El Camino College Foundation
Finance and Executive Committee Meeting
July 15, 2008 Adm 127
In attendance: Bob Amos, Stan Dunn, Mike Goguen, Don Greco, Richard Montgomery, George Nakano,
Virginia Pfiffner, Rob White
Staff: Sue Cody, Katie Gleason, Kahea Kamahele, Nancy Tonner
Recorder: Sue Burin
MINUTES:
MOTION made by Michael Goguen to accept Finance/Executive Committee minutes of May 20, 2008 and
the Executive Committee minutes of June 17, 2008. Seconded by George Nakano. Motion passed.
 Discussion of quorum for committee meetings.
COMMITTEE REPORTS:
Director of Development – Katie Gleason
 Gift-to-date – We have received $650,000 in donations. Total is lower than goal due in part to the
current economy. Received $30,000 from WAMU for the Future Teachers conference.
 Met with Steve Morikawa at American Honda and Drs. Arce, Nishime and Schwartz to discuss
American Honda’s support of the SBYO program.
 Submitted status report to Northrop Grumman for 2007 Project Lead the Way grant. Will be submitting
proposal for 2009 funding.
Financials – Michael Goguen
 Michael Goguen presented the June 30, 2008 financials and investment reports. Report reflects funds in
transit (stewardship and other fees). Market changes for the month were a negative $258,000.
 Discussion regarding our checking account balance of $390,000 and the total that is FDIC insured. Sue
Cody will contact Jill Fatal and report at the board meeting.
 Discussion of our Commonfund investments and the effects of the current economy. Katie Gleason
will contact Joe Mulford at Commonfund to schedule a meeting.
Accounting – Sue Cody
 Distributed Stewardship Fee spreadsheet, $145,388.74 which will be transferred to the Foundation
 The 2008 – 2009 budget was discussed and approved. Cody will present at board meeting.
 Vasquez & Company have been conducting the preliminary audit this week. They will return in August
to complete FYE ’07 – ’08 audit.
Program Coordinator – Nancy Tonner
 Save the Date cards for the David Benoit concert have been mailed. Our goal is to have a minimum
attendance of 200 and to raise $40,000 Discussed and agreed that each board member would be
responsible for a total of 6 tickets.
 Website –We are in the process of changing our newly designed website to meet college requirements.
 Continuing to work on the survey to be sent to all employees for the Employee Giving Campaign.
 Campus Flex day will be held August 21. President Fallo will include comments in his welcoming
speech about the Foundation and present the 2008 iGrants (in the future, iGrants will be presented at
Flex Day). We are adjusting the schedule for this program accordingly. The Foundation will host two
panel discussion workshops.
Scholarships – Kahea Kamahele
 Working with Luukia Smith (district) on reconciling scholarship monies held in the trust and Foundation
accounts.
 Discussion of scholarships for student that is transferring. Committee agreed to maintain the criteria as
it stands.
President’s Summary
 Discussion of the board member’s President’s Circle commitment.
 Board retreat will be on September 25 following the board meeting. Location and facilitator to be
announced.
Board Concerns and Comments:
 Commonfund is having a conference call on July 17 if anyone wants to call in.
 Discussion on Repetitive transfers.
 George Nakano circulated the Torrance Magazine featuring the Humanities grand opening.
ACTION ITEMS:
1. Sue Cody to report on status at First California Bank.
2. Schedule Commonfund meeting.
3. Research quorum for committee meetings.