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NORTHWESTERN MICHIGAN COLLEGE FOUNDATION BOARD
Regular Meeting Wednesday, April 29, 2020 7:30 a.m.—Meeting Zoom Webinar ID: 941 4855 3602 https://nmc.zoom.us/j/94148553602 Or Telephone: 1-312-626-6799
1701 E. Front St., Traverse City, MI 49686 (231)995-1021 [email protected] Page 1 of 2
AGENDA
I. Welcome and Call to Order
A. Meeting Ground Rules—Rebecca Teahen
B. Roll Call—Amanda Gower
C. Review of Agenda—Al Zelinski
D. Approval of Minutes—Al Zelinski
Action Item: Recommended approval of February 26, 2020 regular meeting minutes as presented.
II. College Updates
A. President’s Report—Nick Nissley
B. Board of Trustees’ Report—Chris Bott
III. Foundation Initiatives
A. $1 Million Challenge: Hawk Owl Initiative—Al Zelinski & Rebecca Teahen
Action Item: Recommended acceptance of Hawk Owl Initiative proposal as presented.
B. Finance and Audit Committee Report—Steve Fisher
Action Item: Recommended authorization of funding sources for Hawk Owl Initiative as presented.
C. Taste of Success Committee Report—Timothy Young
D. Campaign Steering Committee Report—Bruce Byl
E. Executive Director’s Report—Rebecca Teahen
NMC FOUNDATION BOARD April 29, 2020 Meeting Agenda
1701 E. Front St., Traverse City, MI 49686 (231)995-1021 [email protected] Page 2 of 2
IV. Closing Remarks and Public Comment
A. What’s Your NMC Story?
B. Adjournment
Handouts:
April 29, 2020 Meeting Agenda
February 26, 2020 Foundation Meeting Minutes
COVID-19 Strategies & Actions Updates
February 2020 & March 2020 Contributions
Memo, quarter ending 3/31/20—Vicki Cook
Statement of Activity, quarter ending 3/31/20
Statement of Financial Position, 3/31/20
IPEX Report, quarter ending 3/31/20
IPEX, asset allocation as of 4/14/20
Upcoming Foundation Events:
Foundation Finance & Audit Committee Meeting Wednesday, June 17, 2020, 7:30 a.m. Founders Hall, Room 110
Foundation Board Regular Meeting Wednesday, June 24, 2020 7:00 a.m. Breakfast, 7:30 a.m. Meeting Lobdell’s: A Teaching Restaurant, Great Lakes Campus
NORTHWESTERN MICHIGAN COLLEGE
FOUNDATION
NORTHWESTERN MICHIGAN COLLEGE FOUNDATION BOARD Meeting Minutes Wednesday, February 26, 2020 Hagerty Center, 715 E. Front Street, Traverse City, Michigan
Page 1 of 3
ATTENDANCE
Members Present—Nat Adamson, Suzanne Allen, Barb Benson, Cheryl Bloomquist, Chris Bott (Trustee), Chris Branson, Bob Brick, Bruce Byl, Bill Donberg, Michael Estes (Trustee), Steve Fisher (Treasurer), Fran Gingras (First Vice Chair), Mark Lundmark, Eleanor Lynn, Bill Marsh Jr. (Immediate Past Chair), Chris Millward, Jayne Mohr (Secretary) [by phone], President Nick Nissley (Second Vice Chair), Steve Rice, Dave Shooltz, Rebecca Teahen (Executive Director), Pat Warner, Marty Watts, Hannah Witte, Timothy Young, Al Zelinski (Chair)
Staff Present—Lisa Cooper, Bill Czyzyk, Joy Evans, Holly Gorton, Amanda Gower, Roger Heeres, Jennifer Hricik, Carly McCall, Cindy Morgan, Paris Morse, Todd Neibauer, Cameron Penny, Jill Prior, Paul Schoppe, Stephen Siciliano, Katharine Zurek Marvin
Guests—Lee Gardner, Tim White (Counsel)
Members Absent—Doug Bishop (Trustee), Kerm Campbell, Don Coe, Debbie Edson, Paul Maurer, Diana Milock, Kevin Schlueter, Susan Sheldon, Jim Weigand, Nancy Zimmer
CALL TO ORDER
Al Zelinski called the meeting to order at 7:30 a.m. Zelinski welcomed new member President Nick Nissley. Staff determined that a quorum was established.
