Present:	Richard Baker, President
	Ken Bouyer, Director
	Clifford Brown, Treasurer
	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
	Kevin Stocks, Past President
Absent:	Dick Scott, Director

Dick Baker called the meeting to order at 4 p.m.

May Minutes: Ron Clark offered a motion that the May FSA Board of Directors minutes be approved. Dana Ellis seconded, and the motion passed unanimously.

Receptions at Annual Meeting in Washington: Dick Baker initiated a discussion with regard to the Thursday and Friday receptions at the Annual Meeting in Washington, DC in October 2001. He questioned whether we should have an open bar on Friday and a cash bar on Thursday. After a brief discussion, the Board reached consensus that both receptions should have open bars.

Claude Rodgers/FSA Consortium: Phil Reckers reported that the evaluations of the 2001 consortium were high. Dick Baker stated that he would like to increase the number of participants. Phil Reckers commented that in May 2001 there were not enough slots for full members, much less associate members. Cecilia Lo Chin added that there were almost 40 on the waiting list. Dick continued that the number had been set at 90 for many years and asked Dana Ellis if the cap could be increased so that full members could have the option of sending two participants. Dick also pointed out that those who attended were almost all new. There were very few repeat participants. Dana asked Dick to send a formal request via E-mail, and he would follow up.

FSA Position Statement: Because Dick Scott could not be in attendance, Dick Baker initiated a discussion of the FSA Position Statement on Accreditation that Dick Scott had distributed. Dick Baker first raised the question as to whether or not we needed a position statement. Phil Reckers reminded the Board that when the Western Deans has questioned the need for separate accounting accreditation, the FSA had responded immediately with a position statement. That incident having passed, he did not see the need for one. The FSA seemed to be able to respond to such issues quickly. John Hunnicutt responded that the FSA Mission Statement clearly said that accounting accreditation was important. He believed that the absence of an expression of its importance on the part of the FSA was conspicuous. He asked if there was reluctance to express a position for some reason. Phil Reckers replied that there was no reluctance, but it needed to be forthright and succinct. Given the shifting political waters surrounding both business and accounting accreditation, it might be wise to avoid lengthy arguments. After some additional discussion, the Board reached consensus that a short, cogent statement of position in favor of separate accounting accreditation was in order. Dick Baker asked Phil Reckers and Ron Clark to draft such a statement.

Awards and Nominations Committee: Kevin Stocks reported that recipients of the Silvoso and Practitioner Service Awards had been selected. He inquired about the check for the Silvoso Award, and Cecilia stated that she would invoice Bernie Milano. Kevin then presented the nominations for officers and directors for 2002: Finley Graves, Vice President/President Elect; Linda Nichols, Secretary; Sue Haka and Tom Shaefer, Directors from members schools; and Hubert Glover, PWC, Director from supporting associates. Kevin noted that the slate would be voted on by the membership at the annual meeting in Washington and that notice would need to be sent to the membership in advance. Cecilia Lo Chin stated that she would take care of the notice.

2001 Annual Meeting Update: Dick Baker stated that brochures were currently being mailed and that an E-mail message with a PDF attachment and notice about our Website meeting information was being sent via the FSA ListServ so that participants could register online. The program was complete, and moderators had been named. After some confusion initially as to whether the AACSB would participate this year, Jane Rubin had organized an accreditation team exercise from 4:00 to 5:30 p.m. on Friday. The session was in conflict with other program sessions, but the partnership with the AACSB was important. Dick reminded the Board members that there would be a meeting of the Board on Thursday, October 25, at 2:00 p.m.

Dick Baker also reminded the Board that 2001 marked the 25th Anniversary of the FSA. He would include something in the program to call attention to that fact. Linda Nichols suggested that the FSA purchase souvenirs such as a paperweight to distribute to annual meeting participants. The Board was receptive to the idea, but no final decision was reached. Dick Baker then brought up the matter of the brass badges provided to past presidents. He suggested that rather than giving the past presidents brass badges, we provide gold-colored ribbons for their plastic name tags. Sometimes the past presidents forgot to bring their brass badges to the FSA's meetings. The ribbons would clearly identify the person as having played a special role for the FSA. Ribbons could also be attached to the name tags of the current officers and directors. It was suggested that the FSA's official green color be used for current FSA officers and directors. A different colored ribbon, perhaps white, could be provided for speakers. A discussion followed concerning whether or not retired past presidents who requested remission of annual meeting registration costs were actually charged. Since the Board was unsure as to whether there was a policy on the matter, Dick Baker asked Finley Graves to investigate and let him know.

