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MINUTES NO. 125

 CENTRAL VIRGINIA COMMUNITY COLLEGE

EDUCATIONAL FOUNDATION, INC.

BOARD OF DIRECTORS MEETING

Merritt Hall, Room 5118

August 15, 2017 8:00 a.m.

 

The Central Virginia Community College Educational Foundation Board of Directors met at 8:00 AM on Tuesday, August 15, 2017.

 

X

Fred Armstrong

 

Larry Jackson

 

David Scott

 

Anthony Andrews

X

Bif Johnson

 

Mike Shadler

 

Sandy Baker

 

John Kenney

X

Karen Simonton

 

Alton Brown

 

Ryan McEntire

X

Georgeann Snead

 

Vivian Brown

 

Chet McPhatter

 

John Watts

X

Lewis Bryant

 

Jim Mercadante

 

Ben Witt

X

John Capps

X

Robert O’Brian

 

Cathy Woody

X

Kingsley Chukwu

X

Tulane Patterson

X

Mike Bradford

X

John Doyle

X

Kim Payne

X

Catherine Rice

X

Amy Gallagher

X

Kathryn Pumphrey

 

 

 

Greg Graham

X

Mitch Reaves

 

 

            X = in attendance

 

CALL TO ORDER

Fred Armstrong, president of the Foundation, called the meeting to order.

 

APPROVAL OF MINUTES

On a motion from Bif Johnson and seconded by John Doyle, the minutes of the May 10, 2017 were approved by the Board.

 

COLLEGE REPORT

Dr. Capps updated the board of the Performance Based Funding which is based on various student success measures.  Last year Performance Based Funding was at 12% of total funding whereas this year it is at 14% and the VCCS plans to be at 20% by the year 2020. CVCC placed 3rd out of 23 community colleges last year, up from 5th place in the prior year.

 

Next Dr. Capps referred to the Complete 2021 Goal Objectives report for the two years just completed. These goals are set every two years, and the report shows the progress made toward meeting the goals with green indicating completion and red indicating the goal is not yet completed. He said that CVCC has completed the vast majority and is now looking to finalize its goals for the upcoming biennium, which among other things will include the development of a more robust advising plan.

 

Lastly, Dr. Capps gave the board an update on the student credentials achieved by each of the VCCS colleges, pointing out that although CVCC had been #1 for FY16 which ended over a year ago, late additions to the tally at other schools resulted in Tidewater edging out CVCC for first. However, the current numbers for the just completed FY17 show CVCC back in first place, and also show that the year-to-year growth in CVCC’s certification total accounted for 25% of the growth from all of the 23 colleges. This is quite an accomplishment. Mitch Reaves asked how the college had doubled in one year.  Dr. Capps stated that it was through innovative and entrepreneurial leadership that the college has started working together in a united front presenting credit and non-credit curriculum into one presentation to show students that we are here for them.

 

Mr. Armstrong thanked Dr. Capps for his strong leadership, upon which Dr. Capps pointed at the board and gave them the credit.

 

TREASURER’S REPORT

Lewis Bryant presented the board with the fourth quarter foundation financial statements. On the Summary page, he pointed out that the market value of the investments was $2,901,117. He stated that quarterly dividends were $13,565 and year-to-date dividends totaling $62,369. Investment fees were $5,545 for the quarter and $24,978 for the year. Total revenues were $1,145,016, while total expenses were $922,787.  Of total expenses, program services, which includes scholarships awarded to students, equipment purchased for the college and various grants totaled $888,822.

 

Mr. Bryant noted that these figures do not yet include the write-off of a pledge receivable of $44,000 which will be included in the audit.  Mr. Bradford further explained that this is not an unfulfilled pledge, but rather a correction of a past estimate. The two-year program supported by the pledge ended up costing much less than forecasted so the additional pledged funds are not needed. 

 

A motion to approve the quarterly report was made by John Doyle, seconded by Tulane Patterson, was approved by the board.

 

FINANCE AND AUDIT COMMITTEE REPORT

Amy Gallagher presented items that came before the Finance Committee at their meeting on August 2, 2017. 

 

Ms. Gallagher informed the board that the Wells Fargo portfolio report for 6/30/17 showed an increase in value to $2.9 million and the committee was very pleased with the dividend income and the lower fees.  She stated that the asset allocation was in line with investment policy ranges.

