Executive Committee Meeting Tuesday, July 29, 27, 2014 Sequoia Building, Rm. 13 12 Noon AGENDA Item Presenter 1. Welcome and Call to Order Sherrie Bell 2. Action Items a. Approve Exec. Comm. Minutes Skip Barwick b. 2014-2015 Budget Proposal Tim Foster c. Annual Board Retreat Agenda Tim Foster 3. Financial Report Marla Borges 4. Board of Trustees Report Ken Nunes 5. Foundation Director Report Tim Foster 6. Chapter Reports Chapter Presidents 7. Other Business All 8. Adjourn Sherrie Bell 1 of 8
Executive Board Meeting Summary Tuesday, May 27, 2014 Sequoia Bldg., Rm. 13 12:00 noon Members Present: Members Absent: Others Present: Skip Barwick, Sherrie Bell, Steven Beargeon, Stan Carrizosa, Lisa Franks & Ken Nunes Marla Borges Tim Foster & Sylvia Stiff Call to Order: Meeting called to order by the Board President, Sherrie Bell at 12:10 p.m. 1. Action Items a. Approval of Minutes Sherrie Bell The President requested approval of the March 25, 2014 meeting minutes. Mr. Barwick motioned to approve the March 25 th meeting minutes with a second from Mr. Beargeon. Motion carried unanimously. b. 2014 Project Funding Allocations Tim Foster Mr. Foster brought to the board a situation with the funding of the tennis courts resurfacing in the amount of $35,600. The coach moving forward with the vendor on scheduling the project, the vendor indicated he could no longer do the project at the original bid amount and the new bid would be $62,100. The Athletic Director was able to get the $26,000 shortfall to a $13,400 shortfall by going with another vendor. The Athletic Director is able to contribute $5,000 and is proposing the remainder be loaned to the athletic department. Mr. Foster proposed that the foundation increase the funding amount by $8,400 to allow all the courts to be fully resurfaced. Discussion ensued regarding district budget versus, loans, or foundation fully funding the difference needed to complete the project. Mr. Barwick motioned to approve the payment of the $8.400 to complete the tennis courts resurfacing with a second from Ms. Franks. Motioned carried unanimously. c. Investment Policy Revisions Tim Foster Mr. Foster presented the redline version of the investment policies and the Investment Committee is submitting the revised policy statement for approval. Mr. Barwick motioned to approve the new investment policies revisions with a second from Ms. Franks. d. 2014 Spend Policy Tim Foster Mr. Foster reminded the executive committee that the spending policy indicates that the foundation can spend up to 5% of trailing 12 quarter market values. The Executive Committee reviewed the Beacon Pointe review of the last 12 quarter values. The Investment Committee is recommending to remain at the 3% spend for the 2014-2015 fiscal year. Discussion ensued and Mr. Beargeon suggested that the spend increases to 4%. Mr. Beargeon motioned to increase the spending to 4% in the 2014-2015 budget year and revisit again next year with a second from Ms. Franks. Foundation Executive Board May 27, 2014 2 of 8
e. Investment of Cash on Hand Tim Foster Mr. Foster reported that the Investment Committee is recommending that we transfer our cash on hand of $300,000 in Wells Fargo and place into Beacon Pointe. Also, move the Morgan Stanley balance of $242,667.36 to our investment advisors. Mr. Barwick motioned to accept the recommendations of the Investment Committee to move cash on hand to our advisor Beacon Point with a second from Mr. Beargeon. f. 2014-2015 Budget Draft Tim Foster Mr. Foster reviewed the 2013-2014 budget with actual expenditures. Mr. Foster presented the new budget for 2014-2015 with a detail of projected expenditures. Mr. Foster solicited suggestions, from the board, on where they would see the new increased budget of $71.1k be spent. It was suggested to use two-thirds or $47k plus in projects and one-third or $23k plus in scholarships. He will now go back and revise the budget with the new spend policy that the board approved today and come back in the July for adoption. g. Hall of Fame Tim Foster Mr. Foster the proposed 2014 Hall of Fame inductees and requesting the approval, of the Executive Committee, the slate of inductees for this year. Mr. Beargeon motioned to approve the slate of Hall of Fame inductees with a second from Mr. Barwick. In the interest in time Mr. Foster suggested to skip review of financial and foundation reports and directed the members to their meeting packet for that information. 