Flathead Valley Community College Foundation

Board Meeting

Thursday, March 8, 2007

3:30 PM, Blake Hall, Room 140

 

~ Minutes ~

 

Present:      FVCC Foundation Board of Directors - Russ Barnes, Carol Blake, John Bowdish, Henry Brown, Leslie Mercord, Diane Morton, Aaron Mower, Ralene Sliter; FVCC Foundation Associate Members – Carol Larson; A&A Chairperson – Suzy Williams; Ex-Officio Members – Jane Karas and John Engebretson; and FVCC Staff and Administration – Ruth Ackroyd and Sue Evans.

 

Excused:     Kathy Barkus, Lynn Bauer, Nancy Gordley, Sally Elliman, Pat LaTourelle, Donna Lawson, Andy Miller, Kippy Redman, Jarrod Shew, Margie Simpson, Dan Vogel, Pat Winkel, and Cheryl Wilson. 

 

As there is not a quorum present at today’s meeting, approval of the minutes of January 25, 2007, will be postponed until the annual Foundation Board meeting scheduled for May 17, 2007.

 

I.          COMMITTEE UPDATES

                 

Finance & Stewardship Committee

Leslie Mercord, Acting Treasurer, reported on the Finance and Stewardship Committee’s meeting held February 21, 2007, with Clint McGarvin, Portfolio Manager at First Interstate Bank in Billings.  The Foundation’s total portfolio return for 2006 was 10.5%, and the Finance and Stewardship Committee is pleased with First Interstate’s management of the portfolio.  First Interstate will likely be removing certain stocks, and the Committee may look at increasing equities to 55% of the portfolio in the future.

 

During 2006, the U. S. economy posted a growth of 3.4% with a weak performance during the second and third quarters and a strong performance during the first and fourth quarters.  Business spending continued to grow, while the unemployment rate reached a five year cyclical low.  In some areas of the country, housing markets deteriorated from prior levels, and oil prices declined 3% in the fourth quarter.

 

First Interstate Bank is expecting moderate growth during 2007 (below 3%), with weak growth during the first half of the year and stronger growth during the second half.  Job growth is expected to stay strong, and it is believed that the Federal Reserve will not increase interest rates in 2007 and there is a potential for a decrease in interest rates, most likely sooner rather than later.  Consumer spending is expected to continue to slow during 2007, and underlying inflation pressures should ease as economic growth slows.

 

U. S. stock indices posted stellar results in 2006.  All ten economic sectors posted positive results, and earnings growth in the third quarter was strong at 15%.  Large cap stocks underperformed small and mid cap stocks, while international stocks outperformed domestic stocks.  Growth stocks underperformed value stocks, and REIT’s continued to outperform stocks.  For 2007, First Interstate expects that strong corporate health will bode well for stock prices.  First Interstate favors international stocks and large cap stocks over small and mid cap.  It is expected that consumer staples and technology and industrials will emerge as strong sectors, and weak sectors will include financials and consumer discretionary.

 

Leslie addressed last week’s decline in the stock market, noting that some kind of pullback was expected, and U. S. stocks are still considered to be undervalued.  The fact that the Chinese stock market fell 8% is not significant considering the fact that it was up 700% in the past year.  Leslie noted that the Foundation’s portfolio is in good shape going forward.

 

Research and Development Committee

Ruth Ackroyd reported that Nancy Gordley is out of town, helping take care of her new grandson.  Ruth and Nancy will be meeting with Stephanie Wallace of Flathead Electric Coop. on Friday, March 16th to discuss Stephanie’s joining the Foundation Board of Directors.  The Research and Development Committee will be meeting in the near future to discuss nominating more members to the Board.

 

Events and Projects Committee

Bibler Home and Gardens Spring Tours

Sue Evans reported that the Bibler Spring Tours have been scheduled for Saturday and Sunday, May 5th and 6th, and Saturday and Sunday, May 12th and 13th.  One and one-half hour tours will be conducted each day at 10:00 AM, 12:00 Noon, 2:00 PM, and 4:00 PM.  Volunteers are needed as guides, assistants, gatekeepers, and booksellers, and training sessions have been scheduled at the Bibler Home for Thursday, April 12th from 9:00 AM to 10:30 PM, as well as Friday, April 13th from 4:00 PM to 5:30 PM.

 

Christmas Tree Excellence

The Events and Projects Committee has scheduled a meeting for Tuesday, March 27, at 8:00 AM in the Science and Technology Building (SAT), Room 148 to discuss Christmas Tree Excellence, 2007.  The Committee plans to continue the Denim and Diamonds theme.

