Winthrop University Foundation
Board of Directors Meeting │ Key Messages*
May 22, 2014 | 1:00-4:00pm
Richardson Ballroom | Winthrop University
The Winthrop University Foundation Board of Directors met on May 22, 2014 in the Richardson Ballroom of the
DiGiorgio Campus Center at Winthrop University, Rock Hill, South Carolina. The following activities and actions
resulted from the meeting.
Executive Committee Report:
 Minutes of the December 5, 2014 Board of Directors meeting were unanimously approved as presented
 The Board of Directors unanimously passed a motion to adopt the 2014 Memorandum of Understanding between
the Winthrop University Foundation and Winthrop University-- the MOU was also approved by the Winthrop
University Board of Trustees at their February meeting
 The Board of Directors met in Executive Session for discussion of a legal matter.
Real Estate Foundation Report:
 Mr. Lee Gardner is the newly appointed President of the Winthrop University Real Estate Foundation, and there are
four additional new board members
 The Real Estate Foundation Board is conducting a full review of policies, procedures, and best practices related to
the acceptance of gifts of real property
 An independent external auditor issued an unmodified (clean) opinion of the Real Estate Foundation’s financials
 Positive cash flow from the Courtyard property will be transferred to the Winthrop University Foundation to
support strategic priorities of the university
Development Committee Report:
 The Development Committee discussed President Williamson’s six strategic priorities for putting Winthrop on the
rise, and the Committee heard an update about the progress of the Global Ambassador Scholars program
 The Vice President for Institutional Advancement reported on the ‘Dare to Rise’ fund as a bridge to successfully
complete the Distinction Campaign with an emphasis on President Williamson’s refreshed vision for Winthrop
Investment Committee Report:
 Updates on the investment portfolios managed by Brown Brothers Harriman and Carroll Financial were presented
in comparison to established benchmarks; the Committee is pleased with performance
Treasurer’s Report:
 The net change in total portfolio and net change in total investments have both increased since December 2013
Operations Committee Report:
 The Winthrop Foundation received an unmodified (clean) audit opinion for 2013 from the independent external
audit firm; there were no findings of significant or material weakness and there were no adjustments made
 The Board of Directors unanimously passed a motion to accept the 2013 Audit
 An intent to modify the Foundation’s retirement benefit structure for employees was reviewed, and a formal
recommendation was made by the Operations Committee
 The Board of Directors unanimously passed a motion to allow the Senior Director of Financial Affairs to move
forward with the preparation of a retirement plan document—the plan document will be presented in Fall 2014
 The 2014 year-to-date budget report was reviewed in detail
 The Board of Directors unanimously passed a motion to adopt the a 2014 budget amendment
Foundation President’s Report:
 The Foundation President forecasted an upcoming review and revision of the bylaws of the Board of Directors
 The Board of Directors unanimously passed a motion to allow the Executive Committee to make fund allocation
decisions until the bylaws are revised—per the bylaws, any Executive Committee action shall be reported to and
ratified by the Board of Directors within two weeks.
 A Nominating Committee was appointed by the President of the Board to fill two vacant seats and to recommend
action on the twelve terms ending in December 2014.
*These key messages are provided for information only and are not intended to reflect the complete discussions and actions of the Winthrop
University Foundation staff or Board of Directors. A private 501(c)(3) foundation, the Winthrop University Foundation provides support to the
Winthrop University community through the gifts of private donors.
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