August 17, 2023

Bakersfield College Foundation
Finance & Investment Committee Meeting

Tuesday, August 17, 2023 @ 3:00 PM
BC Campus Center, West Wing, 2nd Floor, Rm. 218

Present: Calvin Yu, Jeff Bell, John Pitre, Ken Byrum, Marko Zaninovich, Paul Pavletich, Rick Kreiser

Absent: Connie Perez-Andreesen, Derek Yurosek , Michael O’Doherty

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

Guests: Ira Cohen, Harlan Spinner

Meeting Minutes

  1. Call to Order – Paul Pavletich called the meeting to order at 3:08 p.m.

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

  3. Public Comments Statement – The public comments statement was read by Paul.There were no public comments received.

  4. Approval of Agenda – Motion – There were no amendments to the agenda. Rick Kreiser motioned to approve the agenda. Jeff Bell seconded. All were in favor, none opposed. The agenda for August 17, 2023, is APPROVED.

  5. Approval of Meeting Minutes from May 16, 2023 – Motion – There were no amendments to the meeting minutes. Jeff motioned to approve the agenda. Marko Zaninovich seconded. All were in favor, none opposed. The meeting minutes for May 16, 2023, are APPROVED.

  6. Investment Report – Ira Cohen gave an overview of the financial market. Harlan Spinner gave an overview of the investment report. As of 8/8/23, the total portfolio is currently $54,127,063.22. Cash is 3.78%, fixed income is 23.47%, equity is 57.52%, and non-traditional is 15.23% of the portfolio.

  7. Year-End Financial Review 2022-2023 – Motion – Calvin Yu presented the financial update. The total revenue is $10,703,005. The total expenses are $7,355,474. The total net income is $3,347,531. As of 8/15/23, the UBS portfolio is $56,032,547. Ken motioned to approve the 2022-2023 financial review. Rick Kreiser seconded. All were in favor, none opposed. The year-end financial review for 2022-2023, is APPROVED.
  1. Executive Director’s Report – Cheryl mentioned upcoming events and activities including the Renegade Pantry ribbon cutting, Veterans Plaza ribbon cutting, Athletics Hall of Fame, Back to BC Golf Tournament, and Renegade Promenade: Alumni BBQ. She updated the committee on Measure J projects. The Delano Learning Center ribbon cutting will be held on September 19th. The Arvin campus is expected to open in the Fall of 2024. The new gymnasium will open in January 2025 and the agriculture building is currently being re-bid. The new Foundation Manager of Alumni & Donor Relations position was effective as of last week. Cheryl and President Watkin have been having meetings with community members and current and potential donors. Sterling Silver is happening on March 16, 2024, and nominees are being considered. Cheryl suggested the Foundation have an ad hoc committee for planned giving.

  2. Other Business / Adjournment of Meeting – With no other business brought forward, the meeting was adjourned at 4:25 p.m.