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A meeting of the Executive Committee of the United States Sailing Association was held at the Hotel Monteleone, New Orleans, Louisiana, at 7:00 p.m. (Central Time) on Wednesday, October 11, 2000. President Muldoon presided, and Secretary Everingham recorded the minutes.

1. ROLL CALL. All members of the Executive Committee were present except Messrs. Cook and Haenel. Executive Director Terry Harper also was present.

2. APPROVAL OF MINUTES. The minutes of the September 12, 2000 meeting of the Executive Committee were approved.

3. PRESIDENT'S REMARKS. Mr. Muldoon announced that more than 535 members are registered for the meetings this weekend.

4. TREASURER'S REPORT. Treasurer Lane reviewed the information in the Financial Data (Fall 2000) booklet distributed at the meeting, and he responded to questions. The booklet will be available at Thurs-day's Board meeting.

5. EXECUTIVE DIRECTOR'S REPORT. The Executive Director distributed, and the Executive Committee discussed, the October 6 membership statistics distributed at the meeting.

6. UNFINISHED BUSINESS

6a. Budget - Ms. Baxter reviewed the fiscal 2001 budget in the Financial Data (Fall 2000) booklet and pre-viewed the presentation that she will make at the Board meeting on Thursday. The current draft of budget (10/3/00 version) meets the Board-mandated expense cap (not more than $3,900,000 excluding Olympic) but not the Board-mandated 4% margin target. Additional changes will be made before the Sunday Board of Directors' meeting to bring the budget into line with both requirements.

6b. Changes to 403(b) Tax-Deferred Savings Plan - The Executive Director presented an Amendment to the US SAILING Tax-Deferred Savings Plan which, if adopted, would make changes in the Plan to conform it to changes to the Internal Revenue Code. After discussion, the Executive Committee approved the Amendment to the US SAILING Tax-Deferred Savings Plan in the form presented by the Executive Director at the meeting, effective as of the dates specified in the Amendment, and authorized and directed the officers of US SAILING to execute the Amendment and to take all actions necessary or appropriate to effectuate approval of the Amendment.

7. NEW BUSINESS

7a. New Title for Government Relations Chair - The Executive Committee approved conferring the title "Vice President - Government Relations" on the Chair of the Government Relations Committee and will ask the Board to add an appropriate regulation to that effect.

7b. Governor's Cup - Two proposals from Balboa Yacht Club were referred to the Championships Commit-tee for a recommendation.

7c. Adams Cup -The Executive Committee approved the appointment of Karen Reisch as a Trustee of the Adams Cup.

8. ARTICLE 14/RULE 69 ISSUES. The Executive Committee and the Executive Director discussed pending Article 14 and Rule 69 issues in executive session. No action was taken.

9. EXECUTIVE SESSION - Mr. Harper was excused, and the Executive Committee continued in executive session.

The meeting adjourned at 10:22 p.m. (Central Time). The next meeting of the Executive Committee will be at 7:00 a.m. (Central Time) on Sunday, October 15, 2000.

_______________________________________

J. Theodore Everingham, Secretary

 
 

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