JMU Foundation Board of Trustees Spring 2022 Meeting


Highlights from the May 20, 2022, Meeting

Board of Trustees- Spring Meeting

After attending committee meetings on Thursday May 19, 2022, the board enjoyed a reception at the home/art museum of Dr. Earlynn Miller who donated her home and artwork upon her death to the JMU Foundation. The fully furnished home will be leased to JMU for its Artist-in-Residence program and other special events with all the artwork and collectibles on display.

The full board met in person on May 20, 2022, at the Hotel Madison and Shenandoah Valley Conference Center. The board meeting began with our lunch speaker Head Football Coach Curt Cignetti who discussed the excitement of joining the SunBelt and the challenges of working around the new NIL (Name, Image, and Likeness) and Transfer portal environment. Everyone enjoyed the opportunity to meet and hear from Coach Cignetti.

Major news from the committees were:

Executive: The annual performance review for CEO Coleman was conducted and the committee shared the results and their approval of his performance for the year.

Administration and Finance: The Committee reviewed and approved the FY22-23 Unrestricted Expenditure Budget, and Paul Thompson made a motion to the full board to accept the FY22-23 budget which was approved as presented. A highlight of the year has been the record level of royalties collected through three quarters. Licensing Director Garret King expects the fourth quarter to be strong as well, and this revenue will help offset a drop in unrestricted giving.

Development: Dr. Langridge shared that with only 30 days left in the Unleashed campaign, its total stands at $242 million and he is optimistic that we will reach $250 million by June 30. Committee Chair Mr. Branch shared the results of the “Giving Survey” and after much discussion, the committee decided against recommending a required minimum donation by the Trustees and Fellows and will work on mini campaigns for the board to support, in addition to the goal already in place of having 100% giving participation from all Trustees and Fellows.

ERM/Audit: The Committee reviewed the revised Conflict-of-Interest and Non-Disclosure Agreements for our Trustees and Fellows, and the MOU between the Foundation and JMU. Committee Chair Ms. Shirkey reported that the Committee would share its comments on the documents with the Governance Committee to ensure all points of concern are addressed.  The Committee also discussed the need for a sensitivity analysis to help predict budget impacts as investment values fluctuate. While the budget contains some funds for this exercise, it was determined that the best use of dollars and time was to engage the help of our College of Business faculty and students to work on this project.

Governance: The Committee approved resolutions for both JMUF and JMU REF to add John Alouf as a new Trustee, and Dan Bise, Emily Platt and Curtis Pulliam as Fellows for the upcoming year. The Committee also reviewed the proposed Foundation Conflict-of-Interest and Non-Disclosure Agreements, and Affiliation Agreement (MOU) with JMU. It was decided to review the comments from the ERM/Audit Committee before finalizing these documents. The Documents will be presented to the full board at the Fall meeting, and the MOU will then be presented to the JMU Board of Visitors for approval.

Real Estate: The Committee reviewed progress on the purchase of four properties under contract, the gift of a home located in Harrisonburg, and a request by JMU to purchase another home. The Committee, followed by the full board, approved the purchase of 709 Hickory Hill Drive. This property will be sold to the University later in the year. The Committee was joined by Dr. Tim Rose, CEO of the UVA Foundation. Dr. Rose shared about his thirty years buying and selling real estate to grow the UVA campus and meet the needs of the university. The presentation was very beneficial for the committee as it looks to expand its real estate holdings.

Investment: Committee Chair Mr. Walden reported that Eric Riedlin with Monticello Associates attended and reviewed the portfolio performance as of 3/31/22.  He noted that the current market conditions are the worst in 40-50 years and the volatility is expected to continue. Currently the portfolio is at -14% as of April. It was decided to make full redemptions from Sanderson International and Canyon Value, and to move excess cash to Fixed Income Strategies to take advantage of the rising interest rates.

The full board agenda began with the annual report from President Alger. Mr. Alger commented on many of the accomplishments of the past school year such as the R2 National University classification, record number of applications, JMU’s ranking as the #1 college in Virginia in the SCHEV survey of “I Am Satisfied With My Life”, a $2 million grant to Furious Flower, the Debate team finishing 4th nationally, the move to the SunBelt, and many others. President Alger did express concerns regarding COVID’s impact on math skills and its impact on social and emotional habits.

Dr. John Dooley, former CEO of the Virginia Tech Foundation, joined the meeting by Zoom to share insights on how the VT Foundation grew by $1 billion dollars during his tenure from 2011-2021. While he shared many interesting programs, gifts of real estate, research parks and deals to bring Amazon to Virginia, he stressed that it would not have happened without the goal being initiated by the University President. He indicated that President Sands set a goal to reach the $1 billion endowment mark and with VTF’s internal investment team and his direction, the goal was achieved.

CEO Coleman and CFO Lindsay provided brief mid-year updates. CFO Lindsay reviewed an AGB and SEI study on revenue and expenditure comparison for various sized Foundations and then shared a five- year history of this information for the JMU Foundation. CEO Coleman continued the Development Committee’s discussion on giving and emphasized the four T’s - Time, Talent, Treasures ($), and Testimony - of an advocate.

CEO Coleman recognized Trustee Spencer Stouffer with a resolution for his service to the Foundation board over the past six years.

CEO Coleman recognized Chair Barry Purcell for his gift of artwork entitled “Welcome All” to the Foundation. Mr. Purcell shared how reflecting on positive thoughts and places in your life can bring comfort, like his gifted artwork which captured a part of Wilson Hall and the fond memories it brings every time he looks at the building.

Chair Purcell announced that the next meeting would be held Oct 20-21, 2022.

With no other business to discuss, Board Chair Purcell adjourned the meeting.


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Published: Friday, May 20, 2022

Last Updated: Thursday, November 2, 2023

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