AAEA Executive Board Meeting Minutes
July 28, 2000
Tampa, Fla.

President John Antle called the August AAEA Executive Board Meeting to order. Board members, new board members, and guests were welcomed on Friday, July 28, 2000 in the Tampa Waterside Marriott Hotel, Greco Room, in Tampa Florida.

1. Minutes from the April 7-8, 2000 Executive Board Meeting in Ames, Iowa were reviewed. Board members were reminded of the new procedure for reviewing the minutes. A draft will be sent to the president for review, they will then be posted on the web page in a secured area for Board Members to review. After all board members have reviewed the minutes they will be posted on the web page for public viewing. Richard Shumway submitted six editorial corrections.

    

   Motion: Rob King moved to approve the April minutes with the editorial corrections. Seconded by Ron Knutson. Approved.

   Discussion followed on the content of the minutes. Board members voiced their approval on more documentation of meeting discussions. It was also requested that when possible the number of votes on motions be recorded in the minutes.

2. The board agenda was reviewed with the following changes:
   
   

   • AJAE Publication report and report of the annual meeting manager will be presented first.
   • Action Items: Operating Policies was moved to the end of the Action Items.
   • Other Business: Add Track implementation.

   
   

3. Spiro Stefanou presented the AJAE report, and voiced appreciation on behalf of the AJAE and fellow editors to the exiting editors, Giancarlo Moschini, Kathleen Segerson and Richard Sexton. The outgoing editorial team thanked the associate editors and support staff of AAEA. Spiro expressed the editors' thanks to AAEA for the honor to serve on the AJAE.

   The first year of collaboration with Blackwell has had some production problems but the publication schedule has been good. The editors have not been receiving the AJAE table of contents, which has created problems. Spiro reported the Mann Library at Cornell would be scanning all back issues from 1919 to 1992.

   An executive summary protocol for AJAE manuscript submissions was distributed to the board members. Executive summaries will be placed on the AAEA Web site, be made available to C-FARE and others interested in the value of agricultural economics research, and be used to communicate to a wider audience. The protocol states that editors will request executive summaries from authors. In addition, authors may submit executive summaries without being solicited for a summary. The AAEA staff may request a summary when each issue of the journal is published. The executive summary protocol will be placed on the AAEA Web site.

   AJAE editors are exploring the possibility of electronic submissions of manuscripts. The concern is the existence of an "electronic fingerprint" on each document that could affect the blind review process. Submissions would have to be in PDF format. Specific instructions would need to be provided to each author to remove the electronic fingerprint. Submissions would probably be through a Web site utilizing a server with an active virus scanning software.

   Motion: Julie Caswell moved to thank editors Spiro Stefanou, Kathleen Segerson, Richard Sexton and Giancarlo Moschini for their extraordinary service. Seconded by Rob King. Approved unanimously.

4. Nancy Herselius, AAEA Education/Meetings Manager, reported on the Tampa meeting. Total pre-registrations were 1,299, with numerous onsite registrations expected. A special 90th Anniversary video will be presented at the Awards Program on Tuesday evening. The Tampa Waterside Marriott (the host hotel) is a new facility and the room block was filled to 96%. Plenary sessions, undergraduate and graduate sessions, the exhibit hall and employment center will be held in the Tampa Convention Center. The Marriott will hold workshops, sessions and breakouts. Reunion activities will be held at the Marriott and Hyatt Hotels.
   
   
5. John Antle introduced the discussion of strategic items, noting specifically item 26 from the minutes of the April Executive Board meeting concerning committees. He commented on the proposal for formation of an Agribusiness Economics and Management section that would eliminate the need for an industry committee. Subject matter committees are gravitating to section status.

   Two areas were identified. The first issue concerned the current committee configuration and whether it addresses what the board wants addressed. The second issue was how sections should relate to the Executive Board.

   There currently are committees of a functional nature, Awards and Employment Services are examples. Other committees serve different roles, such as COSBAE, Professional Activities and Economics Statistics. Board members discussed areas not specifically addressed by current committees, including communications, priority-setting and member services.

