February 24, 2022

Bakersfield College Foundation
 Board of Directors Meeting

Thursday, February 24, 2022 – 3:00 pm
Guests & Public link: https://cccconfer.zoom.us/webinar/register/WN_x-OUwB5NSmGfMTlGzaR8ig

MINTUES

Present:             Marko Zaninovich, Jeff Bell, Mike Giacomini, Dr. Zav Dadabhoy, Rick Kreiser,                              Ken Byrum, Derek Yurosek, Ryan Hansen, Karen Zuber, John Pitre, Frank                              Wooldridge, Kay Meek, Norma Rojas-Mora, Pawan Gill, Michael O’Doherty,                              Karen Thompson, Paul Pavletich, Nick Strobel, Billie Jo Rice

Absent:               Sarabjeet Singh, Lauren Skidmore, Megan Person, Connie Perez-Andreesen,                              Ariana Joven, Amy Thelen

Staff:                   Cheryl Scott, Susan Hubbell, Courtney Carter, Alyssa Cross, Amanda Stone

Guests:               Grant Herndon  

  1. Call to Order – Marko Zaninovich called the meeting to order at 3:02 pm.

  2. Roll Call – Courtney Carter took roll and determined that a quorum was present.

  3. Public Comments – Marko Zaninovich read the public comments statement aloud. There were no public comments received by the secretary.

  4. Approval of Meeting Minutes December 2, 2021 – Motion – Marko asked if there were any corrections wanted to be made to the December 2, 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. Rick Kreiser seconded. None opposed and all were in favor. The meeting minutes from December 2, 2021, are APPROVED.

  5. Renegade Innovation Fund Update – Motion – Cheryl Scott shared to the board that we are in the second round of Renegade Innovation Fund applications and have already given out about $39,000 in the Fall. A new solicitation has been put out for new applications for this Spring. Approved by the Finance Committee was: $1,532 for a Culturally Responsive Educational Workshop; $4,705 for the Regenerative Agriculture Farm On-site Germination of Crops; and $1,000 for the Commercial Music Program. Full board approval is needed to approve the request for $48,000 for lab equipment for the Engineering Program. Jeff Bell commented that this investment will be able to impact years of students going through the program. Kay Meek motioned for the approval of the Engineering Program request for $48,000. Cheryl then stated that $44,000 was the amount that was actually recommended by the Finance Committee. The first motion was retracted and a revised motion of $44,000 was offered by Kay Meek and seconded by Pawan Gill. Ken Byrum stated that this is a perfect example of why this program is great for the college. All were in favor of accepting the motion to use full board approval to accept the $44,000 purchase of lab equipment for the Engineering Program and it was APPROVED.

  6. Quarterly Financial Update – Mike Giacomini gave the financial review for the 2nd quarter results. The investment income has been a major contributor at $1,680,777 – nearly $900,000 above budget. The donation revenue was even higher at $2,335,846. All revenue line items were significantly above what was budgeted. Total revenue was $5,659,545. Total expenses totaled to $1,728,505 – over $100,000 under budget. The net income equaled $3,931,040. Mike discussed the quarter two balance sheet. As of 2/15/2022, the UBS portfolio is $56,823,950. Marko asked Mike for a comment about their meeting with UBS. Mike mentioned that the Finance Committee is continuing to encourage UBS to look at different options to invest our money and ensure that we have grown. Jeff Bell commented that the investment policy was revamped a few years ago and explained the fluctuation of the Foundation funds.

  7. Alumni Association Update – Cheryl Scott shared that they have rebuilt the BCAA Board of Directors and are now ready to begin building more Alumni engagement. Courtney Carter explained the date change of the Renegade Promenade, which was originally planned for the Spring and is now planned to be on October 15. Now the Spring event will be at Temblor on April 23rd, where there will be music, food, and drinks available for purchase. The entrance fee will be $5 and will cover the cost of the band (Mento Buru) and 5% of the night’s net proceeds will be donated to the Alumni Association. Cheryl also reported that the Alumni Association is accepting nominations for the Alumni Hall of Fame.

  8. Sterling Silver Update – The 14th Annual Sterling Silver Dinner will be on March 19, 2022. There are three $10,000 ( two presenting sponsors and a reception sponsor). Chevron, the Perez-Andreesen Family, and Ordiz-Melby Architects are three of our large sponsors. 312 people are expected in attendance. Cheryl presented past Sterling Silver revenue comparisons. The 2022 Sterling Silver projected net profit is $58,500.

  9. Interim President’s Report – Zav Dadabhoy was pleased to share that enrollment, in terms of headcount, is now up 7.5% from the previous year. The trend continues in which students are registering more for online classes rather than face-to-face classes. The campus wants to ensure that students know it is safe to come back to campus. Dr. Dadabhoy commented on the campus housing proposal and how the State would fund it 100%, if approved. Bakersfield College would only be responsible for the cost of operations. Dr. Dadabhoy commented on the Renegade Innovation fund, stating that it is a fantastic opportunity for the campus.

  10. Executive Director’s Report – Cheryl Scott talked about the Donor Event that will be held on May 6, 2022. In addition, all the students that earned a scholarship or an award will be recognized in a Virtual Honors ceremony on April 28, 2022. There will be a drive-thru for the students to get their medals on April 29, 2022. Cheryl mentioned that Board of Directors nominations are coming up. Ten board members are up for re-nomination (all of whom have expressed interest in being nominated for an additional term). Cheryl stated that there is a new auditor, Abel Moreno. The audit report will be available at the next board meeting.

  11. Other Business / Adjournment of Meeting – With no other business being brought forward, Marko Zaninovich thanked all the board members for their commitment to the Foundation. He asked the board to participate in Sterling Silver to recognize what Bakersfield College is doing for the campus and what the Foundation staff has done to make the event so special. Marko adjourned the meeting at 4:10 pm.