Concord University Board of Governors
Minutes, June 3, 2008, Meeting
10:00 a.m., Teleconference
The Concord Room, 201A Marsh Hall
Concord University
Members present: Mrs. Wilma Anderson; Mr. Lane Bailey, Vice Chair; Mr. Frank Blackwell; Dr. Hugh Campbell; Mr. J. Franklin Long, Chair; Mr. Wayne Meisel;
Mr. John Mendez; Ms. Amy Pitzer; Mr. Travis Prince; Mr. Ted Rogers; Mrs. Margaret Sayre, Secretary
Others present: Dr. Jerry Beasley, President; Dr. Joseph Marsh, President Emeritus;
Mr. Jim Cannon; Mr. Michael Curry; Mr. Bill Hardee; Mr. Wes Prince; Ms. Sharon Manzo, Recorder; Ms. Anita Moody; Dr. Bill O’Brien; Mr. Greg Quick; Dr. Steve Rowe; Dr. John David Smith; Ms. Loretta Young
Call to Order and Determination of Quorum - Chairman Long determined a quorum was present and called the meeting to order.
Approval of the Minutes of the March 28, 2008, Meeting – Mr. Prince moved the approval of the February 26, 2008, minutes. Mr. Bailey seconded. Motion passed.
Approval of the Minutes of the April 2, 2008, Meeting – Mr. Mendez moved the approval of the April 2, 2008, minutes. Mr. Rogers seconded. Motion passed.
Approval of the Minutes of the April 3. 2008, Meeting – Mrs. Sayre corrected the minutes to reflect nine votes for acceptance of the Presidential Search Committee’s recommendation to offer the position to Dr. Greg Aloia, and to include Mr. Rogers’ yea vote. Mrs. Sayre moved the approval of the minutes as corrected; Dr. Campbell seconded; motion carried.
Approval of the Minutes of the April 8, 2008, Meeting – Mr. Mendez moved the approval of the April 8, 2008, minutes; Dr. Campbell seconded; motion carried.
Action Items
RESOLVED, that the Concord University Board of Governors approves awarding Tenure as a Full Professor in the Division of Education at Concord University to Dr. Gregory Aloia. Dr. Campbell moved the adoption of the resolution; Mr. Rogers seconded; motion passed.
RESOLVED, that the Concord University Board of Governors approves the awarding of emeritus status to Dr. Paul Kane. Mrs. Sayre moved the adoption of the resolution; Dr. Campbell seconded; motion passed.
RESOLVED, the Concord University Board of Governors approves the proposed amendment to the policy for Travel Rules.
Mr. Cannon - RESOLVED, the Concord University Board of Governors affirms the 10% faculty and staff discount at the Concord University Bookstore for as long as the bookstore is not operating at a loss. Pending the approval of the Ethics Commission and the HEPC, Mr. Blackwell moved the adoption of the resolution; Mr. Rogers seconded; motion passed. Mr. Cannon will prepare a letter requesting continuance of this practice and submit it to the WV Ethics Commission.
current contract and information regarding Mountain State Professorship. He said he will not likely exercise this option until Fall 2009. He will continue volunteering as chair of the PROMISE Ad Hoc committee, in the writing of the history of Concord University with Dr. David Bard, and on the University Point project. Dr. Campbell moved the adoption of Dr. Beasley’s contract; Mrs. Sayre seconded. Dr. Beasley suggested discussion take place in executive session Mr. Long concurred.
Athletics, Concord University (attachment 05) – Dr. Smith
RESOLVED, that the Concord University Board of Governors approve the adoption of the Philosophy and Mission Statement of Athletics, Concord University. Dr. Smith indicated this is part of a lengthy NCAA study, which contains information regarding the well being of student athletes and the University’s mission statement. Mr. Prince moved the adoption of the resolution; Mr. Mendez seconded; motion passed.
Update or Questions Regarding Administrative Reports
Mr. Bailey asked for additional information regarding
student retention grant mentioned in 7b. Dr. Rowe explained that the University had received a $15,000 grant from the HEPC to set up a comprehensive project for retention of students, freshman through senior year. We will concentrate on retention from freshman to sophomore, however, and attempt to increase our current 30% rate by 5%. Mr. Bailey also asked who is directing the intellectual property policy. Dr. Rowe said he is and the policy will address patents, copyrights, ownership of on-line course conversions. Mr. Mendez asked the status of the faculty/staff dependent tuition benefit proposal. Dr. Beasley said he has a draft of a proposal that he would share this during his Presidential report.
Mr. Curry indicated recruiting is up in every
territory, the first time in 10 years. He invited Board members to attend activities during Summer Academy, June 15-21.
Mr. Prince asked for details of the “certain issues” that
necessitated legal services in the administration of the Darrell W. Stanley Estate. Ms. Young explained that a written note, related to property in Front Royal, was part of the last will and testament. Counsel is acting in an advisory capacity.
Mr. Bailey asked for more texture to the public safety
component of the report. He asked how and when information about the siren notification system will be communicated to all students and stakeholders. He said he believes this is a high priority. Mr. Cannon said campus public safety staff recently spent time on campus with an advisor regarding this issue. He said the policy on how information will be disseminated will be made this summer. Mr. Prince asked about the status and cost of the mold removal in the science building. Mr. Cannon said all mold has been removed at a cost of $7,000 maximum.