REVIEW OF AGENDA
The agenda was accepted as presented.
APPROVAL OF MINUTES
The minutes of the December 11, 2019 meeting were submitted to the board resulting in the following motion.
Motion: That the Foundation Board approve the minutes from the December 11, 2019 meeting as presented. Jayne Mohr moved. Dave Shooltz seconded. The motion passed.
COLLEGE UPDATES
Board of Trustees’ Report—Chris Bott noted that the NMC Board of Trustees met four times since the last Foundation Board meeting. On December 16, the Trustees affirmed the appointment of Pat Warner to the Foundation Board and Tim Nelson as an Emeritus Foundation Board member. Foundation Board member reappointments were also affirmed. Bill Marsh Jr. and Roberta Teahen were appointed as 2020 Fellows award recipients. At the January 17 annual meeting, the Trustees elected officers, including Chris Bott, Chair; Rachel Johnson, Vice Chair; Michael Estes, Secretary; and Janie McNabb, Treasurer. On February 24, the Trustees heard a report on Filling the Automotive Technician Pipeline.from Bill Marsh Jr. and Jason Slade, Director of NMC’s Technical Academic Area. Bott shared that a public opening event for the West Hall Innovation Center is planned for August 2020. The Trustees next regular meeting will be on March 23 at the Hagerty Center.
NMC FOUNDATION BOARD February 26, 2020 Meeting Minutes
Page 2 of 3
President’s Report: Listening & Learning—Nick Nissley shared that his current goals are to maintain the positive momentum of NMC, continue building internal and external relationships, and listening and learning. He emphasized his desire to learn from the Foundation Board and took the opportunity to ask questions of all members. Members shared their views on NMC’s challenges, their personal aspirations for NMC, offered general advice and other feedback. Nissley thanked members for sharing their insight and allowing him the opportunity to learn from their breadth of experience.
REPORTS
Campaign Steering Committee Report—Bruce Byl reported that $331,000 has been raised so far this quarter and nearly $30 million has been raised for the Be What’s Possible campaign. He shared that in total, the campaign has raised over $7.4 million for capital projects, $7.6 million in program support, $12 million in scholarship support, and $2.5 million for The Fund for NMC. Byl noted that things continue to be slower than desired like but there are several major gift discussions underway that could change things significantly. He shared the committee will seek to meet the campaign goal by the end of 2020, will focus on events to grow awareness of the campaign and introduce NMC’s new president, and continue the work of the campus, community, and alumni outreach groups.
Finance and Audit Committee Report—Steve Fisher presented an overview from the Finance and Audit Committee meeting on February 12. During the meeting, the committee reviewed the portfolio with investment consultant IPEX. Fisher reported that as of December 31, the value of the portfolio was $43,247,292. The 2019 annual rate of return was 19.5 percent. No rebalancing was needed at this time. As of February 7, the portfolio had increased to $43,829,046. Fisher shared that the committee is exploring new alternative portfolio managers and expects to review proposals and make a recommendation by April. He noted that current year spending for the Commitment Scholarship has been higher than expected due to a larger than usual cohort. To support that funding gap, $70,000 from the general scholarship fund was moved to the Commitment Scholarship. Staff verified that a quorum was present. Annual committee appointments were affirmed with the following motion:
Motion: That the Foundation Board approve the 2020 membership of the Finance and Audit Committee: Nat Adamson, Barb Benson, Chris Branson, Michael Estes, Steve Fisher, Eleanor Lynn, Mark Lundmark, Chris Millward, Nick Nissley, Dave Shooltz, Jim Weigand, Al Zelinski, and Rebecca Teahen. Chris Branson moved. Bruce Byl seconded. The motion passed.
Taste of Success Committee Report—Timothy Young encouraged members to attend A Taste of Success on April 17. This is the premier culinary fundraiser of the year that allows students to showcase their skills. Young shared that $87,000 has been raised so far. Tickets are still available along with a variety of sponsorship opportunities.
