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Merritt Hall, Room 5118
November 9, 2016
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Wednesday, November 9, 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


Christina Brannan


Greg Graham


Mitch Reaves



            X = in attendance



The meeting was called to order by Larry Jackson, vice president of the Foundation. 


On a motion from John Watts and seconded by Tulane Patterson, the minutes of the August 16, 2016 were approved by the Board.


Dr. Capps reported to the board that another round of state budget cuts is expected and even larger cuts for next fiscal year.  Those future cuts could be as high as the 7½% level.  With that expected, Lewis Bryant has been working to prepare for the cuts.  Already this year, CVCC has reduced the cost of adjunct faculty and left faculty positions unfilled in preparation for what may come next year.
Dr. Capps referred to the recent article in the News and Advance regarding compensation for faculty and staff being at a long-term low.  Despite the budget issues, CVCC is working to address this issue and has incorporated funds into the budget to begin a phased increase process, but it will be difficult to incorporate it into the coming year’s budget. However, he said we are committed to do the right thing when able. In response to the college’s salary study, the VCCS has approved CVCC’s request for equity adjustments for some faculty retroactive to the beginning of the contract year.
The college recently signed a dual enrollment contract with Liberty University, similar to the ones it already has with Lynchburg College and Randolph College.  Students will be able to participate in Liberty activities and take one class there each semester at the CVCC tuition rate. After two years they are guaranteed entrance as juniors. 
The college is currently working on its strategic plan - Complete 2021.  Dr. Capps provided the board with an update which shows the midterm progress report for CVCC.   The college is making good progress with the upcoming launch of a new website, new curriculums in Energy Technology and Cybersecurity, building structured pathways, and increasing scholarships.  The college is working on tripling credentials as part of a six-year plan of the VCCS.  In the most recent credential tracking report, CVCC was in first place among VCCS colleges with 1,220 credentials.
Dr. Capps then asked Mike to tell them about Saturday’s 50th Anniversary Fall Festival.  Mike gave the board a handout showing how the grounds were laid out. He said it was a beautiful fall day, we had about 750 people of all ages, 7 very busy food vendors, two vineyards, a beer truck, the band was great, campus tours going on, and it was just a very fun day all-around.
Lewis Bryant introduced Christina Brannan, the new CVCC Business Manager, to the board.
Mr. Bryant presented the board with the first quarter foundation financial statements.  He stated that dividends were $7,434 and investment fees were $7,509.  Total revenues were $147,522 and total expenses were $119,501.  Of that amount, program services, which includes scholarships awarded to students, equipment purchased for the college and various grants totaled $108,029.
Mr. Bryant stated that total assets for the foundation were $3,283,547 with the investments at $2,733,961.  Major expenditures were reported with the purchase of two grinders at $35,832. 
A motion to approve the quarterly report was made by John Doyle, seconded by John Watts and approved by the board.


In Mr. McEntire’s absence, Mr. Bradford presented items that came before the Finance and Audit Committee at their meeting on October 27, 2016. 
Mr. Bradford referred the members to the copies of the audited financial statements and the Form 990 tax return which they received in their mailed board packages. Mr. Bradford reported in the Audit Committee meeting, our CPA Tim Blanks from Brockman, Drinkard and Pennington indicated that the foundation received a “clean” audit opinion.  New to this year’s audited financial statements is the Donated Labor and Benefits of $33,862 which shows as both a revenue and an offsetting expense item.  These are non-cash items that represent the portion of Mr. Bradford’s and Mrs. Rice’s salary and benefits that are spent on foundation business. Mr. Bradford said that Mr. Blanks always requests this information, but this was the first year Mr. Blanks felt the amount was significant enough to include in the statements. Mr. Bradford said this is unfortunate, as it makes the foundation’s overhead appear higher than it really is, although even with that additional expense it is still very low.
On a motion by John Doyle and seconded by Zoe Myers, the audit and tax return were approved as presented.
Mr. Bradford then updated the board of the search process for investment management services, referring their attention to the multiple sets of minutes from the Finance Committee’s work on this project since the last board meeting.  He reported that RFP’s were sent to nine firms and responses were received from seven of those firms. At its first meeting, the committee members had reviewed all seven responses and selected four firms to be invited for an in person presentation and interview. All four of these presentations were conducted at the second meeting, after which the committee discussed the firms and selected Wells Fargo and that motion is before the board from the committee. The board approved the motion from the committee for the selection of Wells Fargo to provide investment management services going forward.


Larry Jackson presented items that the Resource Development Committee discussed at their meeting on October 24, 2016.
Mr. Jackson let the board know that there will be a Donor Recognition Reception held at Poplar Forest on April 6, 2017 from 6:00 – 8:00 pm.  This will be to build relationships with our donors. 
Mr. Bradford informed the board that first quarter fundraising is slow, but it will continue to grow.    He has been emailing potential prospects and he and Dr. Capps have been making calls. 
Greg Graham presented items that the Scholarship Committee discussed at their meeting on October 25, 2016.
Mr. Graham reported that scholarships awarded totaled $757,907.  He stated that this is more than budgeted, but that history has shown that students tend not to use all of their award, so that over awarding is needed to meet the budget. 
The committee discussed and approved one request under the Faculty & Staff Grant Program
·       John Lofaso, professor in the Communication Design program, requested a grant for $2000 to meet initial equipment goals for a new class (PHT 130 – Video I) required in the Communication Design program.  His concern is that students who need to take the class will not be able to purchase the expensive camera required. The camera, microphone and tripod total $1,160.  He is looking to fund three college-owned setups plus additional pieces for a grand total of $5250.  The Communication Design department will pay $3250.
From its budget.


Zoe Myer’s presented Governance Committee’s recommendations for Board officers and committee chairs for the upcoming year.
On a motion by John Doyle and seconded by Georgeann Snead, the board approved the nomination of officers as follows:
·       President:                    Fred Armstrong
·       Vice President:           Ryan McEntire
·       Secretary:                   John Capps (ex-officio)
·       Treasurer:                   Lewis Bryant (ex-officio)
On a motion by Greg Graham and seconded by Bif Johnson, the board approved the nomination of committee chairs as follows:
·       Scholarship                             Greg Graham
·       Finance                                   Amy Gallagher
·       Governance                            Ryan McEntire
·       Resource Development          John Watts
On a motion by Georgeann Snead and seconded by Greg Graham, the board approved the nomination of current and new board members as follows:
·       Fred Armstrong
·       John Doyle
·       Greg Graham
·       Kathryn Pumphrey
·       John Watts
·       Jim Mercadante (new)
·       Cathy Woody (new)
Mr. Bradford thanked the board members for agreeing to serve another term and for their service on the respective committees.  He reminded the board members of the Conflict of Interest statement that was emailed to them and asked them to return the completed forms.  The VCCS policy was also forwarded to the board members as mandated by the VCCS.
He then informed the board of two members who will unfortunately be retiring.  Clyde Clark has served on the foundation board for nine years, also serving as Scholarship Committee chair for much of that time. In addition, he served on the college’s Local Board, and he and his wife Marjorie annually sponsored a scholarship for a graduate from Lynchburg City Schools.  Mr. Bradford also recognized Zoe Myers who has been a director for six years, and has served as Governance Chair and as a member of the Resource Development Committee at the same time. Mr. Bradford noted that Ms. Myers was a particularly hard working director, including showing up for a Governance meeting early one morning when the college was closed due to snow. In addition, she had ensured that Georgia-Pacific’s generous support was maintained at a high level. Ms. Myers thanked the board and praised their service which has brought much benefit to the students.


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 Tuesday, February 14, 2017.
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