August 14, 2025

Bakersfield College Foundation
Finance & Investment Committee Meeting

Thursday, August 14, 2025 @ 4:00 PM
BC Campus Center, West Wing, 2nd Floor, Rm. 218
1801 Panorama Drive Bakersfield, CA 93305

Present: John Pitre, Ken Byrum, Queen King, Jeff Bell, Derek Yurosek, Marko Zaninovich, Paul Pavletich, Tom Ming, Stacy Pfluger

Staff: Cheryl Scott, Kylee Gregory-Gutierrez, Susan Hubbell, Alyssa Cross

Guests: Harlan Spinner, Ira Cohen, Vic Posey, Emily Wilson, Ann-Marie Hodge

Meeting Minutes

  1. Call to Order – Paul Pavletich called the meeting to order at 4:36 p.m.  

  2. Roll Call – Kylee Gregory-Gutierrez took the roll and confirmed a quorum.

  3. Public Comments Statement – Paul Pavletich read the public comments statement.There were no public comments received.

  4. Approval of Agenda – Agenda item 7 (Investment Report) was moved to item 5. Jeff Bell motioned to approve the agenda as amended. Marko Zaninovich seconded. All were in favor, none opposed. The agenda for August 14, 2025, is APPROVED.

  5. Investment Report – Ira Cohen gave a market update. Harlan Spinner presented the investment report, giving an overview of the balance sheet, asset allocation, and asset class performance. John Pitre inquired about the Canyon Fund investment. Harlan Spinner responded that there was no new update, as the value remains unchanged and the investment is still in its early stages.

  6. Approval of Meeting Minutes from May 15, 2025 – Motion – No amendments were made to the meeting minutes. John Pitre motioned to approve the minutes. Derek Yurosek seconded. All were in favor, none opposed. The meeting minutes are APPROVED.

  7. Renegade Innovation Fund Applications for Consideration – Motion(s)
    • Renegade Motorsports Team – Vic Posey presented a $9,900 request for team travel and maintenance for Renegade Motorsports’ 25/26 racing season. Tom Ming motioned to approve the request. Marko Zaninovich seconded. All were in favor, none opposed, John Pitre abstained. The request is APPROVED.
    • MESA – Emily Wilson and Ann-Marie Hodge presented a $19,875 request for the STEM program, collaborating with MESA, for a biological research project at the Panorama Vista Preserve. Ken Byrum motioned to approve the request. Jeff Bell seconded. All were in favor, none opposed. The request is APPROVED to be advanced for full board approval.

  8. Year-End Financial Review – Motion – Dr. Queen King presented the quarterly financial review, summarizing the balance sheet and statements of revenue and expenses for all Foundation funds, including BC Foundation operations. As of August 11, 2025, the UBS portfolio stood at $69,442,631. Ken Byrum motioned to approve the review. Jeff Bell seconded. All were in favor, none opposed. The year-end financial review is APPROVED.

  9. Budget Forecast: Projected Revenue Increase – Executive Director Cheryl Scott reported that stewardship fee revenue exceeded projections by approximately $200,000. The Board discussed potential uses for the additional funds, including software expenses, strategic planning initiatives, and a possible increase to the Renegade Innovation Grant.

  10. Discussion and Possible Action to Retain New Auditor for 2025-2026 Audit – Motion – John Pitre moved to retain the auditor for the 2025–2026 audit and recommended engaging a consultant to review existing policies and propose any necessary new policies. Marko Zaninovich seconded. All were in favor, none opposed. Motion carried.

  11. Other Business / Adjournment of Meeting – With no other business brought forward, the meeting was adjourned at 5:37 p.m.