BHEF October 13, 2021 Board Of Directors Meeting Advance Materials

BHEF Board of Directors Meeting, October 13, 2021 BHEF Board of Directors Meeting October 13, 2021 12 :00 – 2:00 p.m. EDT Please join the video conference using this link. Meeting ID: 881 2247 8417 Passcode: 322986 You may also dial in using your phone. (See next page) AGENDA 12:00 p.m. Business Meeting 1.Welcome and Overview – Mary Papazian 2.Approval of the FY21 Q3 Board of Directors Meeting Minutes – Mary Papazian (Tab 1) 3.Chief Executive Officer’s Report – Brian Fitzgerald (Tab 2) 4.Membership Committee Report – Jeff Armstrong (Tab 3) 5.Finance and Audit Report – Brian Fitzgerald (Tab 4) 6.Closing Remarks – Mary Papazian 1:30 p.m. Executive Session BHEF Board of Directors Meeting, October 13, 2021 BHEF Board of Directors Meeting Zoom Board Meeting Details October 13, 2021 To pic: BHEF Board of Directors Meeting | FY22, Q1 Time: Oct 13, 2021 12:00 PM Eastern Time (US and Canada) Jo in Zoom Meeting https://us06web.zoom.us/j/88122478417?pwd=OHZZOGFMNUxkTm9XbDl3b3h5TGF0dz09 Meeting ID: 881 2247 8417 Passcode: 322986 One tap mobile +16465588656,,88122478417#,,,,*322986# US (New York) +13017158592,,88122478417#,,,,*322986# US (Washington DC) Dial by your location +1 646 558 8656 US (New York) +1 301 715 8592 US (Washington DC) +1 312 626 6799 US (Chicago) +1 720 707 2699 US (Denver) +1 253 215 8782 US (Tacoma) +1 346 248 7799 US (Houston) Meeting ID: 881 2247 8417 Passcode: 322986 Find your local number: https://us06web.zoom.us/u/kyhT5sge Tab 1 – FY21 Q3 Board of Directors Meeting Minutes BHEF FY2021, Q3 – May 7, 2021 Board of Directors Meeting Minutes | 1 BHEF Board of Directors Meeting May 07, 2021 12:00 p.m. EDT Board of Directors Meeting Minutes A ttendees Board Members: Joseph Aoun, Jeff Armstrong, Jack DeGioia, Brian Fitzgerald (ex officio), Mike King, Brian Napack, Ryan Oakes, Judy Olian, Mary Papazian, Jay Perman, Brian Roach, Tim Sands. BHEF Staff: Suzanne Amoonarquah, Frank Avery, Stephanie Blochinger, Stacey Brown, Janet Chen, Ursula Gross, Amanda Pumphrey, Jennifer Thornton, Danielle Troyan. Welcome and Overview Board Chair Mike King opened the meeting at 12:00 p.m. He welcomed members and provided an overview of the agenda. Approval of the FY21 Q2 Board of Directors Meeting Minutes King asked for a motion to approve the FY21 Q2 Board of Directors meeting minutes. The motion was made and seconded. The minutes were unanimously approved. Chief Executive Officer's Report FY21 COVID Leadership Success Brian Fitzgerald provided an overview of BHEF’s recent success in its COVID-19 response by reporting on BHEF's newly developed offerings, including member-only labor market analyses, and the BHEF-Business Roundtable Workforce Partnership Initiative (WPI) projects. BHEF’s fundraising efforts included: •secured short-term funding and worked towards long-term support from JPMorgan Chase; •a COVID-19 response grant from the ECMC Foundation; and BHEF FY2021, Q3 – May 7, 2021 Board of Directors Meeting Minutes | 2 •co-led the Education and Workforce Institute for the National Center on Wireless Spectrum Innovation and submitted five-year grant to NSF for BHEF members to engage in the development of new work-based learning models and credentialing for Spectrum professionals. Fitzgerald provided an update on BHEF’s submitted proposal for Strada’s Equity Cities Network project. As a result of a change of leadership and the closing of the Equity Cities Network Initiative, BHEF’s proposal was not funded. Timely and Relevant Reports, Analyses, Conversation, and Action Fitzgerald shared BHEF's strategy for keeping its members up to date on trends through timely and relevant reports, customized analysis, quarterly hosted forums, and new initiatives to continue providing ROI to BHEF members. Regional Accelerators: Increasing BHEF's Prominence through WPI Fitzgerald briefed the board on the BHEF-Business Roundtable WPI Regional Accelerators