 

II.         FVCC AMBASSADORS & ALUMNI ASSOCIATION REPORT

            Suzy Williams, Chair of the FVCC A&A Association reported that she, Ruth, and Sue met with Linda Grady, the Executive Director of the Hockaday, and Jennifer, the incoming President of the Hockaday Guild, on Wednesday, March 7th to discuss a joint venture to bring Inuit Art expert, John Houston, from Nova Scotia to Kalispell in late September to lecture on pieces in the Bibler collection. The committee is planning a Gallery Reception and lecture by John highlighting some of the pieces in the collection at the Hockaday on Thursday, September 27th, and two or three public viewings of John’s first film, “Songs in Stone,” on Friday, September 28th in the meeting hall in the new Arts & Technology Building.  Suzy also reported that planning will begin to host a reception for A&A members in the Arts and Technology Building this spring.

 

IV.        PRESIDENT’S REPORT

            President Jane Karas reported that the Occupational Trades Building is open for classes, and the Arts and Technology Building is scheduled for completion in May.  It was suggested that tours of both buildings be scheduled for Foundation Board members in conjunction with the annual Foundation Board Meeting on May 17, 2007.  Construction of the Early Childhood Education and Care Center is moving quickly and the building is scheduled for completion in time for fall semester classes.

 

            Ralene Sliter, Mark Holston, and Jane traveled to DC in February to attend the Association of Community College Trustees National Legislative Summit.  While in DC, they met with all three of Montana’s congressional delegates.

 

The College has submitted appropriations requests for The Center for Community Entrepreneurship Education and The Montana Organic Farm-to-Table Food Production Center.  Both projects tie in to what the University of Montana, Montana State University, and the Tribal Colleges are doing.

 

President Karas reported that normally House Bill 2 would be moving through the approval process, however it has been split into six different pieces.  House Bill 807 now covers community college funding and it is not currently clear what will happen to the bill.  If passed, it will go to the Senate Finance and Claims Committee, but if not, there will be no funding bills in place.  Jane reported that the rumor in Helena is that if there are no funding bills by the 67th day of the session, the Legislature can adjourn and reconvene in special session with a brand new funding bill.  President Karas further reported that the community colleges have not been included in the tuition cap.  There will be opportunities for Foundation Board members to help by contacting legislators in writing or via email, and more information will be forthcoming.

 

The American Association of Community Colleges has invited Jane to testify to the Senate Finance Committee on how the Hope Credit, Pell Grants, and other forms of Federal tuition assistance effects students.  Jane has accepted the invitation and will travel to Washington, DC in two weeks to testify.

 

Senate Bill 12, which addresses the community college funding formula, passed through the Senate 50 to 0 on two readings.  It is expected to pass the House, followed by Executive Action within the next few days.

 

V.         BUILDING FOR SUCCESS CAMPAIGN UPDATE

            Ruth Ackroyd reported that she is working on a gift-in-kind of cabinetry for the Early Childhood Education and Care Center with Brent Hall and Stock Building Supply.  Plum Creek has increased their gift of $10,000 with an additional $25,000 to name the Electrical, Plumbing, HVAC/R Shop Bay in the Occupational Trades Building.

 

            The Campaign Advisory Committee will be meeting on Wednesday, March 14th.  Two meetings have been scheduled for 7:30 AM to 8:30 AM or 4:00 PM to 5:00 PM, to accommodate people’s schedules.    Ruth noted that a lot of visits have been completed, but there is a lot of follow up to do, as well.  The second campaign bulleting will be mailed shortly.  Fundraising efforts will now concentrate on the Arts and Technology Building, and receptions will be scheduled in people’s homes to introduce community and business leaders to the campaign.

 

VI.        DEVELOPMENT REPORT

            Gifts for the 2006-2007 annual fund drive are still coming in, and updated reports were reviewed.  An additional $5,000 in contributions has been receipted since the report was last reviewed in January.

 

            The semi-annual Scholarship Application Reading and Rating has been scheduled for Tuesday, April 10, 2007, beginning at 9:00 AM at the Meeting Center (formerly the Osborne House).  All Foundation Board members are invited to attend.

 

            Ruth reported that she and John Bowdish attended Whitefish Credit Union’s annual meeting on Saturday, February 10th, to take the opportunity to thank the Board of the Credit Union for their significant support of FVCC through the Whitefish Credit Union Community Pride Scholarship Fund.

 

            A scholarship recipient survey was mailed in the fall, and many responses have been received.  The survey gives the college the opportunity to track scholarship recipients and the opportunities they take advantage of once they leave FVCC.

 

            The Needs and Resources Committee, a subcommittee of the Finance and Investment Committee, has met once and is working on institutional priorities.  A committee job description has been developed, as well as a draft form to apply for funding.

VII.      NEW BUSINESS

A request for funds has been received by Phi Theta Kappa, however, as there is not a quorum at today’s meeting, the request will be reviewed at the annual Foundation Board meeting scheduled for May 17, 2007.

 

There being no further business to discuss, the meeting was adjourned at 4:10 PM.