Foundation Board Meeting Minutes (Approved)

Wednesday, August 21, 2013

Attended: Chair Paul Ince, Dan Brown, Joseph Cook, Cindy Elking, Dianne Garrison, Tom Hebson, Richard Jensen, Karl Jones, Don Kalicak, Scott Lewis, Scott Liebel, Mike Lissner, Brenda Lowder, Justin Miller, Seth Peimann, Chuck Pilliod, and Staff: Dr. Ron Chesbrough, Jeff Clobes, Tara Cochran, Kasey McKee, Betsy Schneider, Sharon Schreiber

The meeting was called to order at 7:30 a.m. A motion to approve the June 19, 2013, meeting minutes was made by Karl Jones, seconded by Tom Hebson, and unanimously approved by the board.

Welcome and Announcements:

  • Welcome was extended to one of our two new board members: Don Kalicak. 
  • A copy of the Snapshot was distributed. Reminder was provided that this is a valuable tool to show what the Foundation is doing and how it has impacted many of our students’ lives.
  • SCC is teaming up the Cottleville/Weldon Spring Chamber for a Summer Movie Night and Food Truck Frolic on Friday, September 27. “Monsters University” will be featured. Food trucks will be available from 5-8 p.m. A portion of the food truck proceeds will be donated back to the Foundation.
  • The next Explore Event will be held on Tuesday, September 17. Paul Ince will host. If you are interested in cohosting with Paul, please let Betsy know. A handout listing the dates of all of the scheduled Explore Events was given out. These meetings have been a great way of opening conversations with interested individuals from the community about SCC.
  • The Career Explorations Program will be launched to SCC students this fall. A handout listing career clusters and community leaders who have signed up to participate in providing mentoring or job shadowing opportunities to SCC students was provided. If you would like to be a part of this exciting new program, please contact Kasey or Betsy.

President's Report:

  • Dr. Ron Chesbrough gave an update on the many exciting things happening at SCC.
  • A recognition/check presentation event was held to recognize the SunEdison $100,000 gift, payable over four years, to be used for student scholarships and academic enhancements for SCC’s Pre-Engineering Program. This is the largest gift the Foundation has received for an academic program.
  • SCC has been named as one of the St. Louis Post Dispatch Top Workplaces for 2013.
  • The 17th Annual Presidents Golf Scramble will be held on Monday, September 30, at Old Hickory Golf Club.
  • SCC celebrated the opening of the Virtual Hospital at the new LU-SCC Center for Nursing and Allied Health Services on Thursday, August 15. There were over 400 people in attendance. This joint venture has been a model for how well partnering in education can work.
  • Enrollment at the start of the fall semester is above projection. Thanks goes to the many departments that took part in various enrollment boosting efforts to bring enrollment figures in line with projections made earlier in the spring.

Endowment:

  • Gary Melchior and Brigid Jones Mook from Acropolis Investment presented an Executive Summary on the SCC Foundation Investment portfolio. The portfolio was within the guidelines with equity exposure of 51.9%. The account portfolio’s initial value of $73,787 on August 18, 2008 has realized a net income of $8,953 and capital appreciation of $23,987 resulting in an ending value of $160,745 as of August 14, 2013. The actual allocation is on target and no rebalancing is needed. It was suggested that the Finance Committee review and update the Investment Policy Statement as it was created five years ago. Members are encouraged to read the economic overview located on page 4.
  • Kasey gave an overview on the individual funds that make up our Investment Portfolio. Max spend rates were calculated based on the Investment Spending policy guidelines, which included the following steps:
    • Three funds’ original gift values were adjusted for inflation.
    • All funds eligible for distribution were above the 80% stop loss threshold. 3) A max spend rate was calculated on the funds eligible. These funds totaling $2,638.85 will be pulled out of the investment fund and awarded as named scholarships in the fall of 2014.

Financial Review:

  • Seth Peimann presented the FY13 budget summary. Net revenue was $278,927 compared to the budgeted $168,377. This is due in part to the SunEdison gift which is recorded in FY13 but will be paid out of the next four years. Actual expenses were $82,925 compared to a budgeted $86,260. The Foundation Scholarship Program awarded $71,542 of which 32% was awarded by funds raised through the Foundation Board. 
  • The FY14 Budget Summary showed two changes on the spreadsheet from the June meeting. One included the removal of SunEdison’s first $25,000 installment since the full $100,000 gift was captured in FY13. The other change was the addition of the endowment fund distributions within the revenue portion of the budget. Gross revenue for FY14 is budgeted at $218,229 with expenses budgeted at $81,400 giving a net revenue of $166,331. 
  • On a motion by Scott Lewis and a second by Mike Lissner, the board unanimously approved the Foundation raising its Scholarship award target to $70,000 of which 38% would be awarded by funds raised through the Foundation Board. It was requested that research and analysis should be done to identify where the unmet needs are especially for those students who did not get funded. Ideas were discussed and will be worked into this year’s scholarship selection.

Presidents Classic Golf Scramble:

  • Justin Miller gave an update on the golf scramble scheduled for Monday, September 30. There are two foursomes remaining. The sponsorship goal has been met. We need to raise $8,000 the day of the event, but there will be plenty of activities that will be held at the tournament to assist in reaching that goal. We have received a lot of auction items so far but could always use more. Items for goody bags should be in to Tara Cochran by September 15.

FY14 Annual Plan Updates:

  • Kasey reminded the board that the FY14 Annual Plan was approved at the June meeting. Betsy Schneider and Jeff Clobes briefly spoke to the board about their strategies for major gifts and friends and alumni initiatives for the upcoming year. More information on an action plan will be presented at the October meeting.

Other Business:

  • Board Nominations: Stacey Lutgen is no longer able to fulfill her board member commitment. Discussion commenced about another Ameristar employee could take her place. On a motion by Tom Hebson, seconded by Don Kalicak, the board unanimously approved that Jeanne Paxton would complete Stacey’s remaining term of one year and then join the board as a full member and starting her 3-year term next July 2014. Paul mentioned that Mike Prost resigned from his position on the board, too, due to his inability to participate at the level he deems appropriate.

Action Items:

  • Paul provided the following reminders:
    • Sign up for the Career Explorations Program and tell a friend,
    • Sign up for a foursome or volunteer at the Golf Scramble and
    • Invite someone to an Explore Event.

The next Board meeting is Wednesday, October 16, 2013, at 7:30 a.m. in the SSB Board Room. The meeting adjourned at 8:55 a.m.