   The board discussed a number of options for re-organizing committees. Methods to encourage section representation on committees were exchanged. The board recognized the relationship between committees, sections and the overall governance structure of AAEA. Board members noted that improving the relationship is important for engaging members in what AAEA does. There was concern about the number of committees and the areas not currently being served by committees.

   Bruce Gardner, John Antle, Jean Kinsey and Donna Dunn will work on a proposal regarding the structure of AAEA committees. The proposal will be circulated to board members for on-line discussion prior to any action. The proposal is to be done before the January Executive Board meeting.

   Motion: Richard Shumway moved to drop the Membership, Economic Education, Professional Relations with Economies in Transition and Professional Relations between China and the United States committees from the operating policies. Seconded by Ron Knutson. Approved unanimously.

6. JB Penn presented information on behalf of the Finance Committee. He reviewed the history of the reserve policy and the income and expenses for 1999-2000. The committee was charged with looking at future expenses and revenue needs especially in the context of implementing the strategic plan.

   He noted that AAEA changed accounting systems, including the chart of accounts on January 1, 1999. This major change created a system with more accuracy and flexibility of reporting, but inhibits comparisons with previous years. Penn explained that the past two years were the years of transition away from Iowa State University. The Finance Committee recognized that the financial impact of this transition will stabilize in the near future, allowing better understanding of the financial resources necessary for core activities and additional activities specified in the strategic plan.

   The Executive Board agreed to use 2000 as a base year to look forward. It asked the Finance Committee to review the definitions of the various expense categories used in the budget and to work with staff to improve the financial reports. The Finance Committee and staff are to move ahead with projections for the budget.

   In additions, the Executive Board noted that the next Board meeting, where action will be taken on the budget, will be after the start of the fiscal year. Donna Dunn is to work with the president and the Finance Committee on those items requiring action in 2000 that will affect the budget in 2001, for example salary adjustments.

   The Executive Board meeting adjourned for lunch at 12:00 p.m., Friday, July 28.

   The Executive Board meeting reconvened at 1:30 p.m. Friday, July 28, at the Tampa Waterside Marriott Greco boardroom.
   
   

7. The Food Safety Section submitted a request to change the official name of their section to "Food Safety and Nutrition Section"

   Motion: Julie Caswell moved to approve the new name of the Food Safety and Nutrition Section. Bob Taylor seconded. Approved unanimously.

8. The Industry Committee submitted proposed by-laws as the "Agribusiness Economics and Management Section." The section does need a petition of 50 names to become a probationary section. The AAEA office will help the probationary section by providing lists of prospective names for the section.

   Motion: Richard Shumway moved to accept the proposal for the "Agribusiness Economics and Management Section" for probationary status. Ron Knutson seconded. Approved unanimously.

9. Correspondence from WAEA Past President Paul Wilson regarding improved collaboration between WAEA and AAEA on future joint meetings was discussed. AAEA Board members want to create a more cooperative relationship with WAEA. It was also agreed that AAEA wants to encourage co-sponsorships for the annual meetings. The AAEA office will work out arrangements with WAEA on annual meeting space in Long Beach. Julie Caswell and Joe Glauber will work with Donna Dunn and Nancy Herselius documenting conditions of co-sponsorship for the operating policies. A draft will be circulated to board members before the January meeting and will be presented on the January meeting agenda.
   
   
10. Board members reviewed the AAEA Operating Policies with the following changes suggested.
    
    

    • Page 7; insert Vision Statement prior to the Mission Statement.
    • Page 9, 1st paragraph, remove item (c) and re-alphabetize the section.
    • Page 10, 1st paragraph, remove "government," insert "policy analysis, or" and remove "or business."
    • 3rd paragraph, change three subsections to (a), (b) and (c).
    • 3rd paragraph, change "Outstanding Journal" to "Outstanding AJAE."
    • Page 11, 3rd paragraph remove "not to exceed 1000 words."
    • Under Election, change "four" to "six."
    • Under Committees, delete Industry.
    • Page 12, Committees continued, remove Membership.
    • Ad hoc.committees, capitalize Committees.
    • Add the following sentences "They currently include committees on:
      Models of Teaching Excellence
      Organized Symposia Selection
      Selected Papers
      Selected Posters
      Essay for the 21st Century

    • The MTE organized symposia selection committee consists of six members with three each nominated by the chair of the resident instruction committee and the president of the extension section. This committee ranks and recommends organized symposia proposals for acceptance or rejection as models for teaching excellence sessions at the annual meeting. Criteria for this designation are included in the call for organized symposia proposals.