2. Board of Trustee s Report Ken Nunes COS graduation that occurred last Thursday with 1192 students received degrees with 600 students in actual attendance for the ceremony. The trustee will be meeting on May 28 th to review the district budget. Summer school is back at COS on all three campus. 3. President s Report Stan Carrizosa Graduated 52 nurses, certified 28 firefighters, and graduated 25 physical therapists last week Doubled the size of summer school Hired 16 full time faculty which allows add 200 classes which translates into 10,000 seats across the three campus Hanford campus now has industrial maintenance classes along with police & fire Agriculture, Architecture and all the transfer requirements in full operation on the Tulare campus COS is one of twenty-four in the state to be approved for Pathways to Law School initiative with 25 students enrolled fall 2014 Bring back a full time instructor for the Paralegal program Pathway to college partnership with our feeder high schools which allows high school seniors to take college courses, english and math, on their campus 4. Chapter Reports Chapter Presidents Hanford/Lisa Franks: Met and discussed fundraising goals and ideas; reviewed the CSF luncheon; and considering changing meeting time for the Hanford chapter to allow for better attendance Visalia/Steve Beargeon: The Regatta is on June 5 th with 12 boats so far Tulare/Skip Barwick: Fall Crush scheduled for September 26 th on the Tulare campus; soliciting a new member for the Tulare chapter Foundation Executive Board May 27, 2014 3 of 8
No further business Meeting adjourned at 1:20 pm by President, Sherrie Bell Respectively submitted, Sylvia Stiff Foundation Executive Board May 27, 2014 4 of 8
COS Foundation Budget Analysis and Proposal - DRAFT 2013-2014 Foundation Budget Activity 2014-2015 Budget Income Budget YTD Income Variance Income Variance Variance to YTD Estimate General Contributions $ 25,000 $ 36,142 $ 11,142 $ 30,500 $ (5,642) Half of increase over last year's budget. Uncertain about one-time gifts Full Board Power of the Purse $ 17,000 $ 13,287 $ (3,713) $ 15,000 $ 1,713 Modest increase to YTD Actual Tulare Chapter Tulare Event $ 15,000 $ (15,000) $ 6,000 $ 6,000 Crush event first time expectations and CSF modest inrease in YTD Actual CSF Luncheon $ - $ 17 $ 17 $ 600 $ 583 Hanford $ - Xmas Tree Auction $ 7,500 $ 3,940 $ (3,560) $ 5,000 $ 1,060 Modest increase to YTD Actual for both events CSF Luncheon $ - $ 839 $ 839 $ 1,000 $ 161 Visalia $ - Regatta $ 15,000 $ 16,908 $ 1,908 $ 15,000 $ (1,908) Uncertain about net for second event. Net is volunteer concensus. Investment Income $ - @4% = $264,523 Operations Underwriting $ 49,500 $ 49,500 $ - $ 86,986 $ 37,486 Foundation Operations Budget plus Presidents Discrectionary Fund Scholarships Allocation $ 20,000 $ 20,000 $ - $ 45,000 $ 25,000 Board-direct Allocation Project Funds $ 70,500 $ 70,500 $ - $ 132,537 $ 62,037 Board-direct Allocation Total $ 219,500 $ 211,133 $ (8,367) $ 337,623 $ 126,490 Based on $193,393 Investment Income spend at 3% of portfolio Expenses Budget YTD Expense Variance Expense Variance Scholarship Payments $ 55,000 $ 45,000 $ 10,000 $ 81,550 $ (36,550) 50% of General, Full Board, and Chapter Financial Dev.+ $45k Investments Project Funds $ 105,000 $ 105,000 $ - $ 140,037 $ (35,037) Investment Allocation + 50% of Full Board Financial Dev. Tulare Campus Projects $ 4,000 $ - $ 4,000 $ 3,300 $ (3,300) 50% of earnings to Chapter-directed project support Hanford Campus Projects $ 2,000 $ 1,440 $ 560 $ 3,000 $ (1,560) 50% of earnings to Chapter-directed project support Visalia Campus Projects $ 4,000 $ 7,000 $ (3,000) $ 7,500 $ (500) 50% of earnings to Chapter-directed project support President's Discretionary Fund $ 10,000 $ 9,972 $ 28 $ 10,000 $ (28) Foundation Operations $ - Temp Support $ 8,000 $ 612 $ 7,388 $ 3,500 $ (2,888) Primarily student workers for clerical and event support Contract Services $ 13,000 $ 790 $ 12,210 $ 35,000 $ (34,210) Event, Alumni, Cap Campaign and Planned Giving consultants. Grantwriter Donor Software $ 4,500 $ 5,300 $ (800) $ 4,500 $ 800 No more install charges, but a full year of lease payments Marketing/Promotion $ 3,000 $ 4,598 $ (1,598) $ 10,000 $ (5,402) More outreach/promotion for Foundation. 