Bakersfield College Foundation
Board of Directors Meeting

Campus Center, 2^nd Floor, Boardroom #218 & Online – Confer Zoom (link expired)
Thursday, September 2, 2021 – 3:00 pm

MINUTES

1. Call to Order – Marko Zaninovich called the meeting to order at 3:03 pm
   
   
2. Roll Call – Courtney Carter took roll and determined that quorum was present.
   
   
3. Agenda Approval – Motion – Mike Giacomini asked for the agenda to be updated with agenda approval motion.  Kay Meek motioned for approval.  Pawan Gill seconded the motion.  None opposed.  All were in favor.  The agenda is approved with the added item for agenda has been APPROVED.
   
   
4. Public Comments – Marko Zaninovich read the public comments statement aloud.  There were no public comments received by the secretary.  Jennifer Garrett and Julie, one of her students, made a brief presentation to the Board of Directors thanking them for the recent Renegade Innovation Fund that financed their retreat. They were followed by James McGarrah who thanked the Board for funding their STEM Academy with Renegade Innovation Funds.
   
   
5. Presentation for Outgoing Board of Director Members – Cheryl Scott introduced Kelsey from Assemblymember Rudy Salas’s office.  Kelsey presented Fran Florez with a resolution thanking her for her 20 years of community partnership with Kern County and Bakersfield College. (Jay Rosenlieb and Jerry Cook were out sick and not available to receive their resolutions.)
   
   
6. Approval of Meeting Minutes from May 20, 2021 – Motion – Marko Zaninovich asked if there were any changes to the May 2021 meeting minutes.  None were received so he called for a motion to approve the minutes as presented.  Ken Byrum motioned to approve the minutes as presented.  Ariana Joven seconded.  None opposed. All were in favor. The meeting minutes from May 20, 2021, are APPROVED.
   
   
7. Review and Approve Financials for 2020-2021 – Susan Hubbell presented the Financials for 2020-2021. 
   1. Quarter 1 Earnings Allocation $2,365,666.00, Quarter 2 Earnings Allocation $4,705,810.00, Quarter 3 Earnings Allocation $1,701,816.00, Quarter 4 Earnings Allocation $2,522,645.00. Total Earnings Allocation 7/1/2020-6/30/2021 $11,295.935.00.  6/30/2021 Investment balance with UBS $55,620,638.00.  This is a 30.64% increase compared to 6/30/2020.
   2. Total Revenue $14,305,947.00.  Total Expense $3,032,231.00.  Net Income $11,273,716.00.  Revenue includes $11.3M from investment earnings, $834K from stewardship fees and the remaining $2.1M from donations.
   3. BC Student Emergency Fund donations through June 30, 2021, were $21,461.00.  Total with matching donations from the Board of Directors is $42,922.00.  Through June 30, 2021, the Student Emergency Fund has helped 10 students giving out a total of $20,844.00.  Current balance in the Fund is $22,077.25 There is currently $17,259.47 still available for matching donated funds to the Emergency fund.
   4. Harlan Spinner presented the UBS portfolio the Board of Directors.
   5. Marko called for a motion to accept the Financials as presented to the Board.  Mike Giacomini motioned to accept the financials.  Ken Byrum seconded.  None opposed.  All were in favor.  Financials for the 2020-2021 year are APPROVED.
      
      
8. Recommendation for Nominees to Replace Outgoing Board of Directors and Consideration of Nomination of New Vice Chair – Motion – Cheryl Scott introduced Kay Meek.  Vice-chair, Kay Meek, presented the report of the nomination committee in response to the need to elect two new board members (Bylaws, section 6.3B) and to fill the vacancy created by the resignation of Director Jerry Cook (Bylaws, section 6.5).  It was clarified that the terms of the Board members being elected would be two years, through 2023.  Kay announced that she was resigning from the office of Board Vice-Chair and a successor would be appointed (Bylaws, section 8.4).
   1. On motion by Kay Meek, seconded by Ken Byrum, the Board by unanimous action of those members present elected Megan Person and Frank Wooldridge to the seats formerly occupied by Fran Florez and Jay Rosenlieb, to serve until the annual meeting in 2023 or until a successor is elected and qualifies.
   2. On motion by Kay Meek, seconded by Ariana Joven, the Board by unanimous action of those members present appointed John Pitre to fill the vacancy created by the resignation of Jerry Cook, to serve for the remainder of his term expiring at the annual meeting in 2022, or until a successor is elected and qualifies.
   3. On motion by Kay Meek, seconded by Pawan Gill, the Board unanimous vote of those members present appointed Derek Yurosek to serve as Board Vice-Chair in place of Kay Meek, to serve the remainder of her two-year term, or until a successor is elected and qualifies.
      
