Minutes

A quorum being present, the meeting was called to order at 4:30 p.m.

Open Issue and Additional Comments on the Audited Financial Statements

The Committee followed up on the open issue of the covenant with the Bank of America on the bank credit facility. It was confirmed by the Society staff that the $2.5 million unrestricted cash balance requirement was no longer applicable upon the first yearly renewal of the credit facility. It was clear that the Society did not violate any covenant with the bank and that the auditor’s report remained unchanged. Accordingly, the note to the Financial Statements needed to be modified to reflect the removal of the requirement.

The Committee also made editorial comments on the Financial Statements and the Management Letter.

The Committee unanimously accepted the audited Financial Statements.

The Committee also voted to continue retaining Goldstein Golub Kessler LLP as the auditor of the Society for the next fiscal year.

Adjournment

There being no further business, the meeting adjourned at approximately 5:00 p.m.

Respectfully submitted,
Adam Cheung

Approved by Chair Suzanne Jensen August 23, 2006