grant concept. The proposal is due to JPMorgan Chase in early fall 2021. Key personnel from the regional partnerships, including those representing BHEF members, will become “fellows” and be empowered as long-term ambassadors to support sustainability of the partnership beyond the grant. Fellows will gain access to BHEF materials and research, convenings and meetings with experts, and an online platform tailored to individual regions and their needs. This program will allow fellows to learn best practices and acquire knowledge and skills to implement solutions. The Regional Accelerators will not only promote sustainability but will increase recognition of BHEF’s method of cultivating and sustaining business-higher education partnerships. BHEF members and their staff will benefit from the launch of the Regional Accelerators in several ways: •Access to the Accelerator curriculum and ability to participate as a fellow •Opportunity to serve as business-higher education experts during convenings and participate in discussions and selection panels with business fellows •Increased recognition of BHEF, our partnership services, and methodology on a regional and national level T he grant will allow BHEF to develop training materials and tools that can also be deployed to our membership more broadly. BHEF will update the board as the fellowship model develops. The board and BHEF had a 20-minute discussion on what the accelerator project meant for BHEF's value proposition and ROI to members and network growth. Members noted that BHEF is at a pivotal moment in terms of focus, sustainability, and delivery of ROI for members from a strategic standpoint. The importance of scale coupled with sustainability was raised as was the need to grow membership and recruiting opportunities (e.g. national convenings) with the new BHEF FY2021, Q3 – May 7, 2021 Board of Directors Meeting Minutes | 3 network. Olian noted a direct member benefit of the proposed network is the ability for members to sit across the table from a counterpart and engage in macro solutions in local, regional, or national spheres. Fitzgerald emphasized that the ad hoc committee’s work will feed into a new business model to address scaling impact and sustainability while creating a more rigorous methodology to consider the post-COVID-19 world and new workforce demands. Other points of discussion amongst board members included: •Using BHEF’s network and experiences in regional projects to provide tools to address policy issues •Considering the impacts of automation •Importance of bringing repeatable solutions rather than repeatable ideas; the need for clarity and continued focus on ROI as we move forward with developing this new model Diversity, Equity, and Inclusion and the June 2021 Member Meeting Fitzgerald shared the agenda for the upcoming June 2021 member meeting with the board emphasizing its focus on DEI and the joint report with PwC as a framework for the discussion. The board discussed the structure and content of the meeting and made suggestions on how to weave BHEF's value proposition into the agenda. Olian pointed out the fundamental misalignment of supply and demand in the workforce now and the importance of addressing this in the meeting. Papazian echoed that it would be ideal to explore the intersection of the supply and demand skills mismatch and the need for broader inclusivity as we think about how to reskill effectively. Membership Committee Report Commitment to Recruiting New BHEF Members Jeff Armstrong reported that the membership committee met on April 23, 2021. He emphasized the need for members to assist in moving membership forward as the membership committee report reflected the following declines: 14 percent in membership from February 2020 to April 2021 with a 23 percent drop in business members and 11 percent drop in academic members. BHEF Tear Sheet Armstrong directed the board to the draft tear sheet—the first in a