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2015-11-11

MINUTES NO. 118

 
 CENTRAL VIRGINIA COMMUNITY COLLEGE
EDUCATIONAL FOUNDATION, INC.
BOARD OF DIRECTORS MEETING
Merritt Hall, Room 5118
November 11, 2015
 
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Wednesday, November 11, 2015.
 

 

Doyle Allen

 

Fred Armstrong

 

Sandy Baker

 

John Capps

X

Clyde Clark

 

Lorenza Davis

X

John Doyle

X

Amy Gallagher

X

Greg Graham

 

Stephanie Hart

 

Larry Jackson

 

Patti Jurkus

 

Karen Kinnier

 

Ryan McEntire

 

Chet McPhatter

 

Zoe Myers

X

Winfred Nash

X

John Poole

X

Kathryn Pumphrey

X

Mitch Reaves

 

David Scott

X

Karen Simonton

X

Georgeann Snead

X

John Watts

X

Mike Bradford

X

Catherine Rice

X

Dan Chipman

X

Ken Bunch

 

 

 

 

          X = in attendance

 

CALL TO ORDER

In the absence of the president and vice president of the Foundation, the meeting was called to order by Winfred Nash, past president of the Foundation. 
 

APPROVAL OF MINUTES

On a motion from John Doyle and seconded by Kathryn Pumphrey, the minutes of the August 11, 2015 meeting were unanimously approved by the Board.
 

COLLEGE REPORT

John Capps was out of town, so Mike Bradford gave a report on the college to the Board.  Enrollment for CVCC as of November 10, 2015 was down just -1.28%, while overall VCCS enrollment is down -4.07%.  Other community colleges around us are all down to a greater degree than CVCC, with Danville at -6.35%; Patrick Henry at -9.17%; Piedmont Virginia at -2.09%; Southside Virginia at -15.92%; and Virginia Western at -7.61%.  He introduced Ken Bunch, the new Public Relations and Marketing Coordinator for CVCC and said Ken would share his new spring enrollment campaign with the board later.
 
Mr. Bradford informed the board of some personnel changes at the college.  John Poole will be retiring on December 31st after 40+ years working for the VCCS and 23 years with CVCC.  A search will be held, but until his replacement is on board Will Sandidge and Mr. Bradford will be handling the duties of this position.  Peggy Samuels, the Foundation accountant has accepted a position at Longwood University and her replacement should be hired soon. The search to fill the new position of Dean of Student Success is underway and will be filled soon. 
 
Mr. Bradford informed the board that Mr. Nash will be resigning from the board to become a member of the College’s Local Board.  Mr. Nash stated that it had been a rewarding pleasure to serve for the 15+ years on the board.  He enjoyed that this board helps students and that it gives him pleasure to see young people being able to go to college.  He appreciates what the board has done to promote CVCC.  He thanked the board for allowing him to serve.
 
Mr. Bradford informed the board that the college has again been named a Military Friendly College.  Only nine of the 23 community colleges in the system have this distinction and only five of the state’s 4-year colleges.  Mitch Reaves asked Mr. Bradford what it means to be a Military Friendly College.  Mr. Bradford stated there are requirements that CVCC had to meet such as worthwhile credentials, support on campus, graduation and retention rates, and administrative and orientation support.  The college has an estimated 480 veterans enrolled in classes.
 
He reminded the board that CVCC was designated a “Great College to Work For” in a recent national survey which evaluated the college on about 15 different employment factors.  Although the college’s scores on all 15 were either Good or Excellent, we achieved the honor roll level in only two. Dr. Capps has initiated a project to learn what shortcomings various employee categories might see in the CVCC workplace in order to make improvements where possible.
 
Mr. Bradford informed the board that the administrative and classified staff received a 2% raise in September with an additional $65 per year added to their salaries for classified staff who have worked here more than five years.  The faculty received a 3% raise.  He pointed out that across the board raises among state employees are dependent on General Assembly action and have been rare since the 2007-2008 recession and its effect on state revenues.
 
