1996-97 NVATA Board
NVATA Board Conference
April 7, 1997
On April 7, 1997, the NVATA Board of Directors
conducted a conference call from 4:30 to 6:40 p.m. Eastern. All board
members were on the call, except Marc Beitia. Jay Jackman and Larry
Case were also on the call. The minutes of the conference call are as
- Opening Comments - Dr. Larry Case
gave a report on the progress of proposals to establish a headquarters
for agricultural education. Dr. Case also gave an update on the tragic
loss of Coleman and Jean Harrisı daughter, Ann Marie, and the Harris
Fund that has been established at Mount Vernon High School.
- Reports from NVATA Advisors
Fred Wheeler, Forrest T. Jones & Company,
gave an update on the status of the professional liability coverage
that will be provided as an in-dues benefit to active, active life,
and student members of NVATA beginning July 1, 1997. The premium
will be $5.00 per member for the basic $100,000 coverage. NVATA
will pay the premium in two equal installments in mid-August and
mid-September. Each yearıs premium will be determined by the total
number of active, active life, and student members from the previous
year; the subsequent yearıs premium will be adjusted up or down
to account for membership increases or decreases in the previous
year. Members may upgrade their coverage to $1,000,000 for an additional
annual premium of $35.00, or $2,000,000 coverage for an additional
annual premium of $50.00. It was requested that a copy of the policy
and Fredıs phone number be sent to the board.
Tony Maull, Prudential Securities,
reported that the returns on the NVATA investments during the past
year had been ³good² (14.5 percent) on the reserve account, ³okay²
(7.5 percent) on the life membership account, and ³okay² (4.89 percent)
on the legislative affairs account. The qualitative assessments
are determined based on the investment policies for the respective
investment accounts. The first quarter of 1997 has yielded no losses
and no gains on NVATA accounts. Tony recommended we look for opportunities
to pay down the balance of the loan against our securities in 1997.
(The loan balance is approximately $37,000.) Tony made no recommendations
to make changes in the investments immediately, except to watch
for ways to gradually pay down the loan. Tony will meet with the
board again in July 1997.
Cathy Beck, Beck & Associates,
reported that the NVATA financial status is looking much better
than at this same time last year. We seem to be on track with dues
receipts. Cathy predicted that we may have to borrow some money
against our securities to finish the current fiscal year - but not
as much as in recent past years. It looks as if the 1996 convention
may make some money.
- 1997-98 Proposed Budget Review - Jay
Jackman discussed the proposed budget line-by-line. The board agreed
to discuss the budget at regional meetings and then approve the final
budget at the July board meeting. It was agreed to add an expense
line in the budget for Bank Charges and Interest. Jay pointed out
that the excess of expenses over revenue could be zeroed out by eliminating
the 5 percent set-aside. The final budget will be balanced or will
show an excess of revenue over expenses. (A copy of the proposed budget
(as amended) is attached.)
- E-Mail Addresses - Linda Rist reported
that her new e-mail address is: Larist@aol.com.
- Concern for Alumni Council Representative
- MeeCee asked that any concerns the board wanted brought to the FFA
Alumni Council should be called in to the NVATA office soon. Gene
Starr, the NVATA representative to the FFA Alumni Council is eager
to represent NVATA.
- News & Views - Regional
updates are needed in the NVATA office next week.
- Adjournment - Due to time constraints,
the conference call ended at 6:40 p.m. Eastern.