NAAE Board Conference Call Minutes
April 6, 1998

On April 6, 1998, the NAAE Board of Directors conducted a conference call from 4:00 to 5:30 p.m. Eastern. The purpose of the call was to discuss and approve the NAAE Operating Budget for the 1998-99 NAAE year. Participating in the call were Duane Fisher, Tom Kremer, Marc Beitia, James Dawley, Linda Rist, Bryan Gause, Mike Cox, Larry Case, and Jay Jackman. The minutes of the conference call are as follows:

1. Welcome - Dr. Larry Case called the roll and welcomed the group. Duane Fisher added his welcome to the group.

2. Budget Discussion - Duane Fisher and Jay Jackman led the discussion about the proposed NAAE Operating Budget for 1998-99. The budget had been sent to the board one week prior to this conference call.

It was suggested that the convention registration fees be increased by $5.00 in accordance with the committee recommendation and subsequent board decision to increase the convention registration fee as such to cover the costs of a NAAE Golden Anniversary commemorative item to be given to each member who attends the NAAE convention in New Orleans. This would be added as additional revenue and also as a convention expense equal to the amount of the revenue generated.

The interest we are paying on the loan against our securities was discussed. It was agreed that we should try to pay at least $30,000 of the loan balance by June 30, 1998. In view of this, Marc Beitia moved to reduce the interest charges in the budget by $3,500. Linda Rist seconded the motion. The motion carried.

It was agreed to increase the board travel convention expense to $12,500 to cover the higher sleeping room rates for the New Orleans convention. Further, it was agreed to reduce the staff travel expense to $2,500 given that Jay Jackman, as AVA Ag Ed Division Program Chair, can get some of his travel expenses to and from the convention paid by AVA.

Given these adjustments, the total operating revenue budgeted for the 1998-99 year would be $394,595; the total operating expenses budgeted for the 1998-99 year would be $392,111; the excess of operating revenue over operating expenses budgeted for the 1998-99 year would be $2,484.

3. Budget Approval - Mike Cox moved to approve the budget as adjusted in the discussion described above. James Dawley seconded the motion. The motion carried.

4. Adjournment - With no further business to be transacted, the conference call was adjourned by Duane Fisher at 5:30 p.m.