Board of Trustees Meeting Minutes Friday, October 22, 2010 DRI, 2215 Raggio Pkwy., Reno, NV 89512

Transcription

1 Board of Trustees Meeting Minutes Friday, October 22, 2010 DRI, 2215 Raggio Pkwy., Reno, NV Trustees Present: Mike Benjamin, Chair Dan Barnett, Co-Vice Chair Chuck Creigh, Co-Vice Chair Lawrie Lieberman, Secretary John H.O. La Gatta, Treasurer Nazir Ansari Marybel Batjer Bill Botts Jeff Ceccarelli Trustees Absent: Ken Ciriacks Kirk Clausen Gayle Crowell Charles Goldman Peter Kovacs Tom Gallagher Bob Goff Kathy Hone Robert Lewis Sandy Masters Ed Ricks Ian Rogoff Steve Weber Stephen G. Wells Jim Kropid Kristin McMillan Maureen Mullarkey Jeff Shaw Marlene Wheeler Fellows Present: Michael Fagen Guests and Staff Present: Linda Baldwin, Database and Gift Coordinator Greg Bortolin, Director of Communications and Government Affairs Dawn Coots, Events Coordinator Laura Edwards, Faculty Senate Chair Kelly Frank, Public Information Officer Tom Jackman, Interim Senior Director of CAVCam Russ Kost, Vice President for Development Cleve McDaniel, Senior Vice President for Finance and Administration Steve Salaber, Interim Assistant Vice President for Finance and Controller Karen Severin, Executive Assistant for Development Paul Verburg, Interim Executive Director of the Division of Earth and Ecosystem Sciences John Warwick, Executive Director of the Division of Hydrologic Sciences and Acting Vice President for Academic Affairs Presentation by Fayth Ross, GreenPower Administrator - funded by NV Energy.

2 Call to Order Mike Benjamin called the meeting to order at 8:25 a.m.; a quorum had convened. Mike asked if there were any corrections to the minutes and none were brought forth. He then asked for a motion to approve the DRI Foundation May 21, 2010 Board Meeting minutes. Bob Goff moved, Sandy Masters seconded, and the Board unanimously: Approved the minutes of the May 22, 2010 DRI Foundation Board of Trustees Meeting Executive Committee Mike Benjamin Mike announced that Jeff Shaw has resigned from the Board; Kristin McMillan agreed to chair the Audit Committee effective January 01, The first action item was to identify Russ Kost as the Executive Director for the DRI Foundation as required by the new Investment Policy. This is a perfunctory action and is already in place at both UNR and UNLV. Lawrie Lieberman moved, Marybel Batjer seconded, and the Board unanimously: Appointed Russ Kost as the Executive Director of the DRI Foundation without compensation and contingent upon his continued employment as the Vice President for Development at DRI The second action, also required by the new Investment Policy, was a corporate resolution to approve signature authority on the DRI Foundation checking account to include the DRI Foundation Director. Bill Botts moved, Kathy Hone seconded, and the Board unanimously: Resolved to authorize any person holding the following position within the DRI Foundation or within DRI to have signature authority on the DRI Foundation checking account(s) and other accounts with financial institutions. Amounts of and above $2,000 require two signatures: Chair, DRI Foundation Co-Vice Chair, DRI Foundation Treasurer, DRI Foundation Secretary, DRI Foundation Executive Director, DRI Foundation Assistant Vice President and Controller, DRI Senior Vice President for Finance and Administration, DRI Mike then introduced the idea of hiring an external Event Planner for the Nevada Medal Dinners. This would be a comprehensive role to include crafting and facilitating sponsor solicitations. The anticipated cost is $25,000-$35,000. Board members would still be required to buy their own tables, or obtain sponsorships for tables and bring guests to the event. A lengthy discussion ensued with positive comments about bringing national publicity to the event and exposing DRI to an entirely new group of people. Mike requested an authorization to move forward with the Executive Committee making the final decision. Steve Weber motioned, Bill Botts seconded, and the Board unanimously: Authorized the Executive Committee to proceed with the bid process to hire an Event Planner for the Nevada Medal Dinners

