West Valley-Mission Foundation Board Meeting Approved Minutes Monday, May 3, :00 1:30 pm West Valley College Board Room

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1 West Valley-Mission Foundation Board Meeting Approved Minutes Monday, 12:00 1:30 pm West Valley College Board Room Present: Bill Allman, Howard Bailey, Keith Balch, Bill Cooper, Len Duncan, Rob Fernandez, Mike Foulkes, Lori Gaskin, John Hendrickson, Dan Matarangas, Tab Morales, Harriett Robles, Cindy Schelcher, Dan Schettler, Eugene Sterling, Mark Waxman Support Staff: Maritza Cantarero, Genina Gonzales, Paula Pacheco, Betty Root Students: Christina Atkins, Megan Duffy, Bryce Farnsworth, Robin Fuller, Quoc Thanh Nguyen Truong, Forest Oates, Catalina Padilla, Jennifer Savage I. Call to Order and Welcoming Remarks A. The meeting was called to order at 12:00 pm by Rob Fernandez, President of the West Valley-Mission Foundation Board. He warmly welcomed all attendees to a special Foundation scholarship ceremony for selected West Valley College scholars. West Valley College had no scheduled 2010 awards assembly so this ceremony was to serve as a recognition for selected students, the WVC Foundation Scholarship Committee, and the WVC Financial Aid Director. Rob introduced the first scholarship award presenter, Chancellor John Hendrickson, whom he described as very active with the Board and instrumental in helping achieve scholarship goals and the Land Corp Scholarship Endowment that are coming to fruition this year. 1. John Hendrickson congratulated the student scholarship awardees and recognized the District s outstanding Foundation Board. He proceeded to call out on the two (2) recipients of the Ostrus Endowment Award Scholarships for $1,000 each: a. Catalina Padilla has a 3.92 Grade Point Average and plans to transfer to Santa Clara University and major in art. b. Christina Atkinson has a 4.0 Grade Point Average, majors in psychology and gerontology, and plans to transfer to San Jose State University and major in psychology and eventually pursue graduate studies in gerontology. 2. Bill Allman introduced and called on Dan Schettler and Keith Balch, the other members of the West Valley Scholarship Selection Committee, to join him in presenting the next round of scholarship awardees. He also mentioned Tab Morales and Gene Sterling as the members of the Mission College Scholarship Selection Committee. a. Megan Duffy is the winner of the William Cilker Award for $750 and a Land Corp Endowment Scholarship for $1,000. She is a re-entry student and a major in psychology. She plans to pursue a PhD. in the psychology of addiction. b. Robin Fuller is the winner of the Bernard Vogel Scholarship for $1,500. She has a Grade Point Average and plans to become a registered nurse. c. Forest Oates is the winner of the Jorgensen Award Scholarship for $500 and a Land Corp Endowment Scholarship for $1,000. Forest is a recent returning veteran with a family. He has a Grade Point Average and a major in business and finance. He plans to transfer to UCLA and major in economics. 3. Bill Cooper, representing the Finance Committee, presented the last round of scholarship awardees. a. Jennifer Savage is the winner of the Louise Garrod Cooper Scholarship for $1,000. She has a 3.82 Grade Point Average and plans to transfer to Santa Clara University and major in communications. b. Bryce Farnsworth is the winner of two (2) scholarships the San Tomas PTA Scholarship for $500 and the Mills Endowment Scholarship for Engineering in the amount of $2,500. He has a Grade Point Average and plans to continue pursuing computer engineering.

