Foundation Board of Trustees Winter 2018 Meeting
February 21, 2018
News
SUMMARY: Highlights from the February 21, 2018 Foundation Board Meeting
Foundation Board of Trustees Meeting – February 21, 2018
The JMU Foundation committee and board meetings were held on Wednesday, February 21st at the Festival Conference Center. Acting Chairman Cliff Wood introduced Warren K. Coleman as the next Foundation CEO. He noted that Mr. Coleman will begin a two-month transition starting May 1, 2018, until his official start date as CEO of the Foundation on July 1, 2018. Mr. Tom Schaeffer will retire as the Foundation CEO effective June 30, after serving the Foundation in various capacities for over 30 years.
Dr. Jason Good, Director of the Center for Global Engagement, joined the meeting to present about his program. There are currently 70 faculty-led programs at JMU with over 1,300 students in study abroad programs per year. Dr. Good reviewed the study abroad objectives and programs including legacy and linguistic immersion followed by the advantages of study abroad. Dr. Good discussed the scholarship options that are available for study abroad and the impact that scholarship opportunities play in the decision of a student to consider the study abroad program.
Mr. Schaeffer congratulated the board with the good news that the 2019 endowment goal of $100 million was surpassed as of January 31, 2018! He provided an update on his CEO goals and discussed the upcoming succession planning.
Ms. Cheryl Lindsay, Foundation CFO, began her report with a review of the 2017 NACUBO study of endowments. She then reviewed the financials for the year ending December 31, 2017. She concluded with an overview of the new Tax Cuts and Jobs Act and identified specific provisions that will or will not impact the JMU Foundation.
Following the committee reports, Dr. Nick Langridge provided a fundraising update. Giving Day is scheduled for Tuesday, March 13 and the Stewardship luncheon is scheduled for Friday, March 16. Mr. Coleman gave a report on his attendance at the annual AGB (Association of Governing Boards of Universities and Colleges) conference, noting specific information that was applicable to each committee.
