0) Call to Order

President Newman-Limata called the meeting to order at 10:11 a.m.

1) Approval of President

President Newman-Limata asked for a motion to
approve the minutes for the meeting held on December 16, 2002. Ms. Fierstein moved and Mr. Riley seconded a motion to approve the minutes as written. The motion was unanimously approved.

2) Budget

A) Chapter Pricing.

Mr. Schmelkin discussed the proposed pricing for chapter events. The Trustees envisioned one price for FAE organized and managed chapter events and a lower price for chapter events that are run by Chapters. Ms. Golden asked that the proposed two-tiered pricing structure be brought to the Executive Committee for further review and approval. Following discussion, the motion was approved by consensus.

B) Budget Schedule and Narrative.

Ms. Fierstein moved and Ms. Golden seconded a motion to approve the budget as presented. After a careful examination of the proposed budget, the Trustees unanimously approved the motion.

Mr. Schmelkin briefed the committee on the FAE 2003-04 proposed budget. Mr. Schmelkin noted that he FAE budget reflected a $498,170 net education expense for the combined NYSSCPA/FAE operations, which represents a reduction of over $96,00 from the prior budget’s net education expense.

Mr. Schmelkin noted the proposed budget included revenues from 12 new FAE seminars that represented 74 days in 2003-04. He also noted a new programs including in-firm training, which should net $58,000, and a proposed multi-day program, tentatively titled “FAE University”, that would take place in Syracuse, New Paltz and in Long Island. FAE expects a $70,000 to $80,000 profit from this new program.

3) Executive Session

At this time, the Trustees went into executive session. No minutes were taken and no resolutions were made during executive session.

4) Other Matters

Course Attendance
Mr. Schmelkin noted that attendance at all FAE programs since June, 2002, was at 18,689. Projecting from this figure, Mr. Schmelkin estimated that the total attendance figures for the 2002-03 year would total between 23,000 to 25,000, up from attendance figures for the prior two years.

5) Adjournment

Having no further business, Mr. Riley moved and Mr. Hoops seconded a motion to adjourn the meeting. The meeting adjourned at 12:00 p.m.tablished.