Lincoln University BOARD OF TRUSTEES REGULAR MEETING Saturday, November 21, 2015 MINUTES

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1 Lincoln University BOARD OF TRUSTEES REGULAR MEETING Saturday, MINUTES The Lincoln University Board of Trustees met on at Lincoln University s International Cultural Center Board Room. Chair Kimberly Lloyd called the meeting to order at 9:00 a.m. Eastern. Trustee Kevin E. Vaughan called roll. Trustees present: Mr. Robert Allen, Mr. Robert L. Archie, Ms. Theresa Braswell, Mr. Maceo Davis, Ms. Terri Dean, Dr. Wil Del Pilar, Hon. Andrew Dinniman, Mr. Matthew Dupee, Dr. Richard Green, Reverend Dr. Kevin R. Johnson, Dr. Donna M. Laws, Hon. Harry Lewis, Ms. Kimberly A. Lloyd, Mr. Donald C. Notice, Reverend Dr. Frances Paul, Ms. Sheila L. Sawyer, Dr. Guy Sims, Mr. Terrell Smith, Mr. Dwight S. Taylor, Mr. Kevin E. Vaughan; Emeritus Trustee: Dr. Walter D. Chambers, Faculty Representative: Mr. Charles Pettaway, Jr. A quorum was satisfied. Trustees excused: Hon. Nathaniel Nichols, Dr. Kenneth Sadler, Dr. Theodore Robb; Hon. Cherelle Parker, Mr. Richard White Trustees absent: Dr. Tammy Evans-Colquitt, Ms. Sharman Lawrence-Wilson, Hon. Curtis Thomas, Dr. William E. Bennett, Mr. William W. Robinson MINUTES Chair Lloyd offered the Saturday, September 19, 2015 meeting minutes for Board approval. A motion to approve the minutes was properly moved and seconded. CHAIR S REPORT Chair Lloyd introduced new board members Dr. Deborah C. Thomas 76 and Mr. Dimitrius Hutcherson. Ms. Rachel Branson 99 and Mr. Stacatto Powell, II 07, were recognized by the Board of Trustees as representatives of the 40 Under 40 alumni group of young professionals who are thriving in their respective fields. Chair Kimberly Lloyd s report was accepted as information. Lincoln University Board of Trustees Regular Meeting Page 1

2 INTERIM PRESIDENT S REPORT The Interim President s report was accepted as information. TREASURER S REPORT Mr. Charles Gradowski, Vice President for Fiscal Affairs and Treasurer, presented the October 31, 2015 Treasurer s Report. A motion to receive the Treasurer s Report was properly moved and seconded. STANDING COMMITTEE-ACTION AUDIT COMMITTEE FINANCIAL STATEMENTS FOR THE PERIOD ENDING JUNE 30, 2015 AND 2014 RES522_ RESOLVED, That Lincoln University Board of Trustees accepts the Audits of Financial Statements and Federal Award programs (with independent Auditor s Reports) for the fiscal year ended June 30, 2015 and 2014, and the limited scope audit for the Lincoln University Defined Contribution Retirement Plan as of and for the year ended December 31, 2014, presented and reviewed by Baker Tilly Virchow Krause, LLP and the University s Administration at a meeting of the Audit Committee on November 16, A motion to approve the resolution, FINANCIAL STATEMENTS FOR THE PERIOD ENDING JUNE 30, 2015 AND 2014, was properly moved and seconded. BUSINESS AFFAIRS COMMITTEE ENDOWMENT FUND SPENDING AUTHORIZATION JUNE 30, 2017 RES523_ WHEREAS, The Board of Trustees of Lincoln University has elected to be governed by the provisions of Section 5548(c) of the Pennsylvania Non-Profit Corporation Law of 1998, with respect to the endowment funds held by the University; and Lincoln University Board of Trustees Regular Meeting Page 2

