|A meeting of the Board of Directors of the
United States Sailing Association was held in New Orleans, Louisiana, at
8:00 a.m. (Central Time) on Thursday, October 12, 2000. President
Muldoon presided, and Secretary Everingham recorded the minutes.
1. Roll Call. All members of the Board of Directors were present except Messrs. Cook, Haenel, Harken, Munster and Reynolds. The Board of Directors adopted the following resolution:
Mr. Melino then joined the meeting as a Board member.
3. Presidentís Remarks. President Muldoon announced that we are enjoying the largest attendance at any US SAILING Annual General Meeting.
He introduced and congratulated Karen Reisch, a newly elected Adams Cup Trustee, and announced that Carl Eichenlaub will receive the 2000 Nathanael G. Herreshoff Trophy at the annual awards dinner on Saturday evening.
4. Ratification of Executive Committee Actions. As required by Article Nine, paragraph 3 of the Bylaws, the Board of Directors ratified the decisions taken by the Executive Committee since the Board of Directors meeting held on March 26, 2000 through September 12, 2000, as reflected in its minutes and other materials previously distributed to the Board members.
5. Treasurerís Report. Treasurer Lane reviewed the information in the Financial Data (Fall 2000) booklet distributed at the meeting, and he responded to questions. He reported that fiscal 2000 expenses are expected to exceed revenues by $250,000 and that we will miss our budget margin (4%) by about $327,000. By the end of the fiscal year, our $250,000 line of credit will be completely drawn leaving us with about $250,000 in operating reserves. We are discussing with the bank increasing the line of credit to $600,000.
For fiscal 2001, the cash flow problem will be magnified by the operating results for fiscal 2000 and a higher than normal fiscal 2001 capital budget.
6. Executive Directorís Annual Report. Executive Director Terry Harper referred Board members and other attendees to his previously distributed annual report. In particular, he drew attention to US SAILINGís Coast Guard grant for "Sailing Smart", the vast improvement in the US SAILING website over the past year and the Paralympic Sailing team. Mr. Harper also reported that a new, three-year Sailing World/Cruising World contract was signed last week.
7. Council and Committee Reports
7a. Budget Committee. Janet Baxter reported on the current draft of the fiscal 2001 Budget (10/3/00 version) that was mailed to the Board before the meeting. (Copies also were made available at the meeting.) The draft meets the Board-mandated expense cap (not more than $3,900,000, excluding Olympic) but not the Boardís 4% margin target. Additional changes will be made to bring the budget into line with both requirements. Ms. Baxter emphasized that the Budget Committee must emerge from its Thursday afternoon meeting with a budget that it can distribute for study and then present for approval at the Board of Directorsí meeting on Sunday morning.
7b. "Fast & Fun Sailing". Art Stevens, Chairman of the Multihull Council, reported on the "Fast & Fun Sailing" program, in which some 700 children participated during the 2000 season. He emphasized the importance of the program as a means of bringing young people into sailing.
8. Unfinished Business. There was no unfinished business.
9. New Business. There was no new business.
The meeting was adjourned at 9:07 a.m. The next meeting of the Board of Directors will be at 8:00 a.m. on Friday, October 13, 2000, in the Queen Anne Ballroom, Hotel Monteleone, New Orleans, Louisiana.
J. Theodore Everingham, Secretary