GUILFORD TECHNICAL COMMUNITY COLLEGE FOUNDATION, INC.
BOARD OF DIRECTORS
May 8, 2013
DIRECTORS PRESENT:
DIRECTORS ABSENT:
Kevin Baker
Kip Blakely
Susan Bright
Jim Bryant
Hayes Clement
Steve Johnston
Paul Livingston
David Miller
Jim Morgan
David Norbury
Randy Parker
George Ragsdale
Marcia Sears Regan
Steve Showfety
Jeanne Tannenbaum
Lundee Amos
Harry Boody
Steve Frost
Charlie Greene
David Griffin
Judy Miller
Stuart Reichenbach
Tim Rice
Frances Russell
Sylvia Samet
Bill Seawell
William True
OTHERS PRESENT:
Rae Marie Smith, Executive Vice President
Alan Pike, Executive Director of Institutional Advancement
Julia Nile, Interim Foundation Director
Don Knight, Representing the President of Staff Association
Joe Partin, President of Faculty Association
Dr. Quentin Johnson, Vice President of Student Support Services
Dr. Beth Pitonzo, VP of Instruction
Leroy Stokes, VP for Corporate and Continuing Education
Jeff Little, Department Chair, Entertainment Technology
Dave Kyger, Smith Moore Leatherwood, LLP
Stan Turbeville, Director of Marketing
Janice Keimig, Coordinator of Grants
Amra Ceric, Foundation Assistant
Melissa Kinney, Recorder
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The Board of Directors of the Guilford Technical Community College Foundation, Inc. met in
regular session on Wednesday, May 8, 2013 in the Business and Industry Conference Center on the
Jamestown Campus. Jim Bryant, President of the GTCC Foundation, called the meeting to order at 7:35
a.m. Jim Morgan offered the invocation.
Mr. Bryant welcomed Joe Partin, President of Faculty Association and Jeff Little, Division Chair,
Entertainment Technology.
Mr. Bryant reminded the Board of their primary responsibilities as Board members:
• Raise money
• Advocate for the College
The first Friend Raiser was held May 2 at Jim and Ann Morgan’s home. Mr. Bryant thanked
the Board members who attended.
Mr. Bryant asked the Board to look at two handouts in their packets:
• Strategic Planning Benchmarks Report (Attachment A): Please review progress in most
areas of the plan.
• Strategic Planning Calendar (Attachment B): The calendar goes through June 2014. Some
events to note include the Jamestown Friend raiser hosted by George Ragsdale in October;
Scholarship Donor/Recipient Event in November; and the President’s Society Event in
January 2014.
Approval of Minutes
Dr. Parker presented the minutes of the meeting from March 13 (Attachment C), which were
previously sent to the Board. Dr. Parker made a motion to approve the minutes from the March 13
meeting. Hayes Clement seconded the motion. The minutes were approved with no corrections or
additions.
Update on Creative and Performing Arts
Jim Bryant introduced Jeff Little, Department Chair for Entertainment Technology and Creative
and Performing Arts, who thanked the Board and the Foundation staff for their support of the program.
He spoke to the Board about the two year Applied Science Program. They set up real-world applications.
Some of the graduates are working at Grandover and Koury, the Arts Council, and Parks and Recreation.
It is broader than just music. It is the only degree of its kind in North Carolina.
Of the 280 students enrolled, 60-70 are from Guilford County and 50 are from out of state. There
are 31 graduates this semester.
One Board member asked about salaries in the field. Mr. Little said an audio technician makes
between $35,000-70,000 per year.
Another Board member asked if Larry Gatlin was still involved with the program. Mr. Little said
he was.
Another Board member asked if we used the High Point Theatre for any events. Mr. Little said we
use the High Point Theatre in the event of rain since the amphitheater is not covered.
President’s Report
Dr. Parker introduced Dave Kyger, attorney with Smith Moore Leatherwood, LLP to discuss the
college’s progress in developing a new GTCC Innovative Resources Corporation to support the needs of
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the college. He explained that while the primary purpose of the GTCC Foundation was to fundraise and
accept donations on behalf of the college, the newly created GTCC Innovative Resources Corporation
(GIRC) was created by the college to allow for the generation of income on behalf of the college.
Operation of the NC Center for Global Logistics is an example of an initiative falling under the GTCC
Innovative Resources Corporation.
The GTCC Innovative Resources Corporation (“GIRC”) is a non-profit corporation, with its own
Board of Directors. In turn, GIRC would be the sole shareholder of GIRC Projects, Inc., a taxable NC
Business Corporation which would allow for generation of taxable income. It is anticipated that GIRC
will have an affiliation agreement with the College that is similar to the 2008 affiliation agreement
between the Foundation and the College.
As a part of the overall effort to organize to effectively support the college it was recommended
that the Foundation now activate the GTCC Foundation Properties, LLC. This entity was envisioned and
approved by the Foundation several years ago but would only be activated when needed as a vehicle to
receive the donation of real property on behalf of the College. Jim Morgan made a motion to authorize the
formation of GTCC Foundation Properties, LLC and it was seconded by Kip Blakely. The motion passed
unanimously. Jim Bryant made the motion and it was seconded by George Ragsdale to authorize the
GTCC Foundation Properties, LLC to accept donations of real property. The motion passed unanimously.
