El Camino College Foundation
Finance and Executive Committee Minutes
September 16, 2008
Adm 127
In attendance: Stan Dunn, Derf Fredericks, Mike Goguen, Don Greco, George Nakano, Steve
Napolitano, Virginia Pfiffner, Dana Ward, Rob White
Staff: Sue Cody, Katie Gleason, Nancy Tonner
Recorder: Sue Burin
MINUTES:
Motion made by Derf Fredericks to accept minutes of August 16, 2008 Executive Committee
meeting. Seconded by Mike Goguen. Motion passed.
EXECUTIVE REPORTS:
Director of Development – Katie Gleason
 Reviewed gifts-to-date as of August 31, 2008.
 Sponsors for the Benoit concert include SCE, Exxon, SC Gas and Virco Manufacturing.
 Received a $50,000 donation for a gift annuity.
 Discussion: Review of Commonfund fees/ performance by a third party. Gleason will
schedule a meeting with our Commonfund representative.
 Gleason, Sue Cody and Kahea Kamahele met with Compton Center representatives to
discuss a scholarship program at the Compton Center.
Finance – Mike Goguen
 Reviewed Financials as of August 31, 2008.
Bookkeeper – Sue Cody
 Vasquez & Company – audit is still underway.
 Funds transfer - completed the first transfer of $30,000 to the district, as part of the
$218,000 in scholarships awarded in April. Second disbursement of $40,000 will occur at
the end of September.
 The first of three transfers moving funds from short term accounts into equity/bond
accounts was completed as of 8/31/08. Transfer:
 $84,046 (Fund 52 Program/Scholarships) $42,023 – bond, $42,023 – equity
 $36,532 (Fund 56 Endowed Scholarships) $18,266 – bond, $18,266 – equity
 $113,614 (from Fund 58 Foundation Scholarship)$56,807 – bond, $56,807 – equity

Second of three transfers will occur in the same amount at the end of September.
STAFF REPORTS:
Program Coordinator – Nancy Tonner
 Benoit concert invitations have been mailed.
 The Learning Resource Center opening is scheduled for September 30 at 5:00 pm.
Finance and Executive Committee Minutes
September 16, 2008
STAFF REPORTS continued:
Scholarships  Scholarship Activation period was from August 18 – 29. Staff issued book vouchers and
activated scholarships for students.
COMMITTEE REPORTS:
Investments – Dana Ward
 Budget discussion.
Development – Steve Napolitano
 Report on Book Fund Honor Loan program and marketing materials.
Distribution – Rob White
 Brief update.
Policies and Procedures – George Nakano
 Nakano reviewed changes to the Stewardship Fees policy. Policy presented was
approved with the following change: delete from bullet #1: “excluding those funds that
have restrictions on earnings.”
Motion made by Derf Fredericks to accept Stewardship Fees #204, as amended. Seconded by
Virginia Pfiffner. Motion passed.
President’s Summary – Rob White
 Discussion of September 25 board retreat.
Finance and Executive Committee Minutes
September 16, 2008