BHEF May 7, 2021 Board Of Directors Meeting Advance Materials

BHEF Board of Directors Meeting, May 7, 2021 BHEF Board of Directors Meeting May 7, 2021 12:00 – 2:00 p.m. EDT Please join the video conference using this link. Meeting ID: 968 7669 6426 Passcode: 050857 You may also dial in using your phone. (See next page) AGENDA 12:00 p.m. Business Meeting 1.Welcome and Overview – Mike Ki ng 2.Approval of the FY21 Q2 Board of Directors Meeting Minutes – Mike King (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.Vice Chair and Class of 2024 Board Slate Nominations – Brian Fitzgerald (Tab 5) 7.Closing Remarks – Mike King 1:30 p.m. Executive Session BHEF Board of Directors Meeting, May 7, 2021 BHEF Board of Directors Meeting Zoom Board Meeting Details May 7, 2021 Topic: BHEF Board of Directors Meeting Time: May 7, 2021 12:00 PM Eastern Time (US and Canada) Join Zoom Meeting https://zoom.us/j/96876696426?pwd=aEs1RjNxWkhSQXFabFZrcGF2NDZpUT09 Meeting ID: 968 7669 6426 Passcode: 050857 One tap mobile +13017158592,,96876696426#,,,,,,0#,,050857# US (Germantown) +13126266799,,96876696426#,,,,,,0#,,050857# US (Chicago) Dial by your location +1 301 715 8592 US (Germantown) +1 312 626 6799 US (Chicago) +1 646 558 8656 US (New York) +1 253 215 8782 US (Tacoma) +1 346 248 7799 US (Houston) +1 669 900 9128 US (San Jose) Meeting ID: 968 7669 6426 Passcode: 050857 Find your local number: https://zoom.us/u/adE4cdiyHb Tab 1 – FY21 Q2 Board of Directors Meeting Minutes March 5, 2021 – BHEF Board of Directors Meeting Minutes | 1 BHEF Board of Directors Meeting March 5, 2021 12:00 p.m. EST Board of Directors Meeting Minutes Attendees Board Members: Joseph Aoun, Jack DeGioia, Nariman Farvardin, Brian Fitzgerald (ex officio), Laura Ipsen, Mike King, Marty Martin, Brian Napack, Ryan Oakes, Judy Olian, Mary Papazian, Jay Perman, Brian Roach, Tim Sands, and Randy Woodson. BHEF Staff: Suzanne Amoonarquah, Stephanie Blochinger, Stacey Brown, Janet Chen, Ursula Gross, Amanda Pumphrey, Lauryn Robinson, Jennifer Thornton, and Danielle Troyan. BHEF Business Development Ad Hoc Committee Members: Steve McKnight and Andrew Tein. 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 Q1, Meeting 2 Board of Directors Meeting Minutes King asked for a motion to approve the FY21 Q1, Meeting 2 Board of Directors Meeting Minutes. The motion was made and seconded. The board unanimously approved the minutes. Chief Executive Officer's Report Brian Fitzgerald presented the framework for BHEF's response to the COVID-19 crisis, focusing on the partnership with PwC and other members to lead a national coalition of companies and universities dedicated to increasing diversity, equity, and inclusion (DEI). Supporting Strada's Equity Cities Network Fitzgerald briefed the board on updates from BHEF's support of Strada's Equity Cities Network, including details on a submitted $450K one-year grant proposal to support Strada and Greater St. Louis, Inc. March 5, 2021 – BHEF Board of Directors Meeting Minutes | 2 Digital Credentials to Reskill Adults and Promote Degree Attainment BHEF executed a $341K grant from the ECMC Foundation to reskill under- and unemployed adults in Connecticut. BHEF member Stanley Black & Decker was the lead employer, partnered with the New England Board of Higher Education (NEBHE), Connecticut Community College System, companies, government agencies, and other stakeholders. BHEF planned to expand the project and engage more universities through NEBHE's Teagle Foundation grant in Connecticut focused on transfers to private institutions from community colleges. NSF Spectrum Innovation Initiative Fitzgerald updated the board on the Spectrum proposal with an adjusted timeline. Potential partners included BHEF members GlobalFoundries, Stanley Black & Decker, and Howard University as well as prospective members NC A&T and Morgan State University with the opportunity for other BHEF members to join the project as applicable. If funded, BHEF will play a leading role in the Education and Workforce Institute. Diversity, Equity, and Inclusion Fitzgerald briefed the board on the ways BHEF is prioritizing DEI throughout its work. Updates included: • details on the joint report with PwC on DEI, • Fitzgerald becoming a signatory for the CEO Action for Diversity and Inclusion Pledge (CEO Action Pledge) • and BHEF member, PwC's U.S. chair and senior partner, Tim