      The president typically appoints only the chairs (or co-chairs) of the selected papers and selected posters committees."
      
      

    • Add under Liaison representatives to the end of the second sentence, "to other organizations."
    • Add to Liaison representatives, last sentence, and insert after reports "by May 15"
    • Add "Nominating Committee. Members of the nominating committee are ineligible for nomination to elected Association or Foundation office during their term (normally three years) on the committee."
    • Add "Committee Reports. An annual report for each committee is due to the AAEA office by May 15 each year."
    • Page 13, Tellers, add the sentence at end of paragraph, "The tellers committee will also certify election for sections requesting certification."
    • Add under Officers, President, second paragraph, delete "receives a $5,000 stipend" and insert, "is authorized up to $5,000."
    • Page 14, second paragraph, the president-elect, delete "receives a stipend of $3,000" and insert "is authorized up to $3,000."
    • Third paragraph, second sentence, change "chairperson" to "chair."
    • Two thirds down the page, under "The executive director.." add "The evaluation committee for the executive director consists of the president, president-elect and past-president, with the past-president serving as chair. The evaluation committee conducts an annual review of the executive director's performance, reports to the board and recommends his/her salary for the following calendar year."
      
    • Executive Board, Appointments, delete the second and third "editor(s)" in the first sentence, and after "for" insert "terms."
    • Page 15, first word, change "papers" to "paper."
    • Page 16, after Fiscal Year, insert "Investment Policy" adding the following sections,
      "Investment Objective
      To generate long-term total investment returns derived from both income and capital appreciation that are comparable to overall financial market performance (given the Association's particular asset allocation) and with sufficient liquidity to enable meeting all anticipated obligations. The guidelines and policies outlined below are designed to achieve this objective.

      Time Horizon
      The time horizon for funding programs supported by the Association is long term or perpetuity.

      Total Return
      The assets will be managed on a total return basis with the return resulting from both income and capital appreciation. The objective over time is to achieve a performance comparable to overall financial markets, reflecting the Association's asset allocation.

      Liquidity
      Sufficient liquidity should be maintained to cover anticipated payouts. Liquid assets are defined as assets that can be readily converted to cash or reserves without constraint or penalty. In this regard, it is understood that the Board shall be responsible for informing the Investment Advisor of unusually large anticipated distributions or expense obligations of the Association for which liquidity will be needed. The Board will base the level of distributions on a moving three year average of account valuation, with the end period being the year ending in the third quarter of the current year."

      "Risk Tolerance and Asset Allocation
      Risk may be defined in terms of how much the return on an asset or portfolio is likely to vary over time, or the chance the investment will suffer a loss. The Board recognizes the tradeoff existing between risk and portfolio return, and that achieving the growth objective requires assuming some reasonable risk. The Board's approach with respect to risk tolerance will be to take a moderately aggressive investment approach.

      The risk of the total portfolio primarily depends on the allocation to different asset classes with stocks being riskier than bonds and cash reserves. A long-term target allocation of stocks will be 65% of portfolio assets, with an acceptable range between 55% and 75%. The target allocation for fixed income securities (including cash equivalents) will be 35% of portfolio assets, with an acceptable range of between 25% and 45%. The fund advisors are given discretion to periodically rebalance the portfolio within this range.

      Eligible Investments
      The Board has instructed that Association assets included under this agreement be invested in various diversified mutual funds provided by The Vanguard Group. These assets will be allocated in a manner to meet the investment objectives."
      
      

    • Page 18, under Meetings, Add second sentence, "Meetings will generally be rotated among three regular cities and one new city."

