President Bruce L. Gardner called the meeting to order at 8:06 a.m.

I. Gardner introduced all AAEA staff, incoming AJAE Editors Wade Brorsen of Oklahoma State University and Ian Sheldon of Ohio State University, incoming RAE Editors Susan Offut, Kitty Smith, Neil Conklin and Kathy Lipton, incoming Executive Board members Bill Boggess, David Zilberman and Susan Offutt, and incoming Foundation Board members Roberta Cook, Alan Randall and Enrique Figeuroa.

II. The minutes for the 2000 Annual Membership Business Meeting were presented for approval.

Motion: Ron Knutson moved to approve the minutes as presented. Les Manderscheid seconded. Motion carried.

III. Financial Update
Chair of the Finance Committee Robert Taylor reported to the members that the office staff has put together extensive revenue and expenditure information by activity for the association. Audited financial statements for 2000 were presented to the membership. Taylor reported that the Association has had annual operating deficit averaging $200,000 for last five years. Maintaining that budget would have reduced the Association's asset account by a million dollars in five years. The Finance Committee and the Executive Board considered wide range of finance and cost options, the full report of which is available on the AAEA Web page, including financial recommendations and projections.

IV. Constitutionally required changes (111 voting members present)
a. Membership dues increase
The AAEA Executive Board recommends an increase in AAEA membership dues by $10 to $100. In addition, the Board recommends indexing AAEA dues with a biennial increase of 5 percent or the two-year increase in the Gross Domestic Product Deflator, whichever is higher.

Motion: Rob King moved to accept the Executive Board's recommendation. Vern Eidman seconded. Motion carried.

b. Change of registered agent
Neil Harl has been AAEA's registered agent since incorporation in 1968. Dr. Harl's move into retirement makes it necessary to add wording to the AAEA Constitution. The AAEA Articles of Incorporation state that the initial office location is Ames, Iowa and the initial registered agent is Neil Harl. The Articles of Incorporation will not be changed.

The proposed change to the Constitution is to add under ARTICLE 1. NAME. "The name of this corporation, hereinafter referred to as the Association, shall be the American Agricultural Economics Association. The Association is incorporated under the laws of the State of Iowa and will maintain a registered agent in Iowa."

Motion: Leo Manderscheid moved to accept the proposed change to the Constitution. R.J. Hildreth seconded. Motion carried.

c. Change in authorization for the Executive Board to vote electronically
ARTICLE V, Section 6. Voting, states that "any action required or permitted to be taken by the Executive Board at a meeting or by resolution may be taken without a meeting if a consent in writing or electronically, setting forth the action so taken, shall be obtained from all voting members of the Executive Board then in office."

A recent review of Iowa law indicates that debate must be done in a situation where board members can "hear" the discussion. In order to make this section of the AAEA Constitution align with Iowa law, the Executive Board recommends that the word "unanimous" be added just before the word "consent." Anything less than a unanimous agreement by writing or electronically would require a meeting where the board members could hear the discussion.

This section of the AAEA Constitution would then read "…may be taken without a meeting in unanimous consent in writing or electronically, setting for the action so taken, is obtained from all the voting members of the Executive Board then in office."

Motion: Jon Stierna moved to accept the proposed change to the Constitution. Rob King seconded. Motion carried.

V. State of the AAEA - President Bruce Gardner

The Executive Board has been devoting thought as to how to broaden the appeal of association to various segments of the profession. A year ago, the Executive Board appointed the Priorities and Governance Ad Hoc Committee to address these issues. The group began working in January and had an intensive discussion in Ames in February. The Committee made its recommendations to the Executive Board at its meeting this week. The recommendations included:
- A new vision statement for the Association: "AAEA will be the leading organization for professional development and information related to the economics and business of food, agriculture, resources, environment, development and allied fields."
- Revising the charge to the Professional Activities Committee to include the development of new products, with the business office able to provide support. This process should provide a way to bring some fresh thinking and ideas for new products through the association.
- A more formalized Meetings Committee to try to ensure that a whole range of views on meeting content and other events are included.
- A revised nominating process, designed to give sections a more active role in the election process. Six sections will be represented on the committee for the coming year and other sections will rotate in as the years pass.

These changes may not seem like major revisions to organizational governance, but they lay the groundwork for the adaptiveness the association needs to move forward in future years. These sorts of changes are often difficult to make, and President Gardner recognized the members of the committee for the substantial commitment they made over the past few months. The members of the Priorities and Governance Committee who were present at the meeting were recognized: Cathy Kling, Julie Caswell, Walt Armbruster, Chair Ron Knutson and Mark Lange. President-elect Jean Kinsey was not formally part of the committee but was very involved in the process and made many contributions.

VI. AAEA Foundation President Laurian Unnevehr reported on the status and activities of the Foundation.

The demand for Foundation funds continues to exceed the available supply, and the Foundation Board is working with the Executive Board to increase the amount of available funding.

At this year's annual meeting, the Foundation is providing support to the pre-conference workshop sponsored by the Teaching & Learning Committee, graduate student activities and the International banquet. Throughout 2001, the Foundation has given financial support to the AAEA Young Professionals conference, the CWAE tracking survey, travel grants for graduate students and minority professionals, and the exchange program with Australian society.

Chairs of committees are encouraged to submit proposals for funding this fall, and all members are encouraged to attend the awards banquet to recognize the newly-chartered Appreciation Clubs.

VII. Other business

President Gardner announced several meeting room changes due to air conditioning problems.

VIII. Recognitions

President Gardener recognized Gail Cramer for his service as editor of the Review of Agricultural Economics, Robert Taylor for his service as an Executive Board member and chair of the Finance Committee, Julie Caswell for her service as an Executive Board member, John Antle for his service as AAEA past-president, Paul Christ for his service as vice-president for finance on the Foundation Governing Board, and Laurian Unnevehr for her service as Foundation president.

IX. Passing of the Gavel

President Gardner expressed how much he appreciated the opportunity to become acquainted with so many members, and thanked the members for expressing their thoughts and ideas. He thanked the Executive Board for its hard work and professionalism and passed the gavel to President-elect Jean Kinsey. President-elect Kinsey thanked President Gardner for his hard work and expressed how much she was looking forward to hearing from all AAEA members.

X. Adjourn

There being no other business, President-elect Kinsey moved to adjourn. Ron Knutson seconded. Motion carried.

Respectfully submitted,
Donna French Dunn
Executive Director