Page 34 - 2024 April report

BOARD OF DIRECTORS MINUTES (3) Discussion points:
• “college-able” in Option 4 could be a concern for disabilities programing
• “contribution to” community rather than “engagement”. It was suggested that the Foundation really does hope for community contribution.
• It was noted that none of the Options actually mention obtaining a college degree. It was pointed out that a Vision Statement should be the big goal and not as specific as the Mission Statement.
• “individuals” vs. “students”
The Board unanimously approved Option #1 – “We are working toward the day when all students have an opportunity to succeed in higher education and achieve a life of self- sufficiency, dignity, meaning and community contribution.”
Malcolm thanked Lowell for his guidance. Lowell left the meeting at this time.
B. Financial Controller Title
Bobby explained that a change in title would authorize Tommy to sign financial and legal documents. This is basically a reversion back to the structure before the situation of having the CEO and CFO related. Malcolm noted that this would be much easier for the Board Chair. Mike suggested it is good governance.
The Board unanimously approved changing Thomas A. Pence’s title to Chief Financial Officer.
C. Policies. The following draft policies had been circulated for consideration and approval. 1) Entrepreneurship Scholarship Policy
The Grant Program Committee recommended this policy to the Board with the addition of the provision for minor approvals by the CEO.
The Board unanimously approved the Entrepreneurship Scholarship Policy as presented. 2) Signing Authority Policy
The title “Financial Controller” was changed to Chief Financial Officer. Additional language was updated at the end of the policy regarding the creation and review of credit card expense reports.
The Board unanimously approved the Signing Authority Policy as presented. D. Election of Officers
The slate of officers for the Foundation for 2024/2025 had been circulated and is attached as Attachment “B”.
The Board unanimously elected the Foundation Officers as shown on Attachment “B” to these minutes.
E. Approval of Committee appointments
Malcolm presented the appointment of committee members for 2024/2025, which had been circulated and is attached as Attachment “C”. Malcolm pointed out that Angelique will be joining the Compensation Committee. Malcolm asked if anyone desired to be added or removed from any of the committees and there were no requests.
The Board unanimously approved the committee membership as shown on Attachment “C” to these minutes.
Page 32 April Report