September 2016 Meeting Minutes

The Northark Board of Trustees met in regular session Thursday, September 8, 2016, in the Bennie Ellis Board Room on the South Campus. Chair Scott Miller called the meeting to order at 3 p.m. Trustees Jane Adair, David Evans, Bill Lovell, Matt Miller and were present.  Trustees Kirk Campbell, Sara Jo Fendley, Jim Milum, and Dr. Marcus Jones were absent.

Northark personnel attending included Dr. Randy Esters, Dr. Gwen Gresham, Don Sugg, Dr. Rodney Arnold, Jamie Stevens, Chad Johnson, Kris Greening, David Zirkle, Jannifair Ditmanson, Kim Tinsley, Chad Hathaway, Micki Somers, Charla Jennings, Chad Hathaway, Stacie Klott, Dr. Laura Berry, Ricci Dillon, Kevin Somers, Nell Bonds, and Cheryl Keymer. Lee Dunlap and David Holsted represented the Harrison Daily Times. Chair Miller recognized Board candidates Don Tomlinson and Chris McNew, who were also in attendance. Russell Larimore was present. Michele Allgood and Daniel Allen represented Raymond James.

Approval of Agenda: Chair Scott Miller requested approval of the agenda, which passed unanimously.

Regular Reports

Finance Report:  Don Sugg provided the finance report which indicated that revenue was at 57% of budget and that expenses were at about 13% of planned budget. He also reported that the Auxiliary Fund revenue was at about 40% of budget and experiences 27% in expenses.

President’s Report:  Dr. Esters reported enrollment numbers through September 8th which indicated an increase of 680 student semester credit hours and an increase of 90 students in headcount. He reported on a number of faculty and staff activities since the first week of the semester. He also discussed recent visits with area superintendents and stakeholders. He reviewed the timeline for completing the Vice President of Academic Affairs search process.

Approval of Consent Agenda: Chair Scott Miller requested a motion to approve the Consent Agenda which the August regular meeting minutes, the review and acceptance of the June 30, 2015 Financial Audit Report with no noted findings, transfer of Jane Stamper Trust from the College to the Foundation, Capital reserve transfer, and the naming of the Health Education Simulation Center. Trustee Lovell made a motion, which was seconded by Trustee Matt Miller and passed unanimously. Chair Miller stated that he was voting with the majority.

Monitoring Reports

Foundation: Dr. Arnold provided the number and amount of annual foundation contribution over the last four years, has consistently trended upward. He also reported an upward trend in the Foundation Endowment. He discussed the recent gifts and grants that have contributed to the increases.

New Business: Don Sugg discussed that the current status of the stock market presented an opportunity for the College to potentially refinance its outstanding bonds and experience savings over the term of the bond. The recommendation was made that the firm of Raymond James be selected as the Direct Loan Placement Agent for the refinancing effort of the current outstanding 20012A and 2012B Bond Issues.

Additionally, the recommendation was made that the firm of Mitchell, Williams, Selig, Gates & Woodyard, PLLC, with Michele Simmons Allgood as the principal in charge, be selected as Bond Counsel.  Chair Miller Requested a motion to approve the recommended firms as presented. It was clarified that the motion allowed both firms to move forward with preparing a refinancing plan and agreement that could be presented to the board at a later date for approval. Trustee Matt Miller motioned which was seconded by Trustee Lovell. The motion passed unanimously with Chair Miller voting with the majority.

Board Comments

There being no further business, Chair Scott Miller requested a motion to adjourn, which was made by Trustee Evans, seconded by Trustee Lovell, and carried. The meeting adjourned at 4:30 p.m.

Chair Miller                                                                             Submitted by Trish Villines