Mr. Bradford then turned the meeting over to Mr. Bunch.  Mr. Bunch gave a presentation showing how the college previously did enrollment period advertising and how that is changing for the upcoming spring semester.  Previously the college was using old and dated information with no central theme.  The new image of the college will be a fresh look with real students.  The theme is “Success! It’s closer than you think.”  The landing page for “gocvcc.edu” has been totally remade to make it welcoming, helpful and with a graphic to tie it to the overall Success! campaign.  Mr. Bunch then showed the new 30 second commercial for spring enrollment.  Mr. Bunch thanked the board for their time and stated he welcomed any feedback and suggestions they may have.  John Watts asked what the college’s budget was for marketing and Mr. Bradford said that it is $82,000 for marketing the entire college.
 
TREASURER’S REPORT
John Poole thanked the board for their support during his 23 years as treasurer and then presented the corporation’s FY16 First Quarter Financial Statements as presented to the Finance Committee at their quarterly meeting. 
 
The cash and cash equivalent balances reported are $586,365.  This amount is broken down between $304,253 in checking and $282,112 in the money market account, both with SunTrust.  Interest year-to-date was $185. The market value of the long-term investments at the end of the first quarter was $2,561,921.  Dividends and interest year-to-date were $9,966 and investment management fees were $7,543. 
 
The total Foundation revenue for the first quarter was $96,454, and total expenses for the first quarter were $71,981, including $64,438 for Program Services such as scholarships and the purchase of instructional equipment.
 
A motion to approve the financial statements was made by Clyde Clark and seconded by John Doyle and approved by the Board.
 

AUDIT COMMITTEE REPORT

In the absence of Ryan McEntire, Amy Gallagher presented the Audit Committee report.  She stated that the committee met with Tim Blanks of Brockman, Drinkard and Pennington.  Mr. Blanks reviewed the June 30, 2015 audit and 990 tax return.  He stated there were no management issues to report to the committee. 
 
A motion to approve the audit report and the 990 tax return was made by Kathryn Pumphrey and seconded by John Doyle and approved by the Board.

 

FINANCE COMMITTEE REPORT

Ms. Gallagher presented items that had come before the Finance Committee at their meeting on October 27, 2015.
 
Regarding the SunTrust quarterly report, she pointed out that the committee was recommending approval of an exception to the fixed income duration requirement again as has been the case for some time. She informed the board that the finance committee has looked at a first draft of a new investment policy, but until that is completed an exception is needed for the September 30 and December 31 quarters.  Mr. Bradford explained to the board that the current policy requires our fixed income duration to stay within a narrow band around the actual duration of the Barclays US Agg index’s, but that SunTrust has advised us to keep our fixed income investments in shorter maturities due to the forecast for rate increases. He stated that he has not seen other investment policies with a duration requirement.
 
A motion to approve the investment policy exceptions was made by Mr. Watts and seconded by Mr. Doyle and approved by the board.
 
Ms. Gallagher informed the committee that two RFP auditing proposals had been received and are being reviewed by the committee.  The committee wants to make sure that due diligence is done in this important process for the foundation since the fees are higher from the two firms than we have paid in the past.  Mr. Bradford stated that Ryan McEntire has also asked him to determine whether the VCCS policy actually requires the foundation to rotate auditors, or if it is a strong recommendation. 
 

RESOURCE DEVELOPMENT COMMITTEE REPORT

Mitch Reaves presented items that the Resource Development Committee discussed at their meeting on October 26, 2015.
 
Mr. Reaves stated that the list in the minutes were new or rejuvenated donors and that Mr. Bradford is doing significant work in this area.  He said that looking at the first quarter reports there is nothing that stands out that would not allow us to meet our plan for this year.  He stated that there is a Donor List in the packet which shows the contributors for last year.  Mr. Bradford informed the board that this list will be published on the foundation’s annual report on the CVCC website in the future. 
 
Mr. Reaves highlighted the fundraising report and that with the tracking tools in place, we are able to see where we are in each category.  He informed the board that the Foundation has received a $450,000 scholarship grant for use in the next academic year. 
 
He closed his report by stating that he feels very good about the progress and leadership of the foundation.
 
SCHOLARSHIP COMMITTEE REPORT
Clyde Clark said the committee met on October 22, 2015.  He stated this will be his last meeting as chair of the committee and that Greg Graham will assume that role.  Mr. Clark reviewed the scholarship history report showing that scholarships have increased every year, as have the number of students served.
 
He then informed the board that the current year scholarship report showed there was a total of $710,000 awarded so far for the 2015-16 academic year.  This exceeds the budgeted amount of $558,000, but the awarded amount will decrease due to students receiving financial aid and/or taking less credit hours and fall in line with the forecast.
 