Executive Director’s Report—Rebecca Teahen reported positive progress in board member giving with 14 members at the President’s Club level and fewer members at the $0 level than at this time last fiscal year. She noted that the Alumni Relations Program recently hosted successful gatherings in Florida and a popular trivia event at Right Brain Brewery. Teahen shared that earlier this month, she and President Nissley had several meaningful visits with some of our most loyal and generous donors in Florida. Teahen reported that $2,387,186 has been raised so far this fiscal year. This includes $217,646 in gross event revenue. She shared that $346,500 has been raised this fiscal
NMC FOUNDATION BOARD February 26, 2020 Meeting Minutes
Page 3 of 3
year for The Fund for NMC and the NMC Scholarship Fund. Teahen then addressed recent media coverage related to record scholarship amounts and large amounts of unclaimed scholarship funds. She emphasized that scholarship funds are deployed as effectively as possible for students and that the scholarship awarding process is very complex. NMC still has a great need for scholarship funds, especially unrestricted scholarships, as only 14 percent of students received scholarships. Teahen then reviewed upcoming events, encouraging members to attend the Alumni Networking Reception on March 5, Taste of Success on April 17, and Scholarship Luncheon on April 24.
ADJOURNMENT
Zelinski thanked members and staff for their participation in the meeting. The next regular Foundation Board meeting will be held on April 29, 2020. There being no further business, the meeting was adjourned at 8:56 a.m.
Recorded by: Amanda Gower, Executive Assistant
COVID-19 STRATEGIES AND ACTIONS UPDATES
Students
● Foundation beginning to distribute aid to students (and, possible $1M of funding for College). ● Planning CARES Act distribution of 50% student funds and 50% institution funds. ● University Center partners collaborate on a virtual transfer fair for NMC students. ● Decided summer semester focus on online courses , and ‘incompletes’ recovery strategy, with 51 new
online sections/courses. ● Completed our first fully online orientation (4/20) - 165 prospective students will complete orientation,
meet with an advisor and register for classes (they will also get virtual appointments with financial aid specialists as needed).
● The library continues to distribute chromebooks to students - two days a week through a drive-up. ● The food pantry is still fulfilling orders for students, using the same drive-up model as the library.
Staff and Faculty
● Virtual Town Hall meeting attended by 200+ from college community. ● Faculty check-in phone calls and staff zoom chats . ● Over 60 instructors signed up for ‘Teaching Solutions’ course from EMT staff this summer, for
online teaching professional development/growth.
Strategy
● Align supplemental staffing with new programming realities. ● HR support to furloughed employees with unemployment registration , webinar with State of
Michigan Dept of Labor and Economic Opportunity, and coordination with Michigan Works to assist with these, as well as job search support .
● EES prototyping Online College for Kids offerings for summer; increasing K-12 academic enrichment options online for summer; and, ‘Driveways’ podcast .
● Beginning scenario planning for reopening and fall semester : (i) return to on-campus learning; (ii) hybrid teaching-learning; and, (iii) remote learning, still.
● Begin to assess financial impacts and build budget . ● Begin planning for ‘new normal’ retreat with President’s Council and Leadership Council:
● Conversation about what’s changed/changing ● Given the changes, what do we need to do differently
● Coordination between MCCA colleges at all levels through weekly statewide meetings. ● 4R’s developed to focus attention and actions (see next page)
---------------------------------------------------------------------------------------------------------------------------------------
Organizational Goals Keep students and employees safe from COVID-19, with the least disruption possible to learning.
Communications Goals Keep stakeholders informed of what’s happening, what NMC is doing, provide resources and reduce fear in a consistent and unified voice.
NMC’S 4R’S MODEL FOR LEADING THROUGH THE CORONAVIRUS PANDEMIC
This is initial thinking re: a framework for focusing our attention and actions as we live into our 'new normal'. It's "The 4R’s ".
1. Refocus - As we transition our focus from crisis to recovery, we must deliberately refocus our attention from 'pre-coronavirus' to now and what lies ahead. We must hit 'pause' on our 'old goals' so we can reevaluate where they are/should be situated in terms of present/refocused priorities, and articulate new priorities/goals (for the next 120 days). We must cascade this throughout the organization, to ensure folks aren't 'stuck' where we were. And, so we can begin creating greater clarity about 'where we're going', as we move from crisis towards recovery.