 

Turning to the foundation year-to-date actual vs. budget report, she pointed out that total revenue for the year was better than last year. In expenses, tobacco scholarships for this year exceeded last year, but the upcoming year may be different with a $150,000 reduction in funds from the Tobacco Commission. Total scholarship expenses were $680,728 as of year-end. Equipment purchases were below budget, as matching funds in many cases were paid by the college instead of being paid with foundation funds.

 

Lastly, Ms. Gallagher presented the FY18 foundation budget which was approved at the finance committee meeting and is being recommended to the board for approval. After discussion, a motion to approve the budget was made by John Doyle, seconded by Kim Payne, and was approved by the board.

 

RESOURCE DEVELOPMENT COMMITTEE REPORT

In the absence of John Watts, Georgeann Snead presented items that the Resource Development Committee discussed at their meeting on August 3, 2017.

 

Ms. Snead informed the board that fundraising for 2017 actual was 935,449 which was exceeded the budget of $911,575.  She stated that both the contributed and tobacco commission components exceeded their annual budget.  The 2018 fund raising budget shows the Tobacco Commission funds decreasing, but that most of this decrease would be offset by increases in unrestricted and restricted contributed funds. She asked the board to find opportunities to support fundraising for the college.

 

SCHOLARSHIP COMMITTEE REPORT

In the absence of Greg Graham, Fred Armstrong presented items that the Scholarship Committee discussed at their various meetings during the quarter.  He asked the board to look at the scholarship chart that was provided to see the increases in scholarships over the years.  He also referred them to the report showing the list of scholarships that were awarded so far this year, and the thank you notes provided by some of the students who have received scholarships which show their life situations, how they hope to succeed and how much these scholarships mean to them.

 

Before moving on from the Scholarship Committee, Mr. Bradford directed the board’s attention to the final report of the year for the faculty & staff grant program showing that seven request had been approved by the committee totaling $10,115.

 

GOVERNANCE COMMITTEE REPORT

In the absence of Ryan McEntire, Mr. Bradford presented items that the Governance Committee discussed at their meeting on August 1, 2017.  The committee considered the feedback received from the board member feedback forms. The committee started the process of looking forward to year-end and the likely need to find some additional new directors, so potential candidates were discussed.  He encouraged the board to make recommendations for new board members. He informed the board that Alton Brown resigned as was promoted and moved to North Carolina.

 

Mr. Bradford referenced the Memorandum of Understanding in their board books, and noted that it is identical to the one approved in 2014 and that it uses a template supplied by the VCCS. He felt that it was good practice to re-approve it even though it has not expired so that the board is aware of the terms of the working arrangement between the foundation and the college. 

 

A motion to approve the Memorandum of Understanding was made by Bif Johnson, seconded by Kathryn Pumphrey, was approved by the board.

 

Finally, Mr. Bradford noted the board package also included a copy of the VCCS policy on foundations and their operation. Included in this policy is a list of requirements with which foundations must comply, and one of those is that all foundation board members must receive a copy of the VCCS policy every year.

 

FOUNDATION REPORT

Mr. Bradford told the board of the new $150,000 NRC grant and the matching gift pledge from Don Banker in support of our Great Expectations campaign. Mr. Bradford thanked the board for all their help during the just completed year. Without their support the foundation would not have had the successes in contributions and scholarships that were achieved. 

 

OLD BUSINESS

There was no old business to report.

 

NEW BUSINESS

Mr. Armstrong encouraged the board to read the notes from students.  Dr. Capps thanked the board for all of the support they provide to the college.  There are many points of entry and student stories show the difference in making a better ending to their story.  Success in numbers – success in enriching and transforming lives.

 

Mr. Bradford brought the board’s attention to the new billboard and TV ads with the new emphasis on “Real”.  Real skills, real jobs, real savings, etc. you get at CVCC.  The ads were filmed at the graduate’s place of work to emphasis their success. Karen Simonton asked for the video to be shared on social media.

 

ADJOURNMENT

There being no further business, the meeting adjourned at 8:59 AM.  The next meeting is scheduled for Wednesday, November 15, 2017.


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