MINUTES OF THE WINTHROP UNIVERSITY FOUNDATION BOARD OF DIRECTORS MEETING
Friday, March 23, 2007

The Winthrop University Foundation Board of Directors met on Friday, March 23, 2007 in the Dunlap-Roddey Room at Johnson Hall. Carlos E. Evans, Winthrop University Foundation President, called the meeting to order and welcomed Board Members.

Directors present were Ladson A. Barnes, III, William Belk, Robert B. Hambright, Laura Hewitt, Irwin Plowden, Patricia R. Robertson, Timothy B. Sease, Kasey J. Walther, and Linda K. Warner.

Ex Officio Members present were President Anthony DiGiorgio, Executive Director Kathryn Holten, and Executive Director of Alumni Relations Debbie Garrick. Foundation Operations Director Betsy Angerman, was also present.

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

Upon motion by Ladson Barnes, seconded by Bill Belk, the minutes of the last board meeting held on March 2, 2006 were unanimously approved.

In the absence of Mr. Schapiro, Mrs. Linda K. Warner presented the Treasurer’s Report and a review of the 2005 Audited Financial Statements. The Treasurers Report compared Foundation assets for the fiscal year ending December 2005 to the unaudited fiscal year ending December 2006 and the unaudited fiscal period February 2006. The Treasurer’s Report is attached as part of these minutes. The 2005 Audited Financial Statements were distributed to each Board Member for their records and included as part of these minutes.

Mr. Carlos Evans asked that the Board examine the new, diversified asset allocations presented by Bank of America as of December 2006. Mr. Irvin Plowden of the Investment Committee gave an update on the realignment of the Asset Allocation for a more enhanced investment plan. Mr. Plowden concurred that the process for a Formal RFP Process would begin in 2007 to allow a possible change in money managers as required in the Bylaws. Mr. Evans requested that the Investment Committee ask Bank of America to run a comparison between the diversity of allocations currently and the allocations prior to June, 2006. The December 31, 2006 Bank of America Investment Review is attached as part of these minutes.

Mr. Tim Sease presented the Operations Report that included the budget, comparison of actual to budget for the 2006 year end, and the proposed budget for 2007. President Carlos Evans asked that the Board go into an Executive Session for a discussion to increase a salary supplement for Dr. DiGiorgio in the amount of $15,000 contingent to a request by the University Board of Trustees. A motion to accept the 2007 Budget was made by Ladson Barnes and seconded by Bill Belk. The 2007 Budget is attached as part of the minutes.

Mrs. Linda K. Warner presented the Bylaws Committee Report and Resolution to adopt the proposed Bylaws. Mrs. Warner requested that we adopt the changes to the format as attached. Changes in Board membership terms begin in 2007.

Dr. Holten presented the Development Report with additional information on expected gifts by June 30, 2007.

Mr. Evans, in his capacity as President of the Winthrop University Real Estate Foundation, presented a brief report on its operations.

With no further business concerning immediate matters of the Foundation, Dr. DiGiorgio, Winthrop University President, presented an update with current events of the University. Dr. DiGiorgio also thanked Dr. Holten for accepting the decision to no longer be the Executive Director of the Foundation, and remain the Vice President of Advancement giving leadership to the departments of Enrollment Management and Admissions, Marketing, University Relations and Printing Services.

The meeting was then adjourned.

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

302 Tillman Hall
Rock Hill, SC 29733, USA