MCC Foundation Goal: Maintain fiscal accountability

Objective: Balance and reconcile all assets held of the Foundation

Action Plan: Take June 30, 2007 year ending balance of all three Foundation accounts (First Bank, First Citizens, & STIF) and itemize all financial holdings by individual accounts/funds. Provide a detailed report of all holdings to the President and to the Foundation Board. Included in this report is a detailed explanation of the accounting techniques and strategies utilized to reconcile all three accounts.

Assessment Strategy: Provide written and oral report to the President and to the Foundation Board detailing all holdings and accounting methods used to separate all holdings into individual accounts.

Assessment Outcomes: Foundation accounts were balanced and presented to the Foundation Board in January 2008. The balanced accounts were approved. Subsequent presentations of accounts were approved in April 2008 and July 2008.

Use of Results: Completed

MCC Foundation Goal: Promote long term fiscal soundness of Foundation

Objectives: Determine if the software currently utilized by the Foundation (FundRaiser and QuickBooks) needs to be updated or replaced in order to meet the expectations required by accepted fund accounting procedures.

Action Plan:  Research available fund accounting software to determine if there is a more reliable, more detailed, and more report friendly product to replace the two software packages that the Foundation currently uses to maintain records of donations and endowments, to write checks to cover Foundation expenses, and to transfer funds between accounts.

Assessment Strategy: Prepare and deliver a thorough report detailing limitations of existing software package, other products available, cost comparisons, and recommendations to the President and the Foundation Board.

Assessment Outcomes: Current software is suitable for the basic operations of the Foundation. A review of the existing software located many underutilized functions and the new IE plan for 08-09 will address utilizing these additional functions.

Use of Results: Completed/ Continue in 08-09

MCC Foundation Goal: Organize Foundation filing and record keeping data.

Objectives: Establish a well-organized and resourceful set of Foundations files to house both current and prior year Foundation records.

Action Plan: Sort through all information, files, and notebooks that have been keep during the last decade to determine what information is archival and what needs to be removed in order to maintain a workable set of files.  All necessary information will then be filed in an orderly and intelligent manner.

Assessment Strategy: Files easily accessible and complete for review by President, Foundation Board, auditor, or other interested party. Archival information accessible by same.

Assessment Outcomes: New procedures for organizing daily donations and deposits were instituted in 07-08. These included backup copies of all donations and deposits as well as a system of checks and balances for reconciling bank accounts.  During this process, many of the old documents from previous years were combined and filed accordingly. This task was time consuming and the task will continue in 08-09.

Use of Results: Completed/Continue in 08-09

MCC Foundation Goal: Develop new fundraising opportunities and improve community relations.

Objectives:

1. Provide information on new avenues and opportunities for “friend” and “fund” building activities.
2. Develop and implement strategies for improving the image of the college in the community.

Action Plan:

1. Research different types of Foundation activities held by both large and small institutions in an effort to offer more and different types of fundraising activities.
2. Implement approved fund and friend building strategies.

Assessment Strategy:

1. Detailed report to the President and Board presenting variations of events that the college currently holds (golf tournament and raffle) and introducing new avenues for fund raising.
2. Maintain a folder of implemented events and strategies from throughout the fiscal year.

Assessment Outcomes: In 07-08, both the raffle and the golf tournament were revamped to make these events more enjoyable for participants and to better publicize the college. Both events were successful and questionnaires returned to the foundation showed overwhelming support for the changes. As for fundraising, the Business of the Week/Friends of the College campaign was very influential in recognizing support from persons and business who donated to the college. Many donations were received after such donors were presented with materials from the campaign.

Use of Results: Completed

College Goal: Maintain overall fiscal stability.

Foundation Goal: Maintain Fiscal Accountability

Objectives: Balance and reconcile all assets held by the Foundation

Action Plan: Continue weekly, monthly, and quarterly reconciliation of all accounts. Provide a report of all holdings to the President and to the Foundation Board. Included in this report is a detailed explanation of the accounting techniques and strategies utilized to reconcile all accounts.

Person(s) Responsible: Foundation Executive Director

Anticipated Date for Achieving Objective: June 30, 2009

Assessment Strategy: The Foundation Board will continually be presented with detailed, individual account balances for the STIF and First Bank accounts.  In addition, the unrestricted operating account will continue to be in balance with the revenue generated from the raffle and golf tourney, minus expenditures.

