Western Nevada College

The meeting commenced with welcome remarks and the announcement of a Board Member's resignation. Key discussions included the presentation and unanimous approval of the FY25 audit, which noted no significant issues and discussed upcoming GASB standards. The Finance Report indicated a strong financial position, with Q1 scholarship disbursements exceeding $200,000 and the investment portfolio reaching approximately $10 million. Updates on the State of the College highlighted several facility projects, including the Reynolds Building renovation, the Fallon HRSA Nursing Grant construction start, and planning stages for the Douglas HRSA Nursing Expansion, Café Renovation, and Observatory Renovation. The College's nursing program remains top-ranked, supported by recent grants for AI training and CDL program shade structures. Fundraising outcomes were reviewed, showing significant revenue increases for both the Reach for the Stars Gala and Golf for Education events. The Board also expressed condolences for a departed supporter and discussed establishing a nursing scholarship in their honor. The Continuing Education report detailed substantial growth in FY25 enrollments and program revenue. Finally, progress on the FY25-27 Strategic Plan was presented, confirming FY25 scholarship support results exceeded targets, with goals set for future growth in scholarship support, financial sustainability, and investment portfolio growth.

The Finance Committee meeting involved several key agenda items. The financial statement review for the first quarter of FY26 highlighted that the WNCF Investment portfolio reached approximately $9.8 million and total assets reached $11,906,836, attributing growth to fundraising events and noting the completion of the FY25 audit with a clean opinion. The investment review indicated the portfolio was up 17.33% year-to-date, with a continued conservative positioning. Recommendations for consolidating or reallocating inactive and low-balance funds, such as the Art Fallon Fund and various Fallon funds, were approved. An overview of the updated strategic plan was presented, prioritizing scholarship support and revenue growth. Updates were provided on construction projects, including the Reynolds Building renovation and progress on the Fallon and Douglas Nursing Expansion Projects. Fundraising results for the Reach for the Stars Gala and Golf for Education tournament were reviewed.

Key discussion topics for this meeting include an introduction and welcome, public comment period, review of consent items which includes potential action on the minutes from the previous quarterly board meeting held on October 16, 2025. Other agenda items involve a review of WNCF financial statements for the second quarter and year to date FY26, an update on WNC Foundation holdings and investments for the second quarter of FY26, and a review of inactive or low-activity accounts with recommendations for reallocation, such as moving funds from the Nursing Student Emergency Loan to Nursing Student Emergency Scholarships. Additionally, the committee will discuss the review process for new WNCF endowment management software and review the status of WNC construction projects supported by the WNC Foundation, including updates on the Reynolds Building, Fallon Pinion Building, Douglas Campus Nursing, and Beck Library.

The Finance Committee meeting addressed compliance with Nevada Open Meeting Law. Key agenda items included approving the FY26 meeting schedule and reviewing year-end financial statements through June 30, 2025, noting positive FY25 results, strong investment growth ($7.5M to $8.7M), and increased accounting expenses. The investment review reported a trailing twelve-month portfolio return of 14.64%, driven by international equities and precious metals, and discussed potential reallocation of unrestricted cash. Updates were provided on several WNC construction projects, including the Reynolds Building, Fallon Campus Piñon Building, Douglas Campus Nursing, and Beck Library renovations. Event planning updates covered the 'Reach for the Stars Gala: Fire & Ice,' which secured over $100,000 in sponsorships and ticket sales, and the upcoming Golf for Education Tournament.

The meeting commenced with a welcome and expression of appreciation for an outgoing board member, and the introduction of a new Workforce Development Liaison. Key discussions included the unanimous approval of the proposed FY2026 Board Meeting Dates. The Finance Committee reported that FY2025 ended with total assets of $10.8 million, noting a 13.2% year-over-year increase in assets and a 19.7% increase in net income, emphasizing the strategic goal of building unrestricted reserves. The State of the College update highlighted a 20% enrollment increase over two years, commendations from the recent accreditation review, and ongoing advocacy for a revised state funding formula. Updates were provided on the upcoming Reach for the Stars Gala 2025, noting record pre-event ticket sales exceeding $100,000, and details on auction items. Additionally, the board reviewed the status of over 400 scholarship applications for the 2025-2026 academic year and upcoming events, including the Golf for Education and a Donor Appreciation Event.