MINUTES OF THE WINTHROP UNIVERSITY FOUNDATION BOARD OF DIRECTORS MEETING
Thursday, April 14, 2011

Directors Present:
Pat Bean, Marc Bogan, Vivian Carroll (Ex Officio), Mark Carter, Anthony J. DiGiorgio (Ex officio), Carlos Evans (Chair), Debra Fetner (Ex Officio), Bob Gahagan, Debbie Garrick (Ex Officio), Tim Hopkins (Ex Officio), Tom Keith, Brien Lewis (Ex officio), David Pennell, Irvin Plowden, Pat Robertson, Gerry Schapiro, Andy Shene, Cece Stewart, Ann Terry, Spratt White, and Gary Williams.

Directors Absent:
Bruce Brumfield, David Dooley, Michael Marsicano, Frank Viola, Kathy Viola and Linda Warner (Ex Officio).

Board Staff Present:
Foundation Operations Director Betsy Angerman and Susan Lee, secretary to the Board of Directors, also were present.

The Winthrop University Foundation Board of Directors met on Thursday, April 14, 2011, in the Rosalind and Jerry Richardson Ballroom of the DiGiorgio Campus Center. Carlos E. Evans, Winthrop University Foundation President, called the meeting to order and welcomed Board Members.

Call to Order
Mr. Evans began the meeting with thanks to Dr. DiGiorgio for his visionary works and leadership of the University and the Foundation.

Approval of December 9, 2010 Minutes
Mr. Andy Shene moved, seconded by Mrs. Cece Stewart, to approve the minutes as presented. The minutes were approved as presented by voice vote.

Treasurer's Report
Mr. Gerry Schapiro, Treasurer of the Foundation Board, presented the Treasurer’s Report as of March 2011. Mr. Schapiro noted the 28 percent increase of the total portfolio value for March 2011 over December 2009. Mr. Schapiro noted that the portfolio reflects a more aggressive investment strategy due to the Investment Policy Statement asset allocation changes that were completed during the fall of 2010 through March 2011.

Investment Committee Report
Mr. Marc Bogan, Chair of the Investment Committee, reported that the portfolio now includes four new asset classes, and the allocations changes were complete as of March 31, 2011. The total portfolio return underperformed by 2.5 percent in comparison to the benchmark at 2010 year end. Mr. Bogan noted that with mid-year additions of new asset classes and new fund managers, the year-end policy benchmark is not an accurate comparison to the investment performance as it was not in place for the entire year. As of April 1, 2011, the policy benchmark will be an accurate comparison. As of December 31, 2010, the market value of the total portfolio had nearly reached the value of the total portfolio prior to the market decline. However, the market value also includes contributions that were made during the 2010 fiscal year.

Operations Committee Report
Mr. Gerry Schapiro, Chair of the Operations Committee, reviewed the unaudited, year to date 2011 Budget as of February 28, 2011. The percentage use of the budget of Total Working Capital, Total Personnel Costs, and Total Expenses are as expected for the first two months of the fiscal year.

Mr. Schapiro reviewed the Gift Processing Procedure that was approved by the Winthrop Foundation Board on September 16, 2010. Due to revisions of IRS regulation 1994, the Winthrop Foundation will be required to follow new guidelines for written notifications (receipts) and values of goods and services (benefits). Under this regulation, the Foundation is now responsible for including a value of the benefits they will receive with their gifts on the donor’s receipt. The Gift Processing Procedure was revised to reflect this responsibility. The Operations Committee moved, seconded by Mrs. Pat Bean, to amend the Gift Processing Procedure as outlined. This motion passed unanimously by voice vote.

Mr. Gerry Schapiro presented draft documents of a Board Evaluation form and a Board Profile Worksheet. The evaluation form is intended to serve as a benchmarking and feedback tool for the Foundation Board staff. The form will be distributed on an annual basis. The profile worksheet is intended to create a database of board member information to serve as a resource to the Nominating Committee when considering new Foundation Board members. The worksheet will initially be required of all Board members to complete, but then only new board members upon election. The documents will be distributed to the Winthrop Foundation Board for completion.