    • Add under Proceedings of Annual Meetings, after (10) published pages. "Invited papers and discussions are expected to meet the same standards for quality and clarity of exposition as other AJAE papers. While it is the intention to publish invited and principal papers and discussants' comments, the AJAE editors retain the right to reject publication of an invited paper, principal paper or discussion that clearly does not meet these standards."

    • Add: "Selected Papers. Selected papers must be submitted to AgEcon Search before being scheduled on the annual meeting program."

    • Page 19, Add, "Track Proposals. Committees and sections are invited on an annual basis to submit meeting track proposals, subject to oversight and approval of the board. The proposed tracks can be of various lengths (one day, two days, two afternoons, etc.) to meet the needs of the committee or section. If the committee or section wishes to have one of its sessions designated as a principal paper session, which could subsequently be published in the AJAE, it must submit that proposed session to the principal papers competition. Track proposals will be accepted on the same time line as principal paper proposals, generally due October 15. Each committee or section that does not submit a track proposal will be allocated one free session or organized symposia per meeting."
      
      

    • Add: "POLICY POSITIONS. AAEA will not take a position on any public policy issue."

    • Add under PUBLICATIONS, American Journal of Agricultural Economics,
      "Editorial Policy
      The purpose of the American Journal of Agricultural Economics is to provide a forum for creative and scholarly work in agricultural economics. Submitted manuscripts should have a relationship to the economics of agriculture, natural resources and the environment, or rural and community development. Papers must necessarily have a problem orientation and demonstrate originality and innovation in analysis, methods or application. Analyses of problems pertinent to research, extension and teaching are equally encouraged, as interdisciplinary research with a significant economics component. Review articles that offer a comprehensive and insightful survey of a relevant subject, consistent with the scope of the Journal as discussed above, will also be considered. All articles published, regardless of their nature, will be held to the same scholarly standards."
      
      

    • Paragraph "AAEA is the owner:" after "four editors for the AJAE" delete AJAE and insert "Journal."

    • Paragraph, The executive board shall: item 1, delete "The American Journal of Agricultural Economics" and insert "the Journal."

    • Item 2, delete "Board of" and add "Associate."

    • Paragraph, "Associate editors." Delete "A Board of" and add "The."

    • Page 20, under "Choices" add "Mission Statement   Choices brings economic perspective and analysis to thought leaders interested in food, farm, resource and rural issues."

    • Under Review of Agricultural Economics add
      "Editorial Scope
      The format of the Review of Agricultural Economics has a problem focus directed specifically toward agricultural economics issues. It includes survey, review and critique articles, analyses and syntheses of previous research, methodological issues, and commentary on current issues. An important criterion for the publication of an article is its potential usefulness to a broad range of agricultural economists."
      
      

    • Page 21, under SECTIONS, item (a) add to the last sentence of the first paragraph, "for a probationary period not to exceed three years."

    • Item (b), change to "The AAEA office may assist in organizing the section."

    • Item (c), second word, change "officer(s)" to "organizers"

    • Item (g) change the first sentence to "Sections may propose principal.."

    • Page 22, after item (p) add "Sections are: Agribusiness Economics and Management, (probationary), Community Economics, Extension, Food and Agricultural Marketing Policy (probationary), Food Safety and Nutrition (probationary), Graduate Students, and National Association of Agricultural Economics Administrators."

     

    Motion: Richard Shumway moved to adopt the Operating Policies with the changes. Seconded by Ron Knutson. Approved, unanimously.

11. Bob Milligan, incoming Extension Section President, presented the Extension Section report. Monthly meetings of Extension officers have been held through conference calls. Activity has been in four areas, Extension Section by laws, the Extension Luncheon (along with four organized symposia and one free session) for the AAEA Annual Meeting, a membership survey and involvement of extension economists with AAEA.

    An interest survey was sent to the Extension Section members with approximately 50% return. Eight items were identified for upcoming focus, 1.) The stature and role of extension in AAEA and the profession, 2.) Idea and program sharing, 3.) Development of partnerships and strategic alliances, 4.) Professional improvement. 5.) P & T extension, 6.) Networking and socializing of extension economists, 7.) Recognition, 8.) Futuring (leadership).

