JMU Foundation Spring 2016 Board Meeting

Foundation Board of Trustees Meeting – May 13, 2016

On the morning of Friday, May 13, Trustees met for their respective committee meetings.   A meeting of the full Board was subsequently conducted.  President Alger provided a University Update, noting the success of graduation, which included 3,280 undergraduate and 593 graduate students.  Financial aid and scholarships are needed for incoming students.  He lauded the success of Giving Day and the “Dukes Pay it Forward’ campaign.  President Alger concluded with a discussion on the academic and athletic successes of the university, and an update on campus construction projects.

Tom Schaeffer, CEO, reported that the Board survey was positive on the current structure of the Foundation. His goals include enhancing the Fund Accounting system, developing the real estate portfolio, and growing the endowment. Future projects will address new office space, internet security, and staffing needs.

Cheryl Lindsay, CFO, reported on the financial statements for the first 9 months.   Ms. Lindsay noted that we are on track this fiscal year to set a new record for campaign contribution revenue. 

Dr. Nick Langridge presented a giving update, reviewing targets and rate of giving projections. He noted the generous $2.5 million gift from the Jeff Tickle family for an endowment in engineering.

Mr. Schaeffer reported that legal details are being finalized for the Hotel and Conference center before holding a special/full board meeting to approve the project.

Three new Trustees were elected to the full board to begin service on July 1, 2016.  They are William Jasien (’85), Jon Offley (’89), and Spencer Stouffer, II (’88).  Warren Coleman was elected as Board chair and Cliff Wood, Jr. was elected as Board vice-chair. Wes Graves was recognized as outgoing chair. The board also approved the Unrestricted Expenditure Budget for fiscal year 2016-17.