Mr. Prince asked if there are enough rooms available for the
projected fall enrollment. Dr. Smith explained that off-campus exceptions are being reviewed as means of addressing a potential shortfall in rooms. Capacity is 1134; room reservations, as of 4/20/08, are 1191. Mr. Prince asked for the status of the wellness center. Dr. Smith said when all equipment has been received the facility will be ready. Mr. Prince suggested the Board tour this facility at the first meeting of 2008-2009. Dr. Smith introduced Wes Prince, Student Body President for ’08-09. Mr. Prince asked when the handicapped lift in the Jerry L. Beasley Student Center will be repaired. Dr. Smith said the equipment has been changed out twice and fixed numerous times. This is a priority on which we’re working.
Report of the President’s Home Renovation Committee (attachments 12a, 12b, 12c) –
Dr. Marsh mentioned that since the report was distributed Laurie Erickson suggested replacement rather than repair of windows and the creation of a small guest suite, either in the home or erected on the property. He also suggested the preparation of a budget so the committee may proceed with its work. Mr. Cannon indicated that initially it was believed a budget of $100,000 to $150,000 would be sufficient, but if restoration rather than repair is imminent, the cost could increase to $250,000 to a half-million. He indicated Jeff Schumaker is preparing a line-item budget for the Board. Mr. Long indicated he will likely call an emergency meeting to discuss the budget when figures are available. Mr. Long asked Dr. Beasley to work with Ms. Young in the Foundation to determine an appropriate fund raising project.
President’s Report - Dr. Beasley thanked the Board for everything that was done to honor Mrs. Beasley and him recently. He also applauded the Board for the apparent esprit among members. He encouraged them to support Dr. Aloia. He distributed a draft tuition waiver policy for CU employees and dependents that was prepared by Mr. Curry and asked for suggestions from the Board. He said we must sustain our presence in Beckley, especially the relationship we have with other institutions.
Emeritus Status for Dr. Beasley (attachment 13) – Mr. Long
Mr. Long announced the following resolution: RESOLVED, that the Concord University Board of Governors approved the awarding of emeritus status to Dr. Jerry L. Beasley in executive session April 8, 2008. He presented Dr. Beasley a plaque for his 23 years of service to the institution.
Election of Officers – Mr. Long announced that State code mandates the election of a Board chair each June; the election of other officers is at the Board’s discretion. Mr. Rogers moved to retain the current officers (Mr. Long, chair; Mr. Bailey, vice chair; Mrs. Sayre, secretary); Dr. Campbell seconded; motion passed.
2008-2009 Meeting Dates (attachment 14) – Mrs. Sayre moved the adoption of the 2008-2009 meeting dates as distributed; Ms. Pitzer seconded; motion passed. Mr. Prince said it may be difficult for the staff and student representatives to meet on the same weekday each meeting since the same class(es) would be missed. Dr. Campbell indicated this would not be a problem for him. Mrs. Manzo said she would contact Akeya Carter-Bozman, student representative for 2008-2009, regarding her class schedule.
Pursuant to State Code §6-9a-4, Mr. Mendez moved to adjourn to executive session; Mrs. Anderson seconded; motion passed.
Returning to general session, Mr. Rogers moved to offer Dr. Beasley a contract at 80% of his current $151,000 salary; Mrs. Anderson seconded; motion passed with a unanimous voice.
Mr. Prince moved for adjournment; Mr. Meisel seconded; motion passed.
Respectfully submitted,
__________________ ____________________
J. Franklin long, Chair Margret Sayre, Secretary
:sm
Concord University Board of Governors
Meeting of June 3, 2008
ITEM: Approval of Tenure for Dr. Gregory F. Aloia
RECOMMENDATION: RESOLVED, that the Concord University Board of Governors approves awarding Tenure as a Full Professor in the Division of Education at Concord University to Dr. Gregory Aloia.
STAFF MEMBER: Jerry Beasley
BACKGROUND: Dr. Aloia has had a distinguished career in teaching, research and service as a faculty member for the past 30 years and has held the rank of Full Professor at four universities. Granting tenure at the time of employment to a university president with appropriate academic credentials is common practice in American higher education.
Concord University Board of Governors
Meeting of June 3, 2008
ITEM: Approval of emeritus status for Dr. Paul Kane
RECOMMENDATION: RESOLVED, that the Concord University Board of Governors approves the awarding of emeritus status to Dr. Paul Kane.
STAFF MEMBER: Stephen Rowe
BACKGROUND: Concord University Board of Governors Policy 16 establishes a process to award emeriti status to retiring Concord University faculty and staff for extended meritorious service. Dr. Paul Kane meritoriously served Concord University 9 years as Professor of English and retired May 17, 2008.
Concord University Board of Governors
Meeting of June 3, 2008
ITEM: Approval of amendment to the policy for Travel Rules.
COMMITTEE: Finance and Facilities
RECOMMENDED RESOLUTION: Resolved, the Concord University Board of Governors approves the proposed amendment to the policy for Travel Rules.