Ryan's planned keynote for the spring 2021 member meeting. CEO Action for Diversity & Inclusion Pledge To meet the requirements of the pledge, BHEF implemented the following actions: • provided DEI expert-led inclusion and unconscious bias training, • planned a DEI-focused member meeting, • offered employees three days of paid leave for volunteer work. Fitzgerald reported on other potential future actions that were in development. BHEF Communications Fitzgerald pointed the board to review the five case studies BHEF created based on the Workforce Partnership Initiative (WPI) sites. Ensuring BHEF's FY21 Financial Stability Fitzgerald reviewed BHEF's fundraising goals per quarter with various grant and programmatic opportunities from Strada, JPMorgan Chase Foundation, and the National Science Foundation. March 5, 2021 – BHEF Board of Directors Meeting Minutes | 3 Spring 2021 Member Meeting Fitzgerald reported on the final agenda for the March 29, 2021 member meeting. Speakers included: • Mohamad Ali, CEO, IDG • Kelsey Bush, interim chief diversity officer, St. Mary's College of Maryland; • Irma Becerra, president, Marymount University; • Leanne Caret, executive vice president, The Boeing Company; CEO and president, Boeing Defense, Space & Security • Adela de la Torre, president, San Diego State University; • Donna Diederich, chief human resources officer, LMI; • Eric Kelly, chairman and CEO, Overland-Tandberg, • Tim Ryan, US chair and senior partner, PwC; and • Magda Yrizarry, SVP and chief diversity officer, Verizon Communications. Membership Report Armstrong reported to the board that the BHEF membership committee met on February 16, 2021. Reported membership numbers were down by ten members from February 2019. Armstrong reviewed BHEF's active member prospects and transitions and thanked those on the board who reached out to individual candidates. BHEF FY21 membership dues revenue adjusted target was $1.78M and the amount booked thus far stands at $875K. Armstrong asked for volunteers to help recruit new BHEF members and notified the board that it would receive information on five identified potential members for the board to reach out to. Multiple members volunteered and suggested alternative models for attaining new members, including representative and affiliate membership levels. Financial Report BHEF forecasted $2.486M in revenue and $2.259M in expenses leading to a $266K change in net assets. The revenue report included the $450K Strada grant but did not include the Paycheck Protection Program funds. BHEF is awaiting forgiveness approval from the Small Business Administration's Paycheck Protection Program loan. Business Model Development Ad Hoc Committee Member Discussion Jennifer Thornton provided an overview and updates on the Business Model Development Ad Hoc Committee. Thornton presented the board with enhancements to BHEF's current business model, geared towards increasing BHEF's value proposition and providing an improved tier of benefits to its members. Through the process, the committee created two vignettes of focus: DEI and disruptive technologies and skills. Thornton and Steve McKnight shared examples of March 5, 2021 – BHEF Board of Directors Meeting Minutes | 4 how the committee envisioned the BHEF's work within the vignettes. BHEF polled the board on the following question. • Topics of Interest: From the issues you feel will impact BHEF the most in the next five years, which are the top two that you are most likely to engage? Top responses included: o Disruptive technologies o Impact of Covid-19 o Skills-based o Inclusive skills o DEI o Agile curriculum development Andrew Tein briefed the board on the committee's plan to strengthen BHEF's financial position. BHEF polled the board on the following question. • Different alliances bring different values to BHEF. With what organization would you most like to see BHEF aligned? Top responses included: o Business Roundtable o BHEF members themselves o Corporate partners o World Economic Council o Strada o Regional BHE councils, chambers, higher education, economic development organizations Thornton rounded out the presentation with identified goals, activities, metrics, a proposed timeline, and next steps. Approval of FY20 Audit and Governance Letter King asked for a motion to approve, and the motion was approved and seconded. The board unanimously