1

Minutes – Board of Directors Meeting, August 25, 2008

TOPIC/SUBJECTWelcome &

Chair’s Report

Treasurer’s Report

DISCUSSION/CONTENTChair Jim Williams welcomed everyone at 4:05 p.m. and immediately turned over the meeting to Jackie O’Connell to introduce the auditors from Bernard Robinson who provided the Board with a report on the 12/31/07 audited financial statements.

The Foundation received a “clean” audit report.

Total assets at 12/31/07 reached $114 million, an increase of 11% over 2006; contributions of $17.5 million, slightly higher than 2006; grants for charitable purposes of $11 million, up 6%; and 2006 audit adjustment and restatement to record liability for annuity payments to lifetime beneficiaries in split-interest agreements.

Dr. Chabotar followed up with the Treasurer’s Report. During his report, he shared that the operating deficit for the Foundation thus far for the calendar year was $132,000.

Dr. Chabotar also reported that investments at 6/30/08 had declined 5%, resulting from market declines of $6 million and net fund disbursements of $4 million. Operating revenue through 6/30/08 is in line. Expenses are up 21% (6% over budget) due to financial consulting fees during CFO transition and 25th Anniversary events.

FOLLOW-UP/DECISION

The Audit Committee, chaired by Ann Zuraw, reviewed and approved the financial statements prior to the Board meeting.

Members Present: Chair Jim Williams, Henry Frye, Linda Sloan, Dennis Stearns, Kent Chabotar, Luck Davidson, David Ball, Mona Edwards, Stu Taylor, Bill Geter, Betty Cone, Mac Sims, Tomasita Jacubowitz, Louise Brady, Patrice Hinnant, Ann Zuraw, Lea Williams, Jon Wall, David Worth, Trip Brown, Sue Cole Special Guests: John Robinson, Dan Hayes, Valerie Oberle, Spencer Oberle

Staff members: Walker Sanders, Mindy Oakley, Patrick Weiner, Jackie O’Connell, Dawn Moser, Tara Sandercock, Lynn Wooten

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Minutes – Board of Directors Meeting, August 25, 2008

TOPIC/SUBJECT

Treasurer’s Report

Continued

President’s Report

DISCUSSION/CONTENT

Dr. Chabotar also indicated that if the economic conditions did not improve in the second half of the year, the Foundation may have a net operating deficit near $120,000 compared to a deficit of $32,000 which was budgeted for 2008.

Compared to June 2007, contributions are down $1.6 million year-to-date and distributions (including those from donor advised funds, unrestricted funds, scholarships, supporting organizations, and charitable purpose funds) are up $2.4 million year-to-date.

He closed by updating the Board on the status of the implementation of the Granted GE software. This software is used to integrate the grant and scholarship processing and reporting and is scheduled for September.

Walker Sanders presented the President’s Report by giving an overview of the Strategic Plan and the four elements that make up that plan. They are, endowment development efforts (financial capacity); community leadership (trusted community partnership); philanthropic services business plan (philanthropic services); and marketing/rebranding (comprehensive marketing/communication plan).

Mr. Sanders shared that in an effort to help develop a business analysis of the infrastructure needed to support the Strategic Plan, the Oberle Group (introduced by Dennis Stearns) had been contracted to help identify areas the Foundation could build upon and strengthen. Valerie and Spencer Oberle spent one day with the staff of CFGG interviewing them on the culture of the Foundation and what the staff felt they needed to be successful at meeting the goals of the Strategic Plan.

Their findings indicated that there was an immediate need to proceed with the staffing plan for additional administrative help and to secure more office space. Some suggestions made were using volunteers and school interns to help with administrative duties.

FOLLOW-UP/DECISION

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Minutes – Board of Directors Meeting, August 25, 2008

TOPIC/SUBJECT

Marketing Committee

Report

DISCUSSION/CONTENT

Linda Sloan, Chair of the Marketing Committee presented an update on the rebranding efforts. Bouvier Kelly held two focus groups to help identify recognition in the community of the Foundation’s logo and name. The first group was comprised of those in families with an annual income of $75,000 or more. They were shown logos of ten various nonprofit organization. The CFGG logo was included and it was not recognized by anyone in the focus group.

The second group was comprised of those who knew of the Foundation, but felt the current logo and tag line had no meaning.

Ms. Sloan proposed to the Board that the Foundation eliminate the tag line “Connecting Our Community Through Giving” , and change the logo at a later date. She also recommended not changing the name from the Community Foundation of Greater Greensboro, but to shorten the name to The Community Foundation for newsletters, letterhead, business cards, etc. for ease of space constraints and reading. Many felt Greater Greensboro needed to remain a part of the official name to incorporate surrounding communities in the future.

Ms. Sloan said the focus groups also suggested that the Foundation begin providing a glossary of nonprofit words and definitions like Donor Advised, Endowment, Philanthropy, etc. with mailings to help educate the community what a Community Foundation does as a community leader.

During the exercise of assessing the name and logo, the Marketing Committee realized that the Foundation has multiple target audiences in various demographic groups, so the logo and name needs to reflect all groups.

FOLLOW-UP/DECISION

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Minutes – Board of Directors Meeting, August 25, 2008

TOPIC/SUBJECT

Marketing Committee

Report Continued

Housing Committee

DISCUSSION/CONTENT

Tomasita Jacubowitz suggested contacting the Foundation’s donors to let them know of the pending changes to help avoid negative feedback or backlash of change from current constituents.

Finally, Ms. Sloan reported that the proposals from the web designers had been received in response to the RFP and the decision was down to two companies out of the four interviewed. She said the Marketing Committee would be prepared to share the final results and the new webpage design by the next Board meeting.

In the absence of C.C. Lamberth, Tara Sandercock gave the Housing Committee report. An action item was presented to the Board related to a proposed Day Center for Homeless Persons. The Housing Committee recommended approval of an allocation of $4,400 to the Day Center to establish a charitable purpose fund to support planning of the center.

Mr. Sanders reported on the progress of the Gate City company as it relates to creating a $5 million housing endowment. This would come from a “field of interest” fund, not out of a donor advised fund. He also shared that all groups involved with the Lee Street/S. Elm project are thus far very supportive. The groups involved are the School Board, City and County Commission. He recently met in High Point with school board officials and they proposed having at least one building in downtown High Point to house a small administrative support team and possible conference rooms for various meetings. The school board has approved a special task force to structure a plan.

FOLLOW-UP/DECISION

Motion was made and approved unanimous.

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Minutes – Board of Directors Meeting, August 25, 2008

TOPIC/SUBJECT

Development Committee

Other Discussions

DISCUSSION/CONTENT

Louise Brady reported on the Women to Women efforts. To date, they have raised over $1 million in pledges and will be revealing who the founding donors are at the Annual Lunch. The deadline for pledges to become a founding donor is October 31st.

The Women to Women group hopes to be distributing their first grants by 2010.

Finally, Ms. Brady reported on the latest Public Art Endowment efforts which will launch within the next week, chaired by David and Lauren Worth.

At the close of the Board meeting, Chair Williams asked for a motion on the Consent Agenda. A motion and second were made to accept the Consent agenda, including the minutes from the May 19th meeting.

Meeting was adjourned and the Board held an executive session.

FOLLOW-UP/DECISION

Minutes from May 19 , 2008 Board of Directors meeting approved