Executive Board (Special) Minutes – July, 2009

July 2009 Special Executive Board mtg.doc

Executive Board “Special” Meeting Minutes
Tuesday – July 28, 2009
Conference Call
I. Present: Becky Hagen-Jokela (President); Suzanne Driessen (President-Elect); Kay Lovett (South Rep & Public Policy/Relations Chair); Colleen Gengler (Past President); Lori Hendrickson (North Rep & Professional Development Committee Rep); Cindy Petersen (Treasurer); Carol Ann Burtness (Secretary).
II. Call meeting to order: President Becky called the meeting to order at 2:00 p.m.
III. Business:
The NEAFCS-MN CD matures August 3 and Treasurer, Cindy asked for a recommendation:
• Becky reviewed the history of the current CD: At the 2008 Annual Meeting, the membership voted to set up a Quasi-Endowment from the Tri-State Funds to supplement the budget and ultimately provide more professional development for members. $10,000 is the minimum amount needed to set up the fund. To find a temporary “location” for the money and help reach the minimum ($10,000), the Board directed the Treasurer to set up a short-term CD which matures on August 3. Currently CD balance = $9770.20 (NOTE: 3rd quarter interest is not added to this balance).
• Becky reviewed comments and numbers from Matt Musel Associate Director of Development for U of MN Foundation: Over the past year, the MN Foundation accounts had approximately 21% loss of investments although national losses were 30-35%. The current third quarter Foundation accounts are looking positive with an approximate .06% gain that indicates the economy is stabilizing. Matt does not have updated numbers until early August.
• Board discussed possible options: Keep the CD as-is for another 10 months (earned approximately .25% over last 10 months); Roll over into a different CD at a different institution (bank or credit union) which may have higher interest rate; Create a savings account (may allow more flexibility if funds are needed); Move to interest-earning MAEE checking account (any earned interest will go to MAEE).
• Discussion focused around where/how to gain best return for investment; flexibility for access to funds and the ease for monitoring the account by a new Treasurer.
• The Board directed Cindy (Treasurer) to put the CD balance into a savings account until further notice. The Board will monitor the account according to the market movement and will decide when the balance exceeds $10,000 to move the monies into a Quasi-Endowment.
• Board also discussed what to do with excess monies if the interest yields a balance greater than $10,000. At this point, the goal will be to maintain the budget and keep professional development opportunities viable for the membership.
President-Elect Nominees:
• Colleen is in the process of contacting potential president-elect nominees for the 2009-10 slate of officers. She will make personal contacts before September.
2009 MAEE/Sections Annual Meeting:
• In preparation for an upcoming planning meeting, Cindy shared tentative plans for the schedule and ideas for the Annual MAEE Banquet and asked opinions about entertainment suggestions.
IV. Future Board Meeting Dates
• August 17, 2009 – Face-to-face Executive Board Meeting (Agenda items: Endowment CD decision review; 2009-10 slate of officers; Annual Meeting plans; Committee Updates; etc.)
• NEAFCS Annual Conference (Alabama) – September 15-19, 2009. 8-9 members have indicated they will attend.
• MN Annual Meeting – October 5-7, 2009.
V. Adjourn: 2:40 p.m.


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