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Merritt Hall, Room 5118
February 11, 2016
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Thursday, February 11, 2016.


Fred Armstrong


Bif Johnson


Karen Simonton


Sandy Baker


Ryan McEntire


Georgeann Snead


Vivian Brown


Chet McPhatter


John Watts


John Capps


Zoe Myers


Mike Bradford


Clyde Clark


Tulane Patterson


Catherine Rice


John Doyle


Kathryn Pumphrey


Dan Chipman


Amy Gallagher


Mitch Reaves


Lisa King


Greg Graham


Will Sandidge




Stephanie Hart


David Scott




Larry Jackson


Mike Shadler



            X = in attendance



The meeting was called to order by Fred Armstrong, president of the Foundation.  He asked Mike Bradford to introduce the new members and guests.
Mr. Bradford introduced Bif Johnson, CEO of Hurt & Proffitt.  He is a graduate of CVCC with an engineering degree.  He received his Bachelor’s degree from Virginia Tech and has been with Hurt & Proffitt for 28 years.  Mr. Bradford stated that due to the snow related postponement of the meeting from Tuesday to Thursday, the other new members were not able to attend and would be introduced at the May meeting.  They are Mike Sadler with Genworth, Vivian Brown with First National Bank, and Tulane Patterson with Generation Solutions, Inc.  Mr. Bradford also introduced Will Sandidge, the Interim Treasurer of the Foundation, Lisa King the new Foundation and Grant Accountant, and Dan Chipman, the CVCC Business Manager.


A quorum not being present, the approval of the November 11, 2015 minutes will be presented for approved at the May board meeting.


Dr. Capps presented highlights from Richmond.  There is a proposal for $24.6 million in funding for non-credit courses before the General Assembly.  It still needs to be determined how the funds would be disbursed.  One bill would provide the funds to the VCCS to be disbursed as needed to students.  The other bill would provide funding to the students where they would be able to go anywhere they would like, not just to a community college.  He stated that the Commonwealth recognizes that there are 1.5 million job vacancies that need to be filled by individuals with training beyond a high school diploma. 
He reported that the initial funding for the renovations of Amherst, Campbell and Appomattox halls is included in the budget, and if approved the planning for the renovations should begin next fiscal year. 
Dr. Capps reported that enrollment is down 3.96%, but recognizes that this is better when compared with the rest of the state.  The VCCS system is down 4.5% and our neighboring community colleges are also down more than CVCC. CVCC’s relatively positive enrollment situation can be credited to the STEM Academy, Early College, Campbell County Technical Program, the McBratney program and Dual Enrollment.  Also helping, retention is improving semester to semester and year to year. 
The College is moving forward on its new strategic plan Complete 2021, whose components aim to improve student success through four component categories – Connection, Entry, Progression, and Completion.  The Connection piece of the plan started with the hiring of the new marketing director.  The college is now working on developing a new website.  It is implementing the Open Education Resources (OER) initiative.  This would enable students to have free textbooks for 12 courses offered.  The college plans on extending this to 19 classes by the end of the semester.  Right now the initial focus is on courses in the General Studies and Business Administration degrees.
Dr. Capps reported that the college will begin offering several new programs of study: Health Information Management, Fire Science Technology, Industrial Maintenance, Energy Technology, Solar Energy, Nuclear Support Technology, Biotechnology, and Cyber Security.  CVCC wants to be the Center of Excellence for Energy.
The college is in the process of filling several positions.  The search has begun for a Vice President of Finance and Administration, a Dean of Student Success (new position), a full-time Great Expectations Coach, and a Law Enforcement and Emergency Coordinator (new full-time position).
Next year the college plans to implement several new initiatives: development of a new summer orientation, initiation of faculty advising and modifications to the late registration process. 
Dr. Capps thanked the board for their support of the college.
Dan Chipman, the Business Manager for CVCC, presented the corporation’s FY16 Second Quarter Financial Statements.
The cash and cash equivalent balances reported are $308,111.  This amount is broken down between $25,963 in checking and $282,148 in the money market account, both with SunTrust.  Interest year-to-date was $307. The market value of the long-term investments at the end of the second quarter was $2,633,453.  Dividends and interest year-to-date were $29,471 and investment management fees were $14,612. 
The total Foundation revenue for the second quarter was $244,477, and total expenses for the second quarter were $443,422, including $413,987 for Program Services such as scholarships and the purchase of instructional equipment.
A quorum not being present, the approval of the treasurer’s report will be presented for approved at the May board meeting.


