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


Fred Armstrong


Stephanie Hart


David Scott


Sandy Baker


Larry Jackson


Mike Shadler


Alton Brown


Bif Johnson


Karen Simonton


Vivian Brown


John Kenney


Georgeann Snead


Lewis Bryant


Ryan McEntire


John Watts


John Capps


Chet McPhatter


Ben Witt


Clyde Clark


Zoe Myers


Mike Bradford


John Doyle


Tulane Patterson


Catherine Rice


Amy Gallagher


Kathryn Pumphrey




Greg Graham


Mitch Reaves



            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 of the board.
Mr. Bradford introduced Vivian Brown, Senior Vice President of First National Bank of Altavista, who has previously served as the chair of the CVCC Local Board, and Tulane Patterson, president of Generation Solutions and a former chair of the Lynchburg Regional Chamber of Commerce. He noted that both had been ready to attend the February 9th board meeting until it was moved with short notice to Feb. 11th due to snow.  Bif Johnson, president of Hurt and Proffitt, was also introduced to the board, although Mr. Bradford noted that Bif had been at the Feb. 11th meeting, but so few directors were there that another introduction was in order.  Mr. Bradford lastly introduced Lewis Bryant, CVCC’s new Vice President of Finance and Administration and ex officio member of the board and Treasurer of the foundation. Mr. Bradford noted that although Mr. Bryant has been the Director of Finance for Campbell County Schools for the last 7 years, prior to that he had been Business Manager at CVCC and was very familiar with the college and very highly regarded by all who knew him in his prior roles here. His first day with the college in this new role was April 11th.


On a motion from John Doyle and seconded by Karen Simonton, the minutes of the November 11, 2015 and February 11, 2016 meetings were unanimously approved by the Board.


Dr. Capps told the board members he had included copies of several recent News & Advance stories at each person’s seat to supplement his update. He noted that the first two stories came out of the General Assembly legislative session which overall had been very positive for community colleges. The first article explained the state’s approved version of the VCCS’s Workforce credential initiative which is a significant move to boost the availability and affordability of short-term, non-credit, industry recognized credential training. He would like to acknowledge his gratitude to Kathy Byron, who introduced this legislation to help non-credit students with assistance.  The legislation would require a cap of $3000 per student.  The first 1/3 will be paid by the student.  Once the student has completed the classes, the college would receive 1/3 of the cost and when the student passes the credential exam for the program, the college would receive the final 1/3 of the cost.  This $20 million program will change the way workforce does business.  This program will be most appealing to the unskilled and unemployed.
Next, Dr. Capps gave a report on the inclusion of the planning and engineering costs for CVCC’s capital projects being placed in the state’s bond issue which officially starts the process of renovating Amherst and Campbell Halls.  He thanked Steve Newman for his help in securing the funding for this project.  Larry Jackson inquired as to how the classes will relocate if the campus is full.  Dr. Capps stated that this would be very difficult, but possible. Mitch Reaves asked about new building construction.  Dr. Capps stated that is being looked at also, since the College could really use the extra space this would provide.
Dr. Capps next reported on the salary disparity article, which detailed the presentation given at a recent CVCC Town Hall meeting by the consultants hired by the college as a part of the Building a Better CVCC initiative. He noted that the consulting study would be used as a guide to closing salary gaps over time as funding was available. He also updated the board on the college’s Complete 2021 strategic plan focused on improving student connection, entry, progression and completion.
He pointed out the article citing CVCC’s selection of Karen Simonton as this year’s Outstanding Alumnus. Dr. Capps noted that she will be the commencement speaker at CVCC’s graduation ceremonies tomorrow evening at 7:00 p.m. if anyone was interested in attending.  Mrs. Simonton stated that she is honored to be the speaker for this year’s graduation.  Dr. Capps informed the board that the college will confer 1,239 degrees, certificates and diplomas to approximately 938 students.
Dr. Capps presented Vivian Brown with a proclamation commending her for long-standing service to the CVCC Local Board as a director and chair. 
He thanked the board for their continued support.
Lewis Bryant presented the board with the third quarter foundation financial statements that had been reviewed by the Finance Committee at their meeting, and asked if anyone had questions.  With no questions, a motion to approve was made by John Doyle, seconded by Zoe Myers and approved by the board.


