AAEA Foundation Governing Board Minutes
Aug. 4, 2001
McCormick Board Room
Hilton Chicago Hotel

1. Welcome
   President pro tempore Eduardo Segarra called the meeting to order at 1:09 p.m. President Laurian Unnevehr was not able to attend the Foundation Board meeting for personal reasons. He welcomed all new and existing board members and led the round of introductions of board members and staff.

2. Minutes of January meeting
   The minutes of the board's January meeting were reviewed. It was noted that the Foundation Board needs to examine more systematic ways of announcing the availability of travel grants and other funds. Also, there are 150 subscriptions to the AJAE that the association can designate to be sent to institutions in developing countries, and a systematic way is needed to notify those organizations and distribute those subscriptions.

   Motion: Ron Knutson moved to approve the January minutes as read. John Schnittker seconded. Motion carried unanimously.

3. Update on funded activities and the Foundation budget

   1. Vice-president for Finance Paul Christ reported that the income for the Foundation is down significantly from last year. Contributions are down approximately $10,000. The losses in the investment portfolio balance total approximately $28,000, or 2.5 percent of total assets. The Foundation has incurred $74,852 in expenses in the first six months of this year.

   2. The variance report presented reflects actual expenses compared to the budget drawn up in January 2001. The Farm Credit Council Foundation has given $8,000 to be awarded this fall in the Young, Beginning and Small Farmer Scholarship Contest. Many of the expenses budgeted for the annual meeting have not been charged against the Foundation's budget, and will use most of the remaining budgeted funds in those categories. The Congressional Science Fellow money has been accumulating for some time and the program finally is in place to use the funds. The Executive Board is waiting until the current Congressional Fellow has completed his term before evaluating the benefit of the program to AAEA and committing to another Fellow.

   3. The income and expenses for the fundraiser at Comiskey Park will be very close for the Foundation. Eduardo has donated several items of baseball memorabilia for a silent auction, and all proceeds from those items will go directly to the Foundation.

   4. The investment report from the Vanguard Group shows the balance of the Foundation's fund at $1,212,116.62 as of July 31, 2001. The audit report recently completed is of both the Foundation and the Association as a whole, since the Foundation is not incorporated independently of the Association. The audit report does distinguish between the funds, making the Foundation balance identifiable.

   5. It was noted that continuing discussion of the support the Association provides for the Foundation is needed. Direct expenses for the Foundation's operation are now paid out of the Foundation's budget, but the Association still picks up staff time and overhead expenses. The Foundation should be aware what its current level of activity is costing it, and what the expense implications may be for increased levels of activity.

   6. The Committee on the Status of Blacks in Agricultural Economics has requested that its proposal for funding to send individuals to the PAWC conference be considered outside the normal funding cycle. The Committee is requesting $10,000 for travel grants in the fall of 2001 and 2002.

      Motion: Todd Petzel moved to grant the amount requested for 2001 immediately and move the request for money for 2002 into the normal proposal cycle. Joyce Cacho seconded. Motion carried unanimously.

4. Discussion of potential consultant

   1. Board goals for working with a consultant
      The Board, at its January meeting, examined options for seeking outside fundraising help. It was the opinion of several potential consultants contacted that the Foundation needs to spend some time examining what questions they want to ask and outlining their fundraising goals. A small task force will be assigned to examine the current mission statement of the Foundation and revise it to reflect the recent decisions of the Executive Board regarding the work of the Priorities and Governance Committee and the results to come from the work of the Communications Working Group's meeting next month. The Foundation Board will then take a closer look at fundraising strategy and re-examine the idea of inviting outside fundraising help.

   2. Criteria for selection
      This discussion was delayed until after the above-mentioned task force can complete its work.

5. Election of officers
   The slate of officers proposed consisted of Eduardo Segarra as president, Mary Marchant as vice-president for programs, and Stan Johnson as vice-president for finance.

   Motion: Paul Christ moved to adopt the slate of officers as presented. Ron Knutson seconded. Motion carried unanimously.

6. Other business

   1. Mary Marchant reported that the pre-conference workshop on teaching has more than 50 paid attendees at this point and looks to be very successful. The Foundation Board had voted to provide funding for this activity at its January meeting.

   2. It was noted that the process by which the slate of officers for the Foundation is created is not very transparent. This process should be made more clear to other Foundation Board members and the membership at large in order to encourage inclusiveness.

   3. Motion: John Schnittker moved to formally recognize and express appreciation to outgoing Foudnation Board members Laurian Unnevehr, Bob Taylor, John Antle and Paul Christ. Stan Johnson seconded. Motion carried unanimously.

   4. Eduardo Segarra also expressed his thanks to the outgoing board members and the AAEA staff for their help and support in the past year.
      
      

7. Adjourn
   The Foundation Board adjourned at 3:50 p.m.