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Nova
Scotia Agricultural College
Foundation
Board Meeting
Wednesday, May 28th,
2003 Principal’s
Boardroom
Present:
Myles Johnson, Len Ells, Chair - Dick Huggard, Sherry Porter,
Laurie Hennigar, Bernie MacDonald, Jim Goit, Garth Coffin
Absent:
Margaret McCain
1. Introduction
of New Members
2. Agenda
Approved
3. Approval
of Minutes - February 19th, 2002 and July 24th,
2002
4. Matters
arising from the Minutes:
a. RBR
proposal - A proposal was made at the last meeting by
RBR to update the feasibility study for the NSAC as well as
a proposal for service for a major gifts management program.
The Board reviewed the proposal but felt the institution was
not in a state of readiness to date. Discussion was tabled until
the next meeting.
b. Membership
Update - (Attached) A membership schedule was circulated
among the Board. Sherry Porter, Margaret McCain and Dick Huggard
will complete their terms of office on November 30th,
2004. A recruitment program will begin as soon as possible with
Board members researching some names for consideration. Dick
was willing to stand for a second term, Sherry will take some
time to consider this and Margaret McCain has served two consecutive
terms and is ineligible to serve again. Action:
J. Goit will review the list of interviewees from the original
RBR study for consideration. (Karl Larsen, John Robert Sobey
and Karl Sobey)
c. Investment
Committee Report - (Attached) Bernie MacDonald presented
the Investment Committee report. The Committee reconfirmed the
original asset mix with Ted Jordan. Gross rate of return - 6.95%Amortized
rate - 2.82%. The Board moved to approve the Investment Committee
report. Motion carried
5. Funding
Priorities - J.Goit circulated a list of fund priorities
for consideration by the Board. There are eight essential areas
of priority identified by the NSAC. Research Program Matching
Funds; Scholarships; Teaching Technology Development Fund; Infrastructure
Capital Fund; Human Resource Development Fund; Library Development
Fund; Athletics Development Fund; Emerging Opportunities Fund.
This list may change as the time progresses.
6. Presentation
of Financial Statements - Myles Johnson, Price Waterhouse
Coopers presented the Financial Statements to the Board. A copy
of the signed statements will need to be submitted to the Department
of Education by the end of September. The Board moved to approve
the report of the Auditor. Motion
carried. The Board moved to reappoint Pricewaterhousecoopers
as Foundation Auditors. Motion
carried. Action:
Bernie MacDonald will investigate Director’s liability
for the Board.
7. New
Business:
a. Annual
Report - Jim Goit circulated the annual report of the
Foundation for consideration by the Board. The report outlines
where funding support is derived and the activities of the Development
and Alumni Relations office.
b. Donations
Update - Jim Goit submitted a Donations Update for the
information of the Board. Action: Dick Huggard and Jim Goit
will arrange a joint meeting with the Alumni Association to
discuss financial issues and a joint working relationship with
the Foundation.
c. Centennial
Planning - The Centennial Steering Committee met for
an initial meeting to begin plans for the College’s Centennial,
February 14th, 2005.
Dr. Coffin made
some final remarks as his position with the College concludes
at the end of June.
8. Date
of Next meeting: September 25th at 1:30 p.m.
Meeting
adjourned at 3:50 p.m.
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