Minutes of Meeting of the Winthrop University Foundation Board of Directors
Tuesday, May 26, 2009

Approved December 10, 2009

Members present: Carlos Evans (Chair), Irvin Plowden, Gerry Schapiro, Bob Hambright, Eddie Brown, Pat Robertson, Ladson Barnes, Spratt White, Bruce Brumfield, Ann Terry, David Pennell, Debbi Fetner, Vivian Carroll (Ex Officio), Linda Warner (Ex Officio), Debra Fetner (Ex Officio), Debbie Garrick (Ex Officio) and Brien Lewis (Ex officio).

Members absent: Bill Belk, Laura Hewitt, Frank Viola, Kathy Viola, and Gary Williams, Marc Bogan, Kasey Walther (Ex Officio), and Anthony J. DiGiorgio (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 Tuesday, May 26, 2009 at 1:00 p.m. 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 March 12, 2009
Mrs. Ann Terry moved, seconded by Mr. David Pennell, to approve the minutes as presented. This motion passed unanimously by voice vote.

Treasurer’s Report
Mr. Gerry Schapiro reviewed the Treasurer’s Report. The first item mentioned was the decrease in Common Stock due to stock sold at the beginning of the year. Mr. Schapiro highlighted the Diversified Portfolio and the slight decrease in Total Portfolio Funds but that the investments are relatively the same as in December 2008. Overall, the total portfolio performance is down 2.5% from December 2008 as of April 30, 2009.

Operations Committee Report
Mr. Schapiro, Chair of the Operations Committee, presented the 2009 General Fund Budget and its current balance as of April 30, 2009. Mr. Schapiro highlighted that the overall expenditures are on average 33% of the total budget. With the exception of a few expenses that are near or above 50% of the budgeted amount, Mr. Schapiro reported that the budget is progressing to expectations.

Mr. Schapiro reported on the Employee Benefits Review process and reviewed the charge to the Foundation to evaluate the current employee benefit package due to the increased number of employees. The goal of this evaluation was to maintain a benefits package that is comparable to that of the Winthrop University employees; seek competitive rates to retain and recruit employees; and to seek employee feedback on available benefit options. Mr. Schapiro reviewed the selected option presented in a proposal made by Carolinas Insurance & Investment Group. The selection option meets established goals and is similar to the current benefit package, but will offer a more appropriate rate for the diversity of the Foundation employees. Mr. Brien Lewis added that the agency explained how employees will have the opportunity to select between two available benefit options in order to best meet needs of the individual employee at no extra fee. The board requested a more comprehensive review and report of the differences between the benefit packages of the Foundation employees and the Winthrop University employees. This review is to be presented and the next board meeting in September 2009. Mrs. Ann Terry moved, seconded by Mr. Spratt White, to enter into the insurance agreement with Carolinas Insurance & Investment Group for health benefits offered through Blue Cross & Blue Shield of South Carolina for Foundation employees for a period of one year starting August 1, 2009. This motion passed unanimously by voice vote.

Investment Committee Report
Mr. Irvin Plowden, Chair of the Investment Committee, reported on the Bank of America recommendation for enhanced investment portfolio structure. The investment managers presented a new allocation structure that increased the percentage of the alternative investment from 7% to 32%. Mr. Plowden expressed the concerns of the committee that this increase does not meet the range stated in the current Investment Policy Statement (IPS). With a goal of higher returns with low volatility, the committee has requested a new proposal from Bank of America with an allocation structure following the range included in the IPS. Action will be taken at the September 2009 Foundation Board meeting when the new proposal is available.

Mr. Plowden also reported on the plan to withdraw from the investment pool the restricted funds and endowment funds that have not reached minimum endowment values. The board discussed the transitions of these funds to occur in multiple stages. The committee is currently receiving proposals of cash investment options from area banks. Mr. Plowden requested that the Investment Committee be authorized to review available investment options and to make a decision as to where the funds will be deposited. Mr. Carlos Evans moved, seconded by Mr. Eddie Brown, to limit the first cash withdrawal and deposit to the current cash balance, to reassess the performance of the account at the September 2009 Foundation Board meeting, and to authorize the Investment Committee to select where the cash is to be deposited. This motion passed unanimously by voice vote.

Development Committee Report
Mr. Bob Hambright, Chair of the Development Committee, and Mr. Brien Lewis reviewed the current status and progress of the Winthrop Campaign. Mr. Hambright discussed the importance of the involvement of the Foundation Board members in identifying potential donors and Campaign Cabinet members and leaders. Mr. Lewis provided a form for each member to list persons who are ideal for participation in the Winthrop Campaign.

Mr. Lewis reviewed the Campaign Timeline as it is a guide for the current goals and tasks of the Foundation Board for the remainder of 2009. Mr. Lewis also presented the current Campaign gift total as just below $9.9 million.

Winthrop University Real Estate Foundation Report
Mr. Carlos Evans, President of the Winthrop Real Estate Foundation, did not have information to report.

University President’s Report
In the absence of Dr. Anthony DiGiorgio, Mr. Brien Lewis relayed to the Board members Dr. DiGiorgio’s satisfaction of the success of the 2008-2009 academic performance of the faculty and students despite economic challenges. Other successes include the re-accreditation of the Mass Communication program. Lastly, Mr. Lewis conveyed that the 2009-2010 budget is in a waiting period as the state and federal court procedures are in process regarding federal stimulus funds.

Foundation Chairman’s Report
Mr. Carlos Evens, Chairman of the Foundation, did not have information to report.

Old Business
There was no Old Business.

New Business
There was no New Business.

Adjournment
There being no further business, the Board adjourned at 3:20 p.m. The next meeting of the Board is not yet scheduled.

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