3 WHEREAS, The provisions of Section 5548(c)(3) provide that if an election is made to be governed by that subsection, the term income for the purposes of the endowment funds, shall mean a percentage of the value of endowment fund assets as the Board shall select annually, after determining that the percentages elected is consistent with the longterm preservation of the real value of the assets; provided, however, that the percentage selected shall in no event be less than 2% or more than 7% per year; now therefore, it is hereby RESOLVED, That pursuant to Section 5548(c)(3)of the Pennsylvania Non-Profit Corporation Law of 1998, as amended, and for the fiscal year ending June 30, 2017, the Board of Trustees hereby determines that endowment fund income shall be 3.5% of the value of the endowment fund assets, to be determined in accordance with the provisions of Section 5548(c)(5), using the value of endowment fund assets on December 31, 2014 and averaged over a period of three (3) preceding years; provided however that if any assets have been held for less than three (3) years, the average shall be determined over the period during which the assets have been held; and be it further RESOLVED, That the Board of Trustees hereby determines that the Board s decision to treat 3.5% of the value of the endowment fund asset held by the University as income is consistent with the long-term preservation of the real value of such assets; and further RESOLVED, That this Resolution shall be maintained as part of the permanent records of the University. A motion to approve the resolution, ENDOWMENT FUND SPENDING AUTHORIZATION JUNE 30, 2017, was properly moved and seconded. TRUSTEES, DEGREES, AND NOMINATIONS COMMITTEE NOMINEE TO THE BOARD OF THE BARNES FOUNDATION RES524_ WHEREAS, The Lincoln University Board of Trustees has the responsibility for nominating candidates to five of the fifteen Trustee positions on the Board of the Barnes Foundation, and WHEREAS, The Lincoln University Committee on Trustees, Degrees and Nominations has put forth the name of Ms. Pamela Bundy 84 to fulfill the unexpired term of Dr. Ernest C. Levister, Jr. 58 on the Board of the Barnes Foundation, and Lincoln University Board of Trustees Regular Meeting Page 3

4 WHEREAS, as stipulated in Article II, Section 2(H) of the Lincoln University By-Laws, said nominees are not currently voting members of any Board of Trustees or Directors for which The Lincoln University Board of Trustees has nominating and/or appointment authority; now, therefore be it RESOLVED, That The Lincoln University Board of Trustees approves the nomination of Ms. Pamela Bundy 84 to serve the last two years of the term of Dr. Ernest C. Levister, Jr. 58 on the Board of the Barnes Foundation. A motion to approve the resolution, NOMINEE TO THE BOARD OF THE BARNES FOUNDATION, was properly moved and seconded. RE-APPOINTMENT OF UNIVERSITY TRUSTEE RES525_ WHEREAS, In November 2011, Mr. Richard A. White, Jr. was appointed to a four-year term as a University Trustee on The Lincoln University Board of Trustees; and WHEREAS, The term of service expires November 2015; and WHEREAS, Mr. White is eligible to serve a second term as University Trustee on The Lincoln University Board of Trustees; and WHEREAS, The Lincoln University Board of Trustees Committee on Trustees, Degrees and Nominations has nominated Mr. White to serve a second term as University Trustee; now therefore be it RESOLVED, That the Lincoln University Board of Trustees approves the nomination of Mr. Richard A. White, Jr. to serve a second four-year term as a University Trustee, expiring November A motion to approve the resolution, RE-APPOINTMENT OF UNIVERSITY TRUSTEE, was properly moved and seconded. CONSENT AGENDA COMMITTEE REPORTS Chair Lloyd called for brief updates from those committees which met but had no action items. Reports were given for the Educational Policy and Academic Affairs, Information Technology and Library, Investment, and Student Affairs Board Committees. Lincoln University Board of Trustees Regular Meeting Page 4

5 EXECUTIVE SESSION The Board moved into Executive Session following which the Public Session was reconvened. ADJOURNMENT There being no further business, the Chair adjourned the meeting at 11:52 am. Lincoln University Board of Trustees Regular Meeting Page 5