In absence of the chairperson, Mr. Bradford presented items that had come before the Finance Committee at their meeting on January 27, 2016.
He reported that the year-to-date contributions of $166,863 are not at 50% of budget, but are at a normal level given the timing of the foundation’s campaigns and recurring donations during the fiscal year.  Grant revenues of $160,241 likewise appear behind, but do not include $180,000 that has been billed to the Tobacco Commission for fall scholarships which was received in January.
Scholarship expenses of $349,720 are on track to meet budget.  Mr. Bradford noted that the Restricted Scholarships were over budget due to the fact that he overlooked including the McBratney Scholarships in his budget projection, and these were $50,306 of the restricted total of $67,579. 
Mr. Bradford explained that the Centra scholarships are over budget due to an explosion of students needing AHA certification training.  The City of Lynchburg began sending their 75 EMS employees to CVCC for this training in 2015, and the demand from Centra employees has increased as their number of providers has grown along with their expansion of locations and practices. Centra Foundation has granted CVCC $11,000 in emergency funding to allow the training to continue through June 2016 by which time Centra Foundation will have considered our larger annual grant request during its normal distribution cycle.
He informed the board that there have been no new applications for the Faculty/Staff Grant program, but there are unpaid invoices that will be coming through for payment.  The college has not yet billed the Foundation for any marketing position funding, and the funding for the Great Expectations position will not be needed until March when that position transitions to full-time.
Equipment purchases are slow as the college has not yet billed the foundation. Overhead expenses are primarily paid early in the year so appear ahead of schedule, but are expected to be less than budgeted overall by year-end.
Mr. Bradford then reported on the SunTrust quarterly investment portfolio.  He stated that the equity component of the investments was at 65.5% and within the required range. On the fixed income side, he reminded the board it had pre-approved a policy exception for the duration being below the target range for the second quarter.
He informed the board that the Finance Committee was drafting a new Investment Policy Statement.  He asked the board to look at the asset allocation ranges shown on page 5.  He noted that the target levels shown were a starting point for committee discussion. The committee hopes to have the policy ready for a vote so that an RFP can be created to bid out the investment firms.


In the absence of the chairperson, Mr. Bradford stated that the committee did not meet due to the snow on January 25, 2016.  The following is part of the report he sent to the Resource Development Committee members.
Mr. Bradford stated that the foundation has raised $166,863 and is at 34% of the annual goal of $490,000.  He noted although this is below 50% the majority of the foundation’s largest donations come in the second half of its year. He is optimistic about reaching the annual goal by year-end, but pointed out that there is $94,000 budgeted for year 2 of the McBratney pledge, but the year 1 gift has not been fully utilized due to the number of students in the program being much less than capacity, which means less will be required from Mr. McBratney to fully fund year 2.. 
As noted earlier, Centra Foundation donated $11,000; Hurt & Proffitt is setting up a new scholarship donating $2,000 a year for five years.  The Foundation has also received the second $35,000 from the estate of Donna Schewel Clark.  Mr. Bradford stated that the Easley Foundation is CVCC’s selection for the 2016 Chancellor’s Philanthropy award in recognition of their 25 years of giving to CVCC, and their recent inclusion of CVCC as one of the colleges that will supported on an ongoing annual basis.
The Tobacco Commission revenue shown at year-end has since increased by $180,000 in January which was billed to the commission in December.  There will be a billing for equipment in the third quarter and also another scholarship invoice. He expects to reach the annual goal for grant income.
Greg Graham stated that the committee did not meet due to the snow on January 26th.  The following is part of the report made to the Scholarship Committee.
The report shows expenses year-to-date of $349,719 compared to the annual budget of $603,900.  The committee always awards more than the budget as things change for students, such as they may receive FAFSA or they may take fewer classes.  The year-end scholarship figures will come in close to budget.
The committee will begin reviewing applications for next school year in April.  With the purchased software, it has made it easier for members to review and score students. He encouraged board members who are not on the committee to participate in the reviewing of the applications this year, noting that more reviews would help give better scores and also connect members with the students and their circumstances.


In Zoe Myers absence, Mr. Bradford reported that the committee did not meet due to the delayed opening of the college on January 27th, although Zoe and Mike did meet that morning. 
Mr. Bradford stated that he and Ms. Myers reviewed the list of directors and discussed new membership recruitment.  He noted that three board members, Chris Olson, Bill Blevins and Steve McElroy, resigned due to job changes.  Lorenza Davis and Doyle Allen retired from the board, two members rotated off at the end of their terms, and Winfred Nash moved over to the College Local Board.
He stated that although we have added four new members, four more members are needed to stay level with last year, with the goal being to ensure a quorum at committee meetings.  To assist with getting meeting dates on member’s schedules earlier, all committee and board meeting dates will be set for the next year and Outlook calendar invitations sent.
He and Ms. Myers noted that the committee should see which foundation policies have not been reviewed in several years, and ask the other foundation committee’s with oversight of those policies to review them for changes during 2016. For its part, they noted that the Governance Committee should review the Conflict of Interest Policy to see if updates are needed.
Mr. Bradford informed the board of the Employee Campaign was moved from September to January and began at Spring Convocation.  This year wristbands were given to all donors and if a donor increased their contribution by $24 or if they gave over $100 without decreasing their gift, they received a pencil holder as an additional incentive.


There was no new business to report.


There was no new business to report.


There being no further business, the meeting adjourned at 9:08 AM.  The next meeting is scheduled for Wednesday, May 11, 2016.
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