STAFF MEMBER: Jim Cannon
Vice President for Business and Finance
BACKGROUND:
The attached policy has been revised to include new policy guidance from the Governor’s Office requiring employees to use privately owned vehicles (POVs) only when agency-owned or leased vehicles are not available and employees’ travel requirement are infrequent. Other such guidelines are incorporated as indicated on the attached memo from the Governor’s chief of staff, Larry Puccio.
Concord University Board of Governors
Meeting of June 3, 2008
ITEM: Approval of faculty and staff Employee discount at
Concord University Bookstore.
COMMITTEE: Finance and Facilities
RECOMMENDED RESOLUTION: Resolved, the Concord University Board of
Governors affirms the 10% faculty and staff discount
at the Concord University Bookstore for as long as the
bookstore is not operating at a loss.
STAFF MEMBER: Jim Cannon, Vice President for Business and Finance
BACKGROUND:
The 10% faculty and staff discount at the bookstore has come into question. This is a request for the Concord University Board of Governors to affirm the discount practice so it can be sent to the West Virginia Ethics Commission for review. If the board choices not to affirm, the practices it will be discontinued.
Concord University Board of Governors
Meeting of June 3, 2008
ITEM: Approval of the adoption of the Philosophy and Mission Statement for
Athletics, Concord University
FROM: Office of the Vice President for Student Affairs
RECOMMENDED
RESOLUTION: RESOLVED, that the Concord University Board of Governors approve the adoption of the Philosophy and Mission Statement of Athletics, Concord University
STAFF MEMBERS: John David Smith and Greg Quick
BACKGROUND: The recently completed NCAA Institutional self-study requires approval by the governing board of the Philosophy and Mission Statement of Athletics at Concord University.
Philosophy and Mission Statement for BOG Approval
Athletic Department Philosophy
Concord University Athletics – Mission Statement
For all of those associated with the athletic program at Concord University:
CONCORD UNIVERSITY BOARD OF GOVERNORS
ACADEMIC AFFAIRS REPORT
June 3, 2008
1. Faculty/Staff Dependent Tuition Benefit Proposal: The 2008 West Virginia Legislature has approved a dependent tuition benefit for public higher education institutions. Concord University will begin to make this benefit available to the immediate family of full time employees, beginning with the Fall 2008 semester. A policy to govern this benefit is in the draft stage.
2. Higher Learning Commission Team Exit Recommendation: The on-campus team of the Higher Learning Commission of the North Central Association of Colleges and Schools has recommended that the accreditation of Concord University be continued. The recommendation is in process of being evaluated by the Commission with the final decision forthcoming.
3. Upcoming Accreditation Reviews: NCATE; Athletic Training: Concord University is conducting the self-study analyses for Fall 2008 professional society reviews in the areas of teacher education and athletic training.
4. New Faculty Hires for AY 2008-2009: Effective for the Fall 2008 semester, the University has hired two (2) doctoral faculty in chemistry, one (1) doctoral faculty in Recreation/Tourism Management, one (1) doctoral faculty in art, two (2) doctoral faculty in English, and two (2) doctoral faculty in business. The advertised position in Spanish has not yet been filled.
5. Science Building Remediation Report: The mercury remediation program was completed in March with “0-detect” levels confirmed by the remediation contractor and a third party vendor. Replacement laboratory furniture and equipment are being ordered.
6. Rahall Technology Center Report: Science faculty are beginning to move back to the Science Building, and the Division of Business will be moved into the Rahall Building over the summer. Some institutional projects, such as window treatment and ADA access issues, remain to be completed.
7. Academic Grants Funded for AY 2008-2009
a. Cooperative Internationalization Project with Bluefield State College
b. Student Retention Project (Center for Academic Success)
8. Articulation with New River Community & Technical College: 2+2 articulation agreement in final draft with Concord intending to provide seamless transfer of NRCTC students into bachelors degree completion programs, Regents Bachelor of Arts, and Interdisciplinary Studies bachelors programs.
9. Online Course Conversion Program: Four (4) courses, one in business, two in education, one in social science, completed in Fall 2007. Four courses under contract during Spring 2008, two in social science, two in education. Plan to convert 300 and 400 level courses to online format during AY 08-09.
10. Pending Policy and Procedure Drafting for AY 2008-2009
a. Intellectual Property Policy
b. EEOC/AA
c. Employee Leave
d. Employee Tuition Benefit
Board of Governors
6-3-08
Admissions and Financial Aid
The data cited below are drawn from the 5-16-08 Friday Report produced weekly. Given the date of our meeting, these numbers may have changed by the time members review them. If there are substantial changes, I will report them during the teleconference. Thus far in the recruiting cycle for this fall, we appear to have very good news.
2008 2007 Difference
Total Recruits
17,385 17,114 271
Total Applications
2,253 2,059 195
Total Acceptances
1,580 1,370 210
We appear to be doing even better in those areas where our counselors are working. In southern West Virginia, we are up 164 applicants and 125 acceptances. In northern West Virginia, we are up16 applicants and 22 acceptances. In Virginia we are up 14 acceptances and in the Baltimore/DC/ Philadelphia market, we are up 30 acceptances compared with the same date last year…and that was a very good year. Between six of us in the Admissions Office, we are also covering 82 awards assemblies.