Budget Needs: Current staff.

Assessment Outcomes: Will be completed in June 2009

Use of Results: Will be completed in June 2009

College Goal: Maintain an on-going program that insures continual improvement and a high standard of institutional effectiveness, consistent with the expectations of governing and accrediting agencies.

Foundation Goal:  Promote long term fiscal soundness of Foundation

Objectives: Utilize currently unused functions of existing software to improve current fiscal procedures.  

Action Plan: Research all functions of existing software and implement procedures to utilize all advantageous functions to better serve the needs of the Foundation.

Person(s) Responsible: Foundation Executive Director

Anticipated Date for Achieving Objective: June 30, 2009

Assessment Strategy: Include all newly implemented procedures and utilized functions in manual.

Budget Needs: Current staff

Assessment Outcomes: Will be completed in May 2009

Use of Results: Will be completed in May 2009

College Goal: Maintain an on-going program that insures continual improvement and a high standard of institutional effectiveness, consistent with the expectations of governing and accrediting agencies.

Foundation Goal:  Promote long term fiscal soundness of Foundation.

Objectives:

1. Develop procedures manual for core fiscal functions. Cross train Administrative Assistant to receipt donations and balance accounts. Maintain organized filing system and continue the archival process of Foundation records.
2. Design new strategies for transferring funds between Foundation accounts.

Action Plan:

1. Establish well-organized and detailed procedures manual for entering financial data and Foundation records as well as an organized system of all record keeping processes. Work with Administrative Assistant to establish proficiency in receipting donations and balancing accounts. Establish a well-organized and resourceful set of Foundation's files to house both current and prior year Foundation records.
2. Review current method of transferring funds between Foundation accounts and research new options utilizing available technology.

Person(s) Responsible: Foundation Executive Director

Anticipated Date for Achieving Objective: June 30, 2008

Assessment Strategy: Generate procedures manual and have available for office use. Administrative Assistant will be proficient in receipting donations and balancing accounts using existing software. Files easily accessible and complete for review by President, Foundation Board, auditor, or other interested party.  Archival information accessible by same. Implement new procedures for transferring funds and document procedures in manual.

Budget Needs: Current Staff

Assessment Outcomes: Will be completed in May 2009

Use of Results: Will be completed in May 2009

College Goal: Maintain an on-going program that insures continual improvement and a high standard of institutional effectiveness, consistent with the expectations of governing and accrediting agencies.

Foundation Goal: Develop new fundraising opportunities and improve community relations.

Objectives:

1. Provide information on new avenues and opportunities for “friend” and “fund” building activities. Organize and implement “friend raising” event on campus.
2. Develop and implement strategies for improving the image of the college in the community.

Action Plan:

1. Research different types of Foundation activities held by both large and small institutions in an effort to offer more and different types of fundraising activities. Examples Include: Return to the Classroom, Lecture Series, and Montgomery Idol
2. Implement approved fund and friend building strategies.

Person(s) Responsible: Foundation Executive Director

Anticipated Date for Achieving Objective: June 30, 2008

Assessment Strategy:

1. Detailed report to the President and Board presenting variations of events that the college currently holds (golf tournament and raffle) and introducing new avenues for fund raising.
2. Maintain a folder of implemented events and strategies from throughout the fiscal year.

Budget Needs: Current Staff

Assessment Outcomes: Will be completed in May 2009

Use of Results: Will be completed in May 2009

College Goal: Provide facilities for student learning that capitalize on state-of –the –art instructional applications.

Foundation Goal: Begin discussion of the idea of a Capital Campaign with the Board of Trustees and Foundation Board.

Objectives:

1. Provide Board with detailed information regarding Capital Campaigns and their benefits.
2. Discuss the direction Montgomery Community College would like to take in regards to a Capital Campaign.

Action Plan:

1. Research Capital Campaigns. Attend professional development opportunities focused on the subject of Capital Campaigns.
2. Compile and present to the Board information and proposed plans on beginning a Capital Campaign at Montgomery Community College.

Person(s) Responsible: Foundation Executive Director

Anticipated Date for Achieving Objective: June 30, 2008

Assessment Strategy:

1. Attend professional development opportunities. Compile all relevant information in an organized and accessible fashion.
2. Develop proposed plan for Capital Campaign.

Budget Needs: Current Staff

Assessment Outcomes: Will be completed in May 2009

Use of Results: Will be completed in May 2009