approved the motion. Closing Remarks The meeting went into the executive session at 1:30 PM. These minutes were certified on: __________________, 2020. By: Brian K. Fitzgerald BHEF Secretary __________________________________ Tab 2 – Chief Executive Officer’s Report Rising to the Challenge: Positioning for the Post-COVID-19 Recovery through Diversity and Inclusion Workforce Solutions CEO Report BHEF Board of Directors Meeting May 7, 2021 Rising to the COVID-19 Challenge Strengthen BHEF’s brand as a leader in digital upskilling/reskilling by partnering with companies and funders to deploy digital credentials in response to COVID-19. Capture BHEF’s proven methods in publications that synthesize methods and impacts and enhance BHEF’s position as a leader in deploying digital-reskilling solutions that develop robust ecosystems. Enhance Expand BHEF’s national thought leadership in diversity, equity, and inclusion through its meetings, publications, and projects. Expand Use BHEF’s national leadership in talent development to coalesce a response to COVID-19 recovery and emerging innovation and national security talent needs. Use Partner with PwC and other members to lead a national coalition of companies and universities dedicated to increasing diversity, equity, and inclusion. Partner Continue to build new external and member communications capabilities to improve brand recognition, increase visibility of market intelligence publications, thought leadership events, and member value. Communicate Strengthen value proposition by providing members with market intelligence, strategies, and tools to lead the post-pandemic economic recovery and use these resources to gain new members. Strengthen Shift BHEF’s fundraising strategy to mitigate the effects of the pandemic on under-and unemployed adults and form strategic partnerships with aligned organizations with access to additional funding sources to advance BHEF’s vision. Shift ©2021 BHEF 2 FY21 COVID-19 Leadership Successes Strategic partnerships and continued grant funding position BHEF as a national leader in talent ecosystem development and enhances member services: •New labor market analytics enable BHEF to produce trademark Labor Market Trends and Insights reports for members and thought leaders and help drive partnerships and projects. •The BHEF-Business Roundtable Workforce Partnership projects have enabled business and higher education to proactively address the surge in demand for reskilling in the wake of the pandemic. Secured short-term funding from JPMorgan Chase Foundation (JPMC) to create a vision for WPI V 2.0 and working with JPMC to secure long-term support from a coalition of funders. •COVID-19 response grant from the ECMC Foundation for digital reskilling credentials replication in Connecticut with the New England Board of Higher Education and higher education partners with scaling potential for further funding opportunities. •BHEF co-leads the Education and Workforce Institute for the $25M NSF National Center on Wireless Spectrum Innovation. If team is funded, the five-year grant will enable BHEF members to engage in developing new work-based learning models and undergraduate (e.g., Spectrum engineering major, minor, concentration) and graduate (PSM in Spectrum management) credentials for Spectrum professionals. 3 ©2021 BHEF Timely and Relevant Reports, Analyses, Conversation and Action Conduct meaningful research, hold impactful forums, and implement and innovate around important topics. 4 Annual report: •Disruptive Technologies –impact on businesses, demand for skills, and early opportunities to lead workforce response Quarterly reports may include: •Infrastructure bill/jobs plan–laying the groundwork for response •Covid-19 Impacts –What has changed, what does it look like now, what will never go back to the way it was? •More to come through the customer discovery process Opportunities for Members: •Report with recommendations •Quarterly hosted forums for learning, discussion, and planning •Task force/new initiatives open to all members ©2021 BHEF Regional Accelerators Concept for BHEF-BRT Workforce Partnership Initiative V 2.0 5 •Enhance Regional Partnerships: Refine around refreshed metrics and clear, concise “compacts” tailored to regional needs. •Empower Local Champions: Identify leaders from key institutions to become inaugural fellows. •Generate