Minutes

Discussion on the audited financial statements began at 8:10 A.M.

Chair Levine began with inquiries regarding redrafting of page 6 and asset capitalization.
Mr. Banerjee explained assets are capitalized at the $500 level.

Mr. Benjamin informed the committee that his team’s work is substantially complete; the financial statements are going through a final quality review and he expects them to be completed by Monday. He explained the financial statements are the responsibility of management and that there were no significant audit adjustments. The Section B draft report will be final when the audit committee approves the statements.

Mr. Grumet assured the committee that steps will be taken to expedite the audit for next year and that bank reconciliation for the chapters will be done in-house if not done timely by the Chapters.

In response to questions from committee members, Mr. Grumet mentioned that no donations for the Benevolent Fund have been solicited since 2002.

Since management has addressed all of the issues, Mr. McCoy made a motion to approve the financial statements; Mr. Hendler seconds the motion. The audited statements were accepted unanimously.

Chair Levine called for an executive session to continue the last meeting’s discussion on hiring the new auditors.

With no further business to be discussed, the meeting was adjourned at 8:50 AM.

Respectfully submitted,

Omar Sable and Suvro C.K. Banerjee