We had a record number of students receiving the Book Award. We gave 48 awards to those bright juniors and we had a whopping 168 people attending the dinner. The book for the year was Richard Paul’s Critical Thinking: Tools for Taking Charge of Your Professional and Personal Life.
We have completely filled all the slots for our up-coming Students of Excellence Summer Academy which will see 50 students pursuing either the Pre-med track or the Pre-law track. The Academy will begin on June 16 and runs through June 21. If anyone would like to drop by and see what we do with these students, please let us know and we will do our best to accommodate you.
The good ladies in Financial Aid are rolling along at record pace. To date, we have received 447 more financial aid applications than we had this time last year, offered 414 more awards than last year, and increased the dollars offered from $1,789,538 last year, to a total this year of $5,342,616. That’s a difference of $3,553,077. We have completely packaged 528 students so far compared to only 376 at this time last year, and we have another 1,504 students to be packaged between now and the start of classes in the fall.
CONCORD UNIVERSITY BECKLEY CENTER
Board of Governors Report – May 20, 2008
This report is written as we close out our spring 2008 semester in Beckley. Drawn in large part from the 2007-2008 Annual Report submitted to President Beasley just a few weeks ago [April 30th], it seeks principally to look toward Concord’s future in Beckley – and beyond. It addresses in summary the Beckley situation as it exists at this point in time [where we are], and more importantly, where we need to go. But first, a comment on Summer 2008.
Summer 2008 in Beckley
This is the first time that Concord has scheduled a meaningful [29 classes] summer program for Beckley. We designed the summer schedule with an eye toward future summer semesters in Beckley – our principal goal is to alert students that Concord intends to make the summer semester a key and reliable component in their academic planning. An added factor in this year’s summer programming is the emerging Supplemental Instruction Program [SIP] in the region. We are seeing significant interest in our summer classes from area high schools students, who are eligible for the reduced tuition rate [$56/credit hour] available to SIP students – thanks to the HEPC.
A Summary of 2007-2008 in Beckley
An account of Beckley Center “happenings” in 2007-2008 is tied directly to Concord’s arrival [August 2007] in the new Erma Byrd Higher Education Center [HEC]. A few highlights from our first year in the facility:
Based on this background information, I respectfully submit the agenda for 2008-2009 that follows:
May 20, 2008.
Respectfully submitted,
William A. O’Brien
May 23, 2008
The Concord University Foundation has secured the investment services of Lancaster Pollard of Columbus, OH. The goal of hiring a professional investment firm is to provide stronger fiscal management and oversight of the University’s assets and to increase investment return through access to a more diversified portfolio.
The Board of Directors for the Concord University Foundation met on April 5, 2008 at The Greenbrier and approved a new Investment Policy for the Foundation. A copy of the new Investment Policy is attached. The Investment Committee will work with Lancaster Pollard in planning a full committee meeting in June to receive an analysis of historical financial performance data of our investments.
The Board of Directors for the Concord University Foundation has secured the legal services of Patience Alexander as its counsel to deal with certain issues arising from the administration of the Darrell W. Stanley Estate.
The Development Office has used all tax credits awarded to the University in 2007-2008. The Development Office is applying for $100,000 in tax credits for the fiscal year 2008-2009. Applications are due on June 15, 2008.
The Development Office organized and hosted an annual Donor Appreciation Dinner on April 14, 2008 in the ballroom of the Concord Student Center. With approximately 200 persons in attendance, the program included testimonies from donors who have established endowed scholarships as well as testimonies from current scholarship recipients. The annual CU Foundation Award of Excellence was presented by Foundation chair, David Barnette to Dr. Jerry L. Beasley for his 23 years of service as the longest serving president of Concord University.
The Development Office is working with alumni volunteers in securing a Captain of Industry speaker for the annual Charleston Fund Dinner which is held in Charleston, WV. We are holding dates for the event in October, 2008. We do hope to return to The Greenbrier for an annual fundraiser which is tentatively set for March 28, 2009.
The Development Office will develop a planned giving brochure for early fall distribution. In recent months, the Foundation has been included in a number of estate plans. We believe that planned gifts can be an area of significant promise to the financial stability of Concord.
Please find attached the financial monthly reports for the Development Office for the month of March 2008.
