1) Call to Order

President Sokolski noted that a quorum was present and called the meeting to order at 12:32 p.m.

2) Approval of the Revised Minutes of the September 10, 2001 Meeting

Mr. Sokolski asked for comments on the minutes of the September 10, 2001 meeting. There being none, Jo Ann Golden moved and Thomas Riley seconded that the revised minutes be approved. The motion carried with no objection.

3) Approval of the Minutes of the October 12, 2001 Meeting

Mr. Sokolski asked for comments on the minutes of the October 12, 2001 meeting. Sharon Sabba Fierstein moved and Thomas Riley seconded that the that the minutes be approved. A discussion ensued. By unanimous approval, the Board of Trustees accepted the minutes subject to corrections that would be supplied by the Trustees.

4) Draft Report to NYSSCPA Board of Directors

The Board of Trustees discussed the draft of the report to be sent to the NYSSCPA Board of Directors prior to its December 3, 2001, meeting. The Trustees rearranged the report, to include background materials, suggested approaches, and conclusions.

Sharon Sabba Fierstein moved and Thomas Riley seconded the submitting a revised report and the following resolution to the NYSSCPA Board of Directors:

Resolved, the Foundation for Accounting Education Board of Trustees recommends that the New York State Society Board of Directors recognizes education to our members as an important member service.

Further resolved, that the FAE Board of Trustees recommend to the NYSSCPA Board of Directors to continue to subsidize Statewide CPE offerings at a budgeted annual deficit with the goal to make every effort to minimize this expense.

If adopted by the New York State Society of CPAs Board of Directors, the FAE Board of Trustees intends to implement future operations as follows:

• Explore expansion of in-firm seminars
• Aggressively pursue self development to courses
• Make an investment in areas that have previously under-served our market, including upstate and industry
• do a rigorous annual self evaluation depending on current trends in the accounting world.

The Board of Trustees unanimously approved the motion.

5) Other Matters

Following a briefing by Robert Colson, Nancy Newman-Limata moved and Thomas Riley seconded a motion to provide FAE academic fellowships to full-time faculty members of an accounting department in an accredited institution of higher learning who are members of the New York State Society of CPAs. The motion was unanimously carried.

6) Future Meetings

On consent, the Trustees set the next meeting date as Tuesday, February 12, 2002, at 1:00 p.m.

7) Adjournment

There being no further business to discuss, the Trustees approved a motion by Sharon Sabba Fierstein and seconded by Thomas Riley to adjourn at 3:11 p.m.