FVCC Foundation

Board Meeting

Thursday, March 9, 2006

3:30 PM, BH 140

 

~ Meeting Minutes ~

 

Present:      FVCC Foundation Board of Directors - Russ Barnes, Carol Blake, John Bowdish, Nancy Gordley, Pat LaTourelle, and Leslie Mercord; A&A Chairperson – Suzy Williams; FVCC Staff and Administration – Ruth Ackroyd and Sue Evans; Guests – Kirk Fulford, Trust Officer/First Interstate Bank, Kalispell and Clint McGarvin, Portfolio Manager/First Interstate Bank, Billings.

 

Excused:     Kathy Barkus, Lynn Bauer, Steve Becker, Henry Brown, Sally Elliman, Donna Lawson, Andy Miller, Kippy Redman, Margie Simpson, Ralene Sliter, Cheryl Wilson, Pat Winkel, Paul Williams and Darrell Worm

 

Kathy Hughes, Ivan Lorentzen, Bud Sather, David Scott, and Robbie Sullivan, representing FVCC’s Assessment Board, led a discussion on Ability Based Education at Flathead Valley Community College prior to the start of today’s meeting.  A copy of their PowerPoint presentation is included with these minutes for Board members unable to attend today’s meeting.

 

I.          APPROVAL OF MINUTES OF JANUARY 19, 2006

As a quorum of voting Directors of the FVCC Foundation Board is not present at today’s meeting, the approval of the minutes of January 19, 2006, will be postponed until the Annual Board Meeting scheduled for Thursday, May 18, 2006.

 

II.         UPDATE OF FOUNDATION ASSETS

Russ Barnes introduced Kirk Fulford, Trust Officer at First Interstate Bank in Kalispell, and Clint McGarvin, Portfolio Manager at First Interstate Bank in Billings.  The Foundation’s portfolio was assigned to Clint in January 2006 with the resignation of Pat Angland from First Interstate.

 

As the Foundation’s new portfolio manager, Clint provided some background information, noting that he taught high school math in Texas for several years and started with First Interstate Bank as a portfolio manager in July 2005.

 

The review of the Foundation’s assets began with the outlook for the U. S. economy for 2006, with Clint noting that economic growth is expected to moderate between 3% and 3.5%.  First Interstate Bank is expecting additional Federal rate hikes, along with slowing consumer spending, however business capital spending is expected to stay strong.  Risks to economic growth include rising oil prices, reduced productivity advances, slowing of the global economy, geopolitical instability, and terrorism.    Clint also reviewed the 2006 outlook for fixed income markets and equity markets and provided a summary outlook for the next twelve months.

 

The Foundation’s Endowment Fund currently consist of 36% fixed income and 58% equities, of which approximately 34% is held in large-cap funds, 13% in small-cap funds, and 11% in International funds.  Clint noted that First Interstate will be rebalancing equities in the near future, bringing the amount invested in International funds up to 14%.  Dell, Intel, and IBM will most likely be eliminated from the Foundation’s portfolio.

 

III.       TREASURER’S REPORT

Ruth Ackroyd reported for Paul Williams, noting a report from Paul dated February 19, 2006, which was distributed to Board members with the tentative agenda for today’s meeting.  The Foundation’s Endowment fund has risen in value to $1,792,523 which includes $31,248 in market appreciation for January 2006.  The balance in the Program/Scholarship fund has increased to $538,226 and is getting a boost from gifts received for the Building for Success campaign. 

 

Paul, Margie Simpson, Kippy Redman, and Ralene Sliter were in attendance on February 9th and 10th to begin the process of reviewing accounts, and Paul has requested that two more days be scheduled to continue the process. Dates will be determined and Board members will be notified.  Board members are asked to volunteer whatever time they can give to completing the review of accounts.

 

III.       COMMITTEE UPDATES

           

Springtime in the Rockies

Pat LaTourelle reported that ShowThyme will not be participating in Springtime in the Rockies, 2006, however, Corner House Grille, Café Max, LaProvence, and Café Kandahar have all agreed to host a wine tasting dinner.  This year’s schedule of events is:

            Sunday, June 4              Corner House Grille Wine Tasting Dinner

            Monday, June 5              Café Max Wine Tasting Dinner

            Tuesday, June 6 LaProvence Wine Tasting Dinner

            Wednesday, June 7        Café Kandahar Wine Tasting Dinner

            Thursday, June 8            Red’s Wines and Blues Beer Tasting featuring beers from

Lang Creek Brewery

Friday, June 9                Grand Wine Tasting Event, FVCC Kalispell Campus

The beer tasting event is new this year and it will feature food stations rather than a sit down meal.

