KCTCS Foundation Board of Trustees Meeting Minutes

Guest Attendees

Guests	Attended
Shannon Rickett, Special Assistant for KCTCS Institutional Planning and Strategy	Yes

 

Welcome and Introductions

Chair Stephanie Bell called the meeting to order at 2:04PM

• Welcome and introduction of new members: Stephanie Bell
• Chad Harpole was welcomed to his first meeting.

Action Items

• Approval of minutes from June 11, 2024 meeting: Stephanie Bell
  

  Motion: Linda Rumpke Second: Chris Perry

  Motion to approve the minutes as presented passed unanimously without further discussion.

• Board membership: Stephanie Bell

  • Chair Bell introduced the nomination of Nick Phelps to the KCTCS Foundation board.
    
    Motion: Chris Perry Second: Marty Keith

    Motion to approve Mr. Phelps’ membership passed unanimously without further discussion.

  • Chair Bell shared that three board members had concluded their first three-year term. While members typically serve two three-year terms consecutively, the board was asked to approve the renewal of the second term since the by-laws do not specifically address whether this step is required. Brandon Fogle has ended his time as Chair of the ECTC Foundation board but would like to continue serving as the ECTC Foundation representative.

    Motion: Linda Rumpke Second: Chad Harpole

    Motion to renew the second terms of Stephanie Bell, Chris Perry, and Brandon Fogle passed unanimously without further discussion.

  • KCTCS Foundation by-laws limit officers to two-year terms, which can be approved to be extended for an additional two years. Since Chair Bell had served in this role for two years, she was nominated to continue as Chair for an additional two-year term.

    Motion: Chris Perry Second: Chad Harpole

    Motion to renew the Chair term of Stephanie Bell passed unanimously without further discussion.

• Finance & Audit Committee Report: Chris Perry

  • Chris Perry, chair of the Finance and Audit Committee, gave an update on the staffing transitions that have taken place within the System Office advancement team. He asked Dr. Stith to share the status of the audits underway. An initial planning meeting had been held with the auditors and access has been granted to the portal so requested documents can be uploaded. Fieldwork is tentatively scheduled for mid-September with the goal of having the audited financials ready to present at the November foundation board meeting.

  • Dr. Stith noted the forensic audit underway across KCTCS, which includes the foundation, is also progressing. The board received an outline of the timeframe and deliverables. Information has been gathered from all the college foundations, including the KCTCS Foundation, and submitted. Further testing is ongoing and additional requests may be forthcoming. Once the report is available later in September/October, the results will help inform the future direction of the foundation.

  • Dr. Stith presented an overview of the FY25 budget, which includes operations and budget projections for restricted accounts. The interim accountant supporting the foundation had difficulty discerning the source of the carry-forward balance for operations and for each restricted fund. Based on this information, Dr. Stith’s estimates were very conservative and will be further refined. An estimate for legal services is needed, which would be done through an RFP process. The source of calculations for salaries and space donated by KCTCS in support of foundation operations would also be researched. Treasurer Perry noted the complexity of the financials and asked whether the auditors could provide recommendations on processes, procedures, or ways of presenting the financials that may help the board make more informed decisions. Dr. Stith added that the budget will be reviewed again at the November board meeting, and the purpose of each fund will be included for additional clarification. Although more details are needed to ensure the budget is as accurate as possible, the board discussed moving forward with approval so the staff has the guidance needed to make operational spending decisions.

    Motion: Chris Perry Second: Linda Rumpke

    Motion to approve the FY25 budget passed unanimously without further discussion.

 Other Business

• KCTCS President’s Report: Dr. Ryan Quarles

  • Dr. Quarles provided updates regarding KCTCS:

    • KCTCS is continuing to prioritize work in response to SJR179, which will conclude in December 2024. Proposed legislation related to SJR179 will be proposed in January.

    • KCTCS is sponsoring the 4-H area at the State Fair, which will be an opportunity to showcase academic programs and recruit prospective students. Dr. Quarles has also worked with 4-H to offer multiple scholarships to students pursuing both transfer and technical pathways.

    • Dr. Quarles is looking forward to exploring how the foundation can prioritize support for food pantries, scholarships or emergency aid, and other student success initiatives.

    • Dr. Quarles provides a weekly email update about his activities and the distribution list will be revised to include the current foundation board roster.

• KCTCS Foundation Board Chair’s Report: Stephanie Bell

  • Chair Bell shared that she and Dr. Quarles are continuing to recruit new board members. Any recommendations for potential members are appreciated, especially to ensure representation from Eastern Kentucky, CPA/financial services, and industries such as distilling, transportation, agriculture, and aerospace.

  • Chair Bell encouraged board members to contribute donations of clothing, food, and household items to support the food pantry/clothing closet the group visited at ECTC in June. Anyone wanting to donate can contact Stephanie Bell or Megan Stith and they will help drop off items.

• KCTCS Foundation Executive Director’s Report: Dr. Megan Stith

  • Dr. Stith gave an update about search processes to fill vacancies in the system Advancement team. A 60-day report was presented, which included data on change in Advancement across KCTCS the past several years. Dr. Stith mentioned possibly needing to expand the capacity of the System Office department to model the approach of the Baptist Health Foundation, which went through a similar change but has grown their philanthropic impact as a result. However, the forensic audit needs to conclude before any final recommendations can be made.

  • Board members were asked to complete their annual code of ethics agreements, confidentiality agreements, and conflict of interest disclosures.

• ECTC Foundation Report: Brandon Fogle

  • In Brandon’s absence, Dr. Stith shared that the Family Scholar House housing program will be breaking ground in the fall and is anticipated to open in late 2025. The next fundraising effort is to develop a Student Success Circle of donors who contribute to an Unstoppable Fund, which will be granted to projects that address student needs. Projects will be solicited from faculty and staff later this fall, and the ECTC Foundation will have the opportunity to review requests as well as consider awarding unrestricted funds to any priority initiatives. The Circle is modeled after a similar program at Ivy Tech and results will be shared with the peer team for potential scaling/expansion for any colleges interested deploying the concept locally.

next steps

• Next meeting – November 26th, 2024 at KCTCS
• Adjourn: Stephanie Bell
  
  Motion: Linda Rumpke Second: Chris Perry
  Motion to adjourn approved unanimously.
  Meeting adjourned at 3:22 pm.