LOS ANGELES SOUTHWEST COMMUNITY COLLEGE FOUNDATION
Tuesday, February 26, 2008
6:00 p.m. – 7:30p.m.
Los Angeles Southwest College, President’s Conference Room, Cox Building
Minutes
Present: James Webber (Chairman), Samuel Bingham, Dr. Sandra Cox, Dr. Thelma Eaton, Ambassador Sidney Williams, Dr. Jack Daniels (ex-officio)
I. Call to Order
Meeting was called to order by the Chairman at 6:12p.
II. Approval of Minutes of January 22, 2007 meeting.
Minutes were accepted as presented
III. Public Comment
None
IV. Financial Report
Dr. Daniels gave the financial report indicating balances, withdrawals and deposits. The Board also voted unanimously to change the 100 Black Women Emergency Loan to 100 Black Women Book Grant. Dr. Eaton, the funds originator agreed with the change. The Book Grant will be managed by ASO under their guidelines for distributing book grants.
V. Old Business
a. Marketing Materials
1. Marketing Prototype
Dr. Daniels presented a report by Dr. Benson, the College’s Public Information Officer, on items to be included in a brochure/folder. Dr. Daniels indicated that the prototype will be presented at the next meeting by Dr. Benson.
2. Stationary
Dr. Daniels indicated that the stationary should be finished by next meeting.
b. Financial Issues
1. New account at Bank of America
There was discussion on moving to a bank that provides checking with interest. Ambassador Williams, as a Director of First United Bank, will check with the bank relative to their interest rate. Mr. Webber will check with Bank of America on their interest rate. Additionally, Mr. Webber will follow-up on establishing an IRA for the Endowment Funds. It was agreed that there would be a separate account for the endowment and one for unrestricted, restricted funds with the caveat that detail bookkeeping be maintained to insure separation of the funds. The Board also, through unanimous vote, authorized Mr. Webber and Ambassador Williams to make appropriate changes related to establishing or refining the accounts with a different or the same bank holding the funds. These changes would reflect the best interest of the Foundation, highest interest rate received as possible, and placing the endowment in an IRA at either the same or different bank holding the Foundation’s funds.
VI. New Business
a. Mission Statement
The Foundation’s mission statement was reviewed and affirmed.
b. Board Composition
Documents provided by Dr. Cox were distributed. These documents outline the type of expertise and skills needed for perspective Board members. The Board agreed to complete the worksheet and bring it to the next meeting for discussion.
c. Requests for Theater Group to attend National Conference
Dr. Daniels presented a request for supplemental funding to allow our Theater students to attend and compete in the National Association of Dramatic and Speech Arts, Inc. Conference in Dallas, March 10 – March 16, 2008. The Board approved the request of $2500.
d. Requests for “Say the Word” event
Dr. Daniels presented a request for supplemental funding to fund 3 events – Say the Word, Campus-Wide Reading Project and the screening of the film, Arlington West. With the caveat that the Board will be apprised of the actual dates and be invited, the Board approved the request of $4,000.
Dr. Daniels also will present at the next meeting a draft of procedures for College entities to request Foundation funding.
e. Agreement with International High School as a part of the Gates Foundation Early College Initiative
Dr. Daniels presented as an information item the agreement for flow-through monies from the Gates foundation to the Foundation to the College for the Early College Initiative.
f. Staffing
Dr. Daniels indicated that the Foundation may start to consider staffing the meetings and financial records. Currently, the college President is providing this resource.
VII. Announcements
Meetings were changed to the 3rd Tuesday of each month. Next Board meeting will be March 18, 2008.
LACCD Board Meeting at Los Angeles Southwest College, March 12, 2008, 330p.
VIII. Adjournment