2 Page 2 of 5 c. Quoc Thanh Nguyen Truong is the winner of the Mills Endowment Scholarship for $10,000. He has a 3.91 Grade Point Average and will pursue computer engineering at UC Berkeley. Quoc Thanh supports his family financially and cares for his brother and sister and tutors them daily. 4. Cindy Schelcher, Foundation Executive Director, concluded the scholarship ceremony. She recognized Maritza Cantarero, West Valley College s Financial Aid Director, as an integral part of the leadership in the scholarship programs. Cindy also recognized the hardworking Foundation Scholarship and Finance and Investment Committees, the volunteer leaders from our Board of Directors who donate their time to make the students educational dreams come true. She also collected the thank you cards from the scholarship awardees and presented many of them to the Scholarship Committee. Cindy turned over the meeting to President Rob Fernandez at 12:30 pm. 5. Rob Fernandez introduced Dan Matarangas, former Vice President of Student Services at Mission College as a prospective Board member. Dan worked with the District for thirty-two (32) years. II. III. Approval of Minutes ACTION ITEM A. Bill Cooper moved for the approval of the March 1, 2010, Foundation Board meeting minutes as printed and distributed. Dan Schettler seconded the motion. All were in favor for the approval of the March 1, 2013, Foundation Board meeting minutes. Chancellor s and Presidents Reports A. Chancellor John Hendrickson covered the issue of a potential Community College District Bond campaign. He indicated the need of the District Board to justify the importance of issuing a Bond, especially within this economic climate. The Board is scheduled to meet and discuss the feasibility of conducting a campaign on May 18, B. West Valley College President President Lori Gaskin extended her appreciation on everyone involved with the scholarship ceremony a validation of our confidence in our students. She mentioned that there is one (1) more scholarship awardee, Ami Nigro, for the Karl Pister Scholarship for $20,000 for two (2) years at UCSC. Lori moved on to mention about the May 28, 2010, graduation speaker from Stanford University, a transfer dean, who will speak of the vision on Higher Education. President Gaskin reported on a Heritage Home on campus the Carlson House located on District property at the corner of Fruitvale and Allendale, built in 1920 s, it has long been abandoned and does not meet the standards for classroom use. The College, the City of Saratoga, the Saratoga Historical Society, and the Saratoga Rotary have formed a collaborative group with an interest in a possible restoration, enhancement, and use of the property. A brainstorming/exploratory meeting was held last week with key internal and external stakeholders. There was possible interest in renovating the building by creating a joint use to attract external funding. Neither the College nor the State could fund the renovation and enhancement of this unique historical asset. Funding for the Carlson House will be explored in a future meeting with key stakeholders. Reconstruction is estimated to be around $3.5 million including extensive building renovation and additions and grounds restoration. One idea is to have the Carlson House used for operational offices including the Chancellor s Office, the Foundation Offices, and a Board Room. It could possibly be used as a joint City Board Room, Saratoga Rotary headquarters and weekly luncheon site and a potential repository for a few select Historical Society or City artifacts.

3 Page 3 of 5 John Hendrickson mentioned the need for an initial $35,000 to put together a business plan and a vision, with an ad hoc plan. This will be guided by a steering committee that will look into the bigger picture. John and Lori added that the $35,000 will include the business plan costs of preservation architects and engineers, etc. There are many stakeholders in the project including the Heritage Commission and the Historical Foundation, which includes the owners relatives who want to get involved with the project plans. C. Mission College President President Harriett Robles indicated delight with the WVC scholarship ceremony and invited all Foundation Board to a Scholarship Reception to be held on Thursday, May 13, 2010, at 3:00 5:00 pm at Room 219 and 220 at Mission College. The scholarship ceremony and graduation are parts of the May Madness. Harriett proceeded to mention about the exemplary second graduating class for the RN Program. Harriett also highlighted the Mission Middle College Program, the LVN/RN Program, and another Karl Pister Scholarship awardee for $20,000, a thirty-five (35)-year-old father and an immigrant of less than three (3) years who is learning English and will transfer to UCSC majoring in computer science. Harriett pointed out the importance of community support as exemplified through the scholarship ceremony. In line with scholarships, Harriet added that a scholarship is being set up in honor of Daniel Franco, a counselor at Mission College, who recently died unexpectedly. Harriett provided an update about the Hospitality Management construction being underway. She concluded by encouraging the Foundation and District to reach out to alumni for support and success in community colleges. IV. Executive Director s Report Dean Cindy Schelcher thanked everyone involved in the scholarship process. She talked about Carolyn King, a West Valley College alumna and a re-entry student, whose husband lost her to Alzheimer s. He has set up a $220,000-gift of stock that will help provide scholarships in her honor at WVC. The possibility of applying this scholarship as a match to the Osher Foundation Challenge Grant will be explored. Cindy recognized Betty Root and introduced Genina Gonzales. Cindy passed out material prepared by the Foundation s Planned Giving Committee, which is currently comprised of Attorneys Trustee Chad Walsh; Julian Roberts, specializing in tax law; and Robert Zelenka, specializing in probate. This year, the Planned Giving Committee Goal is to widen the Committee s depth of knowledge and bring in people who represent fields of wealth management and insurance. For the next meeting, the plan is to discuss setting implementation dates for each of the tasks defined on the report. The Planned Giving Committee is starting a Planned Giving Advisory Council to help people get involved. The Planned Giving Advisory Council members will provide advice as needed by writing articles, helping with seminars, and creating literature and outreach to the community. With planned gifts such as endowments and bequests representing the largest gifts in the Foundation, Cindy encouraged members to consider making a provision for the Foundation in their own Estate Planning. The Heritage Society Pledge Forms were distributed. The Heritage Society Members will enjoy recognition and possible tax savings for their planned gifts during their lifetimes for gifts that are not received until they pass away.