suite of new marketing materials intended to attract new members. Danielle Troyan provided commentary on the development of the tear sheet and asked the board to provide feedback. BHEF FY2021, Q3 – May 7, 2021 Board of Directors Meeting Minutes | 4 Papazian and Napack signaled the importance of the three-part relationship of candidates, companies, and university and the need to build in more clarity about what, specifically, BHEF does to support and enhance this symbiotic relationship for the benefit of its members. They also mentioned the need for specific metrics when writing about former projects (e.g. number of students placed, credentials created, shortened time to hire, etc.). Armstrong noted there was an imbalance in the bullets being more academic-centric and not geared enough towards industry. Napack also suggested using digital clips for social media to highlight the content of the new tear sheet in order to recruit and promote BHEF more widely. The sheet will be revised, and an updated version will be shared with the board. Future Membership Engagement, Recruiting, and Networking Opportunities Armstrong reported on future membership networking and engagement opportunities, including but not limited to sponsored virtual brown bags and outside-facing meetings targeted for member recruitment. As BHEF leaned towards a research focus on disruptive technologies, the membership committee recommended that the board identify five top universities and five top companies working in these fields to convene them, inviting non-members and prospects. Incoming BHEF chair, Mary Papazian, recognized this as a tool that could broaden BHEF’s recruitment impact by: (1) providing an opportunity to share the value proposition with prospective members and (2) giving prospects a chance to interact with BHEF members while gaining valuable knowledge through the proposed exclusive insights. This could be an effective and replicable recruitment model in terms of targeted prospects, regions, and sectors. Finance and Audit Report Fitzgerald walked the board through the finance and audit report. As of March 31, 2021, BHEF had received $1,404,874 in revenue, which included $950,000 in membership dues, $205,074 in grants and donations, and $249,800 in Paycheck Protection Program (PPP) loan forgiveness from the SBA. Expenses totaled $1,230,434. As of March 31, 2021, BHEF had $958,113 in SunTrust Bank and $54,102 in Sandy Springs Bank savings account. BHEF expects to end the fiscal year with a total of $2,285,973 in revenue and $2,269,980 in expenses. BHEF applied for round two of the PPP, which was approved on March 30, 2021. The round two loan application was submitted via SunTrust/Truist Bank in the amount of $254,970.85. Funds were deposited into BHEF’s account on April 2, 2021. Once BHEF has completed spending of round two funds in accordance with the SBA guidelines, we will move forward with the submission of the loan forgiveness application. Loan forgiveness is expected in FY22. BHEF FY2021, Q3 – May 7, 2021 Board of Directors Meeting Minutes | 5 Given the continuing concerns around COVID-19, BHEF created return-to-work policies and guidelines. Fitzgerald shared plans to move into a hybrid working model with partial capacity in- office beginning on May 10, 2021. He also reported that BHEF's exploration of solutions to alleviate rent costs were fruitless given the difficult situation landlords are still facing. The board discussed ways to help mitigate costs and improve the financials presented in the report and emphasized concerns around membership dues and revenue. Passing of the Gavel King notified the board that they would receive a virtual vote for the class of 2024 slate sometime after the conclusion of the board meeting. King thanked the board for their active commitment to BHEF and for his time as BHEF's chair. King officially passed the gavel to Papazian and welcomed her as BHEF's new chair. Closing Remarks