Download Investment Finance Committee Minutes November 18, 2009

WEST HILLS COMMUNITY COLLEGE FOUNDATION
9900 Cody St.
Coalinga, CA 93210
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NOTES OF THE INVESTMENT AND FINANCE COMMITTEE
November 18, 2009
9:00 a.m.
Call to Order
Due the lack of a quorum, the meeting was declared an adjourned session resulting in
no official action being taken and only reports and announcements could be given
without any official action or response from the committee members attending.
Investment and Finance Committee Present:
Ken Stoppenbrink, Chief Financial Officer, West Hills Community College District
Leonard Falter, Chief Financial Officer, West Hills Community College Foundation
Nina Oxborrow, Trustee Director
Investment and Finance Committee Absent:
Ernest Drewry, President, Community Director
Don Warkentin, Staff Director
Other Present:
Jim Giordano, Vice President, UBS Financial
Rick Post, Interim Executive Director, West Hills Community College Foundation
Olga Keough, Foundation Accountant
Tina Souza, Foundation Secretary
Public Comments
Dr. Post introduced Jim Giordano, Vice President, UBS Financial Services
Reports
A. Summary of Investment Portfolio year-to-date- Jim Giordano, Vice President
UBS Financial Services
Jim Giordano of UBS Financial thanked the Investment and Finance Committee for the
opportunity to report on the Foundation year-to-date Summary of Investment Portfolio.
Mr. Giordano reported on the Performance Detail (Pg.2) for all four UBS Foundation
accounts: SS07529 Westside Educational is a smaller account with about 2/3 equity
and a return of about 22%; SS07508 Main has approximately $1.4 million in the account
with a return of about 9 3/4%; SS07509 Foundation Club is a newer account so there
are no yearly numbers to report, the monies are safe in CD’s; SS07515 General
Endowment are purely CD’s, CD market is recovering and expect the international rate
to increase over the next year. Mr. Giordano noted that in general the November
numbers are increasing nicely. Dr. Post commented that the newer account is the
account that was established for the smaller club accounts to be moved into so their
accounts are protected from further losses in the market.
B. Auditors’ Preliminary report- Period ending June 30, 2009
Dr. Post stated there were A/R changes in the auditor’s preliminary draft that was in the
board packet. Dr. Post introduced Olga Keough and explained her role in the
foundation and that she has brought the foundation up to date and account balances
current. Mrs. Keough noted that QuickBooks is cash based, where Datatel is budget
accrual and changes needed to be made to the ending balances. Dr. Post commented
the primary culprit was the IEE consortium; the foundation pays the bills for the
consortium. The foundation does receive 8% of the consortium budget –typically 25K
that goes to unrestricted funds. Datatel does now allow you to show a negative
balance, therefore once the outstanding invoices were paid, adjustments needed to be
made to reflect payment. Dr. Post noted on the summary of auditors’ results (Pg.22)
that there were no issues of non-compliance. Dr. Post commented that the Foundation
pays for the audit. Mr. Falter inquired about the cost of the audit. Dr. Post responded
particular audit cost was $9,700 and it covered 1 ½ years; June 30, 2009 and
December 30, 2009. Dr. Post commented that the auditing firm was hired by
predecessor; this firm came in with lowest bid. Mrs. Oxborrow commented the financial
statement numbers look good. There was a discussion about the capitalization and
assets in regards to the pistachio and almond trees.
Action Items
Absent a quorum, no action items were considered.
Member Comments and Requests
Dr. Post commented that he is working on a gift acceptance policy for the Foundation.
Adjournment
This session ended at 9:45am