2. Reopening and Reengaging - While there's no indication, yet, what post 'stay at home' looks like, we're beginning to hear signaling that 'reopening' is on the horizon and being planned for. We're also hearing that we're not likely going 'back to normal'. Rather, we will need to begin to formally develop formal, explicit scenarios about our possible futures. In other words, we will need to lead the way, helping the rest of the college with 'reopening' and with 'reengaging' as we 'come back to work'. Again, our challenge will be to not assume we're 'getting back to normal'. Rather, we must help the college 'reimagine' our future/'new normal'.
3. ‘Reimagining’ - In some ways we have informally begun this, given our recent furloughing of supplemental staff. Now, we'll need to consider a 'zero-based' approach to whatever our future staffing needs might be, given our to-be-imagined work processes. Based on the above mentioned scenarios, we must then breathe life into these reimagined possibilities. This 'new (or, renewed) college' and supporting new business model will allow us to 'right the ship' (ensure that we're weathering the financial storm, resultant from the coronavirus epidemic).
4. Righting the Ship - Refocusing, Reopening and Reengaging, and Reimagining, will allow us to 'Right the Ship' - to ensure the college's financial stabilization and the ultimate sustainability of the institution. So, we'll need to be good fiscal stewards - engaging in weeding (answering what we need to stop doing), pruning (answering what we need to cut back on); and, we'll need to plant some new crops - e.g., new approaches to delivering a community college education.
4/22/20
-
NMC FoundationGift Summary by FundFebruary 2020 Contributions Received
Fund Description Gift Count New Gifts New Pledges TotalThe Fund for NMC 8 $9,385.00) $5,000.00) $14,385.00)
2020 NMC Scholarship Golf Open 1 $1,500.00) $0.00) $1,500.00)Aviation Scholarships 1 $0.00) $40.00) $40.00)Thomas Bentsen and David Weiss Memorial Scholarship 1 $0.00) $25,000.00) $25,000.00)Builders Exchange of Northwest Michigan Scholarship 1 $25,000.00) $0.00) $25,000.00)Commitment Scholarships 1 $0.00) $40.00) $40.00)NMC Scholarship Fund 3 $200.00) $40.00) $240.00)Guyot-Belcher Endowed Scholarship for the Arts 1 $100.00) $0.00) $100.00)Jason Family Scholarship Fund 1 $240.00) $0.00) $240.00)Sonja Olshove Endowed Memorial Scholarship 2 $225.00) $0.00) $225.00)Taste of Success 23 $5,100.00) $13,350.00) $18,450.00)Paul & Delphine Welch Art Department Scholarship 1 $1,286.00) $0.00) $1,286.00)Mary E Young Scholarship 1 $500.00) $0.00) $500.00)
Total Scholarships 37 $34,151.00) $38,470.00) $72,621.00)
International Affairs Forum 2020 Season 18 $5,105.00) $0.00) $5,105.00)Aviation Program 6 $1,850.00) $260.00) $2,110.00)Construction Trades Program 2 $507.24) $0.00) $507.24)Dental/Health Services 1 $200.00) $0.00) $200.00)Dennos Museum Memberships 88 $9,070.00) $0.00) $9,070.00)Dennos Museum Center 7 $1,141.52) $0.00) $1,141.52)GLMA Deck Discretionary Fund 1 $800.00) $0.00) $800.00)GLMA Engine Discretionary Fund 2 $1,500.00) $0.00) $1,500.00)GLMA Program 4 $675.00) $0.00) $675.00)Music Department Program 1 $675.00) $0.00) $675.00)NMC Food Pantry 3 $0.00) $205.00) $205.00)WNMC Radio 2 $200.00) $0.00) $200.00)
Total Program 135 $21,723.76) $465.00) $22,188.76)
Total Contributions 180 $65,259.76) $43,935.00) $109,194.76)
Northwestern Michigan College FoundationGift Summary by FundMarch 2020 Contributions Received
Fund Description Gift Count New Gifts New Pledges TotalThe Fund for NMC 7 $1,350.00) $1,000.00) $2,350.00)