4 Page 4 of 5 V. Committee Reports Rob Fernandez reintroduced Mike Foulkes to the Foundation Board. Mike has a tremendous depth of knowledge and talent in community relations and building constituency. The Foundation hopes to use his expertise to further the Foundation s outreach and marketing approaches with our community. Mark Waxman has graciously offered to guide the development of Foundation literature on Giving Opportunities. Rob then proceeded with the report on finance and investments. A. Finance and Investments Rob Fernandez indicated having received the Land Corp Endowment, which amounts to $3.9 million. He, Len Duncan, and Dan Schettler implemented a pre-paid program to employ those monies and started off with fixed income investments only last year. By the end of the year, the balance of the money had a ratio of 60/40 equity to fixed income. For the first year, the total investment amount of the Land Corp is in excess of $168,000. The Land Corp Endowment investments have a gross earning of about $120,000. Moving forward, the Foundation will be very disciplined in the 75 to 25% spend/save rate the earnings gained within a year; 75% will be distributed for scholarships and other projects, and 25% is returned principal for rainy days and to increase principal. The Land Corp monies created a huge amount of momentum to attract additional fundraisings and endowments. Planned Giving is coming online, which is good for fundraising efforts. The Finance Committee, with Bill Cooper s guidance and development of Excel spreadsheets, formulated an Interest Allocation Model. This is not yet in existence in the non- profit sector nor is it used by major fund managers such as Common Fund and Russell Investments. Utilizing this Model, we would know in any given month what the correct shares of earnings are for a given endowment. This will make Foundation donors and Board members feel confident about the numbers coming from monthly reports. B. Olympiad Paula Pacheco reported on the Olympiad, a multi-disciplinary competition for the Creative Arts. Each spring, students participate in acting, dance, theatre arts, visual arts, etc. She performed a research study based on 13 high school districts within Santa Clara County. Paula indicated that the report is statistically significant. A review on the study will be an item for discussion for the next Board meeting that will take place in August. C. Scholarship Committee Rob Fernandez recognized the Scholarship Committee for their efforts and well-organized process including their documentations that will show Land Corp that the Foundation is a careful District steward of its investments. He commented that it is a special blessing that there is money for scholarships in spite of the challenging time and the District s financial constraints. The Foundation has awarded ninety-six (96) substantial scholarships to outstanding students at West Valley College and Mission College.

5 Page 5 of 5 Discussions ensued regarding the Land Corp s Endowment guidelines. The breakdown of allocations has been indicated as follows: 55% for continuing students 30% for incoming high school students 10% miscellaneous 5% for seniors It has been pointed out that the breakdown came from discussions when the Land Corp Fund was set up, although it is not part of the contract. Percentages are not fixed, since situations can change. In relation to this item, it has been discussed that if no scholars meet the criteria for any of the allotments, it could be allocated to another area where there is a need for it. Both of these points have been suggested to be included in a future discussion. On the 5% senior allotment, the guidelines indicate that no senior 65 or above could earn a scholarship unless the student is taking 4 units or less. As regards, Land Corp s 10% miscellaneous allotment, a question has been raised as to its definition and guidelines. Discussions indicated that it has not been allotted to specific students. It has been mentioned that the Foundation has been given the discretion to use it for critical needs/projects at both Colleges. Foundation Board members showed consensus for the use of the 10% miscellaneous allotment for student emergencies including an emergency book fund. For the end or the 3 rd quarter of the year, a suggestion has been made for the Financial Aid Office to make some sort of report on scholarships, so as to determine what the numbers are in order to make any changes for the next calendar year. D. Strategic Planning Rob Fernandez indicated about getting together with members and officers for strategic planning. Getting through the scholarship season has been a top priority. The Carlson House is another activity that needs the Foundation s input. Rob is moving forward with discussions about this. He and Cindy will come back with dates and thoughts and get feedback around the table and see what people would like to accomplish. E. Announcement(s) Mission College President Harriett Robles Retirement Party June 4, 2010, 5:00 pm Triton Museum VI. Meeting Adjournment The meeting adjourned at 1:35 pm. Next Foundation Board meeting: Monday, August 2, 2010 WEST VALLEY COLLEGE BOARD ROOM 12:00-1:30 PM. Minutes respectfully submitted by Genina Gonzales.