Papazian thanked King for his stewardship of the board, the board for their support, and BHEF staff for its work and provided closing remarks. The meeting went into the executive session at 1:39 PM. These minutes were certified on: __________________, 2021. By: Brian K. Fitzgerald BHEF Secretary __________________________________ Tab 2 – Chief Executive Officer’s Report Build Better Skills for Better Performance © 2021 BHEF© 2021 BHEF Refining BHEF’s Strategy and Business Model for Resiliency in the Post-COVID Era CEO Report BHEF Board of Directors Meeting October 13, 2021 Build Better Skills for Better Performance © 2021 BHEF Overview 2 Developing a Resilient Post-COVID Business Model oAd Hoc Committee oStrategy Working Group with repeated board engagement oTakeaways from board engagements and finalizing model, strategy, services and offerings oImplementation plan and timeline Build Better Skills for Better Performance © 2021 BHEF Timeline: BHEF Strategy Update Ad-Hoc Committee Member committee met six times; refined BHEF’ value proposition and services/offerings November 2020 – March 2021 Ad Hoc Committee Presentation to the board March 2021 BHEF Ad Hoc Committee staff conducted three customer discovery sessions to hear member perspectives and ideate BHEF’s future work Summer 2021 Branding/business model/services and offerings working group formed. Updated and validated BHEF value proposition and messaging through five board member briefings May - June 2021 Working group analyzed BHEF business model and recommended enhanced member services and offering capabilities July - August 2021 Working group refined and prioritized the Ad Hoc Committee’s 26 BHEF activities into seven focused offerings August – Sept 2021 October 13 - Board Briefing/ Feedback Implementation, monitoring and adjustment October 2021 Forward Working Group and CEO conducted 19 board member engagements 3 Build Better Skills for Better Performance © 2021 BHEF© 2021 BHEF The Strategy Working Group conducted 19 board engagements in the two phases of its work, resulting in the following takeaways: Takeaways from Board Engagement •BHEF should focus on consistently delivering value through member engagement, which will be particularly useful for new members or current members looking for deeper engagement with B H E F.As BHEF considers value structures, switching to an organizational member services model (versus an individual member services) will deepen BHEF’s relationship within member companies and institutions, aiding retention, particularly as the tenure of CEOs and presidents shortens. •BHEF should leverage the newly developed brand differentiators, creating products that speak to BHEF's unique knowledge, such as business-higher education partnerships and timely workforce trends reports. •As BHEF develops new products, member communications should increase so all members know the value, take advantage of services, and believe the proof points. •At the same time, BHEF must consider how to protect our IP and member-only value while still strengthening our brand. •Lastly, now is the time for concrete next steps and an implementation plan. 4 Build Better Skills for Better Performance © 2021 BHEF BHEF studied competitors, gained input from members, and followed a structured process to refine our value proposition and key messages. Character is like a tree and reputation like a shadow. The shadow is what we think of it: the tree is the real thing. Abraham Lincoln •Built initial insights from the ad hoc committee and explored the competitive landscape •Prioritized value assessments for corporate and higher ed members •Drafted a new value proposition for BHEF, supported by facts and data •Created messages as “elevator pitches” and a new description 5 Build Better Skills for Better Performance © 2021 BHEF Elevator Pitch / Messages 6-Word Version Build better skills for better performance 17-Word Version Build better skills for better