Development Committee Report
Mr. Gary Williams, Chair of the Development Committee, discussed a recent event in Charlotte. The event featured former Governor of South Carolina and U.S. Secretary of Education Richard W. Riley, and included a selected, targeted audience of Charlotte-area leaders. The event highlighted Winthrop’s position and trajectory (especially as it relates to partnership opportunities in Charlotte) and informed key supporters and potential advocates of the upcoming campaign. 

Mr. Williams provided an update on the progress of the Foundation Board achieving 100 percent participation. The board participation is currently at 50 percent, which includes gifts that have finalized with formal documentation. To complete the 100 percent participation goal, Mr. Lewis and Mr. Carlos Evans will be in contact with the remaining Foundation Boards members to discuss the nature of all outstanding commitments.

Mr. Williams highlighted the Distinction Campaign Plan. The plan is intended to be a document for internal use (mainly staff and volunteers on major boards and committees) that can provide guidance and understanding of terms and components of the public phase of the campaign. 

Mr. Brien Lewis, Executive Director of the Foundation, highlighted the fundraising success of the Annual Giving team. The Annual Giving team raised $600,000 during the 2010 fiscal year. The Annual Giving total is six percent above last year’s total, year to date. The total amount of cash in hand is 50 percent above last year’s total year to date. And the total number of donors has increased above the number of donors this time last year.

Winthrop University Real Estate Foundation Report
Mr. Carlos Evans reported that the Courtyard, LLC is performing well, is at full capacity, and is operating effectively. Also, Mr. Evans reported on there has been recent activity with real estate properties where some properties are in the process of being sold, some properties are being held due to the slow market, and other properties are being held because they are generating income for the Foundation.

Foundation President's Report
Mr. Carlos Evans asked that the Board to consider a resolution for meritorious service for Mr. Ladson A. Barnes III. Mr. Gerry Schapiro moved, seconded by Mr. Gary Williams, to accept the resolution for meritorious service as presented. This motion passed unanimously by voice vote.

University President's Report
Dr. Anthony DiGiorgio, President of Winthrop University, reported on the latest activities and changes with the federal and state budgets that have impacted the allocation of funds to Winthrop. Winthrop is entering its revenue generating season with the recruitment of new students for the 2011-2012 academic year, yet the university will continue to see a decline in support from the federal and state levels. Regardless of these changes, the President acknowledged the margin of excellence that exists and is maintained as a result of the continued support by alumni and friends of the university. Dr. DiGiorgio reported on the recent completion of the reaffirmation process with the Southern Association of School and Colleges (SACS). Of the 86 standards that are reviewed by SACS, Winthrop has only been asked to provide additional information related to two of the standards. Dr. DiGiorgio reported that the Athletic Department is welcoming a new women’s lacrosse program that will start in the spring of 2012. Also, the department is welcoming a new women’s basketball coach, Marlene Stollings.

Campaign Update
Mr. Brien Lewis reported on the progress of the Distinction campaign. With many gifts received, the unofficial campaign total is $27.1 million, which is 54.2 percent of the total goal. The Foundation has received nine gifts of at least $1 million to date, a total that is more than twice the amount received during the first campaign. Mr. Lewis reviewed the campaign goals, introduced the campaign leadership, the development staff, campaign consultants, and highlighted the gifts that have been generously donated and the impact that these gifts have already made through the Winthrop community. Mr. Lewis noted that the silent phase of the campaign will continue until the kickoff of the public phase of the campaign, which is scheduled to begin on October 14, 2011, given the approval of the Foundation Board of Directors.

In conclusion, Mrs. Cece Stewart moved, seconded by Mr. Gary Williams, to accept the resolution to authorize the public phase of Distinction: The Campaign for Winthrop with a goal of at least $50 million. This motion passed unanimously by voice vote.

Old Business
None.

New Business
Mr. Carlos Evans welcomed the newest Director of the Foundation Board, Mr. Tom Keith.

Adjournment
There being no further business, the Board adjourned at 5:45 p.m.

Winthrop University Foundation
Phone: 803/323-2229
Fax: 803/323-4550

302 Tillman Hall
Rock Hill, SC 29733, USA