2020 NMC Scholarship Golf Open 4 $3,850.00) $3,500.00) $7,350.00)Kristine Sue Boike Memorial Scholarship 1 $1,200.00) $0.00) $1,200.00)Culinary Arts Scholarship 1 $1,000.00) $0.00) $1,000.00)Isabelle S Firestone Scholarship 1 $1,000.00) $0.00) $1,000.00)NMC Scholarship Fund 12 $3,395.00) $0.00) $3,395.00)Mary Lynne Clement Guggemos Scholarship 1 $1,000.00) $0.00) $1,000.00)Clare & Luella McPhall Memorial Scholarship 1 $3,000.00) $0.00) $3,000.00)Barbra Griner Mikowski Nursing Endowment 1 $5,000.00) $0.00) $5,000.00)Nursing Scholarships 1 $1,000.00) $0.00) $1,000.00)Dobek-Rogers Astronomy Scholarship 1 $1,000.00) $0.00) $1,000.00)Taste of Success 22 $7,950.00) $1,500.00) $9,450.00)
Total Scholarships 46 $29,395.00) $5,000.00) $34,395.00)
International Affairs Forum 2020 Season 12 $280.00) $0.00) $280.00)Auto Tech Program 1 $0.00) $0.00) $0.00)Aviation Program 2 $2,500.00) $0.00) $2,500.00)Children's Choir 1 $100.00) $0.00) $100.00)Construction Trades Program 1 $1,084.16) $0.00) $1,084.16)Culinary Arts Program 2 $525.00) $0.00) $525.00)DMC Art Maintenance Fund 1 $10,000.00) $0.00) $10,000.00)Dennos Museum Memberships 29 $3,070.00) $0.00) $3,070.00)Dennos Museum Center 4 $13,062.64) $0.00) $13,062.64)GLMA Program 4 $2,750.00) $0.00) $2,750.00)Komesu Memorial Art Fund (DMC) 1 $25.00) $0.00) $25.00)NMC Food Pantry 1 $200.00) $0.00) $200.00)WNMC Radio 3 $285.00) $0.00) $285.00)
Total Program 62 $33,881.80) $0.00) $33,881.80)
Total Contributions 115 $64,626.80) $6,000.00) $70,626.80)
______________________________________________________________________________
To: Foundation Finance and Audit Committee From: Vicki Cook, VP Finance and Administration Date: April 13, 2020 Subject: March 31, 2020 Quarterly Financial Report for the NMC Foundation The attached report summarizes the financial results for the Northwestern Michigan College Foundation as of March 31, 2020. This period represents 75% of our fiscal year.
A) Investment Activity through this period includes the following. Investment and management fee includes custodial fees and IPEX consulting fee.
● Interest $ 115,219 ● Dividends $ 642,218 ● Realized gain (loss) $ 518,189 ● Unrealized gain (loss) $(5,990,276)
B) Contributions through this period include permanent temporary and unrestricted funds.
Also included in this category are new pledges through the March 31,2020.
● Unrestricted contributions $ 168,296 ● Temporarily restricted contributions $ 703,162 ● Permanently restricted contributions $ 489,991 ● Pledges-Unrestricted $ 48,539 ● Pledges-Temporarily restricted $ 108,792 ● Pledges-Permanently restricted $ 138,184
C) Special event activities through this period include the 2019 Golf Scholarship Open, Great Lakes Great Chef’s, Taste of Success and Lobdell’s Scholarship Dinner revenue to date.
I Northwestern
Michigan College
MEMO Administrative Services
D) Resource Development Operating Activity includes general management expenses for the Foundation. Insurance contributions and premium costs are donor initiated policies where the Foundation is named as owner and beneficiary.
E) Operating activity includes costs paid by the College for salaries, benefits and departmental expenses, related to the Resource Development office. The net expense is the unrestricted contribution that the Foundation pays towards these expenses.
F) Campaign Activity this includes additional employees related to the campaign. General
expenses in this category represent the contract with West Wind Consultants, and other campaign related expenses.
G) Program activity includes the support paid to NMC for scholarships and programmatic expenses which is detailed in this category. The expenses are paid based on the spending policy for endowments and restrictions by donors. The major activity in other program support includes WNMC, Commitment Program, Innovation Grants, Experiential Learning Institute and International Affairs Forum.
