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Merritt Hall, Room 5118
August 16, 2016
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, August 16, 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


Dr. John Capps was present to greet the directors prior to the meeting, but informed the board that he would not be able to stay as the college’s Convocation was starting at the same time and he needed to attend that event.



The meeting was called to order by Fred Armstrong, president of the Foundation. 


On a motion from Larry Jackson and seconded by John Doyle, the minutes of the May 11, 2016 were approved by the Board, with one correction that Larry Jackson be noted as present at the May meeting.


In Dr. Capps’ absence, Mike Bradford presented the college update.  First, he reported on the Federal Department of Education dual enrollment experiment that the college has been selected to participate in which will allow CVCC to provide Pell grants to low income high school students who are in the Early College or the STEM Academy programs.  This will provide federal financial aid to bright students who are from low income families who could not afford to participate in these advanced opportunities.  Next year it is hoped these grants can be offered to all dual-enrolled students and would allow students to attend who would not otherwise do so. CVCC was one of 44 colleges selected nationally and one of two colleges in Virginia.  Mitch Reaves asked how long the experiment will last.  Mr. Bradford stated it was for four years.  Larry Jackson asked if the college has the capacity to do this.  Mr. Bradford stated that most of the Early College classes were offsite and have space, but that that extra room is limited on the main campus. 
Mr. Bradford also announced that CVCC was one of 38 community colleges nationally to be chosen to receive funds from Achieving the Dream to fund an initiative focused on lowering the costs students incur for books by expanding the use of openly licensed learning materials (Open Educational Resources, OER).
Mr. Bradford updated the board on CVCC’s enrollment outlook for the fall semester which starts on August 22nd. Currently, CVCC enrollment is down 2.20% from the fall semester in 2015, which is better than the overall VCCS decline of 5.89% and better than several surrounding community colleges.
Lastly, Mr. Bradford advised the board that state tax revenues have been below the amount forecasted which has led to the deferral of the salary increases previously approved for state employees.
Lewis Bryant presented the board with the fourth quarter foundation financial statements.  He stated that dividends were $114,750 and investment fees were $28,589.  Total revenues were $680,382 which includes a realized loss on investments of $77,416 and an unrealized loss of $96,594.  Total expenses were $906,477.  Of that amount, program services, which includes scholarships awarded to students, equipment purchased for the college and various grants totaled $877,887.
Mr. Bryant stated that total investments at year-end were $2,661,131.  Total assets for the foundation were $3,199,255.
A motion to approve the quarterly report was made by Kathryn Pumphrey, seconded by Georgeann Snead and approved by the board.


Mr. McEntire presented items that came before the Finance Committee at their meeting on July 28, 2016. 
Mr. McEntire reported on the SunTrust investment portfolio.  The breakdown was 2.7% in Cash, 62.5% in Equity, 26.4% in Fixed Income and 8.4% in Non-Traditional.  In the past the board would have had to approve exceptions to the Investment Policy, but with the new policy, no exceptions are needed.  He informed the board that the five-year returns before fees stayed close to benchmark. 
He stated that an RFP will shortly be issued to several banks, brokers and investment advisors seeking investment management proposals for the committee’s review.
Mr. McEntire then reported on the fourth quarter budget.  He stated the biggest item was the realized and unrealized gains/losses for the year. This is a major factor which is not controllable by the foundation.  He stated that the Tobacco Commission receipts were significant for FY16.  He noted that in scholarship expenses the McBratney program scholarships of $72,000 were not included in the annual budget and that total expenses for the year were down slightly. 
For the upcoming FY17 budget, he pointed out that projected contributions were decreased while grant income was increased. He stated that the unrealized gain/loss would be subject to market returns. On expenses, scholarships and equipment purchases were increased. Program expenses are higher due to increased support to the college for the Great Expectations and marketing positions.
Mr. Bradford stated that with the great growth in scholarships, the Foundation hopes to use all of the Tobacco Commission scholarship money this year.  He informed the board that if the Tobacco Commission lowers the amount of funding, the foundation would have a difficult job finding funds to replace it.  He stated that marketing position support will be phased out over the next two years as the college takes over full funding for this position. 
On a motion by John Doyle and seconded by Karen Simonton, the board approved the FY17 budget.


