Present:	Richard Baker, President Ron Clark, Director Dana Ellis, Director Finley Graves, Secretary John Hunnicutt, Director Cecilia Lo Chin, FSA Administrator Linda Nichols, Director, Phil Reckers, Vice President/President Elect Bea Sanders, AICPA Tom Schaefer, Director Elect Richard Scott, Director Kevin Stocks, Past President
	Absent:	Ken Bouyer, Director

Dick Baker called the meeting to order at 2 p.m.

August Minutes: Finley Graves moved that the minutes of the August 12, 2001, Board meeting be approved, and Dick Scott seconded. Dick Baker suggested several corrections, after which the minutes were approved unanimously.

Treasurer's Report: Dick Baker stated that it was imperative that we clean up the Federation's books, especially since they appeared to contain a large number of uncollectible receivables. He inquired where the current year's audit stood and whether or not the required tax forms had been filed. The Board also needed to appoint someone to replace Cliff Brown, who had vacated the Treasurer's position. Several names were put forward for the position, one of whose was Dick Scott's. Dick left the room, and a discussion of each person and his or her prior service to the FSA followed. After the discussion concluded, Kevin Stocks moved that Dick Scott be appointed to complete the two-year Treasurer's term. Linda Nichols seconded, and the motion passed unanimously.

After Dick Scott returned to the room, he was charged with putting the FSA books in order, including making sure the FSA's tax forms were filed and that the audit was conducted on a timely basis. Bea Sanders stated that, to her knowledge, an extension had been filed for the 2000 tax year and that the audit was underway, although several issues had to be settled.

At this point, John Hunnicutt left the room briefly to call the AICPA offices concerning the progress of the audit. He reported that the FSA's audited financial statements would be out next week and that the tax forms had already been filed.

2001 Annual Meeting Update: Dick Baker reported that paperweights commemorating the twenty-fifth anniversary of the FSA had been ordered and would be distributed to all registrants. He reported that 138 people had preregistered, which was about 60% of last year's registration number. We had, however, met the hotel requirements for meeting room usage. He encouraged the Board members to wear the ribbons provided that had been provided them, and Cecilia Lo Chin stated that the hotel had requested that all registrants wear their name tags for security reasons.

Cecilia also raised the matter of a plenary speaker who wanted to present by way of teleconference. The setup for teleconferencing would be $225.00. A discussion followed in which it was noted that the FSA did not have a policy of paying for speakers. Other plenary speakers were paying their transportation and hotel expenses, and to make an exception would not be fair to them. In addition, teleconferencing would not be appropriate for an interactive session. Kevin Stocks noted that there were enough people on the panel for that session without the person in question. Dick Baker agreed to contact the speaker about the Board's decision.

May 2002 Faculty Consortium: Cecilia Lo Chin reported that May 17-18 had been confirmed with Andersen LLP as the dates for the FSA Faculty Consortium in St. Charles. Dick Baker noted that as President Elect, Finley Graves would be in charge of the consortium. He suggested that Finley ask the Board for ideas. If Finley could provide a theme, Andersen was very good about finding appropriate speakers. Hands-on instruction for classroom use was what the consortium was all about. The usual structure of the consortium was to have Andersen practitioners speak about issues and then to have academics present exemplars of classroom applications. Several Board members offered ideas for sessions.

Phil Reckers asked Dana Ellis if the President and President Elect could be invited without being counted among the 90 attendees Andersen invited. Dana responded that Andersen had increased the number of attendees it would invite to 110 for 2002 plus 2, the 2 being the President and President Elect. The Board then noted the impact that the consortium had had over the years and resoundingly thanked Andersen for its support.

October 2003 Annual Meeting: Possible sites for the October 2003 annual meeting were narrowed to Salt Lake City, Denver, and Phoenix. The first choice for dates was changed to October 16-17, and the second choice to October 24-25 (October 24-25 had been the first choice of the Board at its August meeting in Atlanta). The AICPA meeting planners would seek bids on hotels in these locations on these dates.

FSA/AICPA Agreement: The FSA/AICPA agreement the Board had voted on at its August meeting was presented in its final, contract form (see attachment). The amount the Board agreed to pay the AICPA for its administrative services was $35,000 for the first year with a 4% increase for each subsequent year. A discussion about the FSA's finances followed. Phil Reckers noted that past annual meetings had incurred losses and asked for a detailed report on the cost structure for this year's meeting. Dick Scott agreed to work with Cecilia Lo Chin to provide him with such a report. Cecilia stated that she expected a loss of $4,000 to $5,000 this year. She reminded the Board that the loss at the Costa Mesa meeting had been approximately $12,000, and at the San Antonio meeting between $2,000 and $3,000. The matter of dues was then raised. Cecilia reviewed the current dues structure, and the Board agreed in general that the FSA would become financially vulnerable of dues were not increased. Cecilia suggested that dues be increased for full members from $250 to $325 and for accredited affiliate members from $150 to $200, with dues for all other membership categories remaining at their current levels. This would provide approximately $6,700 in additional revenues. Finley Graves stated that it was not a matter of if, but when dues would have to be increased, and moved that dues be increased to $350 rather than to $325 for full members. Linda Nichols seconded. In the discussion that followed, the general consensus was to wait for the financial data that Dick Scott would provide (along with the audited financial statements) before any action on dues was taken. John Hunnicutt then moved to table the motion, and Dick Scott seconded. After further discussion about the need to get the data quickly, the motion to table passed. Some further discussion about possible levels of dues increases ensued, with a suggestion that full members indeed be increased to $350, accredited affiliates to $200, and private enterprise associates to $1,500. John Hunnicutt commented that the FSA needed to get its member state societies more involved if we were to maintain their interest and membership. Phil Reckers also raised the question of the value we provide our affiliate members. All agreed that providing value for all levels of membership was essential. John Hunnicutt suggested that program planning that captured the interest of all constituents was essential, and that program planning should fit the strategic plan of the FSA. The discussion turned to the FSA's partnering with the AACSB, which all agreed fit with the FSA's stated mission.

Waiver of Annual Registration Fees for Retired Past Presidents: Dick Baker turned the Board's attention to the question of whether or not annual meeting registration fees should be waived for retired past presidents. The question had arisen because one retired past president had asked that his registration fee be waived. Dick Baker, Finley Graves, and Cecilia Lo Chin had searched the FSA records but found no policy regarding this issue. Phil Reckers commented that all of us often serve on Boards and expect nothing in return; rather, we consider it public service. Finley Graves moved that waivers of registration not be granted to retired past presidents or others who had served on the Board, and Phil Reckers seconded. After a brief discussion of the motion, Dick Scott called the question, and the motion passed unanimously.

Dick Baker asked if any committees required action, and when none responded, he adjourned the meeting at 4:45 p.m.