Minutes of Meeting of the Winthrop University Foundation Board of Directors
Thursday, March 12, 2009
Approved May 26, 2009
Members present: Carlos Evans (Chair), Irvin Plowden (Vice-Chair), Gerry Schapiro (Treasurer), Bob Hambright, Ladson Barnes, Spratt White, Ann Terry, David Pennell, Marc Bogan, Kathy Viola, Gary Williams, Cece Sutton, Kasey Walther (Ex Officio), Vivian Carroll (Ex Officio), Debbie Garrick (Ex Officio), Brien Lewis (Ex Officio) and President Anthony J. DiGiorgio (Ex Officio).
Members absent: Bill Belk, Laura Hewitt, Pat Robertson, Bruce Brumfield, Eddie Brown, Frank Viola, Debra Fetner (Ex Officio) and Linda Warner (Ex Officio).
Board Staff present: Betsy Angerman, Director of Financial Affairs and Susan Lee, Secretary to the Winthrop University Foundation Board of Directors
The Winthrop University Foundation Board met on Thursday, February 12, 2000 at 12:00 p.m. for lunch in the Eagle Room, Winthrop Coliseum, Winthrop University, Rock Hill, SC.
Call to Order
Mr. Carlos Evans called the meeting to order at 1:00 p.m.
Approval of Board Minutes of February 3, 2009
Mrs. Ann Terry moved, seconded by David Pennell, to approve the minutes as presented. This motion passed unanimously by voice vote.
Campaign Planning Report
Mr. Thad Henry and Mr. Dan Rogge, representatives of Corporate DevelopMint, presented the Campaign Planning Study Report from the Feasibility Report conducted from October until December of 2008. During the study, 32 face-to-face interviews were held with volunteers, business leaders, administration and others with a vested interest in the future of Winthrop University. Mr. Henry and Mr. Rogge formally reviewed Study findings and made observations and recommendations for initiating a formal capital campaign.
Operations Committee Report
On behalf of the Operations Committee, Mr. Gerry Schapiro asked Mr. Brien Lewis to present background information and context related to the recommendations from the Committee to be considered by the Foundation Board of Directors.
The first recommendation was to revise the current Spending Rule that governs how generated funds are spent towards scholarships, programs and professorships. The Committee recommended that the current Spending Rule of 5% of a 3-year rolling average be adjusted to 4% of a 5-year rolling average in an effort to best preserve the invested Winthrop University Foundation endowments. The Operations Committee motioned, seconded by Mrs. Cece Sutton to change the spending rule to 4% of a 5-year rolling average.
The second recommendation was to revise the policy regarding the Non-Endowed Restricted Funds and the Funds building towards an Endowment. Mr. Lewis explained that the Foundation invests the monies entrusted to it in accordance with the policies developed by the Foundation’s Investments Committee and approved by the Foundation Board of Directors. In light of the two fund types mentioned, Mr. Lewis presented data to support the need to remove these funds from the invested endowment in an effort to protect their value as each are either not intended for endowment purposes or have not met the minimum endowment level for investment. The Operations Committee moved, seconded by David Pennell to remove the Non-Endowed Restricted Funds and the Funds building towards and Endowment from the investment pool.
The third recommendation was to revise the purposes of the Board Directed Fund, the “Edna Hope Gregory Fund.” Mr. Lewis explained that the fund would be removed from the investment pool and its purpose be redirected to fulfill commitments such as multi-year scholarships that are usually funded through funds which are currently underwater. In an effort to return these loaned funds, any earnings above the revised 4% Spending Rule will contribute towards the repayment of this fund. The Operations Committee moved, seconded by Mr. Bob Hambright to remove the “Edna Hope Gregory Fund” from the pool of the invested endowment in order to provide a stable source of dollars for meeting the obligations of funds currently underwater.
Mr. Schapiro presented the Financial Report of the 2008 fiscal year. Of special note, Mr. Schapiro highlighted the figure representing the change in the portfolio’s value from December 2007 to December 2008.
Mr. Schapiro presented the 2009 Budget for the Winthrop University Foundation. The Budget was reviewed and acted upon during the February 3rd, 2009 Foundation Board meeting. Mr. Schapiro noted the adjustments to the Depreciation category as requested at that meeting.
Development Report
Mr. Brien Lewis, Vice President of University Development and Alumni Relations, presented a review of the previous campaign, A Lasting Achievement, and the total gifts received. As Winthrop University moves forward in the silent phase of its current campaign, Mr. Lewis presented the total gifts received since the official starting date of September 9, 2008. Of special mention were the leadership gifts totaling $7.25 million.
Winthrop University Real Estate Foundation Report
Mr. Carlos Evans stated that the Courtyard, LLC is near maximum occupancy. Mr. Evans also requested the financial statements of the Winthrop University Real Estate Foundation to be included in the next Foundation Board meeting on May, 18, 2009.
University President’s Report
Dr. Anthony DiGiorgio, Winthrop University President, discussed topics such as the impact of the Federal Stimulus funds on the 2009-2010 Winthrop University Budget, the status on Admissions for the 2009-2010 academic year, the potential tuition increase, and planned changes for student residence halls. The President relayed the support of the Winthrop University Board of Trustees for the recommendations that the Winthrop University Foundation Board was considering in regards to the budgetary priorities, funds and scholarships, and proceeding with the campaign.
Foundation Chairman’s Report
Mr. Carlos Evans expressed his encouragement and support of the Campaign Report given by the Corporate DevelopMint counsel, and the opportunity available to Winthrop University to proceed with the Campaign. Mr. Evans also addressed the new Standing Committee structure, mentioning his appointments and approval of each committee’s members.
Old Business
None.
New Business
None.
Adjournment
There being no further business, the Board adjourned at 3:45 p.m.
Minutes submitted by Susan Lee, Secretary to the Winthrop University Foundation Board of Directors.
Winthrop University Foundation
Phone: 803 / 323-2229
Fax: 803 / 323-4550
302 Tillman Hall
Rock Hill, SC 29733, USA