One Board member asked where the Foundation’s investments with Grubb and Ballentine were
held. Mr. Bryant said those investments are not classified differently than other investments. He said the
members of the Audit and Finance Committee received this advice from Mr. Kyger when they were set
up.
One Board member asked about the condominiums located on the property. Mr. Bryant said they
were the property of the College and were purchased with bond money. The College is trying to decide
how to use them.
Audit and Finance Committee
Investments - Hayes Clement presented the BB&T investment report as of March 31, 2013
(Attachment E).
The ending market value as of March 31, 2013 for the endowment fund was $2,580,079. Since
inception of January 1, 2012, the Portfolio Return Net of Fees was 12.33% and the Blended Benchmark
was 13.37%.
For the unrestricted/restricted fund, the ending balance was $5,451,762. Since inception of
January 1, 2012, the Portfolio Return Net of Fees was 9.54% and the Blended Benchmark was 9.89%.
The asset allocations were within established benchmarks.
Hayes Clement made a motion to approve the GTCC Foundation investment report as of March
31, 2013. David Norbury seconded the motion. The motion passed unanimously.
FY14 Foundation Budget Proposal
Hayes Clement presented the FY14 budget proposal with the actual FY13 expenses through April
30, 2013 (Attachment F).
One Board member asked if we would get close to spending the $325,600 budgeted for FY13.
Alan Pike said spending would be below budget because there were some initiatives which were not
completed this year.
Mr. Clement presented the 2013/14 Unrestricted Revenue and Expenses (Attachment G). The
unrestricted fund balance is approximately $4 million.
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One Board member asked if staff was authorized to make line item budget transfers, and Hayes
Clement said yes.
Hayes Clement made the motion that the FY14 Foundation budget be approved. David Miller
seconded the motion. The motion passed unanimously.
Hayes Clement reported that the Audit and Finance Committee has had discussions over
budgeting of revenue. In the past, we have projected an increase in revenue by 15% each year. There is no
basis for this. The Committee is looking more closely at this. They have looked at other community
colleges, such as Sandhills. They are one-third GTCC’s size, and they have three times as many
President’s Society members as we do. All donations are directed to the unrestricted funds unless
designated to a particular fund.
One Board member asked how many President’s Society members GTCC has. There are
approximately 50 members. It was suggested that we set a goal to get more members in the coming year.
Board Membership
Paul Livingston, Chair of the Governance Committee, said the GTCC Foundation’s bylaws state
that a Board member cannot serve more than two consecutive terms.
Mr. Livingston made a motion to amend the bylaws by deleting the last two sentences in Article
III, Section 2A, which currently state “A Board member cannot serve more than two (2) consecutive
terms without the recommendation of the Governance Committee. This term limit may be waived in
extraordinary circumstances if recommended by the Governance Committee and thereafter approved by
the Board of Directors.” Jeanne Tannenbaum seconded the motion. The motion passed unanimously.
Mr. Livingston said it can be added back into the bylaws later if necessary.
Reelection of Board Members: Mr. Livingston presented Kip Blakely, Harry Boody, Susan
Bright, Jim Bryant, Steve Frost, Judy Miller, David Norbury, Marcia Sears Regan, and Paul Livingston
for reelection for the term beginning July 1, 2013 and ending June 30, 2016.
Paul Livingston made a motion that Mr. Blakely, Mr. Boody, Ms. Bright, Mr. Bryant, Mr. Frost,
Ms. Miller, Mr. Norbury, Mrs. Regan and Mr. Livingston be reelected for a three year term, July 1, 2013June 30, 2016. George Ragsdale seconded the motion. The motion passed unanimously.
Election of Board Officers: Mr. Livingston presented Kip Blakely, President; Frances Russell,
Vice President; and Hayes Clement, Treasurer for election for the term beginning July 1, 2013 and ending
June 30, 2015. Dr. Randy Parker serves as Secretary of the corporation without a term.
Mr. Livingston made a motion that the officers be elected to a two year term, July 1, 2013-June
30, 2015. Susan Bright seconded the motion. The motion passed unanimously.
College President’s Continuing Report
Dr. Parker thanked the Board for funding this year’s President’s Leadership Seminar.
Dr. Parker updated the Board on the following:
• Aviation students in national competition
• Skills USA competition in Kansas City in June
• Culinary students gave a demonstration at Furniture Market and will be on the Paula
Deen show
• Culinary Knowledge Bowl team will compete in Las Vegas
• Dr. Parker, Kip Blakely and Alan Pike will visit CPCC during their clay skeet shoot
fundraiser
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•
•
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The College has entered into a contract to purchase property behind Sheetz. Several
approvals will be required in order to purchase the property.
The legislature is going through the budget process. The next 60 days are very critical.
Dr. Parker is working on a donation of a significant gift to the College.
The meeting was adjourned at 9:07 am.
______________________________________
Dr. Randy Parker, Secretary
_______________________________________
Melissa Kinney, Recorder
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