Northwestern Michigan College Foundation Statement of Activity March 31,2020
Annual Budget 2020Percentage of
Budget Expended Year to Date Actuals (A) Investment Activity
Interest & Dividends ( 750,000) 120.17% ( 901,248) Realized & Unrealized Gain ( (5,472,087) Investment & Management fees ( (135,000) 44.84% ( (60,537) Net Investment activity ( 615,000) ( (4,631,376)
(B) ContributionsContributions ( 4,000,000) 40.62% ( 1,624,815) In-kind equipment & supply contributions ( 16,550) Contributions ( 4,000,000) 41.03% ( 1,641,366)
(C) Special Event Activity Special event income ( 350,000) 85.68% ( 299,890) Special event costs ( (150,000) 53.36% ( (80,046) Net Special Event Activity ( 200,000) ( 219,844)
(D) Resource Development Operating ActivityContributions toward insurance premium ( 27,500) 116.91% ( 32,149) Unrealized pledges ( (10,000) 55.32% ( (5,532) Insurance premium costs ( (27,500) 116.90% ( (32,149) General expenses ( (30,000) 10.43% ( (3,130) Net Operating Activity ( (40,000) 21.65% ( (8,661)
(E) Operating Activity Salaries & Benefits paid by college ( (725,000) 74.07% ( (537,010) Operating expenses paid by college ( (305,000) 66.64% ( (203,264) College contribution ( 515,000) 69.71% ( 358,986) Net Costs of operations paid by Foundation ( (515,000) 74.04% ( (381,288)
(F) Campaign ActvitySalaries and Benefits ( (300,000) 66.58% ( (199,747) General expenses ( (247,000) 55.36% ( (136,741) College contribution ( 273,500) 61.51% ( 168,222)
( (273,500) 61.52% ( (168,266)
(G) Program Activity Scholarship awards ( (1,000,000) 83.83% ( (838,327) Museum support ( (365,000) 67.48% ( (246,310) University Center support ( (78,000) 75.85% ( (59,162) Library support ( (50,000) 30.91% ( (15,453) In-kind equipment & supply transfer to NMC ( (16,550) Other program support ( (600,000) 124.76% ( (748,567) Total Program Activity ( (2,093,000) 91.94% ( (1,924,369)
(H) Capital Improvements DMC - Construction ( (511,150) ( (71,904)
Net Investment Activity ( 615,000) ( (4,631,376) Net Operating Activity ( 767,350) ( (693,278) Total Net Activity to date ( 1,382,350) ( (5,324,653)
*New Planned gifts committed for fiscal year 2020 $354,000
Northwestern Michigan College Foundation Statement of Financial Position
March 31, 2020
ASSETS
Cash and cash equivalents $ 3,505,029
Pledges receivable, net 4,321,709
Cash surrender value of life insurance 446,853
Investments 36,128,843
Total assets $44,402,434
LIABILITIES AND NET ASSETS
Liabilities
Payable to NMC $ 491,369
Deferred Revenue 25,501
Split-interest agreements payable 52,246
Total liabilities 569,116
Net assets
Unrestricted 3,726,061
Temporarily restricted 25,431,630
Permanently restricted 14,675,627
Total net assets 43,833,318
Total liabilities and net assets $44,402,434
i
i
March 31, 2020
Investment Reports
Northwestern Michigan College Fndn
IPE Investment Performance Evaluation Xperts
Northwestern Michigan College Foundation Summary Aggregate Market Value Changes
Historical
This Quarter Year to Date 4th Qtr 19 3rd Qtr 19 2nd Qtr 19 2019 2018 2017 Acct. Inception3/31/2011
Beginning Market Value (Mgd) 43,240,841 43,240,841 40,714,500 40,635,537 39,456,573 36,251,968 39,000,069 34,824,878 28,146,515
Cash Flow Contributions 0 0 0 0 0 0 13,907 636,596 1,617,523
Distributions 0 0 0 0 0 -69,128 -15,775 -1,257,659 -4,872,649
Sub-Account Transfers 0 0 0 0 0 0 0 0 -2,485
Net Taxes 0 0 0 0 0 0 0 0 0
