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Bedford Hall, Room 3206
May 16, 2018, 8:00 a.m.


The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Wednesday, May 16, 2018.

Attended Name Attended Name Attended Name
X Fred Armstrong X Bob Leveque   Mike Shadler
  Vivian Brown   Ryan McEntire X Karen Simonton
X Lewis Bryant   Chet McPhatter X Georgeann Snead
X John Capps X Jim Mercadante X Marjette Upshur
X Tim Chatlos X Robert O’Brian X John Watts
X John Doyle X Tulane Patterson X Cathy Woody
X Amy Gallagher   Kim Payne X Lloyd Tannenbaum
X Greg Graham X Reggie Pugh    
X Larry Jackson   Kathryn Pumphrey X Mike Bradford
X Bif Johnson X Mitch Reaves X Catherine Rice
X John Kenney   David Scott X Kingsley Chukwu

X = in attendance


Fred Armstrong, president of the Foundation, called the meeting to order. Mike Bradford introduced Dr. Lloyd Tannenbaum who is CVCC Local Board Chair and the ex officio liaison to the Foundation Board.


On a motion from John Doyle and seconded by Mitch Reaves, the minutes of the February 13, 2018 meeting were approved by the Board.



Dr. Capps’ first handout referred to the Complete 2021 Goal Objectives and reminded the board that this is the goal where the community colleges are to triple their credentials by 2021.  CVCC base year total credentials in FY15 were 988.  For FY17 the college is at 3,524 which already exceeds the 2021 goal.  For FY18 he stated that the Industry Certifications and Licensures component on April 5th was at 1,657 year-to-date compared to 2,449 at the same point in FY17. 


Dr. Capps also passed out copies of the excellent newspaper article on CVCC’s graduation which occurred the previous Thursday evening. He informed the board that the college conferred 1,387 degrees, certificates and non-credit licensures to 968 students in the college’s 50th graduation ceremony. Dr. Capps noted that foundation board member Bif Johnson received the Outstanding Alumnus award and delivered a superb message, following in the vein of fellow foundation board members and past recipients Reggie Pugh and Karen Simonton. Pointing out a photo from the news article in which a student’s cap is decorated with the message “Started From the Bottom”, he reminded board members that unlike the four-year colleges whose graduates will leave the area, CVCC students are from here and will stay here.  He stated that CVCC is the Ellis Island of higher education because no one is ever turned away; it is the point of entry to the American dream.



Lewis Bryant stated that all major expenditures for the quarter were for scholarships.  He pointed out on the Changes in Fund Balance that private gifts were $407,377, annual fund gifts were $40,096, investment income was $41,073, and gain on investments was $33,670.  Program service expenses at the end-of-quarter were $523,682 which was the majority of total expenses of $545,795.  Turning to the balance sheet, he noted that cash was $434,750 and once the upcoming equipment bills were paid the cash balance would be where it should be at this time. He informed the board that the market value of the investment portfolio was at $3,097,296 at quarter-end.

A motion to approve the quarterly report was made by John Doyle, seconded by Bif Johnson, and approved by the board.



Ms. Gallagher presented items that the Finance Committee discussed at their meeting on April 16, 2018 meeting.

Referring to the Wells Fargo investment report, she noted that investments were up 10.13% for the last 12 months, which compares well to our benchmark of 10.66%.  Next, Ms. Gallagher noted that at its meeting the committee continued its work on consolidating the small restricted and temporarily restricted endowments accounts that are below the foundation’s minimum amount of $25,000. She informed the board that the committee was recommending the consolidation of the accounts noted on the spreadsheet in the package. Mr. Bradford added that there are 25 accounts with balances less than $25,000, but after discussing each account the committee decided to leave 4 of those as endowed accounts and was recommending consolidation of the other 21 into two unrestricted scholarship endowed accounts – one for the principal balances from the 21 and one for the accumulated earnings balances from the 21. The board approved this motion from the committee. 

Ms. Gallagher also informed the board that the committee had reviewed and approved the audit engagement letter from Brockman, Drinkard & Pennington for the June 30, 2018 audit and was recommending that for approval.  The board approved this motion from the committee.



