Tag Archives: fiduciary responsibility

Your well-intentioned request is impractical –VSU Foundation

The VSU Foundation knows more than 98% of climate scientists, and also sneers at former divestment from tobacco and apartheid companies. Nevermind that fossil fuel divestment is going faster than either of those. Is it good fiduciary responsibility to stay invested in the stranded investments of fossil fuel stocks while solar stocks are skyrocketing? Is this really how to encourage people to give to VSU? Is that how the alumni want their investments used?

Seen today on S.A.V.E.’s facebook page, VSU Foundation’s response to S.A.V.E.’s fossil fuel divestment request:

October 29, 2013

Danielle Jordan, President
S.A.V.E.
Valdosta State University

Dear Ms. Jordan,

The Investment Committee of the VSU Foundation Board of Trustees has reviewed the request from your organization that securities issued by companies engaged in the production of fossil fuel energy be excluded from the foundation’s endowment portfolios. Compliance with your well-intentioned request is impractical for a number of reasons and perhaps even a breach of the fiduciary responsibility that all of our trustees take very seriously.

The various VSU Foundation endowment portfolios are managed Continue reading →

“Parameters on the types of industry” –VDT Editorial

And what about all that land?

In addition to a news story about Brad Lofton moving on up to Myrtle Beach, the Valdosta Daily Times also had an editorial yesterday (14 March), Lofton’s leaving a void in which they make some good points, including:

While the search is on for a new director, now is the time for the city, county and industrial authority board to come together to make some decisions about the organization and what the community leadership needs and wants it to be.
Here are a few modest suggestions along those lines, including considerations such as water.

More from the VDT: Continue reading →

Fiduciary responsibility of LCC to oversee VLCIA? –John S. Quarterman

Speaking to the Lowndes County Commission on 8 March 2011, I read from VLCIA “inter-governmental funding agreement” with Lowndes County, noting that VLCIA’s own audited annual financial report seems to be out of date, since it still says VLCIA asks the Lowndes County Commission for its funds. And I wondered about this part in Note F:
The bonds are secured by an “inter-governmental” funding agreement between the Valdosta-Lowndes County Industrial Authority and Lowndes County, Georgia.
I repeated what I wrote before:
If the Lowndes County government is co-guarantor of VLCIA’s bonds, how can the Lowndes County Commission say it has no responsibility or control over what VLCIA does? I am not a CPA, but the term “fiduciary responsibility” comes to mind.

I quoted myself from VLCIA Bonds: $15M becomes $23.5M?

If I’m reading that right (I am not a CPA), VLCIA took out about $15M in bonds for which they will pay back a total of about $23.5M. Is that really $8.5M in debt service, or about 56% of the original principal?
I pointed out that VLCIA seems to have about $8.3 million in cash Continue reading →