The Chair, Linda Ziemann, called the meeting to order on March 21, 2011 to be conducted on the IAGW-CM list.
The following directors were present: Linda Ziemann, Dave Dinham, Don Kelly, Ralph Leonard, Gail Kilgore, Karen DeGroote-Johnson, Greta Thompson, Mark Christian, Barbara Hug, Richard Harrison, Rich Lowe, Constance Diamond, Sharyl Ferrall.
The following directors were absent: Loren Toomsen (excused absence).
The agenda was published by the Chair on March 21, 2011.
The proposed agenda: Opening Remarks Secretary's Report Treasurer's Report Discussion and Approval of the Reports Agenda item: Pay off of Loren Toomsen loan at an accelerated rate Closing Remarks
The Secretary, Mark Christian, presented the report:
Our last regular Board of Directors meeting was held from July 22, 2010 to July 30, 2010. Minutes of the meeting are available at: http://iagenweb.org/state/friends_of_iagenweb-operations/meetings/meetings.htm
Without objection the Chair announced the acceptance of the minutes as posted.
The Treasurer, Rich Lowe, presented the report:
The Friends of IAGenWeb financial reports as of month ended February 28th can be found at: http://iagenweb.org/state/friends_of_iagenweb-operations/ The Balance Sheet shows a balance of $4,426.51 in bank and PayPal accounts while liabilities are $2,843.60.
Without objection the Chair announced the acceptance of the Treasurers Report.
Rich Lowe, Treasurer, presented a report on current debt.
We have reduced our underwriting debt owed to Loren Toomsen from a high of nearly $10,000 in mid-2009 down to what will be less than $2,500 by the end of this month. In 2009-2010 we paid out $801.53 in Interest on our debt. During the same period we earned just $9.30 in Interest on our banking and PayPal account balances. Bank and PayPal assets as of Feb 28 of $4,426.51 exceed the balance owed to Loren Toomsen by $1,582.91. By the end of this month, after the currently scheduled payment, the balanced owed Loren will be down to $2,251.64. Other than serving our debt, our only other expense is server expense at $59.95 per month. Since we are paying 6% interest on the loan and earning basically nothing on the account balances, if the board agrees, I request that someone make the following motion. "I move that the board authorize the Treasurer to pay off the debt owed Loren Toomsen in full by no later than June 30th, 2011."
It has been moved by Dave Dinham and seconded by Greta Thompson that the Board authorize the Treasurer to pay off the debt owed Loren Toomsen in full by no later than June 30th, 2011.
Votes For: Rich Lowe, Greta Thompson, Don Kelly, Karen De Groote-Johnson, Mark Christian, Dave Dinham, Ralph Leonard, Barbara Hug, Gail Kilgore, Richard Harrison, Sharyl Ferrall, Constance Diamond.
Votes Against: None
Abstentions: None
The Chair declared the motion passed.
With no objection the meeting was adjourned by the Chair on March 25, 2011.