CONCORD UNIVERSITY FOUNDATION, INC. INVESTMENT POLICY STATEMENT |
June 19, 2007 Revised: April 5, 2008 |
CONCORD UNIVERSITY FOUNDATION, INC. |
INVESTMENT POLICY STATEMENT |
I. Introduction |
II. Management of Foundation Investments |
A. Function of the Investment Committee |
B. Duties the Investment Committee |
III. Investment Policy and Guidelines |
A. Investment Objective |
B. Asset Allocation |
C. Asset Allocation Review and Rebalancing Procedure |
D. Performance Measurement, Monitoring, and Evaluation |
E. Investment Guidelines |
F. Gift Policy |
G. Custodian and Depository Activities |
H. Proxy Voting and Fees |
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IV. Non-endowed Funds |
A. Investment Objectives |
B. Investment Guidelines |
V. Annuities |
I. Introduction |
The purpose of the Concord University Foundation, Inc. is stated in its Articles of Incorporation. The purpose and objects for which the corporation is formed are to benefit, strengthen and further in every proper and useful way the work and services of Concord University. |
The Concord University Foundation, Inc. serves as the primary gift solicitation organization for Concord University and has responsibility for the management of Foundation funds. The primary purpose of this Investment Policy Statement is to guide the Concord University Foundation Board of Directors, Investment Committee, and staff in effectively managing, monitoring and evaluating the investing of the Foundation’s Investment Portfolio including both endowed and non-endowed funds and gift annuities. |
The Investment Committee is charged with investment responsibility. In order to fulfill that responsibility, the Committee has adopted this statement of investment policy which outlines the philosophy, goals, and objectives for the invested assets of the Foundation. These guidelines in turn serve as the basis for identifying specific policy features, such as asset allocation, investment restrictions, and performance goals. |
The investment guidelines are based upon an investment horizon of greater than 10 years in accordance with the Foundation’s status as a perpetual entity. The endowments target (or strategic) asset allocation is based on this long-term perspective. Interim fluctuations should be viewed with appropriate perspective. There are no special short-term cash flow or liquidity considerations of the Endowed Funds. |
This statement shall serve the Trustee/Investment Managers as the principal source for developing an appropriate strategy. Also, it will serve as the basis for performance evaluation and any changes in investment policy will be communicated to the managers in writing. |
Concord University Foundation Inc., (“Foundation”), investments will be managed by the Investment Committee and staff in accordance with the policies established by the Board of Directors (the “Board”). Policies currently governing significant areas of investment management are based upon actions of the Board and the Investment Committee. |
II. Management of Foundation Investments |
According to the by-laws, the Board has delegated to the Investment Committee: “the authority to direct the investment of funds of the Foundation in appropriate securities, to direct the sale or exchange of securities, and, in addition, to retain and/or contract professional security investment advisors or professional investment managers, under such conditions as may be determined by the Board.” |
The Investment Committee is composed of Foundation Board Members and it will establish, approve, and revise as necessary appropriate investment policies, objectives, and strategies for all endowment assets. It will regularly review the implementation of this Investment Policy and monitor the attainment of financial and investment objectives. The Committee will meet quarterly and a quorum of the Committee consists of four members present in person or by phone. |
The Trustee/Investment Managers are responsible for determining investment strategy consistent with the investment guidelines as herein expounded and to implement security selection and timing within policy guideline limitations. |
The Foundation Staff is charged with implementing and administering the Investment Policy. Its goal is to assist in the attainment of stated financial and investment objectives while complying with all policy guidelines and directions. The staff serves as the primary contact with Trustee/Money managers. |
A. Function of the Investment Committee |
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B. Duties of the Investment Committee |
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III. Endowment Portfolio Investment Policy and Guidelines |
The goal for Foundation endowment is to provide a real total return that preserves the purchasing power of the Endowment’s assets, while generating an income stream to support the Foundation’s activities in support of Concord University. The Endowment’s real total return will be sought from an investment strategy that provides an opportunity for superior total returns within acceptable levels of risk and volatility. |
The Foundation endowment is primarily managed through the pooled investment portfolio. This portfolio is composed mainly of endowed funds which do not require or warrant separate investment to meet donor restrictions with the exception of those assets managed by the Foundation under a grant to Concord University by the Bonner Foundation. This pooling of investments makes available to all eligible funds, regardless of size, the advantages of participation in a diversified portfolio of stocks and bonds. In order to meet donor restrictions, certain investments are managed outside the pool, as is the case of the Bonner Funds, although the policies and guidelines as stated herein apply also to all Bonner Funds. |
The Committee recognizes that in any economy, over an appreciable time period, unsupervised assets will probably be subjected to an inflationary loss of purchasing power. Consequently, the Committee believes that the funds should be managed in a way that will minimize the effect of inflation. Furthermore, over the long term, the risk of owning equities has been, and should continue to be, rewarded with a somewhat greater return than that available from fixed income investments. Although there will be variability of returns in the market, a well diversified equity portfolio will over time reflect the overall growth of the national economy in increased valuations and yields. The role of fixed income investments is to reduce the volatility of the overall portfolio while providing a predictable stream of income. |
The endowed funds are to be invested primarily in equity and debt securities of public corporations, obligations of the U. S. Government, U. S. Agencies, and other investment vehicles specifically listed in this document that the Committee may deem reasonable and prudent. |
The primary source of new assets for the portfolio is donor gifts. The Committee acknowledges that the Foundation may, at times, find it advantageous to accept contributions with donor imposed restrictions which do not satisfy the requirements set forth in the policy. Since the Committee may not have discretion over the investment management of such assets, their presence in the fund will not be considered a violation of the overall endowment investment policy. |
A. Investment Objective |
For the long-term, the primary investment objective for the Endowment funds is to earn a total return (net of portfolio management fees), within prudent levels of risk, which is sufficient to maintain in real terms the purchasing power of the Endowment’s assets and support the defined spending policy. |
B. Asset Allocation |
To achieve its investment objective, the Endowment’s assets will be allocated among four asset classes . The asset classes are domestic equity, international equity, fixed income, and cash. The purpose of allocating assets to these asset classes is to ensure the proper level of diversification within the Endowment investment portfolio. |
Concord University Foundation Policy Endowment Portfolio with the Board approved ranges for each asset class and the corresponding benchmarking for performance measurement is as follows: |
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C. Asset Allocation Review and Balancing Procedure |
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D. Performance Measurement, Monitoring, and Evaluation |
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E. Investment Guidelines |
The Investment Committee desires to permit investment managers flexibility to maximize investment opportunities. However, it is cognizant of its responsibility to practice prudent management in order to conserve and protect Foundation assets and to prevent exposure to undue risk. |
Exceptions to the guidelines stated below may be made upon specific written approval of the Investment Committee acting through its Chairman and shall be subject to annual review. |
EQUITY HOLDINGS |
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• Restrictions: The following investments may take place only by written permission from the Committee:
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FIXED INCOME HOLDINGS |
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• Eligible securities: Investment in debt instruments of the U. S. Government, U. S. Agencies, or any U. |
S. corporate entity is permitted unless otherwise prohibited by this policy. Fixed income mutual funds or ETFs, provided that such funds are invested solely in obligations or securities otherwise constituting eligible investments. The use of international debt obligations is permissible provided they adhere to quality and other restrictions.
