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Merritt Hall, Room 5118
November 14, 2018 at 8:00 am
The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 am on Wednesday, November 14, 2018.
Attended Name Attended Name Attended Name
X Fred Armstrong   Ryan McEntire X Karen Simonton
X Vivian Brown   Chet McPhatter X Georgann Snead
X Lewis Bryant   Jim Mercadante X Marjette Upshur
X John Capps X Robert O'Brian X John Watts
X Tim Chatlos X Tulane Patterson X Cathy Woody
X Amy Gallagher X Kim Payne   Lloyd Tannenbaum
X Greg Graham X Reggie Pugh X Chris Bryant
  Larry Jackson X Katherine Pumphrey X Catherine Rice
X Bif Johnson X Mitch Reaves X Christina Brannan
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.  Mr. Armstrong asked John Capps to introduce the new executive director of the Foundation, Christopher Bryant.  Dr. Capps stated that Mr. Bryant is a Certified Professional Fundraiser.  He is a native of Lynchburg.  Mr. Bryant received his bachelor degree from Hampden-Sydney College and his masters from Liberty University. Mr. Bryant informed the board that he has been married for 20 years and has two boys, Wyatt and Evan.  He has volunteered with the Boy Scouts over the last 10 years.  He is glad to be back home and is looking forward to working with the Foundation board.  He wants to see where we are and ascertain strengths and weaknesses.  Mr. Bryant stated that he will serve the board well.  Dr. Capps welcomed Mr. Bryant as the newest member of the CVCC family.
On a motion from John Watts and seconded by Karen Simonton, the minutes of the August 21, 2018 meeting were approved by the Board.
Enrollment is on par with expectations, and within the national trend.  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. 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.  Ms. Simonton asked why dual-enrollment is only at 75% and not 100%.  Dr. Capps stated it has never been nor will it be 100%.  
Dr. Capps informed the board of the Beacon of Hope’s initiative “Stay Close, Go Far” which provides free tuition for Lynchburg City graduates.  They are helping students make post-secondary plans.  It is not enough to just get access, their success needs to be ensured.
CVCC has received the Title III grant which is a $1.96 million grant dispersed over a five-year period.  These are resources the College did not expect to have. He stated there are 78,000 adults in the college’s service area that do not have any post-secondary education.  Dr. Capp’s stated that some of CVCC’s initiatives that will help meet the needs of students will come from this grant.  He wants to invest this money to help the needs of the community, address poverty and help provide post-secondary education to those adults who lack any degree or credential.  He wants CVCC to band together with community resources such as the United Way, Salvation Army, Humankind, and other to create a more cohesive and comprehensive type of resource center at CVCC.  The college would help students find services not provide the services. 
Lewis Bryant informed the board of the major expenditures during the quarter.  Unrestricted funds consisted of the scholarship and Blackbaud service contracts totaling $12,625.19. Restricted funds were program services for equipment at $158,000 and scholarships for $35,000.  He reported change in fund balances with private gifts at $114,165, investment income at $13,435, and Gain (Loss) on Investments at $29,875.  He reviewed the balance sheet with cash being $556,811.
Mr. Bryant reported that market value of investments at year end were $3.132 million and at the end of the first quarter were $3.230 million, which was an increase of $100,000.
A motion to approve the quarterly report was made by Kathryn Pumphrey, seconded by Robert O’Brian, and approved by the board.
Ms. Gallagher presented items that the Finance Committee discussed at their meeting on November 1, 2018 meeting.
The board was informed that Tim Blanks from Brockman, Drinkard and Pennington presented the foundation’s June 30, 2018 Audit and 990 tax return to the Audit committee.  Ms. Gallagher stated that the foundation has $3.8 million in total assets, which is the highest ever.  Mr. Blanks stated that the financial statements were “clean” and referenced no issues. 
A motion to approve the June 30, 2018 Audit and 990 tax return was made by Kim Payne, seconded by Bob Leveque, and approved by the board.
Ms. Gallagher stated that the asset allocation of the investments is aligned with the spending policy.  She informed the board that Wells-Fargo is doing exactly what is expected with good returns. 
John Watts presented items that the Resource Development Committee discussed at their meeting on October 31, 2018.
Mr. Watts stated that the campaign for this year is up from last year.  He informed the board that the Painter Scholarship endowment has received its first installment of $25,000 with the remaining $50,000 will be paid over the next two year.  The committee has decided to plan a reception in the spring to introduce the new executive director.
Greg Graham presented items that the Scholarship Committee discussed at their meeting on October 30, 2018.
Mr. Graham stated that the committee are looking at ways to market scholarships.  There is so much money and the public needs to be made aware. 
The committee approved a Faculty and Staff grant in the amount of $5,000 to incentivize participation in the Communication Design Summer Institute Program.  They want to recruit ten students for the incentivized participation program.  They will reimburse 100% of the tuition for one summer class per student.  A condition of the grant is that Mr. Lofaso will report his data on how this support during the summer helped his program and how it could help other programs. 
In Ryan McEntire’s absence, Mr. Armstrong presented items that the Governance Committee discussed at their October 29, 2018 meeting.
The Governance committee recommended for approval the following corporate officers to a one-year term beginning January 1, 2019:
            President:                    Fred Armstrong
            Vice President:           Vivian Brown
A motion to approve the corporate officers for a one-year term beginning January 1, 2019 was made by Kim Payne, seconded by Marjette Upshur, and approved by the board.
The Governance committee recommended for approval the following chairs to a one-year term beginning January 1, 2019:
            Finance:                                  Amy Gallagher
            Scholarship:                            Greg Graham
            Resource Development:         John Watts
            Governance:                           Kim Payne
A motion to approve the committee chairs for a one-year term beginning January 1, 2019 was made by Marjette Upshur, seconded by Georgeann Snead, and approved by the board.
The Governance committee recommended for approval the following directors to a three-year term ending December 31, 2021:
            Vivian Brown
            Bif Johnson
            John Kenney
            Chet McPhatter
            Mike Shadler
            Mitch Reaves
A motion to approve the directors to a three-year term ending December 31, 2021 was made by Kathryn Pumphrey, seconded by Kim Payne, and approved by the board.
Dr. Capps thanked Catherine Rice for filling the void and keeping the foundation moving forward during this transaction.  She had done outstanding work.  Thank you.
He thanked the board members for their patience as a new executive director was identified.  He believes it was worth the wait.  He thanked the board for their commitment to the students and standing to support our students.  This is an exciting time and a new beginning.  We are excited to have Chris on board.


There being no further business, the meeting adjourned at 8:50 a.m.  The next meeting is scheduled for Wednesday, February 20, 2019.
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