capps updated the board members on activities at the college.  He began by directing the member’s attention to the distributed copy of the year end results for the college’s strategic plan Achieve 2015.  He pointed out that the green highlighted goals were the achieved goals, the yellow highlighted goals are a work-in-progress and the red highlighted goals have not been obtained.  Out of the 47 goals, 42 have been achieved, 3 are in progress and only 2 have not been achieved.  Dr. Capps stated that enrollment was increased in underserved populations and that the college had expanded its programs such as graduating the first class of Lynchburg City Early College and the first class of the Governor’s STEM Academy made up of students from all five school systems. The college is also increasing student access to financial aid and reducing book costs for students.  This year the college began participating in a Zx23 initiative which aims to increase student access to downloadable, freely accessible and openly licensed digital textbooks.  This idea is based on the “Z-Degree” program, a business degree that uses open educational materials.  Achievement of goals in the Resources and Workforce Development areas were exceptional. 
The last goal of completing the process for 2015 SACSCOC reaffirmation of accreditation was a success. A copy of the reaffirmation letter from Belle Wheelan was given to each board member which stated that “The SACSCOC Board of Trustees reaffirmed accreditation.  No additional report was requested.  Your institution’s next reaffirmation will take place in 2024 unless otherwise notified.”  Dr. Capps stated that CVCC has a clean bill of health.  He expressed his gratitude to the board for its support and encouragement through the difficult times.
Dr. Capps moved on to the new goals for Complete 2021 – the Chancellor’s new six-year initiative to triple the number of annual VCCS credentials awarded by 2021.  What started out as one goal has now evolved at the VCCS into a more detailed plan which, as it turns out, mirrors the plan submitted by CVCC.  The Chancellor, Dr. Dubois, in speaking of the CVCC plan, stated that it was “perfect!”  Dr. Capps will be doing a presentation of our new strategic plan at the next College Board meeting.
Finally, Dr. Capps wanted to let the board know that CVCC was determined one of the Great Colleges to Work For in the Chronicle of Higher Education’s annual survey.  The College was one out of 86 colleges nationwide, and one of only 24 community colleges.  He stated that it not only applies to the faculty and staff of the college, but to all of the board members as well, noting that their work is most admirable as they work, but do not get reimbursed, while providing the college with great insight, expertise and time.
He closed his remarks by thanking the board for their service.
John Poole presented the corporation’s FY15 Fourth Quarter Financial Statements as presented to the Finance Committee at their quarterly meeting, and also presented the adjusted financial statements that were prepared after the foundation audit. 
The cash and cash equivalent balances reported are $454,168.  This amount is broken down between $172,076 in checking and $282,092 in the money market account, both with SunTrust.  Interest year-to-date was $767. The market value of the long-term investments at the end of the fourth quarter was $2,748,982.  Dividends and interest year-to-date were $141,292 and investment management fees were $28,459. 
The total Foundation revenue for the year was $872,431, and total expenses for the year were $937,788, including $906,084 for Program Services such as scholarships and the purchase of instructional equipment.
Mr. Poole stated that the audit adjustments were accruals for accounts receivable and gift pledges.
A motion to approve the adjusted financial statements was made by John Doyle and seconded by Karen Simonton and approved by the Board.


Ryan McEntire presented items that had come before the Finance Committee at their meeting on July 29, 2015.
Mr. McEntire noted that there was a difference in revenue of $810,813 for preliminary FY15 and $1,227,040 for budget FY15.  He stated that some of the difference was the grants category, but that if you looked at the preceding years, this amount has increased dramatically since Mr. Bradford has been with the foundation.   There was also a noted decline in unrealized investment gains of $231,926 for preliminary FY15.  
He then reviewed expenses, noting that the budget for the most part was in line.  The marketing staff support expense was not used this year, but will carry over to next year.  Other items were expensed as needed and everything was coming into line where we should be.
Mr. McEntire reviewed the upcoming FY16 budget.  He stated that the revenue budget will be $1,091,000 while the expenses would be $947,993.  In looking at the expenses, they would be fairly consistent with FY15, except for the additional support for the Great Expectations coach for foster youth.  This expense will be fulfilled if a pledge of $15,000 is received.
Since this was forwarded to the board by the committee, it was approved by the board.
He informed the board that the Directors & Officers liability insurance for the 2015-2016 has been paid.
Mr. McEntire then reported on the SunTrust Financial Report.  He stated that the portfolio investment balance as of July 24, 2015 was $2,775,220.  It was noted that the equity was reported at 69.73% which is within the investment policy of the foundation.  He stated that in the top 10 holdings by the foundation portfolio, that the number one holding of Apple has been volatile and may recover some, but this may cause a decline in our portfolio for next year.
Then Mr. McEntire reported on the equity returns and noted that there was a decline of – 2.12% for one month, but that over time, this had improved.  The recent investment strategy of SunTrust was not yet successful, even though they still feel it is the correct strategy.
The committee will be doing a RFP for the investments in the near future.  Before that goes out, the committee will rewrite the investment policy so that the investment managers have a clear understanding of our requirements.