Expenses -18,983 -18,983 -19,040 -18,964 -18,828 -76,198 -106,912 -104,459 -998,121
Total Cash Flow -18,983 -18,983 -19,040 -18,964 -18,828 -145,326 -108,780 -725,522 -4,255,731
Investment Performance Principal Appreciation -7,389,397 -7,389,397 2,165,888 -137,260 941,619 6,075,567 -3,468,300 4,164,705 4,928,047
Income Generated 169,781 169,781 379,493 235,186 256,173 1,058,631 828,979 736,008 7,183,411
Change in Accrued Interest 0 0 0 0 0 0 0 0 0 Total Investment Performance -7,219,616 -7,219,616 2,545,382 97,926 1,197,792 7,134,198 -2,639,321 4,900,714 12,111,458
Change in Market Value -7,238,599 -7,238,599 2,526,341 78,962 1,178,965 6,988,872 -2,748,101 4,175,192 7,855,727
Ending Market Value (Mgd) 36,002,242 36,002,242 43,240,841 40,714,500 40,635,537 43,240,841 36,251,968 39,000,069 36,002,242
UnManaged Assets 172 172 6,451 164 164 147 0 0 172
Total Portfolio $36,002,414 $36,002,414 $43,247,292 $40,714,664 $40,635,701 $43,247,292 $36,252,114 $39,000,069 $36,002,414
Current Period Last 3 Quarters Last 3 Years
Market Value (Last 5 Years) Changes in Market Value
-$8,000,000
-$6,000,000
-$4,000,000
-$2,000,000
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
This Quarter Year to Date 2019 2018 2017
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
$50,000,000
IPEX, Inc. 10 March 31, 2020
IPEk -
Northwestern Michigan College Foundation Allocation Aggregate Multi-Manager Target Allocation
Market % of Reallocation + / - VarValue Assets Target % $ Min / Max Compliance % of Target Asset Class
1. Huntington Fixed Income 9,932,174 27.59% 25.00% +2.59% +931,613 20% / 30% Yes +10.4% Fixed Income2. Vangrd 500 Inst Index 10,369,030 28.80% 28.00% +0.80% +288,402 23% / 33% Yes +2.9% Domestic Equity3. Small-Mid Cap Funds 2,847,671 7.91% 9.50% -1.59% -572,542 7.5% / 11.5% Yes -16.7% Domestic Equity4. International Funds 7,596,581 21.10% 22.50% -1.40% -503,923 20% / 25% Yes -6.2% Intl Equity5. Alternative Funds 5,228,892 14.52% 15.00% -0.48% -171,445 12% / 18% Yes -3.2% Alternative
Cash / Miscellaneous 27,895 0.08% 0.00% +0.08% +27,895 -
Total Managed Portfolio 36,002,242 100% 100%
Account
Manager Allocation+ / - Variance
+ / - Variance from Target
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
IPEX, Inc. 11 March 31, 2020
I I I ■
■ •
Northwestern Michigan College Foundation Performance Aggregate Performance Summary
Total Policy + / -
Account Benchmark Variance R^2
Trailing Periods
This Quarter -16.70% -15.37% -1.33%
Year to Date -16.70% -15.37% -1.33%
Last 12 Months -8.59% -6.71% -1.88% 1.00
Last 2 Years (Ann) -3.20% -1.48% -1.72% .99
Last 3 Years (Ann) 0.67% 2.02% -1.35% .99
Last 5 Years (Ann) 1.81% 2.96% -1.15% .99
Manager Inception (Ann) 4.24% 5.10% -0.86%Manager Inception (Cum) 45.31% 56.50% -11.19%
3/31/2011
Account Inception (Ann) 4.24% 5.10% -0.86%Account Inception (Cum) 45.31% 56.50% -11.19%
3/31/2011
Annual Periods
2019 19.72% 20.69% -0.97%
2018 -6.79% -5.92% -0.87%
2017 14.17% 15.06% -0.89%
2016 7.37% 7.83% -0.46%
Quarterly / Monthly Periods
4th Qtr 19 6.25% 5.97% +0.29%
3rd Qtr 19 0.24% 0.71% -0.47%
2nd Qtr 19 3.04% 3.30% -0.26%
1st Qtr 19 9.09% 9.48% -0.39%
January -0.86% -0.31% -0.55%
February -5.15% -5.09% -0.06%
March -11.42% -10.56% -0.86%
Trailing Periods with Absolute Target
Quarterly Policy Benchmark Variance (Last 5 Years)
Cumulative Return (Last 5 Years)
