1996-97 NVATA Board of Directors

NVATA Board Conference Call Minutes
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 follows:

  1. 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.
  2. 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.

  3. 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.)
  4. E-Mail Addresses - Linda Rist reported that her new e-mail address is: Larist@aol.com.

  5. 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.
  6. News & Views - Regional updates are needed in the NVATA office next week.
  7. Adjournment - Due to time constraints, the conference call ended at 6:40 p.m. Eastern.