Action through Living Lab: BHEF and fellows will develop and implement an action plan to address their identified key issue and cross-site solutions to lower barriers. •Recognize Success: Recognize regions, responsive businesses, and higher education institutions that successfully implement the curriculum and generate strong outcomes. •Sustain, Expand, Scale: For advanced partnerships. Leaders to serve as trainers for fellows and receive tailored support. OPPORTUNITIES FOR BHEF MEMBERS: •Participation as a WPI partner •Serve as a trainer for fellows •Provide input onrecognition criteria and applications •Participate in Year 2, benefitting from content, curriculum, and recognition process developed and tested under the grant TIMING •Concept to be further developed and proposal submitted to JPMC early fall 2021 ©2021 BHEF Launching Digital Credentials to Reskill Adults and Promote Degree Attainment A grant from the ECMC Foundation Career Readiness enables BHEF to launch digital credentials with Connecticut community colleges and BHEF member Stanley Black & Decker as lead employer. Approaching ECMC for a community college-university transfer pathway grant. •BHEF’s $341K grant supports the development of digital credential digital pathways to associate’s degree for workers displaced by COVID-19 in Connecticut. •During the execution of the 18-month grant, BHEF has partnered with Stanley Black & Decker, the New England Board of Higher Education (NEBHE), Connecticut Community College System, companies, government agencies, and other stakeholders in designing and launching academic pathways leading to credentials in high-demand areas. •BHEF has worked closely with the Connecticut State Colleges and Universities’ College of Technology to develop digital credentials delivered by five initial community colleges and align the pathways with growing economic sectors, particularly advanced manufacturing, healthcare, financial services, and technology. •BHEF expects five community colleges to launch credentials this summer and fall and will expand the project and engage universities through NEBHE’s Teagle Foundation grant in Connecticut focused on transfers to private institutions. 6 ©2021 BHEF NSF Spectrum Innovation Initiative Former BHEF member Linda Katehi, dean of engineering at Texas A&M, invited BHEF to partner in a planning grant for the National Center for Wireless Spectrum Innovation last spring. •BHEF received a $75K subaward to join a formidable and diverse team and co-lead the Education and Workforce Working Group to better understand Spectrum-related careers and skill needs in a transformative and emerging field. •BHEF led outreach to experts and potential partners including BHEF members GlobalFoundries, Stanley Black & Decker, and Howard University, as well as prospective members NC A&T and Morgan State University. •Proposal development is underway. If funded, BHEF will co-lead the Education and Workforce Institute, conducting workforce analysis, engaging a national network of Spectrum employers and universities around credentials and hybrid work/learning models, and mapping industry skill needs against curriculum in various disciplines and at different educational levels. •BHEF business and academic members will have opportunities to join a research and education community of practice in Spectrum workforce development positioned at the leading edge of a disruptive technology. 7 ©2021 BHEF Diversity, Equity, and Inclusion (DEI) BHEF and its members—individually and collectively—have adopted DEI as a priority and taken steps to advance DEI nationally and within each organization. •BHEF haspartnered with PwC on a thought leadership report in DEI. •BHEF CEO signed the CEO Action for Diversity and Inclusion pledge and BHEF has implemented key actions suggested in the pledge agreement. •BHEF focused its Spring 2021 Member Meeting on DEI with Tim Ryan, founder of the CEO Action for Diversity and Inclusion pledge, and other CEOs and will highlightthe joint PwC-BHEF report at the June meeting. •This joint PwC-BHEF report examines how leaders in business and higher education are equipping employees, students, and society with the skills and knowledge required to secure their future, create new pathways to enter theworkforce, and promote greater diversity and inclusion in the workforce. •The report also describes how COVID-19 has accelerated workforce trends and provides recommendations for how the business and higher education communities can collaboratively build an adaptive, inclusive, and sustainable workforce for the 21st century innovation economy. 