performance through: •Emerging skills •Pathways for high-value talent •Action-oriented forums and partnerships Full Elevator Pitch BHEF members improve competitiveness, increase productivity, and drive high-value university credentials. BHEF builds better skills through: •Identifying high-value emerging skills •Developing pathways that quickly source high-value talent •Leading action-oriented forums and partnerships 6 Build Better Skills for Better Performance © 2021 BHEF Business-Higher Education Forum Description © 2021 BHEF The Business-Higher Education Forum (BHEF) is a 43-year-old nonprofit membership organization that connects higher education institutions to business talent demand. Corporate CEOs and university presidents join BHEF to anticipate skills needs and improve pathways between higher education and workforce. BHEF: •Identifies High-Value Emerging Skillsthrough yearly signature reports, ad hoc research, and timely quick takes. This research on the skills marketplace enables BHEF members to identify emerging skills and build new credentials that align with business hiring needs in as few as six months. •Develops Pathways that quickly source high-value talent. BHEF has a repeatable approach to accelerate pathway development between business and higher education, resulting in over 100 credentials. •Leads Action Oriented Forums and Partnerships that promote innovative approaches between business and higher education. BHEF hosts member meetings, fosters collaboration among members, and creates partnerships that align higher education with employment. This community has facilitated over 50 collaborative projects that piloted innovative talent solutions. 7 Build Better Skills for Better Performance © 2021 BHEF BHEF leveraged the Business Model Canvas to explore options for refined capabilities. •Built an “as is” model of BHEF’s business model •Explored alternative ideas within the Business Model Canvas •Prioritized ideas based on impact to members and BHEF •Developed a “to be” model for BHEF 8 Build Better Skills for Better Performance © 2021 BHEF • BHEF must provide members consistent engagement and valued services: Unbundle the organizational structure with a new focus on member services (including partnership facilitation and recruitment) •BHEF projects should leverage repeatable processes to ensure value is realized by members: Formalize the offering portfolio around a defined set of enhanced offerings to members •BHEF should have deeper relationships within members’ organizations: Operationalize institutional membership services vs. individual, with onboarding for multiple contacts within members’ organizations •BHEF must improve operational performance: Specify performance objectives across member services and offerings and manage key indicators Conclusions and Recommendations from Business Model Analysis 9 Build Better Skills for Better Performance © 2021 BHEF Strategy Working Group defined core member services to deliver consistent value for members. 10 Build Better Skills for Better Performance © 2021 BHEF Strategy Working Group developed enhanced offerings most valuable to members. •Documented current activities and needs with ad hoc committee •Conducted discovery sessions with principals to understand new needs •Drafted offering top sheets to clarify value and scope resource needs •Consolidated offerings and prioritized based on value •Enhanced offerings to improve repeatability, consumability, and relevance 11 Build Better Skills for Better Performance © 2021 BHEF Pathway Development 12 Build Better Skills for Better Performance © 2021 BHEF Regional Partnerships 13 Build Better Skills for Better Performance © 2021 BHEF On Track In Progress Needs Focus Illustrative BHEF Dashboard: Objectives and Measures Objectives ProgressPossible Measures Member Retention •Goal at 25/25 •Member Satisfaction New Member Recruiting •New Members by Quarter •Qualified Prospects Pipeline Member