Finance and Executive Committee Meeting

Finance and Executive Committee Meeting

El Camino College Foundation

Finance and Executive Committee Minutes

September 18, 2007 Adm 127

In attendance: Bob Amos, Stan Dunn, Derf Fredericks, Mike Goguen, Don Greco, Tim Marshall, George Nakano, Virginia Pfiffner, Rob White

Staff: Sue Cody and Katie GleasonRecorder: Sue Burin

Review Action Items from August 21, 2007 Executive Committee Meeting

  • Don Greco to review the “commitment letter” and provide changes – Don revised the “Statement of Entrustment.” Discussion ensued.

MOTION by Virginia Pfiffner to accept the Statement of Entrustment. Seconded by Dana Ward. Motion passed.

  • Discussed distributing the schedule for the Board of Trustee meetings. Board members are encouraged to attend.

MINUTES

Motion made by Derf Fredericks to accept minutes of August 21, 2007 Executive Committee meeting. Seconded by Rob White. Motion passed.

Director of Development – Katie Gleason

  • Gleason reported we have raised over $100,000 to date.
  • Submitting a proposal to Northrop Grumman for $61,800 for the “Project Lead the Way.
  • The Benoit concert has been rescheduled for spring 2008.
  • Humanities Building Event – The Foundation will host a VIP reception on Friday, November 30. Judy Gibson is chair of the Event/Marketing committee and will coordinate the event.
  • Charles Gift – Gleason and Sue Cody discussed the Charles gift (December 16 Fund) received in 1999. The gift was to be established as an Endowment; however it has not been treated as such with regard to stewardship fees. Fund will be separated, renamed and identified as an endowment. Discussion ensued.

MOTION made by Bob Amos to separate the Charles gift of $388,029.43 and establish it as an endowment. Seconded by Dana Ward. Motion passed.

  • Gleason reported that there have been discussions of assigning responsibility for the scholarship office to the Foundation. Kahea Kamahele would report to Gleason. Kahea’s salary would be paid by the district along with a budget for supplies, etc. Discussion ensued, board expressed concerns about costs and would request an MOU from he college.

COMMITTEE REPORTS:

Finance – Mike Goguen

  • Working with Cody to summarize the financials into a one page summary.
  • Reviewed Financials ending August 31, 2007.
  • Cody stated that we have implemented a remote deposit terminal for processing the deposits.
  • Audit will be presented at the September board meeting.

Investments – Dana Ward

  • Ward reviewed Commonfund investments and his discussion with Joe Mulford regarding investment strategy.

Policies & Procedures – George Nakano

  • Reviewed final version of the ethics policy. Discussion ensued. Change will be made to Number 5. Change first bullet to read, “To avoid the appearance of our actual taking of the opportunity for self-dealing, I will recluse myself from participating in any and all decision making processes in which I have an interest.” Reorder bullets.

MOTION made by Rob White to accept the Ethics Policy as amended. Seconded by Dana Ward. Motion passed.

President’s Summary – Bob Amos

  • Amos reported on the Commonfund dinner.
  • Appreciated the diligence Cody put forth in researching the Charles gift.

Agenda for Board Meeting:

  • Audit
  • Ethics Policy
  • Statement of Entrustment

Finance and Executive Committee Minutes

September 18, 2007

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