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Last 12 Months Last 3 Years (Ann) Last 5 Years (Ann) Account Inception (Ann)
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
-1.6%
-1.4%
-1.2%-1.0%
-0.8%
-0.6%-0.4%
-0.2%
0.0%0.2%
0.4%
0.6%Better
IPEX, Inc. 13 March 31, 2020
Northwestern Michigan College Foundation Performance Aggregate Multi-Manager Trailing Performance
Total Manager + / - Total Manager + / - Total + / - Total + / - Total + / -
Account Account Benchmark Variance Account Benchmark Variance Account Variance Account Variance Account Variance
1. Huntington Fixed Income -0.62% 1.30% -1.93% -0.62% 1.30% -1.93% 3.65% -3.50% 2.87% -1.51% 2.33% -1.02%
2. Vangrd 500 Inst Index -19.60% -19.60% +.00% -19.60% -19.60% +.00% -7.00% -.02% 5.08% -.03% - -
3. Small-Mid Cap Funds -31.66% -29.72% -1.94% -31.66% -29.72% -1.94% -25.14% -2.67% - - - -
4. International Funds -23.71% -23.36% -.36% -23.71% -23.36% -.36% -15.90% -.33% - - - -
5. Alternative Funds -15.46% -15.32% -.14% -15.46% -15.32% -.14% -10.08% +.61% -1.93% -.48% -0.65% +.11%
Equity -21.58% -20.55% -1.04% -21.58% -20.55% -1.04% -12.60% -1.28% -0.14% -1.26% 1.62% -1.16%
Fixed Income -0.59% 1.30% -1.89% -0.59% 1.30% -1.89% 4.00% -3.16% 3.18% -1.19% 2.65% -.70%
Total Portfolio (Gross) -16.70% -15.37% -1.33% -16.70% -15.37% -1.33% -8.59% -1.88% 0.67% -1.35% 1.81% -1.15%
Total Portfolio (Net) -16.74% -15.37% -1.37% -16.74% -15.37% -1.37% -8.75% -2.04% 0.43% -1.60% 1.51% -1.45%
Relative ReturnBetter than Manager Benchmark 0 0 1 0 0About the Same 3 3 2 2 1Worse than Manager Benchmark 2 2 2 1 1
Total Investment Vehicles 5 5 5 3 2
This Quarter Year to DateNet Returns
Last 3 Years (Ann)Last 12 Months Last 5 Years (Ann)
Relative Return measures how many investment vehicles performed Better than the Manager Benchmark (> +.50%),Similar to the Manager Benchmark or Worse than the Manager Benchmark (< -.50%).
Total Portfolio (Net) performance reflects all expenses (e.g., custody, management and consulting) that have been paiddirectly out of the account, as well as any internal mutual fund fees. Equity and Fixed Income performance representgross returns and exclude any cash held in the account.
IPEX, Inc. 14 March 31, 2020
Northwestern Michigan College Foundation IPEX, Inc.
Aggregate Account April 14, 2020
% of Account Market Value Assets Minimum Target Maximum % $ Compliance
Cash 14,583 0.04% 0.00% 0.00% 10.00% +0.04% 14,583 N / A
Fixed Income
Huntington 10,082,112 26.83% 20.00% 25.00% 30.00% 1.83% 687,242 Yes
Domestic Equity
Vanguard 500 Institutional Index 11,087,346 29.50% 23.00% 28.00% 33.00% +1.50% 565,091 YesSmall-Mid Funds 3,041,289 8.09% 7.50% 9.50% 11.50% -1.41% -528,762 YesDomestic Equity Total 14,128,635 37.60% 32.50% 37.50% 42.50% +0.10% 36,329 Yes
International Equity
International Equity Funds 7,950,117 21.16% 20.00% 22.50% 25.00% -1.34% -505,266 Yes
Alternative Funds
Alternative Funds 5,404,034 14.38% 12.00% 15.00% 18.00% -0.62% -232,888 Yes
Total $37,579,481 100.00% 100.00%
Account UpdateStrategic Allocation Variance
All account information in this report is based upon data obtained directly from the client’s custodian(s). To the extent that any data provided by thecustodian is incomplete and/or inaccurate, the data contained in this report will also be incomplete and/or inaccurate. IPEX does not guarantee, andshall have no liability for, the accuracy, timeliness or completeness of any information reflected in this report.