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CASH EQUIVALENTS |
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F. Gift Policy |
It is anticipated that from time to time the Foundation will receive gifts in the form of marketable securities. In such event, the securities will be liquidated as soon as possible. In the event that the securities are restricted from sale for a designated period of time due to regulatory or donor restrictions, the Foundation will hold said securities until the restricted period has elapsed and then liquidate the securities as soon as possible thereafter. The Foundation will make no attempt to add value to the investment portfolio by holding gifted securities. |
G. Custodian and Depository Activities |
The custodian and depository activities of the Foundation, including agreements with any banks for the temporary, short-term investment of cash and equivalents will be subject to annualreview by the Investment Committee to assure that the Foundation is receiving competitive rates and services. |
H. Proxy Voting and Fees |
The Board of Directors of the Foundation delegates the responsibility for all proxy voting to the Trustee/Investment Manager managing the corresponding assets. Proxies shall be voted in a manner most likely to preserve or enhance the value of the subject stock. Nothing, however, is to preclude the Trustee/Manager from involving the Investment Committee to obtain guidance in voting specific issues. |
It shall be the responsibility of all Trustee/Managers to account for all dollars spent on investment management services whenever paid directly from the account or through soft dollars, 12b-1 fees or other fee-sharing arrangements. |
IV. Non-endowed Funds |
Non-endowed funds of the Concord University Foundation, Inc. are invested in Board approved vehicles in order to achieve the following objectives: preservation of principal, ensure necessary liquidity, and maximize current return. Income and realized capital gains are available to help support Foundation operations. |
Non-endowed funds are invested in a portfolio designed to maximize return consistent with the liquidity needs of the Foundation. Income and realized capital gains from the non-endowed portfolio are available to help support Foundation operations and help defray costs of internal record keeping. In the interest of |
efficiency, funds held for others are held and invested in a co-mingled account with other non-endowed funds. |
A. Investment Objectives |
The objectives of the non-endowed portfolio are as follows: |
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The Investment Committee wishes to provide flexibility for investment of the non-endowed funds. The following guidelines apply. |
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V. Annuities |
The Concord University Foundation is often asked to be a party to various forms of annuity trusts including unitrusts and gift annuities. Because of the variability, complexity and liability of these arrangements, prior Foundation approval is required before the Foundation can execute agreements to accommodate gifting of this design. Therefore, if funds under these arrangements cannot be invested in accordance with the policies of the Foundation for endowment principal (as determined by the Board of the Foundation at the time of approval), the Investment Committee will develop specific investment strategy to accommodate the benefits created by the trust. |
Concord University
Finance and Facilities Administrative Report
20 May 2008
Business & Finance – The campus operating funds are projected to end FY 2008 with a total deficit of under ½ of 1%. A likely operating deficit of $100K to $300K will be the result of the enrollment decline and increased scholarship expense. Planned expenditures for capital construction and other non-recurring expense paid from the operating funds will increase the deficit by $500K to $600K.
Physical Plant –The University Point project is under construction. The firm of City Window Company has excavated and is preparing to place footers on the $5.2 million facility. There remains $1.2 M to be raised for the project which the foundation is continuing to pursue.
Operating and Capital Improvement funds have been used to complete the cost of constructing the Rahall Technology Center. Some of the punch list has been completed and corresponding retainage has been released.
During restoration work following the removal of mercury, some mold was found behind a section of wall paper in the third floor hallway. The mold was in an area below a leaking pipe that had been repaired some time ago. A mold remediation firm was contracted to remove the mold. As a precaution the remaining wall paper on the third floor was removed but no other mold was found.
The Performance Contract Capital Lease proposal is working its way through the HEPC and the AG’s office.
Dining – The dining hall is scheduled for a major renovation this summer.
Public Safety – The week of May 19th, public safety officers underwent hands-on field simulation training on campus for various potential scenarios. A dual siren system for emergency warning has been installed on campus. It has been tested and it can be heard all over Athens. The protocol for its use in conjunction with email, text messaging etc is under development.
