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Merritt Hall, Room 5118
August 21, 2018, 8:00 a.m.
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, August 21, 2018.
Attended Name Attended Name Attended Name
X Fred Armstrong   Ryan McEntire   Karen Simonton
X Vivian Brown   Chet McPhatter   Georgann Snead
X Lewis Bryant   Jim Mercadante X Marjette Upshur
X John Capps X Robert O'Brian X John Watts
X Tim Chatlos   Tulane Patterson X Cathy Woody
X Amy Gallagher X Kim Payne   Lloyd Tannenbaum
X Greg Graham X Reggie Pugh    
X Larry Jackson   Katherine Pumphrey    
X Bif Johnson X Mitch Reaves X Catherine Rice
X John Kenney   David Scott X Kingsley Chukwu
X Bob Leveque   Mike Shadler    
  X = in attendance
Fred Armstrong, president of the Foundation, called the meeting to order.
On a motion from John Watts and seconded by Bif Johnson, the minutes of the May 16, 2018 meeting were approved by the Board.
Dr. Capps informed the board of the vacancy search for the new executive director of the Foundation.  He stated that applications have been received and there are two committees reviewing and interviewing the candidates.  He thanked Fred Armstrong, Reggie Pugh and Kathryn Pumphrey for agreeing to represent the board on the interviewing committee. 
Enrollment is doing well for CVCC.  Student enrollment is up 1.34% and Dual Enrollment is at 75%.  The VCCS is currently down at -6.48%.  Enrollment improves as we make a difference in the community and in the service area.  Every percentage point of an FTE (full-time equivalent student) is $100,000 for the college.  The college projected a decline of FTE’s at
-3%.  Community colleges and employment are linked.  If enrollment is up, employment is down and if employment is up, enrollment is down.  CVCC is holding its enrollment steady but some colleges are not.  Marketing, scholarships, reputation and the faculty and staff help enrollment.
CVCC finished fourth in the performance-based model at 18% for performance based funding. One of the criteria for this is student success which was a windfall from career studies certificates.  Being fourth out of 23 community colleges shows excellence in our faculty and staff. 
Credentials include credit and non-credit classes.  CVCC’s target for Complete 2021 credentials is 2,964. This target was made in 2016-2017 with CVCC awarding 3,525.  CVCC is looking to continue increasing our initiatives by providing four new navigators to the college who will work constantly with students and navigate them through the college processes.  The college is also working with a program called Ad Astra that will optimize schedules to student’s needs.  Currently schedules are prime time and to the preference of the faculty.  This program will make dramatic changes, making schedules more student friendly.
Dr. Capps hopes that in the future the college will not distinguish credit from non-credit.  This will combine curriculum development and trades.  Dr. Capps and Kim Payne went to a United Way meeting and were presented with an ALICE (Asset Limited, Income Constrained, Employed) report.  This report represents a population of men, women and families who work hard and earn more than the official Federal Poverty Level, but less than the basic cost of living. Statistics of households that fall in this category are as follows:
            Bedford County           34%
            Appomattox County    39%
            Campbell County        40%
            Amherst County          41%
            Lynchburg City            54%
Many of CVCC students fall into these statistics.  We need to help students to raise them above the poverty level.  A Centra Health Assessment showed that poverty and education go together and by helping students receive an education it will decrease the poverty level.  We are the people’s college and our work is very important.
Lewis Bryant informed the board that the Foundation audit will be conducted on July 18-19. He stated that dividends for the year were $61,650 with investment management fees at $16,208 and investment account fees were $8,406.  Total Foundation revenues for the fiscal year were $1,023,667.09.  This amount includes $702,321.01 which represents private donations made to the college during the fiscal year and $64,916.80 that represents donations to the
Annual Fund.  Total Foundation expenses for the fiscal year were $779,215.90.  This amount includes $744,015.35 which represents expenditures for Program Services which includes scholarships awarded to students, equipment purchased for the college and various grants and support provided for the benefit of the college and its faculty and staff.  He stated that all major expenditures for the quarter were for scholarships and equipment.  He pointed out on the Changes in Fund Balance that total revenue was $1,023,667.09 and total expenses were $779,215.84.  Unrealized Gain(Loss) on Investments for the fiscal year was $155,067.35 with made fund balances at the end of the fiscal year as $3,678,205.73.  Turning to the balance sheet, he noted that cash was $653,352.08 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 $3,132,039.94 at the end of the fiscal year.
A motion to approve the quarterly report was made by Mitch Reaves, seconded by Greg Graham, and approved by the board.
Ms. Gallagher presented items that the Finance Committee discussed at their meeting on July 26, 2018 meeting.
Referring to the Wells Fargo investment report, it was noted that since the January 2017 inception, the portfolio has grown 9.72% with the static benchmark at 9.95% with market values increasing from $2,750,934 to $3,198,183.  There was little change in asset allocation with the fixed income at 19.3%, equity at 72.4% and alternative strategies at 6.2%
She reported that contributions are below the same period last year.  The decreases were lower corporate gifts that went down that went down $32,000 and Great Expectations was down $19,000 due to an outstanding donation from Banker Steel. Grants are below budget due to Tobacco Commission scholarship reimbursements being lower than planned. 
Ms. Gallagher presented the budget for 2019.  Contributions are budgeted at $425,000 and grants at $465,000.  There will be equipment purchases totaling $406,803.  There are regular software contracts budgeted for $12,625.
On a motion from Kim Payne and seconded by Bob Leveque, the 2019 budget was approved.
John Watts presented items that the Resource Development Committee discussed at their meeting on July 25, 2018.
Mr. Watts informed the board that total contributions for the third quarter were $446,217 compared to the budgeted amount of $473,400.  The increase is due in large part to the $75,000 grant from the Stroobants Foundation and to gifts from AREVA for training scholarships and World Class Workforce donations being significantly higher than expected.  Decreases included the corporate gifts that were down by $32,000 and by Great Expectations which was down $19,000 due to an outstanding donation from Banker Steel.  He noted that revenues from the Tobacco Commission are down due to scholarships not being awarded and Machine Tool items that were received by the college in June that will be billed to the Foundation in July.  Mr. Watts stated that the revenue budget for 2019 is set at $893,000.
Greg Graham informed the board that the committee has started reviewing online scholarship applications. 
The committee approved Faculty and Staff grants for welding helmets and curtains for the Welding program, equipment for the Science programs and booklets for the counseling department.
In Ryan McEntire’s absence, Mr. Armstrong presented items that the Governance Committee discussed at their July 23, 2018 meeting.
Mr. Armstrong stated that the Board Feedback form is located in the board book and asked members of the board to complete it and send it back to Catherine.  He informed the board that the form included a place for potential new donors to be identified.
The committee discussed the search for new board members.  A list was reviewed of the seven existing board members whose term expire at the end of 2018.  He stated that the board should be solicited for new board members.
There was no old business to report.
Dr. Capps informed the board that CVCC was named a Great College to Work For.  There were 84 in the country chosen for this honor.  He wanted to thank the Faculty and Staff for their excellence.  They are great people and do a wonderful service to the college.
There being no further business, the meeting adjourned at 8:49 a.m.  The next meeting is scheduled for Wednesday, November 14, 2018.
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