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MINUTES NO. 126

 CENTRAL VIRGINIA COMMUNITY COLLEGE

EDUCATIONAL FOUNDATION, INC.

BOARD OF DIRECTORS MEETING

Merritt Hall, Room 5118

November 15, 2017 8:00 a.m.

 

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

 

X

Fred Armstrong

 

John Kenney

 

Karen Simonton

 

Sandy Baker

X

Ryan McEntire

X

Georgeann Snead

 

Vivian Brown

 

Chet McPhatter

X

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

 

Kathryn Pumphrey

X

Cindy Wallin

X

Greg Graham

X

Mitch Reaves

X

Elizabeth Narehood

X

Larry Jackson

 

David Scott

X

Marci Gayle

X

Bif Johnson

 

Mike Shadler

 

 

           X = in attendance

 

CALL TO ORDER

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

 

APPROVAL OF MINUTES

On a motion from John Doyle and seconded by Greg Graham, the minutes of the August 15, 2017 were approved by the Board.

 

COLLEGE REPORT

Dr. Capps referred to the Complete 2021 Goal Objectives report noting that these goals are set every two years. The report shows the finalized strategic goals for CVCC, and he gave an overview of the plan. He then 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 most recent numbers for the just completed FY17 show CVCC back in first place.

 

Dr. Capps introduced Cindy Wallin, Dean of Science, Math and Engineering, Elizabeth Narehood, CVCC Workforce Development Coordinator and Marci Gayle, Assistant Professor.  They presented Dr. Capps with the Virginia Manufacturing 2017 Workforce Partner of the Year award.  They introduced the board to two new certificate programs that CVCC is offering – Manufacturing Technology and Mechatronics.  They informed the board that the programs are a mixture of electronics, robotics and IT - the skills in demand by local manufacturers. The companies they worked with to develop the curriculums are looking for 21st century readiness skills, analytical and math skills, and manufacturing technology skills.  The companies are willing to pay for the students classes and give them flexible hours to attend class so they can get them working sooner. 

 

Dr. Capps stated that this is an award winning program that is working together with the community to make this a successful program.  Mr. Bradford informed the board that the group had applied for a NSF grant for $500,000 to expand the program and hope to hear good news before the next board meeting in February.

 

 

TREASURER’S REPORT

 

Lewis Bryant stated that major expenditures for the quarter included software contracts totaling $11,931, scholarship payments of $42,490 and a $21,228 expense for repairs to eight lathes in the machine tool lab.  The Changes in Fund Balance report showed private gifts at $70,775, investment income was $13,090 with gains on investments at $3,789.  Total revenues were $91,800 and after expenditures of $75,028, fund balances at the end of the quarter were $3,450,527.  Mr. Bryant informed the board that the investment portfolio was $3,007,029.

 

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

 

AUDIT COMMITTEE REPORT

Amy Gallagher presented items that came before the Audit Committee at their meeting on November 1, 2017. 

 

Ms. Gallagher stated that the market is showing good returns.  There was a discrepancy on a footnote in the audit.  Ms. Gallagher stated that she would contact Tim Blanks with Brockman, Drinkard and Pennington to correct this issue.

 

On a motion from Amy Gallagher, seconded by John Doyle, the Form 990 tax return and audited financial statements were approved with the stipulation that the changes to the Net Assets figure so the total was consistent was implemented. These changes had been discussed in the Audit Committee meeting.

 

FINANCE COMMITTEE REPORT

Ms. Gallagher presented items that the Finance Committee discussed at their meeting on November 1, 2017 meeting.

 

She noted that the investments were great this quarter.  She informed the board that the endowed funds are being looked at to see if there is a need for adjustments to the accounts listed.  Mr. Bradford informed the board that there are a lot of endowed scholarships that don’t meet the minimum balance policy criteria and should be either consolidated if kept as endowment or reclassified to a restricted fund if it was never intended to be an endowed fund.  He will know more once the documentation research is done on each account.

