November 28, 2023
Bakersfield College Foundation
Finance & Investment Committee Meeting
Tuesday, November 28, 2023 @ 3:00 PM
BC Campus Center, West Wing, 2nd Floor, Rm. 218
Meeting Minutes
- Call to Order – Paul Pavletich called the meeting to order at 3:04 p.m.
- Roll Call – Kylee Gregory-Gutierrez took the roll and confirmed there was a quorum.
- Public Comments Statement – The public comments statement was read by Paul.There were no public comments received.
- Approval of Agenda – Motion – There were no amendments to the agenda. Ken Byrum motioned to approve the agenda. John Pitre seconded. All were in favor, none opposed. The agenda for November 28, 2023, is APPROVED.
- Approval of Meeting Minutes from August 17, 2023 – Motion – There were no amendments to the meeting minutes. Ken motioned to approve the minutes. Jeff Bell seconded. All were in favor, none opposed. The meeting minutes for August 17, 2023, are APPROVED.
- Investment Report – Ira Cohen gave an overview of the financial market. Harlan Spinner gave an overview of the investment report. As of 11/24/23, the total portfolio is currently $54,221,929.19. Cash is 3.51%, fixed income is 23.86%, equity is 56.89%, and non-traditional is 15.74% of the portfolio.
- Quarterly Financial Review – Motion – Calvin Yu presented the quarterly financial review. As of 9/30/23 the total revenue was $321,776, the total expenses were $1,378,545, and the total net loss was $1,056,770. As of 11/28/23, the UBS portfolio is $56,680,835. John Pitre motioned to approve the quarterly financial review. Tom Ming seconded. All were in favor, none opposed. The quarterly financial review is APPROVED.
- Review of Final Audit for Fiscal Year 2023 – Motion – Calvin stated that the audit for fiscal year 2023 presented fairly in all material aspects the financial position of the Bakersfield College Foundation. There were no findings, and the deadline was met without needing an extension. Jeff Bell motioned to approve the audit. John Pitre seconded. All were in favor, none opposed. The final audit for fiscal year 2023 is APPROVED.
- Renegade Innovation Fund Applications for Review and Approval – Motion(s) –
- Public Health / Behavioral Sciences – The funds requested, $3,250, will be used to organize and host a Public Health Fun Run/Walk set to occur Fall of 2024 at Bakersfield College. This event will raise campus awareness about our growing Public Health Science Program and promote a culture of wellness and community engagement among our students, staff/faculty, and the wider community. The committee agreed to move forward with the request if it was a one-time expense. Calvin confirmed that it would not be a reoccurring request. Ken Byrum motioned to approve this request. Tom Ming seconded. All were in favor, none opposed. The application for public health/behavioral sciences is APPROVED.
- Automation and Industrial Robotics – The total requested amount of $8,000 is to create the first VEX U competition robotics team that represents Bakersfield College. Their club plans to allow more opportunities to express and apply one’s love for engineering and competitive robotics at home. With local middle schools and high schools VEX robotics large participation, this would create a pipeline of interested individuals to continue their education with Bakersfield College and possibly join the Industrial Automation Bachelor of Science program. Ken Byrum motioned to approve this request. Tom Ming seconded. All were in favor, none opposed. The application for automation and industrial robotics is APPROVED.
- Geology / Physical Science – The California Geologic Rock Garden project will occupy an area of approximately 258 square feet, adjacent to the BC Geology Lab (SE-152) and constructed in the outline of California. Within the California outline, this innovative rock garden will represent the 12 geologic geomorphic provinces of the state of California, using specific rock types collected from specified areas and placed into the garden to create a unique three-dimensional California geologic map. Total estimated costs are $17,593.66. Ken Byrum motioned to move this application forward for full board approval. Jeff Bell seconded. All were in favor, none opposed. The application for geology/physical science is APPROVED to move forward for full board approval.
- Executive Director’s Report – Cheryl announced the honorees for the 2024 Sterling Silver. Honorees include California Resources Corporation, Jeffrey and Amy Bell, Dolores Salgado, and Community Action Partnership of Kern. She gave a recap on the Renegade Promenade and Back to BC Golf Tournament events and invited the committee to the groundbreaking for the new agriculture sciences building. Cheryl shared that the BC Alumni Board of Directors is planning a speaker’s bureau to bring alums into classrooms and share their successful BC and career journeys with current students.
- Other Business / Adjournment of Meeting – Cheryl and Susan let the committee know that the Foundation is looking for new CRM software because Blackbaud is increasing their current rates. With no other business brought forward, the meeting was adjourned at 4:29 p.m.