3 Audit Committee Steve Salaber introduced Mike Metkovich from Cupit, Milligan, Ogden and Williams, the firm who completed the audit for FY Mr. Metkovich noted there were no significant findings or issues and reviewed the numbers for the year specifically going over the Profit/Loss and Revenue/Expense pages. Steve requested a motion to accept the audit. Lawrie Lieberman motioned, Dr. Wells seconded and the Board unanimously: Accepted the auditor s report for the DRI Foundation for fiscal year 2010 (July 1, 2009 June 30, 2010) For the 2010 Nevada Medal Dinner in Las Vegas, the Special Events Food and Beverage amount spent came in $36,180 over budget (64%). DRI Foundation Bylaws require that any amount expended in excess of more than ten percent of the approved budget requires the approval of the Board of Trustees. Russ noted the additional expense was partially due to the venue change to the Hard Rock and the initial budget was for a smaller audience. The amount did not affect the net revenue. Mike requested a motion to approve the overage. Bill Botts moved, Ed Ricks seconded, and the Board unanimously: Approved the Special Event Food and Beverages overage of $36,108 for FY 2010 Board Governance Committee Dan Barnett The Board Governance Committee recommended the current six year term for trustees be increased to eight years. Dan explained that by the time a trustee gains enough knowledge to take on a committee chair role and begin to move through the matrix their tenure is over. The eight year tenure is a superior model and more in line with other non-profits. Current Board members already serving their second term will not be affected but those whose second term has not started will be changed to four years (for a total of seven years on the board). Dan requested a motion to approve the term changes. Bill Botts moved, Chuck Creigh seconded, and the Board unanimously: Approved a change to the DRI Foundation bylaws such that, Trustees shall serve for a term of four years, with a maximum of two successive terms for a total of eight years, and until their successors shall have been similarly elected and shall have qualified. A Trustee may not serve more than two consecutive terms, but may, following a oneyear hiatus, be nominated and elected to serve an additional term or terms. Dan presented the slate of prospective Trustees for 2011: Connie Adair Albert Massi Kathleen Shanahan Stephanie Tyler-Jackson John Worthington Two other candidates, Joe Guild and Dr. John Wojcik, have been invited to join the board and their acceptance is pending. Dan requested a motion to approve the slate of new trustees, including Guild and Wojcik subject to their acceptance. Marybel Batjer moved, Jeff Ceccarelli seconded, and the Board unanimously:

4 Approved the addition of Connie Adair, Joe Guild, Albert Massi, Kathleen Shanahan, Stephanie Tyler-Jackson, John Wojcik, and John Worthington as new Trustees Mike introduced the DRI Foundation Officer nominations for : Dan Barnett as Chairman, Chuck Creigh for a second term as Co-Vice Chair, Lawrie Lieberman as Co-Vice Chair and for a second term as Secretary, and John H.O. La Gatta for a second term as Treasurer. Dan Barnett recused himself from the vote. Sandy Masters moved, Kathy Hone seconded, and the Board unanimously, Approved the DRI Foundation Officer slate of Dan Barnett as Chairman, Chuck Creigh as Co-Vice Chair, Lawrie Lieberman as Co-Vice Chair and Secretary, and John H.O. La Gatta as Treasurer Dan announced the 2011 Committee Chairs as follows: Kristin McMillan, Audit Committee; Lawrie Lieberman, Board Governance Committee; Chuck Creigh, Development Committee; and John La Gatta, Finance and Investment Committee. Self evaluations will be distributed and completed by Trustees at the February 2011 Board Meeting. Once totaled, the scores in the seven categories will identify areas of weakness that need to be addressed when recruiting future board members. Treasurer s Report John H.O. La Gatta John explained that the DRI Foundation Investment Policy is similar to UNLV and UNR policy. Reviewed and approved by the Finance and Investment Committee and the Executive Committee. In addition, both committees recommended the Finance and Investment Committee review and amend the policy within one year, paying particular attention to the areas of risk and investment. John asked for a motion to approve the Investment Policy. Tom Gallagher moved, Bill Botts seconded, and the Board unanimously: Approved the DRI Foundation Investment Policy A second motion to require the Finance and Investment Committee to review and amend the Investment Policy within one year, with specific emphasis on but not limited to, the areas of risk and investment vehicles, as recommended by the Finance and Investment Committee and Executive Committee was made by Ed Ricks and seconded by Lawrie Lieberman. The Board unanimously: Approved a motion to require the Finance and Investment Committee to review and amend the Investment Policy within one year, with specific emphasis on but not limited to, the areas of risk and investment vehicles. Bill Botts moved to accept the Treasurer s report. Lawrie Lieberman seconded, and the Board unanimously: Accepted the Treasurer s report to the DRI Foundation Board meeting October 22, 2010 Mike proposed the idea of including the designated program fund goals in the FY 2011 Budget. The Executive Committee discussed this at length at their last meeting and noted the risk of not achieving the goals and having an unbalanced budget, but on the positive side it would hold the Foundation

5 accountable to reach the goals. After a lengthy discussion, the Board agreed to add another line to the FY 2011 budget to include the designated program fund goals of $100,000 each for DAS, DEES, DHS, and graduate scholarships; and the balance of the Maxey Building Addition Loan. Development Committee Chuck Creigh The Trustees broke into their respective Program Funding Groups to assemble a list of possible donors to contribute to the master list which will stay within the Board and is not for distribution. In addition, Chuck will create a step-by-step process for approaching/contacting prospective donors. The Board discussed raising the annual minimum Trustee level of giving from $1,000 to $5,000. The conversation ended with a proposal to set a $5,000 annual giving level for the DRI Foundation Board of Trustees with a minimum of $1,000 personal giving, dependent upon your personal situation and the balance would be give or get. Furthermore, table sales at the Nevada Medal Dinners and any funds acquired for/at other events will count toward the balance. Tom Gallagher moved to accept this policy, Bill Botts seconded, and the Board unanimously: Raised the annual giving level for DRI Foundation Board Trustees to $5,000, with a minimum of $1,000 personal giving and the balance give or get. All table sales at the Nevada Medal Dinners and any funds acquired for/at other events shall count toward the balance. Vice President for Development Report Russ Kost The publication piece, Priorities was mailed out at the end of September with several gift responses already received. Russ detailed his participation in two new planned giving programs in Northern and Southern Nevada designed to expand the reach and awareness of DRI through planned giving. President s Report Dr. Stephen Wells Fred Davis, former DRI employee recently passed away and left $5,000 to DRI. As a follow up to the May 21, 2010 Board Meeting, Dr. John Warwick reported on the stewardship of funds endowed to the Division of Hydrologic Sciences. Dr. Wells announced a new plan to have a day of convocation in the spring where we celebrate all of the awards given out to faculty and students. In addition to the award ceremony, Dr. Wells will present a brief State of the Institution. This event, together with the Nevada Medal Dinners in the fall, will keep people engaged with DRI over the entire year. At the request of Chancellor Klaich, Dr. Wells distributed copies of NSHE Plan for Nevada s Colleges and Universities: Combining Excellence and Austerity to Attain Success. The plan was crafted by the Chancellor and NSHE Institution Presidents as a tool to work with our legislators at the 2011 Legislative Session.

6 Steve Salaber presented a Board Professional Education segment on Endowments. New Business Dr. Wells and the Board presented Mike Benjamin with a personalized memento to honor his time and commitment as Foundation Chair. Public Comment No public comment. The meeting adjourned at 11:30 a.m.