Finley Graves suggested that the FSA's Mission Statement be included in the meeting program. John Hunnicutt expressed agreement, and there was general consensus that it should be included. Dick Baker reminded the Board that promotional material for the Washington meeting had also been included in last year's program, and Phil Reckers asked that the same be done for the Biloxi meeting. Dick pointed out that a decision needed to be made about the location of the 2003 meeting, which, according to the rotation schedule should be held in the West. Several cities were suggested including Salt Lake City, Denver, Phoenix, Seattle, Portland, San Francisco, San Diego, and Albuquerque. In addition, the date of the meeting needed to be fixed. The first choice of the majority of the Board was for the fourth weekend (23rd - 25th) and the second choice for the third weekend. The Board agreed to make the final decision in Washington after Cecilia had determined hotel availability in the various cities on the different weekends.

FSA/AICPA Agreement: Dick Baker passed out both the old agreement between the FSA and AICPA and the newly proposed agreement (see attached). He then gave an overview of the history of the FSA and its arrangements with DePaul University, the AACSB, and the AICPA. The agreement with the AICPA began three years ago (May 1998) and was a three-year agreement. The FSA had shifted more and more responsibility to the AICPA, including its accounting and maintenance of our Website. Thus, the AICPA is providing substantially more support than just that of an administrative assistant. The question as to whether or not the original agreement had expired in May was raised, and Bea Sanders stated that that was not a problem. She suggested that the agreement be based on the FSA's fiscal year, i.e., beginning January 2002. The statements we have been getting were based on the AICPA's fiscal year. Dick Baker stated that the question was whether we wanted to continue with the AICPA in all areas.

Referring to the increase in cost on the new proposal, John Hunnicutt noted that we would have to spend more money as our activities increased. We would need to think about our dues structure. We might need to cover the additional costs with a dues increase. Dick Baker interjected that we also needed to address the matter of running deficits on the annual meeting. Altogether, we needed to add $10,000 in revenues. Dick stated that plans to propose a dues increase had already been initiated. Cecilia Lo Chin reminded the Board that the dues structure for supporting associates would also need to be addressed. Dick Baker added that the Board would need to address the matter of the registration fee for the annual meeting no later than the May 2002 meeting.

After some discussion of the services to be provided by the AICPA, Ron Clark moved and Ken Bouyer seconded that the new proposal be accepted and the motion passed unanimously. Bea Sanders stated that the proposal would be put in contract form for signing.

Dick Baker then referred to the audit committee and suggested that we no longer needed one. John Hunnicutt replied that the Board did need some way to converse with the AICPA auditors who were now responsible for the FSA audit as well. Someone should call and ask specifically if everything was in order. That person should then report to the FSA Board formally and his or her report should be memoralized in the Board's minutes. Without an audit committee, there would be no pro forma procedure for communication. Dick Baker suggested that the Treasurer might assume this role, but John replied that it should be someone other than the Treasurer (or any other officer) for reasons of independence. Finley Graves remarked that the bylaws would not have to be changed if the audit committee were used for this purpose. John Hunnicutt agreed, and Dick Baker concluded the discussion by stating that the audit committee should be left intact and its function changed. The committee could contact the auditors and inquire if there were issues of which the FSA Board should be made aware. Phil Reckers will need to make sure that an audit committee is elected for 2002.

Other Actions: Linda Nichols distributed the report of the Graduate Program Directors Committee, which contained the results of the survey on the issues and concerns of graduate program directors conducted by the committee. Linda stated that no action was necessary; the report was for informational purposes only. She called the Board's attention to the fact that the findings would be reported at the annual meeting in Washington in a concurrent session. Dick Baker noted the amount of work that had gone into the report and thanked the committee for its work.

Cliff Brown distributed a list of members that had not paid 2001 membership dues and requested guidance as to action that should be taken. The list was divided into those that been through the entire follow-up process and those who had paid dues in 2000 but not in 2001. John Hunnicutt inquired if the list had become shorter this year. Dick Baker commented that it had become shorter compared to two or three years ago. The general consensus was to drop those who had been through the entire follow-up process, but to contact those who had paid in 2000 one more time. They would be dropped after January 1, 2002, if they did not pay. Ron Clark suggested that the state societies that had not renewed be contacted once more, and John Hunnicutt offered to contact them. Dick Baker asked Cliff Brown and Cecilia Lo Chin to draft the final letter for those members whose membership would be dropped. The question arose as to whether or not members who had been dismissed could rejoin. Dick replied that anyone could rejoin at any time.

FSA Administrator's Update: Cecilia Lo Chin stated that the issues she wished to bring up had already been addressed. She had nothing further to report.

Other Items: Dick Baker asked the Board members to contact him if they became aware of any further issues related to the annual meeting in October.

The meeting adjourned at 6:00 p.m.