Larry Jackson presented items that the Resource Development Committee discussed at their meeting on July 25, 2016.
Mr. Jackson informed the board that the Foundation contributions were ahead of last year.  The main three reasons for not making the target goal were the McBratney program required less funding than the previous year; science lab fundraising wasn’t needed because the college picked up the matching funds for the equipment; and less friend fundraising was done.  He did state that Centra foundation contributed $51,000 for the year and the Easley Foundation contributed $25,000.
Mr. Bradford reported on the McBratney program.  He stated that there were two machinists and nine pre-nursing students at year end.  The program is set up for 24 students a year.  Mr. McBratney gave $50,000 this year, which was less than planned, as funds were left over from last year since the first year enrollment was less.  Ms. Simonton asked if Mr. McBratney would consider Jubilee programs and Mr. Jackson stated that Danville Community College starts with 8th and 9th graders.  Mr. Bradford said LCS hopes to have an instructor to teach the 9th to11th graders this school year.
Mr. Jackson continued his report, noting that the gifts and grants budget for next year is set at $911,000, and asked why not $1 million?  He believes that the board and the community could achieve this goal.  He stated that Mr. Bradford will be seeing each board member to see how they would like to participate in this endeavor.  Dr. Pumphrey asked about reaching out to the alumni and Mr. Bradford stated that the college’s alumni database is rudimentary, but that is something his group is working on improving this year. Mr. Armstrong asked would there be information for the members to discuss with potential donors and how much should the ask be?  Mr. Bradford said he will work on some short selling points that can be used for donor conversations. 
Mr. Jackson informed the board that the committee would like to hire a part-time fundraising resource.  This person would work an average of 10 hours a week.  He also wanted to let the board know that a fundraising event at Poplar Forest is being planned. 
Greg Graham presented items that the Scholarship Committee discussed at their meetings on May 17, 2016 and June 28, 2016.
Mr. Graham thanked the Resource Development Committee for their work.  The need is great due to the large number of people who want to better themselves, but have no way to pay for it.
He informed the board that the committee met more than once during the quarter to approve tobacco and foundation scholarships for the upcoming FY17 academic year.  The committee also approved four faculty/staff grants:
·       Sarah Jarrett, the coordinator of CVCC’s new career center, received $350 for wall display racks to hold employer-related flyers and brochures in her career counseling area.
·       John Lofaso, associate professor in Communication Design, received $2000 in professional development funds for training in the instruction of videography, a new course for the college.
·       Cheryl Cunningham, program director for the Radiologic Technology program, received $700 for a replacement mannequin simulator arm to train students so they can receive their venipuncture certification.
·       Alison Moore, assistant professor of Mathematics, received $2,000 to fund a Great Teaching full day seminar during fall convocation for 24 CVCC faculty.
Mr. Graham pointed out to the board the chart which showed the increases in scholarship awards and the chart showing the faculty/staff grant submissions and approvals.


In Zoe Myers absence, Mr. Bradford information from the committee.
The Conflict of Interest Policy has been rewritten by the committee members and is be presented to the board for approval.
On a motion from Mr. McEntire, seconded by Mr. Doyle, the board approved the revised Conflict of Interest Policy.
Mr. Bradford informed the board that the College is celebrating its 50th Anniversary.   There are new banners on the outside poles and several events are being planned.  The first event will take place August 26th at the student welcome picnic with t-shirts and cake in celebration.  On November 5th there will be a 50th Anniversary Fall Festival and Homecoming.  There will be a band, food trucks, beer and wine, games, etc. We are doing advertising and will have a webpage for registering. Please plan to attend.


There was no new business to report.


There was no new business to report.


There being no further business, the meeting adjourned at 9:06 AM.  The next meeting is scheduled for Wednesday, November 9, 2016.
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