Bookstore – Concord bookstore manager Chris Smallwood is serving on a Statewide Task Force on Textbook Affordability.
Board of Governors – June 3, 2008
Student Affairs
Housing and Residence Life
Housing Numbers - Year end housing numbers with comparison years are attached (Appendix). We have continued to retain a significantly higher number of students. The 2008 semester ended with nine hundred six (906) residents as compared to the 2007 census of eight hundred nineteen (819), an increase of eighty-seven (87).
Room Reservations – Deposits for room reservations for fall 2008 significantly exceed previous years. We currently have one thousand one hundred ninety-one (1191) reservations compared to last year’s number of one thousand one hundred sixteen (1116), an increase of seventy-five (75). A six year breakdown is included in the Appendix.
Wellness Center Planning – Installation of sprinklers, laser smoke detectors, and carpet is now completed. Equipment is in transit with installation to be completed by the end of May, 2008.
Career Services
This was the first year we utilized the online graduate survey. It was active online for approximately one month on the Concord main website. Graduates received notification of the online survey with the paper survey that was mailed to their permanent address and in an email to their Concord email address. To augment our response rate we used emails, phone calls, Facebook, faculty/staff, newspaper articles, etc.
Athletics
Multicultural Affairs
Disability Services
Student Center/Student Programming
Student Government Association (SGA)
Student Retention
Health/Counseling Services
Other Initiatives
Appendix
Housing and Residence Life
Hall |
Capacity |
05/15/08 |
05/15/07 |
05/12/06 |
05/15/05 |
05/15/04 |
Wooddell Hall |
196 |
145 |
143 |
127 |
132 |
140 |
Wilson Hall |
205 |
153 |
141 |
133 |
127 |
160 |
Sarvay Hall |
81 |
57 |
41 |
34 |
34 |
47 |
South Tower |
322 |
275 |
236 |
268 |
257 |
267 |
North Tower |
322 |
276 |
258 |
261 |
256 |
270 |
College Courts |
8 |
NA |
NA |
NA |
NA |
NA |
TOTAL 1134 906 819 823 806 884
Income: Income and realized capital gains received on the portfolio may be used to fund Foundation operations. |
Administration: Funds will be invested to or withdrawn from approved investment vehicles by Foundation management based on cash flow projections and current yields available. |
TO: The Concord University Board of Governors
J. Franklin Long, Esq., Chair
FROM: The President’s House committee
Joseph F. Marsh, Chair
SUBJECT: Recommendations for the Restoration, Repair, Renovation and
Decoration of the President’s House, and for the Landscaping
Of the Front and Rear Lawns
The committee met twice, on March 17 and May 13, 2008. The first meeting was held at the President’s House and included an extensive discussion of the “maintenance Items” on the two Lists prepared in February, 2008, as well as a complete tour and inspection of the house, the two garages and the outside grounds. The second meeting was held in the Concord Room to discuss a draft report, to suggest changes and additions, and to adopt a first report for presentation to the Board of Governors of the University. The Committee’s first report follows.
Introduction
The President’s House was built in 1931-32, and was first occupied by President J. Frank Marsh and His family on August 29, 1932. During the past 76 years, seven presidents and their families have lived in the house.
As an official residence for the head of the institution, it serves not only as a convenient living place for presidents and their families suitable for such an official, but also serves as a special place for entertaining the numerous constituencies of the University in a gracious and hospitable manner. Since the use of the President’s House is an important factor in the promotion and advancement of the institution, it should be a facility that is a source of pride – a “showplace,” if you will – and that projects a favorable institutional image.
Since 1932, the first major work on the residence was done in 1959, 27 years after first being occupied, which included complete restoration of the interior, new light fixtures, new window treatments, new furniture for the “public” rooms, area (not “wall-to-wall) carpets (oriental), etc., and the development of a flower garden area that included a fountain. After 14 years, four more presidents have occupied the house for a total of 35 additional years, and during that time there have been some repairs, remodeling, the installation of “wall-to-wall” carpeting, new window treatments, some new furniture (much out of keeping with the style of the residence), etc.
President’s House Committee Report -2- June 3, 2008
Recommendations
In February of 2008, two lists (“List 1” and “List 2”) of “Maintenance Items” were prepared and are attached to this report. Although there is considerable duplication of items on the two lists, the Committee agrees that all are valid and should be accomplished.
In addition to items on the two lists, the Committee recommends:
The interior of the house needs a thorough re-decorating, including new window treatments, new wall paint or wallpaper, new carpets, new furniture, etc., and Dr. and Mrs. Aloia should be consulted.
Additional Items
The “Recommendations, above, are of top priority. If sufficient funds are available, these two additional items are highly desirable:
>>> It should be noted that the Committee also discussed the possibility of building a completely new residence.
President’s House committee Report -3- June 3, 2008
“Restoration” is the Goal
Although work on the house will involve repairs and some renovation and remodeling, major emphasis must be given to “restoration,” recognizing that this is major intensive, will take longer, and consequently, will be more expensive. At the end of List 1, Mrs. Beasley stressed:
“Although the need for reducing maintenance costs is
surely a factor, I believe that the historic value and
integrity of the house should be maintained whenever
possible. Therefore, restoration, not simply repair,
would be my emphasis.”
