Foundation Board of Trustees Fall 2018 Meeting

Highlights from October 26, 2018 Board Meeting

Board of Trustees Fall Board Meeting

The JMU Foundation committee and board meetings were held on Friday, October 26, 2018 at the Shenandoah Valley Conference Center located in the Hotel Madison.

Chairman Cliff Wood shared the Executive Committee Report in which he announced his resignation from the Foundation Board due to his recent acceptance of a position within the JMU Athletic Department. Mr. Wood’s resignation was effective as of the end of the meeting.  Per governance policy, Mrs. Linda Cross, Vice Chairperson has taken the role of Acting Chairperson until a new slate of officers is elected at the May 2019 meeting of the board.

The Full Board meeting began with a report from Patrick McQuown, Director of the Center for Entrepreneurship on the Summer Accelerator Program. The very successful program, which costs $85,000 to operate, enabled the students to build on their ideas, create companies and raise approximately $3.8 million in capital to further develop their companies. This year, the students placed first in all of their competitions, which took place at UVA, George Mason and Princeton.

Dr. Nick Langridge shared plans for the “Unleashed” celebration planned for later that evening. He also informed the board of the ground-breaking ceremony for the College of Business Learning Center scheduled for the afternoon and encouraged all to attend both events.

Mr. Coleman informed the board that the Foundation has received bids for a new 44,000 sq. ft. office building which will be shared with University Advancement, Card Services and the Print Shop. The Foundation along with JMU’s Facility Management will review the bids and then call a special meeting of the Real Estate Committee to approve the winning bid contract prior to the end of 2018.

Mr. Charlie King, SVP of Finance and Administration, and Mrs. Towana Moore, AVP of Business Services, reported on construction projects completed in 2018 and projects currently underway with completion dates ranging from 2019 to 2021. The two main projects of 2018 were the newly completed D- Hall and Chesapeake Ave. parking deck. These projects along with 6 others scheduled for completion in the next 3 years represent a $357 million investment in the campus.

Mrs. Cheryl Lindsay reported the Foundation had $167 million of assets under management and the endowment had reached a new high of $103 million as of FY ending 6/30/2018.

Mr. Coleman provided a report on his first 100 days in the CEO role and his goals for the FY ending 6/2019. His goals included building relationships with all levels of the JMU community, supporting the University Advancement department, improving efficiency with automation and evaluating real estate opportunities to increase unrestricted dollars for the foundation.

Resolution of appreciation were given to Cliff Wood, Joanne Sherman and Judy Strickler for their services to the Foundation.

Mr. Coleman informed the Board of the dates for upcoming meetings:

Winter: 1/25/2019
Spring: 5/22/2019

The meeting was adjourned at 2:33pm.