 

RESOURCE DEVELOPMENT COMMITTEE REPORT

John Watts asked Mr. Bradford to present items that the Resource Development Committee discussed at their meeting on November 2, 2017.

 

Mr. Bradford pointed out to the board that the first quarter of the year is normally the lowest level of contributed funds.  Total contributions were $74,917 compared to $66,411 in the previous year, and there were both positive and negative variances to last year and the budget. On the positive side, AREVA funding is already more than all of last year and more than was budgeted for the current year. Great Expectations donations are currently at $11,000 and will be at $30,000 by Dec. 31st. On the other hand, no Machine Tool contributions have yet been received, and Other Gifts are behind due to prepayment from several donors (received in June).Mr. Bradford also informed the board that a grant application was submitted to the Gene Haas Foundation, as was an application for $50,000 to the Stroobants Foundation. He is also in communication with a donor who is considering a new $75,000 endowed account. He stated that corporate letters will be going out this week, individual year-end letters next week and that the Employee Campaign will be starting on January 3, 2018.

 

 

 

SCHOLARSHIP COMMITTEE REPORT

Greg Graham presented items that the Scholarship Committee discussed at their meeting on November 2, 2017. 

 

Mr. Graham stated that FY18 fall cycle scholarship awards of $580,930 were made.  This is down from the previous year’s fall cycle award total of $757,907, which was expected since the foundation had $150,000 less this year in Tobacco Commission funding.  He reminded the board of the changes approved by the committee to mitigate the effect of the lower funding which focused the assistance on students with greater financial need, and reduced the maximum amount of the tobacco scholarships. As a result, the number of students who received scholarships only declined 10%.

 

Mr. Graham informed the board that the committee approved a faculty and staff grant request from Kimberly French in the amount of $1,400.  This request was to approve a one-day training workshop on managing international students for CVCC counseling and admissions staff taught by expert consultant Ron Cushing. The total cost of $2,000 cost includes the one-day training, reference materials, online access to additional training and education materials and on-going phone and email support.

 

GOVERNANCE COMMITTEE REPORT

Ryan McEntire presented items that the Governance Committee discussed at their meeting on October 30, 2017. 

 

On a motion by Mr. McEntire, seconded by Bif Johnson, the board approved the nomination of the following officers for a one year term beginning on January 1, 2018:

 

·       President – Fred Armstrong

·       Vice President – Ryan McEntire

·       Secretary – John Capps (ex officio)

·       Treasurer – Lewis Bryant (ex officio)

 

On a motion by Mr. McEntire, seconded by Robert O’Brian, the board approved the nomination of the following chairpersons for a one year term beginning on January 1, 2018:

 

·       Scholarship Committee – Greg Graham

·       Finance Committee – Amy Gallagher

·       Governance Committee – Ryan McEntire

·       Resource Development Committee – John Watts

 

On a motion by Mr. McEntire, seconded by Mr. Doyle, the board approved the nomination of the following board members to a three year term beginning January 1, 2018:

 

·       Sandy Baker

·       Amy Gallagher

·       Larry Jackson

·       Ryan McEntire

·       David Scott

·       Karen Simonton

·       Georgeann Snead

·       Tim Chatlos

·       Bob Leveque

·       Reggie Pugh

·       Marjette Upshur

 

FOUNDATION REPORT

Mr. Bradford showed the board two marketing videos; one a general recruiting video housed on the Start Here page of the website, and the other a 30 second spring semester commercial using CVCC graduates in their workplace talking about the value of their training. Noting that several of the students shown in these videos were scholarship students, he pointed out that they would not have been able to be at CVCC were it not for the work that the board provides to the foundation and college and he thanked them for their continued service.

 

OLD BUSINESS

There was no old business to report.

 

NEW BUSINESS

There was no new business to report.

 

ADJOURNMENT

There being no further business, the meeting adjourned at 9:11 a.m.  The next meeting is scheduled for Tuesday, February 13, 2018.​


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