      
9. Renegade Innovation Fund Update and Applications more than $10,000 – Motion – Cheryl Scott reviewed the Renegade Innovation Fund process of approval and let the Board know that there have been several applications approved by the Finance Committee that have already moved forward.  She reminded the Board that anything over $10,000 is reviewed by the Finance Committee and if deemed innovative it is moved to the full Board meeting for approval. 
   1. Kevin Lohmann – Cheryl went over the Renegade Innovation Fund request from Kevin Lohmann and the Performing Arts Program for stage lighting for the indoor and outdoor theaters.  This lighting would enhance the current lighting arrangement, use less power, and provide more flexibility in the range of presentations the theater can offer.  It will also be part of a certificate program for Technical Theatre students.  Cheryl asked if there were any questions or if there was a motion on the floor to approve the request. There were several Directors who spoke in high favor of the request.  Ken Byrum motioned to approve the request.  Pawan Gill seconded the motion.  None opposed.  All were in favor.  Renegade Innovation Fund request for up to $22,000.00 for the Performing arts additional lighting has been APPROVED.
      
      
10. Changes to Foundation Staffing – Cheryl discussed the changes that will be seen in the Foundation staffing in the upcoming months. Current staffing includes Executive Director, Manager of Financial Information, Manager of Donor & Alumni Relations, Executive Secretary, Department Assistant, and three part time positions that aid from Financial Aid, Business Services and Marketing.  The change would be eliminating the Manager position for Donor & Alumni Relations and creating two Coordinator positions that will work together for the Donor & Alumni positions.
    
    
11. Sterling Silver 2022 Update – Cheryl presented the Board of Directors with the date and honorees for the 14^th annual Sterling Silver Dinner.  March 19, 2022, at 6:00 pm in the new Campus Center Ballroom on the 3^rd floor.  Honorees will be:  Corporate Philanthropist, Bank of America; Individual Philanthropist, The Contreras Family; BC Foundation Service Medal, Assemblymember Rudy Salas; Lifetime Achievement Award, Congressman Bill Thomas.   Cost will be $200.00 per ticket or $1,500.00 per table of eight.  Several tables were sold right away to awesome Board Members. 
    
    
12. Interim President’s Report – Zav Dadabhoy gave a brief update of the Measure J projects that are currently happening and campus activities.  BC continues to offer many different options for students to continue their education.  The Dining Commons is open and welcoming students and staff back to campus. 
    
    
13. Executive Director’s Report – Cheryl began her report by thanking Zav for the teamwork that has taken place between the Executive team and the Foundation team now that they have merged offices and are working much closer together.  The move has been beneficial for both teams.  The teamwork is already showing in big ways. The College just received a donation from Rudy Salas in the amount of $6M.  This was a joint effort between the College and the Foundation.  Further, the Foundation has finally received the Pelletier Funds that Ken Byrum has been working diligently on.  The gift totaled the amount of $678,099 and mineral rights that will continue to bring in about $2,000.00 per month and is dedicated to the Agriculture Department and Ag farm upkeep.  There are many other exciting opportunities that are in the works.  Cheryl ended her report with reminding the Directors that the next Board meeting is December 2, 2021, and will be followed by the annual Holiday Dinner in the Renegade Room.
    
    
14. Other Business / Adjournment of Meeting – Hearing no other business Marko adjourned the meeting at 4:30 pm.