FVCC Foundation Board Meeting

Thursday, May 15, 2008

3:30 p.m.

Arts and Technology Building, Rooms 144 A and B

 

~ Meeting Minutes ~

 

Present:      FVCC Foundation Board of Directors - Russ Barnes, Kathy Barkus, Carol Blake, John Bowdish

Nancy Gordley, Pat LaTourelle, Jim Lehner, Diane Morton, Jarrod Shew, Margie Simpson, Ralene Sliter, Stephanie Wallace, and Pat Winkel;      FVCC Foundation Associate Members – Lil Laidlaw and Carol Larson; Ex-Officio Members – Jane Karas; and Staff and Administration –  Ruth Ackroyd, Sue Evans, Kathy Hughes, and Chuck Jensen; and Guests – Robin Graham, Lynn Farris, Ivan Lorentzen, and Gregg Davis.

 

Excused:    Lynn Bauer, Donna Lawson, Leslie Mercord, Andy Miller, Aaron Mower, Dan Vogel, and

                  Suzy Williams.

                 

I.         ENHANCEMENT GRANT REPORTS

            Ivan Lorentzen and Gregg Davis provided the Foundation Board with an update on the Honors Program, renamed the Scholars Program, at FVCC which was awarded a Foundation Enhancement Grant of $4,000 for the 2007-2008 academic year.  Over the past few years an ad hoc committee of full time faculty has been discussing the possibility of FVCC developing a Scholars Program, and discussions with the Davidson Honors College at the University of Montana and The Honors Program at Montana State University has generated enthusiastic support from both institutions. The FVCC Scholars Program is designed to recruit students from across the state who have demonstrated academic excellence but are unsure of future study plans. The Scholars Program will be distinctively tailored to academic challenge and mentorship.  The first class is scheduled for the fall 2009 semester and will be limited to 15 students.  There will be an application process for students interested in participating in the Program. 

 

Robin Graham and Lynn Farris reported on the Teaching Excellence Center which received an Enhancement Grant of $5,000 for the 2007-2008 academic year.  Lynn shared a PowerPoint presentation outlining the vision and mission statement for the Center and progress on acquiring equipment to help instructors integrate technology into their classrooms.  In addition to the Foundation Enhancement Grant, the Teaching Excellence Center has received support from a Carl Perkins grant, a TRIO/SSS grant, and a dedicated space from FVCC.

 

II.        APPROVAL OF MINUTES OF MARCH 27, 2008

Nancy Gordley motioned to approve the minutes of March 27, 2008.  Kathy Barkus seconded the motion and it passed unanimously.

 

III.      TREASURERÕS REPORT

As Treasurer, Leslie Mercord, was unable to attend todayÕs meeting, Russ Barnes read the TreasurerÕs Report provided by Leslie.  The Endowment Fund is up $79,481 or 3.2% since February 29th. The market has stabilized quite a bit since the last big Federal Reserve rate cut in March.  The Fed instituted another small 1/4 point cut last week and there may be one more rate cut, after which investors believe the Fed will be through with cutting rates.

 

Some words of wisdom from D. A. Davidson & Co. Chief Market Strategist, Fred Dickson:

ŌThe worst of the credit crisis is beginning to pass. The credit markets are opening up, backstopped by the aggressive actions the Fed took over the past three months.  First Quarter '08 earnings were not good but they weren't as bad as many investors feared they would be.  Second Quarter earnings guidance revisions haven't been as negative as many investors (or TV networks) expected.  Merger and IPO activity is picking up, showing increased investor confidence in the markets and economy. The first time in '08, the Dow Jones has moved above its 200 day moving average, a powerful signal for long term technically-oriented investors that a new bull market cycle may be emerging.  Going into summer we don't see the market taking off like a rocket but more likely a sustained modest rally with shallow periodic dips going into the fall election.Ķ

 

IV.       COMMITTEE UPDATES

Finance and Stewardship Committee

Ruth Ackroyd reported that a meeting of the Finance and Stewardship Committee was called April 30, 2008.  Ruth, Sue Evans, and Leslie Mercord were in attendance.  Committee members received a spreadsheet addressing FVCC endowment spending and input from other institutions of higher education, as well as information from the Common Fund Institute on spending for higher education.  At this time, Treasurer Leslie Mercord and FVCC Foundation staff are asking the Foundation to consider that:

▪       The FVCC Foundation determine annual endowment earnings on a calendar year.  Presently earnings are calculated on an academic year, July 1 through June 30, which makes it difficult to award scholarships in May for the following school year.

