The meeting of the AAEA Foundation Governing Board convened at 7 a.m., Sunday, November 8, 1998 in the Adams Room of the Chicago O'Hare Marriott.

1. Joe Coffey began the discussion with a list of potential contributors for the Foundation Fund Raising. The board reviewed a list of Potential Foundation Contributors. A list with assigned contributors and phone numbers will be distributed to the board members for follow-up calls.

2. The agenda and minutes were reviewed and approved. The upcoming 1999 Foundation Board meetings will be conference calls to be placed on February 17th at 3:00 pm and May 19th at 3:00 pm.

   Motion: Paul Christ moved to approve the Minutes from the Salt Lake City Annual Meeting. J.B. Penn seconded. Approved.

3. Mike Boehlje submitted the Finance Committee's financial report and their recommendations for improved asset guidelines and on fund raising activities. Lona Christoffers reported on the status of the Appreciation Clubs. Discussion on the clubs followed.

4. Further discussion on Club recognition at the AAEA Annual Meetings brought suggestions on promoting better attendance. A Recognition Breakfast or reception will be held for organizers and donors of clubs.

5. New clubs and organizers were suggested. Board members volunteered to make contact with the suggested organizers.

6. Mike Boehlje reported a Two Phase Capital Campaign proposal. Phase one of the Capital Campaign was reviewed. The goal is $100,000 or $1,000,000 in the endowment in 2000.

   1. A list of potential contributors will include all previous board members, past recipients of Appreciation Clubs, and all Fellows.

   2. Letters will be sent by the end of November with Joe Coffey's and a co-signers signature.

   3. A one page summary of the Annual Report will be included with the letter.

   4. A list of potential contributors needing follow-up calls will be distributed to the respective board members.

   The second phase will be a General Membership Campaign. This will be a second and third quarter campaign. A summary will be presented at the 1999 Annual Meeting. The goal is $25,000 with a $25,000 matching contribution. These contributions must be from individuals, not major contributors or new clubs. This campaign will be published in the Annual Meeting Information.

   The board agreed to the fund raising proposal.

7. Discussion continued on the proposal for approaching Annual Meeting Exhibitors for contributions. These contributions would be recognized as sponsors.

8. A minority student contribution campaign was discussed. It was tabled for Program discussion.

9. Gary Seevers made recommendations from the Investment Committee to formalize the Vanguard asset allocation, recommending a discretionary account, giving Vanguard the rights for investments of 10% down and 5% up; implementing the spending rule of 6% of the endowment fund, based on the previous three years rolling basic average.

   Motion: Mike Boehlje moved to accept the motion implementing the budget for 2000. Seconded by Gary Seevers. Approved.

10. Gary Seevers will review the Vanguard contract, and Donna Dunn will implement the transfer. The Vanguard recommendations and the spending policy will be reviewed and formalized during the February Foundation conference call.

    Motion: Gary Seevers moved the (Foundation) board delegate the Investment Committee and AAEA office to transfer the current assets to Vanguard for investment. Seconded by J.B. Penn. Approved.

11. Jane Luzar presented the Program Committee proposals, listing projects for approval for 1999 funding. Using the 6% spending rule. Discussion followed. The following program proposals and budget levels were discussed and approved for funding from the endowment and carry over funds.

    AAEA Professional Activities Committee	$1,900
    AAEA International and Industry Committees	$5,000
    Minority Student Travel: PAWC	$5,000
    Ag. History Symposium	$1,000
    AAEA Tracking Committee	$ 500
    Undergraduate AAEA Meeting Breakfast (CWAE)	$2,700
    Rural Data Conference AAEA ESIR Committee	$2,500
    Speaker Travel: AAEA International Committee	$4,000
    Graduate Student AAEA Meeting Breakfast	$2,000
    Presentation Skills AAEA Free Session	$5,500
    Industry committee (seeking revised proposal)	$5,000
    Support for Students from Transition Economies:
    AAEA Committee on Prof. Relations with Transition Econ.	$2,000
    Workshop on Workplace Relations, COSBAE	$2,450
    C-FARE Congressional Science Fellow	$10,000
    Sylvia Lane Mentor Project	$5,000
    	$54,550
    Additional funding for special projects
    AJAE distribution to Developing Countries	$1,500
    Expanded support for Transition Economies studentTravel to AAEA Annual Meeting	$2,000
    Minority Professional travel to AAEA Annual Meeting	$3,300
    Graduate student travel to AAEA Annual Meeting	$9,000
    Foundation Booth and e-mail at AAEA Annual Meeting	$4,500
    	$20,300
    Total Allocated Funds for 1998	$74,850

12. Minority professional travel and graduate student travel to the AAEA meeting budget was proposed.

    Motion: Jane Luzar moved to accept the budget of $12,300 for Minority Professionals and Graduate travel to the AAEA meeting. Seconded by Laurian Unnevehr. Approved.

13. Outreach activities for Transition Economies students brought the following motion.

    Motion: Jane Luzar moved to increase the budget by $2000 to support countries in (Eastern) Transition Economies. Seconded by Otto Doering. Approved.

    A suggestion for the following year was to seek sponsorship for a broader foreign selection.

    Motion: Jane Luzar moved to accept the proposal for AJAE distribution to developing countries. J.B. Penn seconded. Approved.

14. The Foundation booth's budget at the 1999 Annual Meeting was reviewed.

    Motion: Otto Doering moved to approve a budget of $4,500 for the Foundation Booth at the 1999 AAEA Annual Meeting in Nashville. Seconded by Gary Seevers. Approved.

    Motion: Mike Boehlje moved to approve the preliminary budget for the 1999 Foundation Funding for $74,850. Seconded by Joe Coffey. Approved.

15. The Farm Credit Scholarship support was discussed. It was agreed by the board that (1. More applicants are needed. (2. The scholarship needs committee review. A committee of Neil Conklin with Farm Credit, Mike Boehlje, and Bob Taylor was appointed.

16. Gary Seevers discussed the Foundation Annual Report. Recommendations for the report include a 1998 summary, mission statement, grants and programs, and contributors past and new. The 1998 Annual Report will be printed by February and mailed to all AAEA members.

17. Appreciation Clubs recognition for the 1999 Annual Meeting was discussed. Walt Armbruster will communicate by letter to Richard Shumway the board's recommendations for the Sunday evening program. It was decided a joint meeting with the AAEA Foundation Board and Executive Board was necessary for budget discussions.

18. Lona Christoffers presented the proposal for a fund raising event at the Nashville Annual Meeting. The event would preferably be on Saturday night. The ticket price would include transportation to the event, possibly a Barbecue, and Grand Ol' Opry show. Profits would go to the Foundation. A recommendation will be made at the February meeting.

    The board meeting adjourned at 1:00 p.m.

     

    Respectfully submitted,
    Donna French Dunn
    Executive Director