In Mr. McElroy’s absence, Larry Jackson presented items that the Resource Development Committee discussed at their meeting on July 27, 2015.
Mr. Jackson informed the board that large gifts were received by the foundation.  Mr. McBratney’s gift of $106,000 will be used by students starting this fall 2015 with the remainder of the $94,000 being paid to the foundation in January 2016.  The foundation also received a gift from the Estate of Donna Schewel Clark in which the foundation has created an endowed scholarship which should receive bequests of $70,000 per year. The foundation is also expected to receive a $15,000 donation for Great Expectations. 
He informed the board that the foundation will be more detailed on individual and estate giving and will build a list to promote the college not only to new givers but to the traditional givers as well.
Mr. Jackson informed the board of the annual plan for FY16 which shows total contributions at $490,000 and tobacco grants at $435,000.
Clyde Clark said the committee met on June 17, 2015 and July 8, 2015.  For both meetings, the committee approved tobacco scholarships and foundation scholarships.  Mr. Clark said that with the aid of the AcademicWorks software, the committee was able to review the applications and then meet to approve the awarding of the scholarships.  One recommendation made by Karen Simonton was that the student must submit something of value in the essay portion of the application. 
He informed the committee that overall this year, the foundation has awarded approximately $673,000 in scholarships, over last year’s total of $430,000.  This is a 28% increase in the last year. 
Mr. Bradford informed the board that the foundation received approximately 350 applications and awarded approximately 200 scholarships so far. 
Kathryn Pumphrey asked if the students that scored low were interviewed, and Mr. Bradford informed her that they were.  In most cases there was more to learn about the student that our questions on extracurricular or outside activities did not capture. 
Dr. Capps informed the board that scholarships are driving factor in the enrollment increase for fall semester.  According to reports, it was ahead 2% as of the meeting.  He stated that college is not a luxury for everyone, it is a necessity, and the numbers indicate more are coming because of the availability of scholarships.
Mr. Clark said the committee next reviewed three applications for the Faculty and Staff Grant Program, and rejected the awarding of the grants for various reasons:
·       Cheryl Cunningham – Cost of the ASRT Educational Series educational resource for $1,400.
The committee decided that since these resources were not needed to graduate,   since the program stays maxed out at its limit of 15 students per year, and since all graduates pass certification and obtain jobs, that this program is in excellent shape already and these funds should be preserved for use by other programs and in other initiatives at the college to improve areas not doing so well.
·       Francie Dye on behalf of Curtis Lynch – Cost of tuition and accommodation fees for professional development courses for $1,191.
The committee decided that in view of the very high number of adjunct instructors on the credit and non-credit sides of the college, it did not want to set a precedent for funding professional development for adjuncts at this time, noting that the also is not funding professional development to adjunct faculty yet.  Additionally, the committee thought that if these instructors are coming to the college to teach, they should have their credentials.
·       Steve Smith – Cost of tuition for professional development course for $610.
This request was for adjunct professional development for a Workforce instructor, so the committee declined based on the previous explanation.


Mr. Bradford informed the board that the committee did not meet this quarter, but will be meeting in the next few months to start the nomination process for new board members.  He stated that he has received three resignations of board members:
·       Steve McElroy – no longer with Harris Corporation
·       Chris Olson – no longer with Genworth and taking a position in Tennessee
·       Bill Blevins – promotion with Parker Powertrain and moving to Indiana
He asked the board members to keep in mind business and individual leaders who could be asked about joining the foundation board.
Mr. Bradford informed the board of a student that is a veteran and until recently was homeless.  He told how we had helped him with scholarships not only for tuition but for books.
He also asked the board that if they saw Frank Davidson, to thank him for the Schewel gift but also for giving CVCC the $20,000 from the Easley Foundation.  It is hopeful that the foundation will continue to receive this for many years to come.


There was no new 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, November 11, 2015.
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