Mr. McEntire presented items that came before the Finance Committee at their meeting on April 28, 2016. 
Mr. McEntire stated that the contributions were below budget with a distinct possibility that goal would not be made.  Larry Jackson informed the board that even with the shortfall so far this year, the foundation’s assets are still growing great.  Karen Simonton asked if there was an alumni database.  Mr. Bradford explained that there is only an excel spreadsheet and most of the information on alumni is out-of-date.  Options for updating this are being looked into by Ken Bunch, the new Marketing and Alumni Coordinator.  With the 50th anniversary coming up later this year, a better database is needed so that all of the CVCC community can be invited to the celebrations.  Mr. McEntire stated that grants were exceeding budget, showing a $90,000 increase. Mr. McEntire explained that when the budget was presented that the McBratney program was not included in the budget numbers.  He stated that 4-5% of the budget is used for General and Administrative operating costs, while the remainder goes to fund scholarships.
Mr. McEntire reported on the SunTrust quarterly investment portfolio.  He noted that the equity component of the investments was at 66.3% and that this is within the required total equity range of 65-75%.
Mr. McEntire presented with a much revised Investment Policy Statement which the Finance Committee had been working on for almost a year.  The asset allocations for the new policy are Equity 70%, Fixed Income 38%, Alternative Strategies 0% and Cash 2%, and each of these targets has an acceptable range around those targets.  The new policy also lays out the quarterly reporting and benchmark comparison requirements and it also requires the managers to use one blended benchmark that can be used to judge manager performance with the portfolio.  A motion to approve was a recommendation from the committee which was approved by the full board.


Larry Jackson presented items that the Resource Development Committee discussed at their meeting on April 25, 2016.
Mr. Jackson stated that the foundation is growing.  This can be seen in the McBratney and Donna Schewel Clark scholarship funds.  Even with the foundation growing, corporate gifts are still down.  The projection for the fourth quarter showed overall contributions increasing to between $378,000 and $485,000 by year-end.
Mr. Bradford informed the committee that although Mr. McBratney has not yet made a gift this year, he will be making a contribution before June 30th to support the second year of the program he is sponsoring.  Early indications from LCS are that the next cohort of students will be better prepared for the work required.  Also, Lynchburg City Schools are trying to reopen their machining lab to get younger students better prepared for the program at CVCC.
Greg Graham presented items that the Scholarship Committee discussed at their meeting on April 14, 2016.
Mr. Graham informed the board of the purpose of the committee, which is to spend money.  Members of the committee read the applications submitted and see what the students want to accomplish and why they need help.  Most students want to better themselves.  He stated that in looking at the budget, you can see how the biggest expense is the scholarship portion.
The committee reviewed Honors Scholarship applications, which were awarded as follows:
·        Altavista – Dustin Cox
·        Amherst – Bailey Harris
·        Jefferson Forest – Taylor Clark
·        Liberty – Kirah Smith
The committee also awarded a scholarship to the following second place Honors applicants:
·        Altavista – Taylor Craft (Tobacco Region Academic Scholarship)
·        Jefferson Forest – Olivia Box (Tobacco Region Academic Scholarship)
·        Amherst – Lauren Carter (Foundation Scholarship)
Mr. Graham informed the board that there had been no requests this quarter for the foundation’s Faculty & Staff Grant Program.  They do expect two requests before the next meeting. 
Mr. Jackson stated that there have been increases in scholarship awards every year since FY13.  Mr. Graham informed the board that the students are better informed about the program and are encouraged to apply.  Bif Johnston stated that a student receives a better education here where it is 25 in a class versus 300.  Mrs. Simonton stated that a media blitz would be good to get the word out.  Mr. Bradford informed the board that with the marketing team they are looking at all aspects of communication with the students and alumni.  Kathryn Pumphrey also stated that having a standardized process to complete will also help students and their parents feel comfortable and less overwhelmed. 
Dr. Capps informed the board that most students don’t apply for financial aid because they feel they won’t get it.  The college is trying to dissuade this way of thinking by doing a summer orientation which goes over applying for financial aid.  He stated that the Beacon of Hope fund-raising consultant recommended that the organization’s scholarship focus shift to starting all students at CVCC.  


Zoe Myers presented items that the Governance Committee discussed at their meeting on April 26, 2016.
She informed the board that the committee is working on new board members and committee assignments.  The Conflict of Interest Policy is being rewritten and will be presented to the board at a future meeting. 
He let the board know that the Easley Trust was CVCC’s choice to be recognized at the Chancellor’s annual Leadership in Philanthropy luncheon this year.  Frank Davidson made the trip to Richmond with him, and Dr. Capps was present as well. He noted that Frank is trustee of both the Easley Trust and the Donna Schewel Clark trust which have so generous to the foundation and supportive of student scholarships. 


There was no new business to report.


There was no new business to report.


There being no further business, the meeting adjourned at 9:09 AM.  The next meeting is scheduled for Tuesday, August 16, 2016.
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