US SAILING Executive Committee
January 24, 2005 8 p.m. E.S.T
Telephone Conference Meeting

President Janet Baxter called the meeting to order at 8:00 p.m., Eastern Standard Time.

Present were Janet C. Baxter, Dean Brenner, Jim Capron, Ruth Creighton, Susan Epstein, Louise Gleason, Fred Hagedorn, Dick Hanneman, Tom Hubbell, Patty Lawrence, Leslie Keller, Rich Jepsen, Bill Munster, Joni Palmer and Bill Sandberg. Also present were James Appel, Budget Director, and Nick Craw, Executive Director, and Charles Leighton, Executive Director Designate.

Action Item: A motion to approve the minutes of the December 21, 2004 minutes of the Executive Committee as corrected was made, seconded and carried.

President Baxter welcomed Charles Leighton to the Excom Meeting. He will join US SAILING as Executive Director on January 31, 2005. She also reported on US SAILING activities at the 2005 Key West Race Week

Executive Director Nick Craw called reported that the unaudited year end financials indicate a budget surplus of $177,000.

Treasurer Leslie Keller suggested that US SAILING create an Investment Committee, and reported that in may be possible to complete the audit prior to the Spring Meeting of US SAILING, although the mid-year systems conversion requires that some accounts be reconciled manually. She, the accounting department, and the auditors are working to resolve the matter prior to the March meeting.

Training Chair Rich Jepsen reported on the success of the National Sailing Program Symposium in Miami. The event had the programís second highest attendance and generated $16,700 in sales of US SAILING publications. Next yearís Symposium is scheduled to be held in Southern California.

Vice President Bill Munster announced that a Safety at Sea Program has been scheduled in Newport, CA., and that West Marine has expressed its interest in becoming more involved in Safety at Sea programs.

Budget Director James Appel announced upward revisions of $9,000 to the approved 2005 budget as a result of a double booking of benefits. The revised budget calls for a break even year.

Action Item: A motion to adjust the 2005 Budget from a $9,000 surplus to break even was made, seconded and carried. The budget includes the fixed savings approved at the Board of Directors meeting in October, 2004, which will be booked monthly as an expense item.

He reported that during the past four years, Olympic expenses exceeded income by $330,000, an amount that will need to be repaid during the next quad. The US SAILING Olympic Committee will make annual repayments of $50,000, $80,000, $100,000 and will direct $100,000 from the Los Angeles Olympic Fund to repay this overage.

Action Item: A motion to approve the Olympic Committee budget as recommended by the Budget Committee was made, seconded and carried. In the future, the Olympic Committee budget will continue to be reported separately, but it will receive the same scrutiny as the regular US SAILING budget.

Dean Brenner commented on the need to review the manner in which depreciation is accounted for in the US SAILING budget. The President asked him, along with Treasurer Leslie Keller and John Lovell to review the issue and make recommendations.

Action Item: A motion to approve the Team Racing Committee as submitted by President Baxter was made, seconded and carried.

She announced that Serge Jorgensen has been named chair of the IT Task Force.

General Services Chair Ruth Creighton reported that Melinda Berge had submitted her resignation as Chair of the Communication Committee and asked for recommendations for her replacement. She also reported that the Event Visibility Program is growing with 19 events scheduled for January and February, and with one or two training sessions being conducted each month.

Dean Brenner announced that Rolex Miami Olympic Class Regatta was underway with 330 sailors from 12 countries participating. Half of the Athens U.S. Olympic team attended the Miami event. He also reported on a new Yacht Club Partners Program. Details are published on the Olympic Sailing Committee web site.

A discussion on making US SAILING J/24 sails available for the ISAF Womenís Match Racing Championships to be held in Bermuda was referred to the Inshore Committee for recommendations.

An Executive Session followed.

The meeting was adjourned at 10 p.m. E.S.T.

Dick Hanneman