8 ©2021 BHEF Diversity, Equity, and Inclusion (DEI) Leverage the June 11 meeting to focus on successful practices and fine tune BHEF’s action agenda. 9 In follow-up to the March member meeting, the June 11 session: •Dives into the newly released PwC-BHEF report examining how business and higher education leaders are promoting greater diversity and inclusion in the workforce. •Solicits input on members’ other promising DEI practices. •Focuses on identifying actions and implementation strategies. Potential funding opportunities to support implementation: •Racial equity in STEM –new NSF initiative •ADVANCE –NSF ©2021 BHEF Articulating a Clear and Compelling Member Value Proposition and ROI •Engagement goals (short-term): Through personal CEO outreach, secure commitments for member participation in our June 11 member meeting and renewal in FY22. •Recruiting goals (short-term): Use BHEF’s new marketing tear sheet to introduce prospectstoBHEF and, through member engagement, articulate attainable recruiting goals for FY21Q4 and FY22. •Long-term goals: Set a roadmap for BHEF staff for consistent, high-value engagement with members and their organizations and targeted collaborations for member development. ©2021 BHEF 10 Over the coming weeks, BHEF will interview members and leverage their input to refine its ROI and provide a concise value proposition defined by distinct member services. This knowledge will provide the building blocks for engagement and recruiting strategies that will position BHEF to finish strong in FY21 and enter FY22 poised for success. BHEF Communications BHEF produced a diversity and inclusion report with PwC and a spectrum research report with Texas A&M University. 11 •In March 2021, PwC and BHEF released a report, Creating the Future Workforce Today, that examines how leaders in business and higher education can continue to collaboratively build an adaptive, inclusive, and sustainable workforce for the 21 st century innovation economy. •In April 2021, BHEF published a report, Understanding Spectrum Education and Workforce Needs, with preliminary findings from background research, interviews, and job postings data on current and emerging wireless spectrum occupations to inform the education and workforce efforts of a Texas A&M University National Science Foundation planning grant. ©2021 BHEF Ensuring BHEF’s FY21/22 Financial Stability and Growth BHEF reduced non-essential activities, accessed the CARES Act, and used fundraising momentum to pursue new revenue. •Submit with Texas A&M team a five-year, $25M proposal for the National Center for Wireless Spectrum Innovation with BHEF co-leading the Center for Education and Workforce. Estimated revenue over $1.75M if successful. (Q3) •Pursue multi-year funding from JPMC Foundation and one or more funding partners to support a grant from the JPMorgan Chase Foundation (JPMC) for the Workforce Partnership Initiative V 2.0 and additional regional projects. (Q1) •Engage Lumina and ECMC funding opportunities in employment-aligned credentials and community college to 4-year transfer pathways, respectively, at scale with NEBHE. (Q2) •Seek other NSF funding with BHEF members on diverse workforce development emerging fields, including Spectrum. (Q2) Q2 Q1 Q4Q3 NSF Spectrum Proposal NSF DEI Proposals FY21/22 Fundraising targets by quarter 12 ECMC CC-University Transfer Proposal JPMorgan Chase follow-on grant in support of WPI Other NSF Spectrum Proposal Opportunities, including Spectrum Workforce R&D ©2021 BHEF Tab 3 – Membership Report BHEF Membership Committee Report, May 7, 2021 1 MEMBERSHIP COMMITTEE REPORT May 7, 2021 I. DASHBOARD Date Total Corporate Academic Gov’t Emeritus Apr 2021 43 16 1 23 0 4 2 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 Removes Bloomberg LP (FY20 unpaid, no response to multiple calls and emails for FY21) 2 Eduardo Padrón confirmed his emeritus membership II. FY21 REVENUE AS OF APRIL 20, 2021 A FY21 revenue target $2,000,000 B FY21 adjusted revenue target (A-G) $1,705,000 C Invoiced 3 $1,595,000 D Not yet invoiced $25,000 E Booked $1,000,000 F Outstanding $300,000 G Total FY21 non-renewals 4 ($295,000) H