Partnerships •Partnership Considered •Partnership Facilitations •Member Partnerships Formed Emerging Skills Publications •Signature Report •Quick Takes •Deep Dives Talent Pathway Engagements •Pathways Development (1 to 1) •Regional Collaboratives (many to many) Forums •Semiannual •Topical Convenings & Webinars Strategic Partnerships with New Organizations •Explore Strategic Collaborations with Key Organizations 14 Build Better Skills for Better Performance © 2021 BHEF Pathway Development Pilot Milestones 2021-2022 FY (By Months) KEY ACTIVITIESONDJFMAMJJAS Develop and Cultivate Partnerships Conduct Needs Assessment Analyze Labor Market Create Partnership Plan Develop Employer KSA maps Conduct Curricular Fit Gap Analysis Develop Credential Pathway •Design Pathway •Create and Implement Pathway Assess Outcomes Continuously = Deliverable = BHEF-led Activity = Higher Education Institution-led Activity 15 Build Better Skills for Better Performance © 2021 BHEF 2021-2022 FY (By Months) KEY ACTIVITIESONDJFMAMJJAS Conduct Needs Assessment Analyze the Talent Ecosystem •Analyze labor market and gaps •Map Regional Assets Create Partnership Plan and Determine Partnership Structure Recruit and Convene Regional Partners Develop Employer KSA Maps Conduct Curricular Fit Gap Analysis Develop Credential Pathways •Pilot Innovative Strategies and Partnerships •Design Pathways •Create and Implement Pathways Build Capacity Assess Outcomes Continuously Regional Collaborative Services Pilot Development = BHEF-led Activity = Higher Education Institution-led Activity = Deliverable Pilots continue in Year 2 Pathway Development Continues in Year 2 Continuously iterate KSA maps to ensure relevancy = Business-led Activity 16 Build Better Skills for Better Performance © 2021 BHEF Discussion Developing a Resilient Post-COVID Business Model oConcurrence oMember Assists oInternalization and Socialization 17 Build Better Skills for Better Performance © 2021 BHEF© 2021 BHEF Appendix © 2021 BHEF Build Better Skills for Better Performance © 2021 BHEF Customer Discovery Sessions – Summer 2021 June25,2021 BrandonBusteed,chiefpartnershipofficerandglobalhead,Learn-WorkInnovation, Kaplan GordonGee,president,WestVirginiaUniversity BrianRoach,seniorvicepresidentandmanaging director, RegulatedIndustries,SAP June28,2021 AnnAddison,corporatevicepresidentandCHRO,NorthropGrummanCorporation NickBradley,chiefof staffandcounsel,NortheasternUniversity July15,2021 AdeladelaTo r r e ,president,SanDiegoStateUniversity CherylLogue,vice president, Operations- HumanResources, State Farm Jeff Armstrong, president, CalPoly Participants 19 Build Better Skills for Better Performance © 2021 BHEF Themes and Takeaways ThemeResponse Disruptive Technologies& NewSkillsCriticallyimportant.BHEF canbe“catalyst”particularlytohelppushhighereducationto adoptchanges morequickly. Businessbenefitswhenhighereducationadoptschange. Diversity,Equity, & Inclusion(DEI)Highly importanttopiconeveryone’smind. COVID-19ImplicationsChanges that impacthighereducationandbusinessmembersinsidetheirworkplacesand witheachother. Connects to alltheotherissuespresented. AgileCurriculumDevelopmentBusinesses opportunities to “outsource”curriculumdevelopmentandupskill workforce throughhighereducation partnerships. Ta ke aways •BHEFcanacceleratehighereducationexperimentationwithnewlearningmodels. •BHEFshouldtarget,measure,andalignpublicationsaroundspecificchallenges.Forexample:“Increase womenwith technicalengineeringskills. Goask everybusinessmembertopartnerwith10schoolstotargetthechallenge.” •BHEFshoulddefinetargetoutcomes,measureagainstthem,andintegratethosemetricsintoitspublicationsand convenings. •Helpmembersbetterscaletheirbestpracticesthroughmembershipaswellasstrategicpartnershipsoutsidethe membership. 