12. Gail Cramer presented the RAE report. A total of 255 manuscripts were received from July 1, 1998 through May 30, 2000, of those 123 have been accepted for publication. The first year of publishing with Blackwell Publishers has had problems, but Blackwell staff has been very helpful with corrections. The possibility of increasing the number of issues per year for the RAE was discussed. Gail Cramer's term as editor will be coming to an end in July 2001. Rob King volunteered to organize a call for RAE editor. The call will be posted in the September/October Exchange. Cathy Kling volunteered to organize the AJAE call for editor. Julie Caswell will assist her. A possible blast email will be sent along with posting in the November/December Exchange.

13. Paul Barkely reported on Choices. The third quarter is completed. The new publisher, Clear Window, had problems at the start of production, but problems are being worked out. Choices has lost some support. Paul and Donna Dunn have begun renewed solicitations.

    With the upcoming year Choices will need nine advisory board members. Paul would like to reappoint some of those members. It was also reported that Harry Ayer is in place at Reading University, and the first issue of Euro Choices is proposed for spring 2001.

14. Bruce Gardner, president-elect, assigned committee liaisons. The following board members will represent the Executive Board with the assigned sections/committees:

    Extension	Jean Kinsey
    Food & Agricultural Marketing Policy Section	Joe Glauber
    Food Safety & Nutrition Sections	Cathy Kling
    NAAEA Section	Bruce Gardner
    Community Economics Section	Julie Caswell
    Graduate Student Section	Rob King
    Resident Instruction Committee	Ron Knutson
    Agribusiness Economics & Management Section	Ron Knutson
    CWAE	Joe Glauber
    COSBAE	Julie Caswell
    International Committee	John Antle
    Economic Statistics & Information Resources Committee	Bob Taylor
    Professional Activities Committee	Jean Kinsey
    Employment Services	Bob Taylor

     

15. Committee reports began with CWAE. The committee's focus was on two items, the status on women in the profession and the committee's accomplishments.

    Gender information was collected through the CWAE tracking survey showing percentages of women in the profession. In Academia approximately 30 percent of doctoral students in agricultural business and management were women, in government, 25% of staff positions in the ERS, USDA are women.

    CWAE conducts most of its business through electronic communications. They will be hosting a welcoming reception, symposium, CWAE Luncheon and a breakfast meeting with undergraduate students at the Annual Meeting.
    
    

16. The Resident Instruction Committee reported their co-sponsorship of the pre-conference "Setting Instructional Goal and Outcomes Assessment Procedures for Instructional Progress." The committee also has worked to establish a functional track for MTE sessions for the Annual Meeting.
    
    
17. Bob Taylor reported for the Employment Services Committee. Pricing changes for the Employment Center were recommended for the 2000 meeting. The committee will meet July 31 to discuss Employment Center costs, data and planning for next year's center operations.
    
    
18. The ESIRC reported on their 1999-2000 activities. They completed a successful symposium for the 1999 Annual Meeting. The rural policy conference was held in Chevy Chase, Maryland, March 27, 2000.
    
    
19. The Professional Activities Committee organized a "learning workshop" and two "frontier seminars" for the 1999 Annual Meeting. A fellow's retrospective honoring James Shaffer is organized for the 2000 AAEA meeting.
    
    
20. The membership renewal process was reviewed. With the implementation of AAEA's new database and accounting package, AAEA can now bill directly from the history of the database. A form showing members what they renewed for in 2000, along with a form for additional selections of membership will be mailed to members in the fall.
    
    
21. Track implementation for the 2001 Annual Meeting has been posted with the deadline of November 3. Discussion followed on topic selection, evaluation and the number of sessions.
    
    
22. John Antle expressed his and AAEA's gratitude to JB Penn, Steve Buccola and Richard Shumway for their participation for the last three years on the executive board. Each expressed the rewards they received during their terms.

The next Executive Board meeting will be held January 7-8, 2001, in conjunction with the ASSA meeting in New Orleans. A joint meeting with the Foundation and Student Section will also be held.

The Executive Board Meeting was adjourned at 5:00 p.m., Friday July 28, 2000.