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2019-05-04

MINUTES NO. 132

 CENTRAL VIRGINIA COMMUNITY COLLEGE
EDUCATIONAL FOUNDATION, INC.
BOARD OF DIRECTORS MEETING
Merritt Hall, Room 5118
May 14, 2019 at 8:00 am
 

The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 am on Tuesday, May 14, 2019.
 

X

Fred Armstrong

 

Jim Mercadante

X

John Watts

 

Vivian Brown

X

Robert O’Brian

X

Cathy Woody

X

Lewis Bryant

X

Kim Payne

 

Lloyd Tannenbaum

X

John Capps

X

Reggie Pugh

X

Chris Bryant

X

Amy Gallagher

X

Kathryn Pumphrey

X

Catherine Rice

X

Greg Graham

 

Mitch Reaves

X

Christina Brannan

 

Larry Jackson

 

David Scott

X

Kingsley Chukwu

X

Bif Johnson

 

Karen Simonton

 

 

X

Bob Leveque

X

Georgeann Snead

 

 

X

Chet McPhatter

 

Marjette Upshur

 

 

            X = in attendance

 

CALL TO ORDER

Fred Armstrong, president of the Foundation, called the meeting to order.  Mr. Armstrong asked Chris Bryant, Executive Director, to introduce our guest, Megan Acheampong.  Ms. Acheampong is a Heritage high school graduate.  She is the oldest of her brother and sisters.  She is currently taking 17-credit hours this summer so that she can graduate and continue with her plans to become a Registered Nurse.  She would also like to run for the Senate one year.  She met Chris and Catherine when she came to the office and shared her story.  She informed them of the challenges she was facing and her goal that she wanted to reach.  We were able to provide her with both a spring and summer scholarship.  She is very grateful for all the foundation has done for her. 
 

APPROVAL OF MINUTES

On a motion from John Watts and seconded by Reggie Pugh, the minutes of the February 28, 2019 meeting were approved by the Board.
 

COLLEGE REPORT

Dr. Capps reminded the board of the $2 million Title III grant.  He informed the board that Elizabeth Narehood is the new project director.  Within a few days the Community Connections Coordinator will come on board.  This person will be our social services and resource person.  They will help guide students in need.  Also, the college is reassigning the Dean of Student Success to promote the services provided for students, such as the tutoring, math and writing centers.  All will be in the library. 
 
The college has hired Greg Sullivan to work on the G3 grant.  He sent out surveys to employers to complete.  If you did not get one, let him know and he will get that to you. 
 
Last week the college was visited by the architects who will be working on the Campbell and Amherst hall redesigns.  After talking to them, the grand vision was coming into focus.  They will bring their updated designs back and show us a rendering of what the college may look like after construction.
 
Dr. Capps distributed and discussed the credentials (industry certificates and licensures) count and stated CVCC has 994 (279 from credit 715 noncredit) to date. He stated CVCC has already achieved the VCCS’ Complete 2021 goal of tripling the number of credentials for the past two years. He stated, also for the past two years, CVCC has been number one but for this year, CVCC is number three in the VCCS. He reported all the colleges are down because the FastForward program was suspended for a while as there was no money for the program.
 
He informed the board that commencement would be held on Wednesday and that Mayor Tweedy will be the commencement speaker for 1000 students receiving 1300 credentials.  A bonfire event was held last night for students, graduates and alumni.  He spoke to several different students.  One student is working 3 part-time jobs and taking 18-credit hours.  Another student was from Italy, never worn a dress, divorced and that graduation will be the greatest thing she has ever done.  This was all possible because of CVCC and the foundation.  Thank you for your engagement and support.
 
Robert O’Brian asked if there had been stories like this before last night and is there any way we can reach out to those students.  Chris Bryant stated that we want to do a better job of getting these stories videoed because stories really resonate and will be able to share with a broader audience.  Having events like this will provide more community engagement and more stories for us to tell.  Dr. Capps stated that if it wasn’t for us, these students would have no opportunity.  We are their first choice and their last choice.  We do what nobody else does.
 
