Foundation Board Meeting Minutes (Draft)
Wednesday, August 20, 2014
Attended: Chair Paul Ince, Jim Borchers, Dan Brown, Pam Cilek, Joe Cook, Jan Dunham, Kelly Felber, Dianne Garrison, Richard Jensen, Scott Liebel, Mike Lissner, Justin Miller, Pete Novak, Seth Peimann, Chuck Pilliod, Patti Silvey Staff: Dr. Ron Chesbrough, Tara Cochran, Kasey McKee, Betsy Schneider, Sharon Schreiber, Peggy Schreiner
The meeting was called to order at 7:30 a.m. by Paul Ince. A motion to approve the June 18, 2014, meeting minutes was made by Scott Liebel, seconded by Richard Jensen, and unanimously approved by the board.
Welcome and Annoucements:
- By secret ballot Larry Tracy was elected to the Board. Larry is president of Barnes Jewish Hospital and Progress West Health Care Center in St. Charles County, Missouri. Congratulations and welcome to Larry!
- The Foundation’s annual publication, Snapshot, was mailed out earlier this week. It is a great way to showcase how the money we raise makes an impact on our students and community.
- Flyers for the upcoming Summer Movie Nights and Food Truck Frenzy and the Speaker Series were included in the packet. Please share this information with friends, coworkers, and neighbors. These events are a wonderful way to bring the community on campus.
- The Dash & Dine program is new this year. It is a collaboration of the Foundation, Child Development Center, and a member of our Board, Cindy Elking, to provide complete, healthy, on-the-go meals while raising funds for our youngest students on campus. Please see the flyer for more details.
Dr. Chesbrough reported on the following:
- The Great Rivers Greenway Trails project is complete. A new exercise station will be added at the north entrance of campus this fall thanks to three local rotary clubs who will provide funding and volunteers to help install it.
- SCC and St. Charles County Parks and Recreation have broken ground to make way for College Meadow Park, an 80-acre park development situated on the north end of the SCC campus. An outdoor fitness trail and a nine-hold disc golf course will be the featured amenities in the park.
- Kasey McKee and Dianne Garrison have worked with the Library Foundation to create the Storybook Walk project. As parents and children walk the trail, they will encounter a page from a storybook at each marker until they complete the book.
- Welcome Pam Cilek who has joined the Foundation board as the Board of Trustee Liaison.
- Kasey McKee presented information regarding the Career Exploration 2.0 project. This initiative was create by a team of educational administrators and business leaders to establish a centralized professional database.
FY14 Year End
- Seth Peimann provided a brief summary on the Foundation’s financial status as of June 30, 2014:
- Total revenue of $251,319 minus total expenses of $68,243 leaves a net revenue of $213,955 which is well over the budgeted amount of $166,331.
- The FY14 Scholarship Award target was $70,000. Actual award totals were $69,044, just short of the goal due to some private donors’ not awarding the scholarships prior to the end of the fiscal year.
- The Academic Enhancement Allocation target of $63,500 was surpassed this year with $70,051 actually awarded.
- Five of the seven funds in the Foundation Endowment fit the criteria to generate annual allocations. Max spend rates were calculated and shared with the board.
- Seth presented for discussion and a vote a recommendation from the finance committee to amend the Board’s Investment Policy Statement so that the asset allocation would switch from a 50/50 split of bonds/equity to a 40/60 split of bonds/equity. This motion by the Finance Committee to update the Endowment Investment Policy Statement as stated was seconded by Jim Borchers and unanimously approved by the Board.
- Seth presented for discussion and a vote the Year End Transfers & Allocations Recommendation as presented by the Finance Committee. The committee recommended that we continue to allocate 10% of event net revenue to the endowment and prepay scholarships and mini-grant awards. Of the remaining funds, the finance committee recommended $5,000 be held in reserves, $15,000 be allocated to the Career Exploration 2.0 initiative, and the remaining $11,721 to be set aside for allocation later in the year as needed. This motion by the Finance Committee to disperse year-end funds was seconded by Chuck Pilliod and unanimously approved by the Board.
- Kelly Felber provided a brief update on the upcoming Presidents Classic Golf Scramble scheduled for Monday, September 29:
- We have surpassed our sponsorship goal by $1,400.
- There are two remaining individual spots open and volunteers are still needed.
- We are collecting goodie bag and auction items.
- Anyone wanting to contribute beverages for the course or gift bags please contact Tara Cochran.
- Betsy explained a few of the new games that will be included this year.
- Betsy presented for discussion and a vote Advisory Committee roles and responsibilities as presented by the Executive Committee. This motion by the Executive Committee to approve the Advisory Committee Recommendations as stated was seconded by Scott Liebel and unanimously approved by the Board.
- Betsy provided a pipeline report summarizing prospects and funding within the “Corporate Giving and Grants” section of the Foundation’s Annual Development Plan. She will be producing similar reports for the other sections of the plan and present them at future board meetings.
- Joe Cook gave a brief summary of the latest developments concerning the Labrayere/STAG partnership.
- Kasey referenced the Foundation’s annual audit, which is complete and in draft form. The audit did not show any findings or cause for concerns. It has been reviewed and approved by the finance committee. It will be presented, along with SCC audit to the Board of Trustees for approval. A copy of the draft will be emailed to the foundation board.
- Gentle reminders were given to: Sign up to play or volunteer to help out at the golf scramble, pass along a business name for the Career Exploration 2.0 project funding, and invite someone to a speaker series event.
The next general Foundation Board meeting is Wednesday, October 15, 2014, at 7:30 a.m. in the SSB Board Room.
On a motion by Joe Cook and a second by Scott Liebel, the meeting adjourned at 8:30 a.m.