 

Ruth and Pat met with the students in the Culinary Arts class on Monday, February 27th, to discuss Springtime in the Rockies and how funds raised from prior events have supported the program.  While the students are eager to help with preparing hors d’oeuvres for the Grand Wine Tasting, Springtime in the Rockies steering committee members have been discussing the possibility of asking local restaurants to participate in the event and donate food for the Grand Wine Tasting in an effort to alleviate some of the burden for the Culinary Arts class. Participating restaurants would be asked to donate their time and expenses in preparing the food and would be provided a table at the Grand Wine Tasting.  Ruth reported that Richard Canaday, evening chef at The Knead and FVCC alum, has indicated an interested in participating in this year’s event.  Les Simon and Juanita Jock are also willing to help.

 

Dan Vogel from Fun Beverage is assisting with the planning of this year’s event, and invitations are in the process of being finalized.  A publicity plan is in place.  The Grand Wine Tasting will again feature a silent auction and Board members are asked to donate two or three auction items.

 

The spring tours of the Bibler Home and Gardens have been scheduled for May 6th and 7th and May 13th and 14th.  A meeting has been scheduled with Carol Bibler and the new Manager of the Home and Gardens, Rande Simon, to finalize plans.  Spring tours will be extended to an hour and a half this year, and the ticket price will be raised to $10.

 

FVCC Ambassadors & Alumni Association Chair, Suzy Williams, reported that an event for Association members has been scheduled for Friday, April 28th at the Bibler Home.  John Rawlings will speak on the history of several pieces of artwork in the Bibler Home.  The FVCC A&A Association hopes to host another event in the fall on Inuit art.  Letters will be mailed to all A&A members later this spring asking them to renew their membership in the Association.

 

IV.        PRESIDENT’S REPORT

            As President Jane Karas is in Helena attending an interim finance committee meeting regarding revising the community college funding formula, Ruth Ackroyd provided the President’s Report.

 

            Ruth reported that the renaming of the Colleges of Technology to Community Colleges will not be addressed this legislative session.  Concern has been raised regarding the inequity in funding the Colleges of Technology and the state’s three community colleges.

 

            The land transaction has been finalized.  The college traded 25 acres of land for 109 acres and received a cash payment of $300,000 and an additional $250,000 for easements.

 

            A fact sheet was distributed outlining Flathead Valley Community College’s impact on the local economy. Ruth highlighted several facts and noted that President Karas held a press conference on Monday, February 27th to share the information with community leaders.

 

            President Karas, along with Board of Trustees members Bob Nystuen and John Engebretson were in Washington, D.C. last month to attend the National Legislative Summit.  While in Washington, they met with Senators Burns and Baucus, as well as Amy Astin, Chief Legislative Assistant for Representative Denny Rehberg, regarding the college’s appropriations requests.  Four requests were submitted in support of FVCC’s Allied Health Program, Manufacturing Careers, Entrepreneurial Studies, and Distance Education.

 

            Swank Enterprises has been awarded the contract for the Arts and Technology Building, and construction is slated to begin next week.  The Arts and Technology Building is scheduled to be completed in May 2007.  The Occupational Trades Building is being re-bid as some construction materials included in the original plans are unavailable.  This will cause approximately a six month delay in the completion of the building, which is now scheduled for December 2006.  The completion date for the Early Childhood Education and Care Center is still scheduled for July 2007.

 

V.         BUILDING FOR SUCCESS CAMPAIGN

            Nancy Gordley reported that solicitation letters were mailed yesterday for support for the Occupational Trades Building, and follow up phone calls will be made next week to schedule visits.  Visits will be scheduled with Board of Trustees and Foundation Board members who have not yet made a commitment to the campaign.  There is an upcoming meeting scheduled with Glacier Bank, and receptions in private homes will be scheduled to introduce potential donors to the campaign.

 

VI.        DEVELOPMENT UPDATE

            Ruth Ackroyd reviewed the Foundation’s Statement of Financial Position as of February 28, 2006, noting that Foundation assets are well over $5 million.

 

            Ruth referred Board members to the Annual Fund Drive report, noting that almost $70,000 has been raised including year-end gifts received through the Montana Community Foundation.  The annual fund drive goal will be revisited as donations brought in through the fundraiser continue to grow significantly.

 

Meeting dates will be set for the Research and Development Committee.  Nominations for potential members to the Foundation’s Board of Directors and Associate Board will be brought to the full Board for a vote at the annual meeting scheduled for May 18, 2006.  Ruth noted that the date of the annual meeting and President’s Donor Dinner has been changed to May 18th.

 

Scholarship application reading and rating has been scheduled for Tuesday, April 4th and Wednesday, April 5th, from 9:00 AM to 4:00 PM at the Meeting Center (formerly the Osborne House), and the student scholarship reception has been scheduled for Tuesday, May 2nd from 2:30 PM to 4:00 PM in LRC 123.

 

There being no further business to discuss, the Board meeting was adjourned at 5:20 PM.