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 Charlie Leighton, Executive Director and James Appel, Budget Director.
Action Item: A motion to approve the February 21, 2005 minutes of the Executive Committee, as corrected, was made, seconded and carried.
President Baxter announced that she and Executive Director Charlie Leighton would serve as National Governing Body representatives to a United States Olympic Committee meeting next month in Phoenix, Ariz.
Executive Director Leighton announced changes in how financials are to be presented, using past-year monthly and year-to-date comparisons designed to note trends and to make the reports more readily understood. He noted that staff work was needed to evaluate budget assumptions; that increasing interests rates for our line of credit warranted consideration of other financing alternatives; and that the staff will begin using a three-step criteria to evaluate the cost effectiveness of goods and services. He also noted that Budget timing needed to be revised to fit with the recent change to fiscal calendar year reporting. He added that issues with the new IRC had been resolved, that 60 measurers had been selected to date, and that 160 certificates had been processed. His report also included a summation of activities from each department head.
In her report, Treasurer Leslie Keller noted several costs saving activities that could be initiated by staff, and commented on an analysis of the US SAILING cash position. She noted that accounts payable have been rising in relation to accounts receivable, and that reported cash on hand is often in restricted accounts. She also agreed to begin an assessment of capital needs for the upcoming budget process
Budget chair James Appel noted that the budget process made it difficult to monitor results on a monthly basis. He announced that individuals on the budget committee will work through the Executive Director to monitor departmental budgets.
Dean Brenner, Olympic Committee Chair, reported that staff and committee members are compiling answers to an extensive National Governing Body survey being undertaking by the United States Olympic Committee. Although the final audit of Olympic Committee 2004 accounts has not been completed, President Baxter announced that she will appoint a special post-audit committee to review that audit and to make any recommendations or comments it deems appropriate.
President Baxter proposed the adoption of a letter of understanding between US SAILING and the newly formed Offshore Racing Association that will allow US SAILING to maintain its role in the Americap certification process, but turn development of Americap over to the ORA. Under the agreement, US SAILING would retain 100% of processing fees on the first 599 boats certified, and a declining percentage on the balance. All development and promotional costs will be borne by the ORA.
Action Item: A motion to adopt the proposal was made, seconded and carried.
Tom Hubbell, chair of the Reorganization Committee announced that revision #10 of the new Bylaws had been posted on the Board of Directors web site. At the Newport meeting, time has been allotted for discussion at all meeting sessions, and a special question and answer session is scheduled for two hours on Saturday afternoon. The proposal will be voted on in the Sunday Board of Directors meeting.
Action Item: A motion to approve issuing a Proclamation to recognize Nick Craw for this service to US SAILING, was made, seconded and carried. The Proclamation will be presented at the March 2005 meeting in Newport.
President Baxter requested that Excom members individually prepare priority goals and strategic objectives for 2006 in advance of the Newport meeting so that they can be reviewed and finalized at that time.
Race Administration Chair Jim Capron announced that the Article 14 Review Board has prepared suggested revisions to the Article 14 process, and that these will be distributed to the Excom for discussion in Newport.
An Executive Session followed.
The meeting adjourned at 10:05 p.m. E.S.T.
Dick Hanneman, Secretary