I. Welcome

a) Alan Randall, AAEA Foundation President called the meeting to order at 9:10 am.
b) Randall called for introductions, all expected members were present. Joyce Cacho and Todd Petzel were absent.

II. Minutes of July 2002 meeting

a) It was noted that Enrique Figueroa's name is not present on the minutes from the Foundation board's meeting in July 2002, and should be added.
b) Two other grammatical errors were noted and to be corrected
c) Roberta Cook made a motion to approve the minutes with the above changes. The motion was seconded by Jean Kinsey and approved.

III. Finance Committee Report

a) Financial Statements

i) AAEA CFO Betty Eckebrecht distributed an income statement for the 11 months ending Nov. 30, 2002. This statement does not include the pledges on the three new clubs: McCalla, Baker/Swanson and Lee.
ii) Betty then discussed the various administrative expenses incurred by the association, including cost of charters, catering, postage, printing, travel expenses and monies issued for the various grants. The opportunity for discussion and questions was presented, but there was none.
iii) A worksheet for use later in the day was also distributed at this time, as well as information on appreciation club balances and the AAEA Foundation endowment.

b) Investments

i) The balance in investment account equals $1,061,549. David Zilberman noted that the foundation lost less than $100,000, and Betty added another $28,000 was lost in Dec. The total loss on investments for the year $140,000.

(a) Discussion followed regarding how the investments are distributed among Vanguard accounts, to ensure that the account in diversified. Donna Dunn informed the board that the account is split between index, bond and equities. Betty added that the money is allocated to 12 funds. Enrique Figueroa asked if there was an appropriate index to use as a benchmark, Donna replied that the quarterly reports compare the account to Lipper and S&P. Overall, the group felt that considering the current market trends, this account is doing relatively well.

c) Appreciation clubs

i) There are four appreciation clubs that are not at the endowed level: Tweeten, Sundquist, Grano and Timm. Jean Kinsey is following up on getting the Sundquist fund fully endowed, and Eduardo Segarra will follow up on the Grano club.

ii) There was discussion regarding the purpose of appreciation clubs and how many of the clubs specify a purpose in the letters that are sent out. Three special purpose funds exist. All other appreciation clubs designate the funds be spent in line with the goals of the AAEA Foundation.

iii) The organizers of appreciation clubs that are not fully endowed are to be contacted to let them know that the clubs need to be endowed within five years.

iv) Potential Appreciation Clubs

1. Roberta Cook is working on an appreciation club recognizing Jack Alan and Tom Pierson, Michigan State.
2. An appreciation club for George Ladd, Florida, is being organized. Alan Randall will follow up.
3. Other potential clubs:
   i. Neil Harl
   ii. Jim Rhodes
   iii. Harold Breimeyer
   iv. Paul Barkley
   v. Leo Polopolus
   vi. Steve Sonka
   vii. Don Ricks

d) Eagle Award

i) Betty brought to the board's attention that there is an Eagle Award for Dr. Guedry from Louisiana State University. The money was received last week.

e) Centennial Celebration

i) Alan Randall moves to discussion on series of events to honor John Kenneth Galbraith. David has been doing some thinking and come up with names of people who are interested. David sent e-mail regarding this to several people, Eric Goldman, Ralph Christie and others are very excited about this prospect.

ii) Discussion centered around how to approach Galbraith about this to ascertain what he would like and be honored by. The general consensus of the group was that Galbraith should be approached by friends first about this.
--Should Galbraith be willing, he will help determine the type of event.

iii) The discussion around this idea focused on it as a long-term event. It should be designed so that it is an ongoing use of the name/event.

IV. Fundraising event in Montreal

a) Ideas for the annual fundraising event to be held in Montreal were discussed.

b) The option of holding the fundraiser on an evening other than Saturday was discussed, as that may be one reason for the low attendance. Donna informed the group that Sunday's reception would be earlier than in previous years, freeing up the evening for such an event.

V. Program Committee Report

a) Fourteen proposals were submitted this year, with $102,000 requested. The foundation has only $67,000 for funding. Many of the proposals are in line with the ideals set by the foundation: student programs, professional development, technology, industry involvement and international outreach.

b) Donna noted an additional request by the student section for new quiz bowl buzzers.

c) Proposals and decisions

1. Travel Grants for mid-career AAEA members to attend the 2003 IAAE Conference in South Africa. Requested $10,000 for mid-career AAEA members to travel to this meeting. Approved request for $10,000.
   
2. AARES-AAEA Young Professionals Exchange Program. Approved request for $4,000.
   
3. Graduate Student Reception and Case Study Competition. Approved request for $2,500.
   
4. Place past articles of the Journal of Agricultural and Resource Economics on AgEcon Search. Approved funding of $5,310.50.
   
5. Committee on Women in Agricultural Economics (CWAE) breakfast for students and speaker travel and honorarium. Approved request for $3,000.
   
6. Young Professionals Conference. Approved request for $10,000.
   
7. AAEA Employment Services pre-event scheduling project. Approved request for $7,000.
   
8. International Conference on Globalization, Agricultural Development and Rural Livelihoods. Funding denied based on overall feeling that this event did not have a universal value for AAEA members.
   
9. Learning Workshop at IAAE meeting in South Africa on Food Security Measurement in a Developing World Context. Approved $6,000 to fund three African scholars to attend the meeting.
   
10. Organized Symposium to Explore CEE Countries in the European Union. Approved request of $1,500.
    
11. NAAEA Distance Education Project. No funding granted at this time.
    
12. 2003 AAEA International Banquet. Approved funding of $5,000.
    
13. Teaching, Learning and Communications pre-conference at the AAEA meeting in Montreal. Approved $1,400.
    
14. Professional Masters Programs in Agricultural Economics for Eastern and Southern Africa. No funding granted.
    
15. Student Section of AAEA requested funds for new buzzers for the Quiz Bowl. Approved funding of $1,000.
    
16. Travel grants for AAEA Annual Meeting. Approved funding of $9,000.

VI. Task Force Progress Report

a) Statement of foundation vision and goals was proposed for adoption. (attached) Alan Randall briefly summarized how the proposed vision and goals relate to the foundation's previous priorities. It really is in line with what the foundation had been focusing o for some time.
b) Robert Hauser moved to adopt the vision and goals, the motion was seconded by Kathleen Segerson.
c) Unanimously approved.

VII. Adjourn

a) The next meeting of the foundation board will take place Saturday, July 26.
b) Alan Randall adjourned the meeting at 3:30 p.m.