FIRM ENDS ENDOWMENT VITAL EXPRESS CANCELS $2 MILLION COLLEGE DEAL.Byline: Carol Rock Staff Writer VALENCIA - Vital Express, a Valencia freight company Freight companies are companies that specialise in the moving ("forwarding") of freight, or cargo, from one place to another. They are divided into several sections, international freight forwarders--which ship goods from country to coutry or domestic freight forwarders (who ship , has severed its $2 million endowment - and right to name - the performing arts center A performing arts center, often abbreviated PAC, is a multi-use performance space that can be adapted for use by various types of the performing arts, including dance, music and theatre. at College of the Canyons College of the Canyons is one of the fastest-growing community colleges in the state. According to the National Junior College Research Association, College of the Canyons consistently ranks in the top 50 community colleges in the nation. , the college announced Monday. In a letter dated Feb. 28 and made public Monday, Vital Express owner Lisa Boaz cited a changing business environment and rising fuel costs for canceling the agreement. Boaz asked the College of the Canyons Foundation to terminate her Valencia-based company's agreement to sponsor the performing arts center, which opened in October 2004. The foundation board has recommended that the college board of trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. accept the termination, which it is scheduled to consider Wednesday, college spokeswoman Sue Bozman said. ``This relieves them of the obligation and allows them to focus their funds for the health of their company,'' Bozman said. Vital Express was founded in 1997 by college alumni Dan Boaz and his wife, Lisa, who serves on the foundation board. In less than seven years, it grew from a small shipping service into a multimillion-dollar freight company with offices on both coasts. The sponsorship agreement included a $2 million endowment to the college foundation specifically for the performing arts center. Payments of $16,666.66 were to be made monthly for 120 months; to date, Vital Express has given the college $74,359 in payments, with a $25,641 payment promised when the college accepts the termination letter. ``At the time we entered into this agreement, the business plan for Vital Express included significant expansion of the company through nationwide franchise opportunities and other incentives that were clearly supported by a positive national and strong regional economic outlook,'' Boaz wrote in her letter. ``Since then, that optimistic view has been impacted by a slowdown of the economy, rising interest rates, increased cost of construction and the significant increase in fuel costs that severely impact a company like ours that relies heavily on transportation costs.'' Boaz did not return a call from the Daily News seeking further comment. Boaz went on to say the company will be maintaining its facility in Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, , but will be relocating its corporate headquarters to North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. . ``We were not surprised. It's fair to say that there has been some discussion recently,'' Bozman said. ``We have gained $100,000 and this will allow us to welcome new donors looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. an opportunity such as the one Vital Express had.'' The endowment offered naming rights Naming rights are the right to name a piece of property, either tangible property or an event, usually granted in exchange for financial considerations. Institutions like schools, places of worship and hospitals have a tradition of granting donors the right to name facilities in for the center, which was christened the Vital Express Center for the Performing Arts shortly after the grand opening; blocks of tickets and preferred seating were offered to the company, which was also allowed to use the upstairs gallery for pre-show receptions and the theater for business meetings and speakers. Bozman said that other than enjoying a series of shows, none of the other benefits was used. Problems arose during the summer of 2005, when it was discovered that the college foundation had not come up with a contract suitable for accepting such a large donation on an installment plan. At one point, six attorneys hired by the college were at work on drafting the agreement, which was finalized Aug. 10 and payments began. Signage seemed to be a sticking point sticking point n. A point, issue, or situation that causes or is likely to cause an impasse. Noun 1. sticking point - a point at which an impasse arises in progress toward an agreement or a goal in the negotiations; at one point, Dan Boaz told the Daily News that three signs promised at the outset of the agreement would be handled by Vital Express because ``If we do it, we know they'll go up.'' The signs never materialized. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Bozman, the performing arts center's maintenance and operations are covered by the college's annual budget. Endowment funds Endowment funds Investment funds established for the support of institutions such as colleges, private schools, museums, hospitals, and foundations. The investment income may be used for the operation of the institution and for capital expenditures. , from which only the interest accrued is used, provide additional programming, including more expensive performers or stage accouterments ac·cou·ter·ment or ac·cou·tre·ment n. 1. An accessory item of equipment or dress. Often used in the plural. 2. Military equipment other than uniforms and weapons. Often used in the plural. 3. . ``The nature of the world we live in requires all of us to manage change on a frequent basis and nowhere is change occurring faster than in the business world,'' said college President Dianne Van Hook. ``The Boazes have made the best decision for themselves, their employees and their company, and all of us associated with the college thank them for their efforts and wish them the best.'' Termination of the agreement will have no effect on season performances. The center will now be called the College of the Canyons Center for Performing Arts. Carol Rock, (661) 257-5252 carol.rock(at)dailynews.com |
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