50% of COS annual report Office Operations $ 6,500 $ 6,240 $ 260 $ 6,500 $ (260) Volunteer Meetings $ 800 $ 1,471 $ (671) $ 1,800 $ (329) Increased food cost for some Chapter and committee meetings Donor Development $ - $ 507 $ (507) $ 800 $ (293) Meals, travel, small gifts Printing $ - $ 2,246 $ (2,246) $ 3,300 $ (1,054) Copier costs were color only. Adding B&W costs Storage Facility $ - $ 788 $ (788) $ 900 $ (112) Moving to a more convenient location Bank Fees $ - $ 2,669 $ (2,669) $ 5,000 $ (2,331) Increased utilization of online/credit card processing Conferences $ 1,200 $ 450 $ 750 $ 1,200 $ (750) 1 State, 1 National CASE Confrerence, Quickbooks training Travel $ 2,500 $ 1,071 $ 1,429 $ 2,500 $ (1,429) Milage for out-of-district travel, Airfare, Hotel Expenses Memberships/Dues $ - $ 934 $ (934) $ 1,986 $ (1,052) CASE/NCCCF, Rotary, Valley Assoc. Fundraising Prof. MISC $ - $ 246 $ (246) $ 246 Total $ 219,500 $ 196,335 $ 23,165 $ 322,373 $ (126,038) 58% is increases in support to COS, 42% Inclusion of Ops Expenses Net $ - $ 14,798 $ 14,798 $ 15,250 $ 452 50% of Undesignated General Support set aside as a contingency Note: = Includes Estimated figures for May and June Assumes District Underwriting of 100% associated Foundation costs for personnel, facilities, insurance, annual audit, scholarship software, and accounting support 5 of 8
Foundation Board Retreat Thursday, August 21, 2014 Visalia Country Club 12 Noon AGENDA Item Presenter Time 1. Welcome Sherrie Bell Noon 2. Table Introductions All 3. Lunch 4. State of the Foundation Tim Foster 5. Chapter Presidents Reflections Chapter Presidents 6. Board Reflection State of the Foundation and Chapters Sherrie Bell 7. State of the College Stan Carrizosa 8. Board Reflection - State of College Sherrie Bell 9. Introduction of Netzel Grigsby Assoc. Tim Foster 10. The Power of a Comprehensive Financial Development Plan Charles Richards 11. Table Discussion Tim Foster 12. Report out Shared Views Table Representatives 13. Deciding Our Path Tim Foster 14. After-retreat Reception All 5:00pm 6 of 8
Foundation Report July 2014 1. Job Anniversary July 15 th mark the Foundation Director s one year of service 2. Hall of Fame Honorees Ms. Sue Shannon, Mr. John Lehn, Mr. Alan Branco, Mr. Bert Holt, Mr. Brad Mills All have accepted the honor Save the Date notices will go out early August for our Oct 2 nd event Publicity will begin soon thereafter 3. Tennis Court Reopening and Ribbon Cutting Tomorrow $44,000 project to resurface all nine tennis courts was completed A brief ribbon-cutting ceremony will be held at 11:30 am With an informal lunch reception immediately thereafter 4. Giant Athletics Success Campaign Athletics Director, Brent Davis will launch the campaign this week Seeking major sponsorship from the community to support all seventeen sports COS offers Funds support o Academic support and mentoring program o Team travel to competitions o Athletic equipment 5. Tulare Chapter Partnering for Crush Party, September 26 th Partnering with the Tulare Chamber and their Ambassador Program The event will the fall grape harvest with local wine tasting Held at the Tulare Campus inside Building A Save the date notices are going out this week 6. Foundation Retreat August 22 nd Reflecting on our past year President Carrizosa will share the District s recent accomplishments and future needs of the Foundation Discuss ways in which the Foundation can better meet the needs of the District If the Trustees have any feedback or input for the retreat, please let President Carrizosa or me know 7. Upcoming event dates Convocation General Assembly, August 8 th First Day of School, August 11 th Crush Party, Tulare, September 26 th Hall of Fame, Porter Field House, October 2 nd 7 of 8
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