John Watts asked Mr. Bradford to present items that the Resource Development Committee discussed at their meeting on May 2, 2018.

He informed the board that total contributions through March 31st were $301,369 compared to last year’s $236,912. He reminded the board that the foundation had received the Stroobants Foundation gift of $75,000 and that AREVA has more technicians enrolled which helps increase their (now Framatome) contributions to the foundation. Noting that most of the foundation’s large gifts come in the fourth quarter, he stated that he had reviewed his detailed expectations with the committee which indicates the foundation will exceed its budgeted goal for contributions with a total over $500,000.

On the other hand, however, he stated that the Tobacco Commission grants would not reach the budgeted amount of $441,000, primarily for two reasons. First, the $90,000 in machining equipment reimbursements will not arrive until July or August as that equipment order just did not move along as fast as expected creating a timing difference. Second, Tobacco Commission scholarship reimbursements will not reach the level budgeted as the total amount awarded and actually used by students has been less than planned. He said that due to the significant reduction in Commission funding for the current year from $450,000 to $350,000, the scholarship award process was more conservatively structured and as it turns out was probably too stringent. He said he will request that the Commission allow him to carryover the amount not used into the Fall 2018 semester, but it is uncertain whether they would allow that change. Since the grant for the upcoming year is reduced to $300,000 the conservative scholarship award structure will be the right fit for that amount.

In closing, Mr. Watts added that the committee decided to postpone the next donor event until the fall and use it to introduce the next executive director to the community.



Greg Graham informed the board that the committee has started reviewing online scholarship applications and will meet on May 24th and June 28th to make scholarship decisions for the upcoming academic year.



In Ryan McEntire’s absence, Mr. Bradford presented items that the Governance Committee discussed at their May 2, 2018 meeting.

Mr. Bradford informed the board that the foundation’s fundraising policy, titled Policies and Procedures Related to Fundraising, was overdue for review and was the primary focus of the Governance Committee meeting. It was noted that several parts of the fundraising policy could be deleted as they had been incorporated into the new Spending Policy created in 2013.  Parts of the fundraising policy also outlined scholarship procedures and after discussion it was decided that since scholarship expenditures were a central focus and purpose of foundation operations this should be moved to a new Scholarship Policy. This committee work led to the rewritten fundraising policy and the new scholarship policy that had been emailed to the Governance Committee and then to the full board.

Mr. Bradford said that he had received several suggestions for further minor changes to the fundraising policy and in view of these he was recommending that a vote on this policy be postponed until the next Governance Committee and Board meetings in August for final approval. However, he asked that the new Scholarship Policy be considered for approval today as the existing scholarship procedures described in the old fundraising policy were incorrect. He also pointed out that the new Scholarship Policy incorporates by reference the Annual Operating Plan for scholarship decision making that provides the “rules of the road” for consistent treatment of applicants and the rationing of the available scholarship dollars.  The board approved this motion from the committee regarding the Scholarship Policy.



Mr. Bradford noted that this was his last foundation board meeting and thanked Dr. Capps for hiring him in 2012 and giving him this wonderful opportunity. He recognized the tremendous positive difference Dr. Capps has made at the college and said he has very much enjoyed working for him. He thanked the board for their support during his tenure as executive director and for the important roles they had played in the success and growth of the foundation, and in the impact that work has had on so many students. He stated that he has been on this board for 20 years and is leaving knowing that it is composed of great community leaders who will continue doing great things for CVCC. He lastly recognized Catherine Rice and the partnership they had enjoyed and the important role she had played in the growth of the scholarship program and the management of the office.



Dr. Capps expressed his appreciation for Mr. Bradford’s service to CVCC and reviewed for the board members the many achievements Mr. Bradford had brought to the foundation and the college during his six years, noting that he would be missed both professionally and personally.


Several board members offered their thanks to Mr. Bradford and commented on the positive work accomplished during his tenure.



There was no old business to report.



There was no new business to report.



There being no further business, the meeting adjourned at 8:53 a.m.  The next meeting is scheduled for Tuesday, August 21, 2018.

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