Capital Campaign 


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AFC Foundation Capital Plan

At its annual meeting in November 2009, the AFC Foundation Board accepted the challenge to assist the Association of Florida Colleges in paying down the mortgage on the office building in Tallahassee. Currently, the mortgage has a balloon note of $1.1 Million dollars due May 15, 2015.

The Foundation appointed a four members committee to work on a plan to pay down the mortgage, and to accumulate funds to pay off the balloon in May 2015. It was suggested that a campaign be undertaken similar to one that was done to buy the lot and to build the first office building. A committee consisting of Board members Andre Hawkins (IRSC), Milt Jones (PHCC retired), Ronda White (TCC retired), Joe Lang (Trustee), Burt Harres (PHCC) and Bill Mullowney (VCC) were appointed to develop a proposal.

In May 2010, working with the AFC Board of Directors, the Foundation appointed a four members committee to work on a capital fund-raising plan to pay down the mortgage, and pay off the balloon. A committee consisting of Board members Andre Hawkins (IRSC), Milt Jones (PHCC retired), Ronda White (TCC retired), Joe Lang (Trustee), Burt Harres (PHCC) and Bill Mullowney (VCC) was appointed to develop a proposal.

At its August 10, 2010 meeting the committee made the following recommendations that were ratified by the Association of Florida Colleges Board of Directors.

It has been agreed that a major fundraising campaign is essential to cover this financial obligation for the AFC Building. The committee has recommended the following steps be taken:
  1. The capital campaign would be referred to as the "Burst the Balloon Campaign". (done)
  2. Request an appraisal of the property and move forward with mortgage modification. (done)
  3. Request that each AFC college chapter and commission be involved. (done)
  4. Establish a Restricted Fund immediately. (done)
  5. Deposit all capital funds raised in the Restricted Fund. (in process)
  6. Connect with a core group of presidents to assist with college support.
  7. Ask each college executive, (Deans, Provosts, Trustees, and Presidents) to make a five year pledge of at least $500.
  8. Ask each Chapter (28) to hold fund-raisers annually to contribute up to $1,000 per year.
  9. Ask each Commission to make an annual contribution of up to $1,000 per year.
  10. Ask each Region to make an annual contribution of $500 per year.
  11. Prepare and initiate an awards and recognitions program and publicity to enhance and show appreciation throughout the campaign period.
  12. Add $5 to all registration fees to be earmarked specifically to the capital campaign.
  13. Request each College renter to increase their rent $6,600 annually to $10K annually, applying the $3,400 difference to the capital fund.
  14. Consider discussing a special assessment with the Council of Presidents.