20 Build Better Skills for Better Performance © 2021 BHEF Member Offerings Identifying high-value emerging skills -Recommendinvestmentintheannualreportwithstrongfocusona cohesivestrategythat integrates workstreams. -Advised focusingtheseinsightsonbreadth,notdepth. -RespondentsvaluedLMIprojectionscustomizedtotheirinterests. Developing Pathways -Highinterestingrant-fundedpilotprograms,regionalcollaborationdevelopment,and pathway development. -Lessinterestincompetencymapping. Leading Action Oriented Forums and Partnerships -Eagertoreturntoin-personand/orhybridconveningswithin-personoptionASAP. -Increasememberengagement,discussion,andinformalnetworkingopportunities. -Sustainmemberengagementthroughissue-drivenpeergroups. -Wouldliketoseeregionalconveningstohelpopennaturalpartnerships. 21 Tab 3 – Membership Report BHEF Membership Committee Report, October 13, 2021 1 MEMBERSHIP COMMITTEE REPORT October 1, 2021 I. DASHBOARD Date Total Corporate Academic Gov’t Emeritus Oct 2021 1 37 15 18 0 4 Apr 2021 43 16 23 0 4 Feb 2021 45 17 25 0 3 Oct 2020 48 19 25 1 3 Jun 2020 51 21 27 0 3 Feb 2020 50 21 26 0 3 1 Includes new FY22 members Google and Overland-Tandberg and transition members LMI and IBM. II. FY21 REVENUE AS OF SEPTEMBER 30, 2021 A FY21 adjusted revenue target $1,620,000 B FY21 adjusted revenue forecast ( A-F) $1,245,000 C Invoiced $1,645,000 D Booked $1,186,805 E Outstanding 1 $150,000 F Total FY21 non-renewals ($ 375,000) G Revised expected (D+E) $1,236,805 H Delta $ to forecast (B-D) $58,195 1 BHEF anticipates $50k of this amount; this is reflected in G. —Continued on next page— BHEF Membership Committee Report, October 13, 2021 2 III. FY22 REVENUE AS OF OCTOBER 1, 2021 A FY22 revenue target $1,600,000 B Invoiced $1,100,000 C Booked $400,000 D Outstanding $625,000 E FY22 non-renewals ($75,000) F Delta $ to target ( A-C) $1,200,000 IV. FY21 Q3/Q4 NEW MEMBERS • Boeing: Steve Nordlund, vice president and general manager, Phantom Works • Google: Lisa Gevelber, chief marketing officer, Americas Region • Overland-Tandberg: Eric Kelly, chairman and chief executive officer V. FY21 MEMBERSHIPS IN TRANSITION • IBM: TBD • LMI: Doug Wagoner, CEO • The Ohio State University: Kristina Johnson, president VI. FY22 NON-RENEWALS • AAU: Barbara Snyder, president 2 • Northrop Grumman Corporation: Kathy Warden, chairman, CEO, and president • Stephens Institute of Technology: Nariman Farvardin, president 2 Declined before invoicing Tab 4 – Finance and Audit Report BHEF Board of Directors Meeting, FY22, Q1, October 13, 2021 To: BHEF Board of Directors From: Brian Fitzgerald Date: September 2021 Re: Finance and Audit Report On behalf of the BHEF Finance and Audit Committee, we are pleased to report on the status of BHEF’s finances and update you on BHEF’s compliance with reporting requirements. This report includes: • Update on FY21 Forecast and Financials through August 31, 2021 • Investment Fund Report • FY2021 IRS Form 990 Filing Update on FY21 Forecast and Financials through August 31, 2021 1 As of August 31, 2021, the date of the last financials available, BHEF received $ 1,710,954 in revenue, which included $1,025,000 in membership dues, $ 436,154 in grants and donations, and $249,800 loan forgiveness grant from the Small Business Administration (SBA). Expenses on August 31, 2021 totaled $ 2,199,005. It should be noted that on March 12, 2021, the SBA officially approved BHEF’s Paycheck Protection Program (PPP) round one loan forgiveness application for the full amount received ($249,800) in May 2020. BHEF moved forward with the round two application which was approved by the SBA on March 30, 2021. The PPP round two loan from the SBA is via SunTrust/Truist Bank in the amount of $254,970.85. Funds were deposited into our account on April 2, 2021. All funds received have been expended according to SBA guidelines. BHEF submitted the loan forgiveness application for the round two funds and is currently awaiting final approval on forgiveness. Cash Position Update As of September 3 0, 2021, BHEF’s operating cash balance was $798,441.71 in SunTrust/Truist Bank and $54,110.23 in Sandy Springs Bank savings