▪       The FVCC Foundation use the moving average method of determining year-to-year spending in order to balance distributions.  It is suggested the moving average be based on the average endowment value over the twelve prior quarters.  Further, the endowment market value will be determined by adjusting the endowment cost basis for interest, dividends, investment gains and losses, management fees, and endowment distribution.

▪       The FVCC Foundation distribute 4% to 5% of the moving average endowment market value annually.  (For the upcoming 2009 academic year, 4% will be used for endowed scholarship awards.)

No recommendation for adoption of a Foundation Endowment Spending Policy is requested at this time, however, it is recommended the Foundation study this endowment spending process at the conclusion of this calendar year and the Finance and Stewardship Committee consider establishing a policy at that time.

 

Events and Projects Committee

Culinary Arts Request

At their April 8, 2008, meeting, the Events and Projects Committee reviewed Culinary Arts Instructor, Hillary GinepraÕs, request for $4,000 from Christmas Tree Excellence, 2007, funds to support second year students enrolled in the Culinary Arts program travel experience.  Committee members suggested the Foundation contribute a percentage of the net proceeds from Christmas Tree Excellence, to be determined on a year-to-year basis, from Christmas Tree Excellence, rather than a percentage of the eventÕs food costs.  Net proceeds from Christmas Tree Excellence, 2007, were $25,833.73.  Disbursement of proceeds from Festival of Flavors has not been determined at this point, but scholarships and programs were mentioned. After discussion, Pat LaTourelle motioned to recommend to the Foundation Board of Directors a one time allocation of 10 percent of the net proceeds from Christmas Tree Excellence, 2007, or $2,583, to the Culinary Arts program.  Dan Vogel seconded the motion and it passed unanimously, and the motion is now being brought to the Board of Directors for a vote.  After discussion, PatÕs motion was amended and brought forth by Pat as follows: 

Pat LaTourelle motioned to recommend a one time allocation of 10 percent of the net proceeds from Christmas Tree Excellence, 2007, or $2,583, to the Culinary Arts program for services performed at Christmas Tree Excellence.  Nancy Gordley seconded the motion and it passed unanimously.

Festival of Flavors

Pat LaTourelle reported that the Festival of Flavors planning committee has been meeting regularly and dates and locations for the events are being finalized.  The current schedule of events is:

▪       Sunday, September 28              Doug Day                     Whitefish In-Home Dinner

Al and Sandy SchellingerÕs Home

▪       Monday, September 29              Matt Israel                     Blue Canyon

▪       Tuesday, September 30             Andy Blanton                Kalispell In-Home Dinner

Suzy WilliamsÕ Home

(President KarasÕ Home as Back Up)

▪       Tuesday, September 30 Sushi Event at Jeff GilmanÕs

▪       Wednesday, October 1               Marc Guizol                   La Provence

▪       Thursday, October 2                  Steven Nogal                 McGarryÕs Roadhouse

▪       Friday, October 3                       Microbrew Event           The Great Northern Brewing Co.

▪       Saturday, October 4                  Wine Tasting Event at The Hilton Garden Inn

 

The Loft in Whitefish is tentatively being held as the location for the Microbrew event, and four breweries, Flathead, Tamarack, Great Northern, and Lang Creek are interested in participating.  Jarrod Shew noted that he has been in contact with the owners of Tamarack Brewery and they have indicated that the local breweries are interested in forming working relationships with each other specifically for this type of event and will be meeting in the near future to discuss possible joint endeavors.  14 food vendors have already committed to providing food for the Grand Wine Tasting event scheduled for Saturday, October 4th, which will feature a PowerPoint presentation highlighting FVCCÕs Culinary Arts program, and Mary Gibson is working hard with the members of the Auction Committee to acquire prizes for the silent and live auctions.  It was noted that cash donations or gift cards are welcomed from Board members if they would rather not solicit for auction items.  Fun Beverage has committed to sponsoring the event at the Bordeaux Level of $2,000, and sponsorship solicitation letters to other local companies and businesses have been or are in the process of being mailed out.  Tara Roth has scheduled a meeting for May 29th with Stephanie Wallace and Sue Evens to discuss publicity for the event. 

 

V.         PRESIDENTÕS REPORT

President Jane Karas reported that John Engebretson has been released from the hospital after a recent illness, and he is home resting and feeling better.

 

Former U.S. President, Bill Clinton, made a surprise visit to FVCC on Wednesday, May 7th.  Approximately 3,000 people attended his speech in the Arboretum behind Blake Hall.

