May 15, 2025

Bakersfield College Foundation
Finance & Investment Committee Meeting

Thursday, May 15, 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

Absent: Connie Perez Andreesen, Ken Byrum, Tom Ming

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

Guests: Harlan Spinner, Ira Cohen, Jerry Fliger, Paul Murray, Julie Beechinor, David Bruner, Michael Huerta, Robert Woods-LaDue

Meeting Minutes

  1. Call to Order – Paul Pavletich called the meeting to order at 4:04 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 – No amendments were made to the agenda. Jeff Bell motioned to approve the agenda. Marko Zaninovich seconded. All were in favor, none opposed. The agenda for May 15, 2025, is APPROVED.

  5. Approval of Meeting Minutes from February 13, 2025 – Motion – No amendments were made to the meeting minutes. Marko Zaninovich motioned to approve the minutes. Jeff Bell seconded. All were in favor, none opposed. The meeting minutes are APPROVED.

  6. Renegade Innovation Fund Applications for Consideration – Motion(s)
    • Industrial Automation – Dr. Paul Murray presented a proposal requesting $56,000 to support the purchase of trainers for a new course in the Industrial Automation Bachelor’s Program. The funding would complete the budget needed for this instructional equipment. Jeff Bell motioned to approve the request. Marko Zaninovich seconded the motion. All were in favor, none opposed. The committee approved forwarding the funding request to the full board for final approval.
    • BC Rodeo Team – Julie Beechinor presented a $37,600 request to purchase training equipment for the BC Rodeo Team, including the Smarty Bulldogger, Horse Saver, and Bronc. Derek Yurosek motioned to approve the request. Marko Zaninovich seconded. All were in favor, none opposed. The request was approved to forward to the full board for the total amount requested, including revised sales tax.
    • Behavioral Sciences – David Bruner and Michael Huerta presented a $5,275 request to purchase a UAV (drone) for the Behavioral Sciences Program. The drone will support project-based learning and benefit both academic and workforce programs. Marko Zaninovich motioned to approve the request as a one-time funding allocation. Jeff Bell seconded. All were in favor, none opposed. The request was APPROVED.
    • BC Afro Cuban Percussion Ensemble – Robert Woods-LaDue presented a $2,200 request to purchase a full set of bata drums for the Afro-Cuban Percussion Ensemble. The instruments will support instruction in this unique musical tradition, allowing students to engage with diverse perspectives and traditions. Marko Zaninovich motioned to approve the request. Jeff Bell seconded. All were in favor, none opposed. The request was APPROVED.

  7. Investment Report – Ira Cohen, UBS, gave an overview of the financial market report. Harlan Spinner gave an overview of the investment report. As of 4/30/25, the total portfolio is $62,920,913.33.

  8. Quarterly Financial Review – Dr. Queen King presented the quarterly financial review. She reviewed the balance sheet and the statement of revenue and expenses for all funds, including the BC Foundation operations.

  9. Fiscal Year 25/26 Budget – Motion – Dr. Queen King presented the proposed budget for fiscal year 2025-2026. She mentioned that investment earnings were reduced because of market uncertainty. The budget includes total projected revenue of $6,254,700 and total expenses of $5,913,347, resulting in a net income of $341,353. Revenue sources include $1.85 million in budgeted investment earnings, $1,025,000 from stewardship fees, and an additional $3.3 million from donations, events, and scholarships. The committee reviewed the operations budget, which projects total income of $1,336,700 and total expenses of $1,333,597, resulting in a net income of $3,103. Jeff Bell motioned to approve the budget. Marko Zaninovich seconded the motion. The proposed budget for fiscal year 2025-2026 was APPROVED.

  10. Audit Preparation – Cheryl Scott reported that Abel Moreno has submitted his engagement letter for the upcoming audit. She will be meeting with him to request some changes based on feedback from the last audit.

  11. Other Business / Adjournment of Meeting – Cheryl Scott mentioned that the Foundation will be reviewing its bylaws with legal counsel. She also announced that Harris BBQ will again be the presenting sponsor for the upcoming Alumni BBQ. Additionally, $30,000 from Sterling Silver event revenue was allocated to scholarships. Dr. Fliger shared that he and Cheryl met with Julie Beechinor regarding potential space for the Rodeo Team, which would include facilities to house animals and a practice arena. The proposed purchase is estimated at $3,000,000. Dr. Fliger recommended exploring opportunities to involve investors or donors through naming rights to support this project. With no other business brought forward, the meeting was adjourned at 5:53 p.m.