He pointed out to the board that we were awarded $450,000 from the tobacco commission for the 2016-17 academic year.  He noted that seven other community colleges received the same, but it is important to note that CVCC is located in the City of Lynchburg, which is not part of the tobacco area, but Appomattox, Bedford and Campbell counties are included.
 
Mr. Clark said the committee reviewed three applications for the Faculty and Staff Grant Program:
 
·       Bestselling Author Beth Macy Public Lecture – full funding of $2,000 approved.
·       HAVEN Educational Program Marketing for Title IX Compliance – funding of $500 for the first year (of three) was approved and the applicant is encouraged to reapply for future years as needed based on what has been learned from the first years’ experience.
·       Hadrian’s Wall Study Abroad – declined due to concerns about suitability for foundation funding and number of students participating.
 
Mr. Bradford informed the board that the Beth Macy lecture was held the previous night and was well attended, not only by college staff and students, but by community members.  He stated that the book “Factory Man” has been used in several business classes this semester.  He thought the program was good for the students and for the image of the college.  Karen Simonton stated the college should consider doing more of these collaborations.
 
Regarding the scholarship committee, Mr. Bradford added that the entire board may be given the option of evaluating some of the scholarship applications next year so they can see how the process works, be exposed to the students and their circumstances, and to give each application a higher number of reviews. Mr. Nash said he thought that would be a good idea.
 
In looking over the list of current year scholarship awards, Ms. Gallagher asked how the recipients of the various endowed and tobacco scholarships are chosen.  Mr. Bradford explained that the endowed scholarships are usually restricted to students who meet certain donor criteria and the new scholarship system tells us which applicants meet those restrictions. The tobacco scholarships are for students who come from Appomattox, Bedford or Campbell counties and who fit into one of two groups; either they are in a STEM-H program of study or they have graduated from one of the public high schools in the tobacco counties during the last three years and have a 3.0 or higher grade point average.  He noted that Amherst and Lynchburg City are not able to participate in the tobacco scholarships, but that he and Dr. Capps are in discussions about ways to increase funding for students from those areas. 
 
Dr. Pumphrey asked if they had contacted Beacon of Hope.  Mr. Bradford stated that Dr. Capps has been on that board for a number of years and has been working toward increasing that organization’s focus on assisting students who should be coming to CVCC.  Dr. Pumphrey stated she had talked to Joan Foster at Beacon of Hope and told her that it needs to support the community college more than four year focused students. Mr. Clark agreed with Dr. Pumphrey that the Lynchburg high school personnel seem to focus more attention on students heading toward four-year colleges.  Dr. Pumphrey stated that it needs to be marketed to start at CVCC first and then right into a four-year college, and that we can use our alumni who have done that to show it can be done. Mr. Bradford agreed, and said that Mr. Bunch is working with Harris Connect to contact all 16,000 of our alumni to start the process of building an updated, usable alumni database with which we can start to build a greater connection with them.
 

GOVERNANCE COMMITTEE REPORT

In Zoe Myers absence, Mr. Bradford reported on the member feedback forms and thanked the board for their participation.  He and the committee will use it to improve the foundation’s operations.
 
Mr. Bradford stated the committee recommends the following to the board for approval:
 
·       Officers for 2016:
o   President:                         Fred Armstrong
o   Vice President:                  Larry Jackson
o   Secretary:                         John Capps (ex-officio)
o   Treasurer:                         Will Sandidge (interim, ex-officio)
 
·       Committee Chairs for 2016:
o   Finance:                           Ryan McEntire
o   Governance:                     Zoe Myers
o   Resource Development:    Larry Jackson
o   Scholarship:                      Greg Graham
 
A motion was made to approve the officers and committee chairs for 2016 by Mr. Clark and seconded by Dr. Pumphrey and approved by the board.
 
Mr. Bradford then said the committee recommends the following individuals be approved for three year terms as directors:
 
·       Chet McPhatter
·       Mitch Reaves
·       Tulane Patterson
·       Mike Shadler
 
A motion was made to approve the members for a three year term by Mitch Reaves and seconded by Georgeann Snead and approved by the board.
 

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 9:08 AM.  The next meeting is scheduled for Tuesday, February 9, 2016.
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