A meeting of the Executive Committee of the United States Sailing Association was held at the Palmer House Hilton Hotel, Chicago, Illinois, at 7:00 a.m. (Central Standard Time) on Saturday, March 25, 2000.  President Muldoon presided, and Secretary Everingham recorded the minutes.

1.     ROLL CALL AND INTRODUCTION OF GUESTS.  All members of the Executive Committee and Executive Director Terry Harper were present.

2.         PRESIDENT'S REMARKS.  Mr. Muldoon reported that the National Sailing League had announced that it was disbanding.

3.         UNFINISHED BUSINESS.  Mr. Lane presented the report of the “conference working party”, which  included the “US SAILING Spring Meeting 2000 Budget Recast” and a series of proposed Board resolutions.

The Executive Committee approved a motion that, for the remainder of fiscal 2000, no new staff be hired (either new or replacement) without the approval of the Executive Committee.

The Executive Committee approved a motion to submit the following resolutions to the Board of Directors for its approval:

·         Staff and the Executive Committee shall reduce expenses for fiscal 2000 by $50,000.  Based on the “recast budget”, new expense budget would be $4,144,162 - $50,000 = $4,094,162.

·         The budget for fiscal 2001 shall show a margin of revenue over expenses of 4% (current policy) and include an expense budget that does not exceed $3,900,000 (excluding Olympic).

·         As part of the annual budget process, the Executive Director shall adjust pricing of goods and services to accommodate current market conditions including the Consumer Price Index.

·         Absent further Board action, beginning in fiscal 2001, the General Operating Reserves shall be increased at the rate of $75,000 per year.

4.     New Business.  There was no new business.

The meeting adjourned at 7:50 a.m. (Central Standard Time).  The next meeting will be held at the Palmer House Hilton Hotel at 7:00 a.m. (Central Standard Time) on Sunday, March 26, 2000.


                                                                        J. Theodore Everingham, Secretary