The Chair, Constance Diamond, called the meeting to order on May 22, 2010 to be conducted on the IAGW-CM list.
The following directors were present: Constance Diamond, Rich Lowe, Karen DeGroote-Johnson, Ralph Leonard, Linda Ziemann, Greta Thompson, Barbara Hug, Sharyl Ferrall, Richard Harrison, Don Kelly, Gail Kilgore, Mark Christian.
The following directors were absent: Loren Toomsen
The preliminary agenda was published by the Chair on May 6, 2010.
The agenda will include:
Approval of minutes.
Treasurers report.
Report on Surety Bond.
The Treasurer, Rich Lowe, presented the report:
Financial reports through April 30, 2010 can be found at: http://iagenweb.org/state/friends_of_iagenweb-operations/finance/balance-sheet.htm The only transaction since April 30 is a $100 memorial donation via PayPal. Our liability account due Loren Toomsen has been reduced by a net $1,038.57 YTD with a balance of $5,123.88 remaining. This is down from $9,449.53 back on Jan. 1, 2009. Google AdSense income is up YTD compared to last year but monthly earnings are trending downward. Memberships (donations) continue to be an area that could stand some attention, both among IAGenWeb members as well as promotion to those visit our sites. http://iagenweb.org/state/friends_of_iagenweb/membership.htm Let me know if you have any questions.
The Secretary, Mark Christian, presented the report:
The Annual Meeting was conducted from January 21, 2010 to February 13, 2010. Minutes are posted at: http://iagenweb.org/state/friends_of_iagenweb-operations/meetings/meetings.htm
Upon the motion of Rich Lowe and second of Karen DeGroote-Johnson the Chair announced without objection the acceptance of the minutes.
The Chair made the following announcement.
In 2009 purchase of a bond in the amount of $5000 for treasurer Barbara Hug from CNA through the Insurance Center of Green Valley. When the 2010 renewal notice and policy arrived arrived there was a Rider attached to it. The Rider states, "Owner/Officers are hereby excluded from the coverage of the bond." The Executive Committee met to discuss the surety bond issue. After checking with several insurance agents on cost and coverage of a Surety Bond by several EC members, the Executive Committee agreed to waive the purchase of a renewing a surety bond at this time. With stipulation that a surety bond would be purchased at the point our funds reach a stable higher level than they are at this time. The waiver was given for these reasons ... low fund level and higher cost rate for the bond for coverage needed. The insurance agents were basically consistent with the lack of a need for a Surety Bond because our fund level is too low at this time to warrant the purchase of or to make it cost effective to renew the bond. The cost can be as little a $200.00 a year and could be as high or higher than $700.00 a year.
There was discussion regarding the Chair's announcement with no specific action taken.
With no objection the meeting was adjourned by the Chair on May 29, 2010.