account. Investment Fund Report The value of the BHEF Investment Fund as of September 30, 2021 was $ 1,135,942.33. This represents an increase of four percent compared to September 30, 2020 when funds were 1 Unaudited cash-basis statements from BHEF’s accountants. BHEF Board of Directors Meeting, FY22, Q1, October 13, 2021 $1,086,203.98. BHEF’s investment portfolio included $1,135,942.33 in Vanguard self- managed LifeStrategy Income Fund, with 80 percent of the managed portfolio in bonds and 20 percent in stocks. FY21 Audit and IRS Form 990 Filing BHEF’s auditors, Rubino & Company Chartered, will begin the FY21 audit and Form 990 creation process in December 2021. The Board will receive a draft of that document once the process has started. ATTACHMENT A Business-Higher Education Forum Projected Q4 - FY21 at August 31, 2021 Approved FY2021 Actuals at 08-31-2021 YE Projection 09-30-2021 Operating Net Assets Unrestricted Revenue: 200 Membership - Revenue2,000,000$ 1,025,000$ 1,250,000$ 300 Conferences -Revenue-$ -$ -$ 520 JPMC - Revenue-$ -$ 195,000$ 521 WPI - Revenue100,000$ 100,000$ 100,000$ 525 Google - Revenue-$ -$ -$ 530 ECMC Revenue341,000$ -$ 525 STRADA Revenue-$ -$ -$ 540 JPMC II - Revenue-$ 195,000$ 195,000$ 555 Texas A&M Revenue-$ 75,318$ 75,337$ 565 Georgia Tech Revenue-$ 57,877$ 57,877$ HEWI Revenue:450,000$ 7,959$ 107,959$ -$ PPP - SBA LOAN Forgiveness Grant Round 1249,800$ 249,800$ PPP - SBA LOAN Forgiveness Grant Round 2-$ ------------------------------------------------------ TOTAL OPERATING NET ASSETS2,891,000$ 1,710,954$ 2,230,973$ ---------------------------------------------------------------- ----------------------------------- Expenses 110 Administration - Expenses607,250$ 697,098$ 730,471$ 200 Membership - Expenses335,079$ 362,756$ 374,460$ 250 Grants - Expenses57,695$ 43,049$ 46,963$ 300 Conferences - Expenses233,040$ 57,160$ 62,356$ 500 Communications - Expenses212,760$ 72,133$ 78,691$ 520 JPMC - Expenses167,565$ 193,076$ 193,076$ 521 WPI - Expenses135,077$ 54,863$ 59,851$ 525 Google - Expenses56,750$ 7,091$ 17,736$ 530 ECMC - Expenses-$ 199,598$ 207,743$ 525 STRADA - Expenses-$ 63,875$ 63,875$ 540 JPMC II - Expense-$ 125,040$ 136,407$ 555 Texas A&M - Expenses-$ 74,648$ 74,648$ 565 Georgia Tech - Expenses-$ 57,877$ 57,877$ HEWI Summary - Expenses893,302$ 190,741$ 208,081$ ------------------------------------------------------ Total Expenses2,698,518$ 2,199,005$ 2,312,234$ ---------------------------------------------------------------- ----------------------------------- NET CHANGE IN NET OPERATING ASSETS192,482$ (488,051)$ (81,261)$ ---------------------------------------------------------------- ----------------------------------- Non-Operating Net Assets Revenue: 900 BHEF Investment Fund - Revenue40,000$ 54,519$ 54,519$ Total Revenue40,000$ 54,519$ 54,519$ Expenses: 900 BHEF Investment Fund - Expenses10,000$ 4,781$ 4,781$ Total Expenses10,000$ 4,781$ 4,781$ ---------------------------------------------------------------- ----------------------------------- Net Change in Non-Operating Net Assets30,000$ 49,738$ 49,738$ ---------------------------------------------------------------- ----------------------------------- NET CHANGE IN NET ASSETS222,482$ (438,313)$ (31,523)$ ================================= ============================= ================ ================================= ============================================== Beginning Balance FY21 Balance at 8-31-2021 Projected FY21YE Balance Temporarily Restricted Net Assets699,193$ 230,847$ 155,807$ -$ -$ -$ 520-JPMC193,076$ -$ -$ 521-WPI/Northrup131,258$ 98,270$ 66,407$ 525-Google64,475$ 23,665$ -$ 530-ECMC238,550$ 38,952$ 30,807$ 535-STRADA71,834$ -$ -$ 540- JPMC II-$ 69,960$ 58,593$ ================================= ============================================== BALANCE OF TEMPORARY RESTRICTED155,807$ TOTAL NET CHANGE IN NET ASSETS124,284$ ================================= ==============================================