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Villagomez is NMC Foundation’s new executive director
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Posted on Dec 12 2013
Richard Villagomez, the former administrator of the government’s pension agency, has been hired as the new executive director of the Northern Marianas College Foundation.
NMC president Dr. Sharon Y. Hart told the Board of Regents Friday that Villagomez is slated to start work at the foundation this week.
Villagomez had been with the NMI Retirement Fund under various capacities, including loan manager, analyst, and deputy administrator, until his appointment as administrator in May 2010. His contract was not renewed in July 2012.
In his new post, Villagomez will serve at the pleasure of the NMC Foundation, which will pay for his salary and benefits.
The foundation currently has the following members: Dr. Alan Markoff, David Burger, Ben Babauta, David Sablan, Bud White, Jerry Facey, Lillian Cabrera, and Joe Santos. Hart and alumni president Jack Kiyoshi are ex-officio members.
The Board of Regents established the NMC Foundation in 1999 for the purpose of acquiring, managing, and disbursing funds from alternative sources to support the advancement of NMC’s educational programs and services.
Last year, the NMC Foundation had an estimated asset value of close to $5 million, the bulk of which is invested in stocks and other investments. The Foundation was primarily established to handle the endowment fund received by the college from a land grant amounting to $3 million.
Last year, the Foundation board adopted to develop a new foundation that will separately function and will focus on raising funds for the college from international sources, including philanthropists and foundations across the nation.
This separate foundation is expected to commence only once the college reaffirms its accreditation with the Accrediting Commission of Community Junior and Colleges.
