MINUTES OF THE WINTHROP UNIVERSITY FOUNDATION BOARD OF DIRECTORS MEETING
Wednesday, March 5, 2008

The Winthrop University Foundation Board of Directors met on Wednesday, March 05, 2008 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, Robert E. Brown, Robert B. Hambright, William Kimbrell, Irwin Plowden, Patricia R. Robertson, Gerald I. Schapiro, Kasey J. Walther, and Linda K. Warner. Directors not present were William Belk, Marc Bogin, Laura Hewitt and Michael Gray.

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

Upon motion by Gerald I. Schapiro, seconded by Robert E. Brown, the minutes of the last board meeting held on October 22, 2007 were unanimously approved.

Mr. Schapiro presented the Treasurer’s Report comparing Foundation assets for the fiscal year ending December 2006 to the unaudited fiscal year ending December 2007. The annual Summary of Earnings for calendar Year 2007 included in the Treasurers Report states the incremental changes in market value for invested funds with US Trust, the investment division of Bank of America. The Treasurer’s Report and the Summary of Earnings Report are attached as part of these minutes.

Dr. DiGiorgio presented Brien Lewis to the Board Members as Vice President of University Development and Alumni Relations and Executive Director for the Winthrop University Foundation removing the “Acting” status of the position.

Mr. Robert E. Brown, Chair of the Investment Committee, presented the Investment Committee Policy Statement for acceptance by the Board Members. Also, included is the Preliminary Process proposal for Request for Investment Consulting and Management. The Investment Committee will review the list of Consultants responding and proceed with a rating system to request an elite few to present a formal Request for Proposal.

Mr. Schapiro presented the Operating Statement as of December, 2007 comparing 2007 Actual to Budget and restatement of the accepted 2008 Budget. Specific items of interest are increases in Investment Fees in Operational Expenses; 10% increase for the Alumni Association for operations; an increase in General Scholarships from Retained Earnings or past years profits; and increases in new Development Programs salaries while considering a new fundraising campaign. Mr. Evans requested an update and revision by the Operations Committee for the 2008 budget in unanticipated costs for Investment Fees, salaries and other line items needing review. After proceeding with this review Mr. Evans requested that the Committee return to the Board meeting with a recommended percentage amount for the Management Fee Income to fund the Campaign and balance the budget.

Mr. Lewis presented a review of the Composite Report and Annual Fund, Planned Giving and Campaign Planning Reports from the Development Division. Mr. Lewis also presented the Development Staff Restructuring to include six new positions funded by the Winthrop University Foundation to move forward and authorize execution of the Capital Campaign.

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

The meeting was then adjourned.

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

302 Tillman Hall
Rock Hill, SC 29733, USA