November 18, 2022

Bakersfield College Foundation
Finance & Investment Committee Meeting

Thursday, November 18, 2021 – 3:00 pm
Zoom link for public attendance: https://cccconfer.zoom.us/webinar/register/WN_QyY4C6T1TTKOlCEgmpPX-g

Meeting Minutes

Present:          Marko Zaninovich, Jeff Bell, Mike Giacomini, Rick Kreiser, Michael O’Doherty,                           Ken Byrum, Derek Yurosek

Absent:           Connie Perez-Andreesen

Staff:               Cheryl Scott, Susan Hubbell, Courtney Carter

Guests:            Ira Cohen, Harlan Spinner

  1. Call to Order – Meeting called to order by Chair, Marko Zaninovich, at 3:07 pm.

  2. Roll Call – Courtney Carter took roll and determined that quorum was present.

  3. Public Comments Statement – Marko Zaninovich read the public comments statement.  There were no public comments submitted to the secretary.

  4. Approval of Meeting Minutes from August 24, 2021 – Motion – Marko Zaninovich called for the meeting minutes from August 24, 2021, to be approved as presented. Ken Byrum motioned for the meeting minutes to be approved. Jeff Bell seconded the motion. None Opposed. All were in favor. The meeting minutes from August 24, 2021, are APPROVED.

  5. Investment Report from UBS team – Ira  Cohen and Harlan Spinner reported on the status of the Foundation’s investments. Discussion followed about the rate of inflation and Harlan expressed that he will keep an eye on it. Rick Kreiser stated that he is very concerned about inflation and wants to be sure we protect our investments. Marko will ask for more recommendations if inflation continues to increase.
     
  6. Financial Quarterly Update 2021 – Susan Hubbell reviewed the financial report from 07/01/2021 through 9/30/2021. Investment earnings for the first quarter showed a loss of $492.756. The investment balance with UBS on 9/30/2021 was $55,826,072. As of 11/17/2021, the investment balance was a bit over $58 million in the first quarter. Total revenue $1,059,680 [$492,756 from investment loss, $235k from stewardship fees, $1.3M from donations]. Total expenses $978,961. Net income $80,719. The finance committee all agreed to have the financials presented to the full Board of Directors yearly instead of quarterly.
  • Fund Development Update – In February Cheryl Scott and Chancellor Christian discussed having a goal to reach $5 million to $10 million in donations for the year 2021. In 2020 the Foundation brought in  $4.25 million, and $4.29 million in 2019. To date, new commitments and donations secured by the Foundation (and other joint efforts between the Foundation, the college, and KCCD) total $10.9 million. An additional $2 million gift commitment is nearing finalization, bringing the total to $12.9 million in 2021.
  • Recommendation for Student Emergency Fund & Policy Update – Motion – Cheryl discussed proposed policy changes, which clarify the policy. Verifying the financial need of a student is new to the application. The goal is to save Foundation funds to be a “safety net” and not to be the first stop to receive funds. The main clarification is all public funds and grants should be exhausted before coming to the Foundation. Marko motioned to accept the recommendations to revise the Student Emergency Fund policy. Jeff Bell motioned for approval and Michael O’Doherty seconded the motion. All were in favor. None opposed. Recommendations for Student Emergency Fund and Policy update are APPROVED.
  • Executive Director’s Report – Cheryl reported that Sterling Silver will be held on March 19th, 2022. She gave a staffing update, soon the Foundation team will have two new Donor and Alumni Relations Coordinators. Courtney Carter and Alyssa Cross will start their new positions on Monday, November 22, 2021.

  • Other Business / Adjournment of Meeting –  There was no other business brought forward. Marko thanked the committee for participating. He adjourned the meeting at 4:28 pm.