TREASURER’S REPORT
 
Lewis Bryant informed the board of the major expenditures during the quarter.  Restricted funds were program services for scholarships for $39,971.05.  He reported change in fund balances with private gifts at $307,499.38, investment income at $60,553.96, and Gain (Loss) on Investments at $33,855.17.  He reviewed the balance sheet with cash being $536,947.76 and investments at $2.9 million.
 
Mr. Bryant reported that market value of investments at year end were $2.908 million and at the end of the third quarter were $3.245 million.
 
A motion to approve the quarterly report was made by Kathryn Pumphrey, seconded by Robert O’Brian, and approved by the board.
 
 
 
 
 
FINANCE COMMITTEE REPORT
Ms. Gallagher presented items that the Finance Committee discussed at their meeting on April 30, 2019 meeting.
 
She informed the board that market value had dropped to $2.9 million at the end of the second quarter but was back up to $3.2 million by the end of the third quarter.  This is the highest the portfolio has ever been. 
 
A motion was presented for the Audit Proposal from Brockman, Drinkard and Pennington for this year’s audit, noting that the price increased by $200 and that the foundation and accounting staff are pleased with the firms work.  The motion was approved by the board.
 

RESOURCE DEVELOPMENT COMMITTEE REPORT

John Watts presented items that the Resource Development Committee discussed at their meeting on April 29, 2019.
 
He reported that Kim Payne had noticed a discrepancy between the number of board members in the articles of incorporation and the bylaws of the foundation.  The committee was informed that the board needs representation in Appomattox and Campbell counties.
 
Mr. Watts reported that CVCC had its first bonfire last night and Chris Bryant thanked Mr. O’Brian for the donation of sand for the big fire. 
 
Mr. Watts informed the board that funds for this quarter were behind around $25,000 but anticipates making up the loss ground next quarter.  Chris will be sending out appeal letters in the next two weeks. 
 
He asked for approval on three Memorandum of Understandings: machine tools valued at $10,000; Labconco Purifier Clean Bench valued at $850; and small Benchtop Autoclave valued at $750.  A motion to approve the Memorandum of Understandings was made by Georgeann Snead, seconded by John Watts and approved by the board.
 
SCHOLARSHIP COMMITTEE REPORT
Greg Graham presented items that the Scholarship Committee discussed at their meeting on May 1, 2019.
 
The Scholarship committee met with Dr. Capps and financial aid and discussed scholarship processes.  A scholarship scorecard will be developed.  It would be beneficial and show the story and get constituents to give to the college.  The scorecard will show the return on our investment.  Mr. Graham stated this could be a part of our marketing.  It will give not only what we have done in the past five years but show the industry and community that we need to grow.
 

GOVERNANCE COMMITTEE REPORT

Kim Payne presented items that the Governance Committee discussed at their May 6, 2019 meeting.
 
Mr. Payne asked the board to approve the nomination of Chris Hughes, GP Big Island, to the board to replace Tim Chatlos, who has moved to Atlanta.  Chris Hughes is new to the area and will be from Amherst County.  He is a retired Marine, avid outdoorsman, and has a marketing degree.   On a motion from Kim Payne, seconded by Bif Johnson, the board approved the nomination of Chris Hughes to the board.
 
Mr. Payne informed the committee that the board books are ready.  He brought up that the articles of incorporation indicate that we are only allowed 21 members on the board, but the bylaws state 30 members.  The articles will need to be updated to 30 members to agree with the bylaws.
 
FOUNDATION REPORT
 
Chris Bryant stated we are very poised to succeed and are sharpening our strengths and weaknesses.  There is opportunity for growth.  There is plenty we are doing right and plenty we can do better.  The community sees us as a small foundation.  The Tobacco Commission is our largest donor, but that can run out in 5-10 years.  This can be a blessing or a curse, but we are up for the challenge.
 
The Title III grant will provide a five-year $100,000 surplus that we might not spend.  The next 45 days will be fundraising. 
 

OLD BUSINESS

 

NEW BUSINESS

 

ADJOURNMENT

There being no further business, the meeting adjourned at 9:01 a.m.  The next meeting is scheduled for Wednesday, August 14, 2019.

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