Board of Trustees Fall Meeting

Foundation Board of Trustees Meeting – September 2015

The Board of Trustees of the James Madison University Foundation met on September 18, 2015.

New trustees, Ms. Linda Cross (’77) and Dr. James Riley (’99P, ’05P), were welcomed to the board. The trustees attended various committee meetings followed by a meeting of the full board. Chief Executive Officer Tom Schaeffer presented an update on the proposed Hotel Madison and Shenandoah Valley Conference Center Project, a review of the foundation 2014-15 annual accomplishments, and goals for 2015-16.

Cheryl Lindsay, Chief Financial Officer, reviewed the foundation’s financial position as of June 30, 2015. Ms. Lindsay reported total assets of $117,994,779, total liabilities of $3,505,123 with total net assets of $114,489,656. Total revenue for the year ending June 30, 2015, was reported to be $20,601,262 with total expenses of $13,097,673 generating a change in net assets of $7,503,589.

Actions taken by the board included approval of a number of new policies and establishing a process for the review and inspection of properties held by the JMUF Property Holdings LLC.

Dr. Brian Charette provided an excellent presentation to the board regarding the economic impact of the university on the local community. Dr. Nick Langridge offered an informative presentation on the impact private giving is having on the progress of the Madison Plan, the strategic plan of the university.  See more at http://www.jmu.edu/jmuplans/