Revised expected (D+E+F) $1,325,000 I Anticipated $ to target ( B-H) $380,000 J Delta $ to target (B-E) $705,000 3 Does not include ACE FY21 invoice, which may be exchanged for in-kind support, such as rent credit 4 ONR was invoiced $20k dues per contract III. FY21 Q3 NEW MEMBERS • AAU: Barbara R. Snyder, president • Miami Dade College: Madeline Pumariega, president BHEF Membership Committee Report, May 7, 2021 2 IV. FY21 INTERIM MEMBERS • Amazon Web Services: Max Peterson, vice president, Worldwide Public Sector • Case Western Reserve University: Eric Kaler, president (July 1, 2021) • LMI: Doug Wagoner, CEO • The Ohio State University: Kristina Johnson, president V. FY21 Q3 NON-RENEWALS • Colorado State University System: Tony Frank, chancellor • Washington University in St. Louis: Andrew Martin, chancellor Tab 4 – Finance and Audit Report BHEF Board of Directors Meetin g, May 7, 2021 To: BHEF Board of Directors From: Brian Fitzgerald Date: May 7, 2021 Re: Finance and Audit Report 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 FY2021 Forecast and Financials through March 31, 2021 • BHEF FY2022 Tentatively Proposed Budget • Investment Fund Report • FY2020 IRS Form 990 Filing Update on FY21 Forecast and Financials through March 31, 2021 1 As of March 31, 2021, the date of the last financials available, BHEF received $ 1,404,874 in revenue, which included $950,000 in membership dues, $ 205,074 in grants and donations, and a $249,800 loan forgiveness grant from the Small Business Administration (SBA). Expenses on March 31, 2021 totaled $ 1,230,434. It should be noted that on March 12, 2021 the SBA officially approved BHEF’s round one Paycheck Protection Program (PPP) loan forgiveness application for the full amount received ($249,800) in May 2020. BHEF has moved forward with the round two PPP application which was approved by the SBA 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 in accordance with the SBA guidelines, we will move forward with the submission of the loan forgiveness application for the round two funds. Cash Position Update As of March 31, 2021, BHEF’s operating cash balance in SunTrust/Truist Bank was $958,113.11 and $54,101.89 in Sandy Springs Bank savings account. 1 Unaudited cash-basis statements from BHEF’s accountants. BHEF Board of Directors Meetin g, May 7, 2021 Investment Fund Report The value of the BHEF Investment Fund as of March 31, 2021 was $ 1,108,725.15. This represents an increase of 10 percent compared to March 31, 2020 when funds were $1,000,847.52. BHEF’s investment portfolio included $1,108,725.15 in Vanguard self- managed LifeStrategy Income Fund, with 80 percent of the managed portfolio in bonds and 20 percent in stocks. FY21 Audit and IRS Form 990 Filing BHEF’s auditors, Rubino & Company Chartered, have completed both the FY20 financial audit and submission of the FY20 990. The auditors will begin the FY21 audit and Form 990 creation process in December 2021. The Board will be provided with a draft of those documents once the process has started. ATTACHMENT A Business-Higher Education Forum Projected Q3 - FY21 at March 31, 2021 Approved FY2021 Actuals at 03-31-2021 YE Projection 09-30-2021 Operating Net Assets Unrestricted Revenue: 200 Membership - Revenue2,000,000$ 950,000$ 1,500,000$ 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-$ -$ -$ 555 Texas A&M Revenue-$ 75,318$ 75,337$ 565 Georgia Tech Revenue-$ 21,797$ 57,877$ HEWI Revenue:450,000$ 7,959$ 107,959$ -$ PPP - SBA Loan Forgiveness Grant249,800$ 249,800$ ------------------------------------------------------ TOTAL OPERATING NET ASSETS2,891,000$ 1,404,874$ 2,285,973$ ------------------------------------------------------------------------------------------------ Expenses 110 Administration - Expenses607,250$ 332,850$ 635,700$ 200 Membership - Expenses335,079$ 137,695$ 283,390$ 250 Grants - Expenses57,695$ 10,216$ 20,432$ 300 Conferences - Expenses233,040$ 29,245$ 58,490$ 500 Communications - Expenses212,760$ 36,867$ 93,734$ 520 JPMC - Expenses167,565$ 193,076$ 355,576$ 521 WPI - Expenses135,077$ 21,833$ 93,666$ 525 Google - Expenses56,750$ 3,665$ 37,330$ 530 ECMC - Expenses-$ 154,446$ 87,779$ 525 STRADA - Expenses-$ 71,834$ 71,834$ 555 Texas A&M - Expenses-$ 74,648$ 74,648$ 565 Georgia Tech - Expenses-$ 21,797$ 57,877$ HEWI Summary - Expenses893,302$ 142,262$ 399,524$ ------------------------------------------------------ Total Expenses2,698,518$ 1,230,434$ 2,269,980$ ------------------------------------------------------------------------------------------------ NET CHANGE IN NET OPERATING ASSETS192,482$ 174,440$ 15,992$ ------------------------------------------------------------------------------------------------ Non-Operating Net Assets Revenue: 900 BHEF Investment Fund - Revenue40,000$ 22,535$ 50,000$ Total Revenue40,000$ 22,535$ 50,000$ Expenses: 900 BHEF Investment Fund - Expenses10,000$ 3,554$ (10,000)$ Total Expenses10,000$ 3,554$ (10,000)$ ------------------------------------------------------------------------------------------------ Net Change in Non-Operating Net Assets30,000$ 18,981$ 40,000$ ------------------------------------------------------------------------------------------------ NET CHANGE IN NET ASSETS222,482$ 193,421$ 55,992$ ============================================================================== =============================================================================== Beginning Balance FY21 Balance at 03-31-2021 Projected FY21YE Balance Temporarily Restricted Net Assets699,193$ 209,645$ 37,592$ -$ -$ -$ 520-JPMC193,076$ -$ -$ 131,258$ 101,876$ 37,592$ 521-WPI/Northrop 525-Google64,475$ 23,665$ -$ 530-ECMC238,550$ 84,104$ -$ 535-STRADA71,834$ -$ -$ =============================================================================== BALANCE OF TEMPORARY RESTRICTED37,592$ TOTAL NET CHANGE IN NET ASSETS93,584$ =============================================================================== ATTACHMENT B Business-Higher Education Forum PROPOSED FY2022 Budget Approved FY2021 FY2021 YE Forecast Proposed FY2022 Operating Net Assets Unrestricted Revenue: 2,000,000$ 1,500,000$ 1,600,000$ 200 Membership - Revenue-$ -$ -$ 300 Conferences -Revenue-$ -$ 520 JPMC - Revenue-$ 195,000$ -$ 521 WPI - Revenue100,000$ 100,000$ 100,000$ 525 Google - Revenue-$ -$ -$ 530 ECMC Revenue-$ -$ 89,508$ 525 STRADA Revenue-$ -$ -$ 555 Texas A&M Revenue-$ 75,337$ -$ 565 Georgia Tech Revenue-$ 57,877$ HEWI Revenue:791,000$ 107,959$ -$ PPP - SBA Loan Forgiveness Grant249,800$ 254,971$ ------------------------------------------------------------ TOTAL OPERATING NET ASSETS2,891,000$ 2,285,973$ 2,044,479$ ------------------------------------------------------------------------------- Expenses 110 Administration - Expenses607,250$ 635,700$ 648,747$ 200 Membership - Expenses335,079$ 283,390$ 358,613$ 250 Grants - Expenses57,695$ 20,432$ 52,152$ 300 Conferences - Expenses233,040$ 58,490$ 145,000$ 500 Communications - Expenses212,760$ 93,734$ 82,609$ 520 JPMC - Expenses167,565$ 355,576$ 32,500$ 521 WPI - Expenses135,077$ 93,666$ 100,000$ 525 Google - Expenses56,750$ 37,330$ -$ 530 ECMC - Expenses-$ 87,779$ 89,508$ 525 STRADA - Expenses-$ 71,834$ 555 Texas A&M - Expenses-$ 74,648$ 565 Georgia Tech - Expenses-$ 57,877$ HEWI Summary - Expenses893,302$ 399,524$ 342,859$ ------------------------------------------------------ Total Expenses2,698,518$ 2,269,980$ 1,851,988$ ------------------------------------------------------------------------------- NET CHANGE IN NET OPERATING ASSETS192,482$ 15,992$ 192,491$ ------------------------------------------------------------------------------- Non-Operating Net Assets Revenue: 900 BHEF Investment Fund - Revenue40,000$ 50,000$ 30,000$ Total Revenue40,000$ 50,000$ 30,000$ Expenses: 900 BHEF Investment Fund - Expenses-$ -$ -$ Total Expenses-$ -$ -$ ------------------------------------------------------------------------------- Net Change in Non-Operating Net Assets40,000$ 50,000$ 30,000$ ------------------------------------------------------------------------------- NET CHANGE IN NET ASSETS232,482$ 65,992$ 222,491$ ===================================================================== ===================================================================== Beginning Balance Projected Adjustments at 09-30-21 Projected FY22 Balance Temporarily Restricted Net Assets696,480$ (563,980)$ 167,092$ -$ -$ -$ 520-JPMC193,076$ (193,076)$ -$ 79,585$ (56,000)$ 134,592$ 521-WPI/Northrop 525-Google 149,583$ (73,168)$ -$ 522-JPMC 2195,000$ (162,500)$ 32,500$ 530-ECMC79,236$ (79,236)$ -$ ===================================================================== BALANCE OF TEMPORARY RESTRICTED167,092$ TOTAL NET CHANGE IN NET ASSETS 389,583$ =====================================================================