Continuing Oversight
Before work can start, the Board of Governors of the University, in consultation with appropriate administrative e officers, must determine what funds are available for this project and set priorities within a budget allocation. Then, the University’s Business Office and Physical Plant officers will have responsibility for developing detailed specifications for the work to be done, for issuing contracts, for assigning jobs to University employees in the Maintenance Department, and for frequent inspections to assure that the quality of materials and workmanship meet acceptable standards.
We recommend: (1) That this President’s House Committee continue to function to monitor the progress and to serve in an advisory capacity to the Board of Governors, in the Business Office and to the Physical Plant officers until the project is completed and the house occupied; and, (2) that the Chair of the Board of Governors appoint Mrs. Jean Beasley and Mrs. Mary Aloia as additional members of the committee.
Attachments (2)
Concord President's House
Maintenance Items
February 2008
Outside
1. Replace loose shingles on roof.
2. Regrout stone walkway in front.
3. Front porch has been replaced; however columns need to be secured, half-columns against house need to be caulked, and the flaking of the doorstep should be addressed.
4. Recaulk and paint windows. (Some of the glass panes have little, if any, putty holding them in place.)
5. Put screen over guttering to prevent clogging.
6. Replace the drainage system from the gutters and downspouts. (The serious water problem in the basement when it rains could, perhaps, be eliminated if the drainage system were replaced. Presently, every time it rains, most of the basement gets an inch or more of water seeping through the foundation walls and up though cracks in the floor.)
7. Repair the back porch. (The brick planters on either side are breaking apart. The one above the basement door entrance has the potential of becoming dangerous since the bricks rest on a rusty metal brace that is above the outside basement steps.) Also, the iron banisters need to be painted or replaced.
8. Scrape and paint the trimming, porches, shutters, etc.
9. Back top porch needs new floor covering. (Indoor/outdoor carpet is deteriorated and ripped.)
10. The patio needs work, either leveling existing stones or replacing them.
11. The gas grill is completely rusted and should be removed.
12. Repair the fountain and landscape the fountain area.
13. Landscaping around the house would be a major cosmetic improvement.
14. The driveway has not been sealed or repaired for at least 23 years. It needs to be repaired, especially near the entrance at Plymouth Street.
15. The older garage has eaves that are rotten. They need to be replaced. Also, one of the garage doors does not work.
16. The stone wall along the front of yard parallel to Vermillion Street has several loose stones which should be fixed.
17. The entry gate needs to be repaired and painted or, perhaps, replaced.
17. The dead spruce tree near the front lamp post needs to be removed.
Inside
1. The plumbing needs work. Only one shower can be used at a time. If the washer is on in the basement, the shower only trickles and the commode won't flush on the second floor.
2. The plaster on most walls both downstairs and upstairs should be repaired and painted. Especially damaged is the ceiling in the large dining room.
3. The woodwork also should be painted.
4. The carpet, especially in the living and dining rooms, needs to be removed. The floors downstairs should be refinished.
5. The living and dining rooms need major redecorating help--new window treatments, new furnishings, etc.
6. The kitchen cabinets need to be replaced or refaced.
7. The powder room on the main floor needs to be remodeled.
8. The ceiling plaster in the basement furnace room is falling. It should be removed and replaced.
9. The ball bearings in the clothes dryer are bad. Although it still works (very noisily), it cannot last much longer. A new washer and dryer are needed.
10. The third floor should be insulated to conserve energy and to make the area conducive to year-round use.
11. For entertaining, an expanded area off the dining room would be a blessing. Presently, it is difficult to accommodate more than twenty people comfortably for dinner.
12. Some have suggested that air-conditioning be installed throughout the house.
Although the need for reducing maintenance costs is surely a factor, I believe that the historic value and integrity of the house should be maintained whenever possible. Therefore, restoration, not simply repair, would be my emphasis.
President's House
Maintenance Items
Revised Feb. 2008
THIRD FLOOR
SECOND FLOOR
FIRST FLOOR
C. Hallway
BASEMENT
OUTSIDE
MISCELLANEOUS
Concord University Board of Governors
Meeting of June 3, 2008
ITEM: Notification of emeritus status for Dr. Jerry L. Beasley
RECOMMENDATION: RESOLVED, that the Concord University Board of Governors approved the awarding of emeritus status to Dr. Jerry L. Beasley in executive session April 8, 2008.
:
BACKGROUND: Concord University Board of Governors Policy 16 establishes a process to award emeritus status to retiring Concord University faculty and staff for extended meritorious service. Dr. Jerry L. Beasley meritoriously served Concord University 23 years as President and will
retire June 30, 2008.
2008-2009 Meeting Dates
Meeting Dates |
Agenda Item Deadlines |
|
(Noon, 2 weeks prior) |
Tuesday, August 26, 2008 |
August 12, 2008 |
Tuesday, November 4, 2008 |
October 21, 2008 |
Tuesday, December 9, 2008 |
November 25, 2008 |
Tuesday, February 17, 2009 |
February 3, 2009 |
Tuesday, March 31, 2009 |
March 17, 2009 |
Tuesday, June 2, 2009 |
May 19, 2009 |