 

Flathead Valley Community College will graduate its 40th class tomorrow, May 16th at 7 p.m. during the collegeÕs spring 2008 commencement.  The ceremony will take place at the Flathead County Fairgrounds Expo Pavilion.  The college plans to award 233 degrees and certificates to 215 students from both the Kalispell and Lincoln County Campuses.  The awards will consist of 145 Associate of Arts and Associate of Science degrees, 64 Associate of Applied Science degrees and 24 certificates.  Keynote speaker will be 1992 FVCC alumna Jean Adams, Law Clerk of the Montana Judicial Branch, 10th Judicial District, and 1st Year Trustee for the State Bar of Montana. 

 

FVCC has received notification that the collegeÕs grant for a Fulbright Scholar in Residence (SIR) has been funded.  A Chinese scholar will be coming to FVCC to begin a Chinese language program, and FVCC will be partnering with area high schools.

 

The Office of the Commissioner of Higher Education has applied for a Lumina Grant to make education in Montana more affordable.  Jane will be working on the committee putting together the initial proposal to include strengthening relationships between MontanaÕs community colleges, the Commissioner of Higher EducationÕs office, and the Board of Regents.

 

Jane reported that Ruth will be taking a leave of absence over the summer to help her family and will return for the beginning for the fall 2008 semester.  Ruth will be looking at retiring next year, but Jane noted that the college offers post-retirement contract options and hopes Ruth will be a presence at the college in some capacity in the coming years.  The college is creating a new position, Director of Institutional Advancement, and hopes to have the position filled as soon as possible in order to create a smooth transition into the summer months when Ruth is on her leave of absence.  Ruth will then train the Director of Institutional Advancement during the fall semester to transition into RuthÕs current position after her retirement.  (n.b. – Colleen Unterreiner has accepted the position of Director of Institutional Advancement and will begin in her new role on June 2, 2008.)

 

VI.       DEVELOPMENT REPORT

            Sue Evans reported that the FVCC Student Government sponsored annual student awards reception was held Tuesday, May 6th at 6:30 p.m. in the Large Meeting Room in the Arts and Technology Building.  For the past few years the format of this reception had been changed from a more formal banquet dinner and awards presentation to an afternoon reception with no presentation of award certificates, and donor participation declined.  This year, in an effort to increase donor participation, Student Government changed the event back to an evening reception with a presentation of scholarship award certificates to students by the scholarship donors.  The event was a success with 25 scholarship donors in attendance to meet their scholarship recipients and present them with their awards.  Several students commented that they appreciated the recognition and receiving a certificate to acknowledge their award.

 

            Nancy Gordley reported that plans are in the works to host a reception in Bigfork on June 25th the introduce Bigfork residents to the Building for Success campaign.  To date, approximately $900,000 has been received and while not all the gifts have been earmarked for the campaign, they were received as a result of campaign solicitation visits.  The original planning group will be getting together in the next few weeks and visiting prospects over the next nine months.

 

            Ruth shared the proposed 2008-2009 meeting schedule and dates for the annual Scholarship Luncheon and PresidentÕs Dinner.  Ruth noted that the Montana Legislature will be in session which will make demands on President KarasÕ schedule so there may be changes in the meeting schedule.  The FoundationÕs annual meeting is tentatively scheduled for May 14, 2009, and officers for 2009-2011 will be nominated at the meeting.

 

            This yearÕs annual PresidentÕs Donor Dinner, held for the first time in the Large Community Meeting Room in the Arts and Technology Building, was a success with approximately 140 people in attendance.  Thomas Cuisine, who provides food services for Kalispell Regional Medical Center and North Valley Hospital, provided catering for the evening. 

 

VII.     NEW BUSINESS

            Ruth noted that there is approximately $13,000 in unrestricted funds from the 2007 annual fund drive to fund Enhancement Grants for 2008-2009.  Nancy Gordley motioned to approve up to $13,000 for 2008-2009 Enhancement Grants.  Ralene Sliter seconded the motion and it passed unanimously.  Sue will get the Review Committee (Andy Miller, Jarrod Shew, and Diane Morton) together to develop criteria for the grants.  Nancy Gordley motioned to give the Review Committee freedom in developing criteria for the 2008-2009 Enhancement Grants.  Pat LaTourelle seconded the motion and it passed unanimously.

 

There being no further business to discuss, Stephanie Wallace motioned to adjourn the meeting at 5:10 p.m.  Nancy Gordley seconded the motion and it passed unanimously.