NYSSCPA Governance

Minutes

1) Call to Order	President Maier called the meeting to order at 9:05 a.m.
2) Approval of minutes of January 29, 2008 meeting	President Maier asked if there were any comments or corrections to the drafted minutes of January 29, 2008 meeting. There being none, Mr. Bloom made a motion to approve the minutes as presented, and Mr. Kiamie seconded the motion. The motion passed unanimously.
3) Financial Report through February 29, 2008	Mr. Maier asked Controller Suvro Banerjee to give the financial report on the FAE. Mr. Banerjee gave a presentation on the FAE financial statements, copies of which are attached to these minutes, for the nine month period ended February 29, 2008. He reported that the FAE continues to experience a good year, with an increase in revenues exceeding this year’s budget and last year’s actual. Mr. Banerjee responded to questions concerning in-firm revenues, COAP and the Scholarship programs, and mentioned that Joanne Barry would discuss issues pertaining to the trade show. Some highlights of Mr. Banerjee’s report are No contribution to the Foundation for Accounting Education was made from the NYSSCPA (Society) during the first nine months of fiscal year 2008, in keeping with the budget. For the first nine months, unrestricted net revenue of $62,000 represents a favorable variance to budget of $324,000. Chapters represent an unfavorable variance of $8,000 to budget. Mr. Grumet recommended that at the FAE Trustees July meeting, the staff give a presentation on chapter CPE activities. This will provide an insight on how chapters plan and administer their educational offerings. Following discussions on the various aspects of the financial report, Mr. Maier thanked Mr. Banerjee for his report.
4) Attendance Statistics	Mr. Maier asked Managing Director of FAE Alan Schmelkin to review the attendance statistical report. Mr. Schmelkin reported on actual data through April 30, 2008 and projected data through May 31, 2008. A copy is attached to these minutes. Specifically, he stated that, from June 2007 through May 2008, a total of 409 seminars and 44 conferences will have been presented. Mr. Schmelkin also reported on the number of registrations for seminars and conferences. June 2007 through April 2008 seminars registrations were 8,297 and conferences 5,260, both of which were favorable to budget. In addition, an estimate of 912 for May 2008 conferences was based on last year’s actual figures. Mr. Maier thanked Mr. Schmelkin for his report.
5) Trade Show Update	Mr. Maier asked Managing Director of Communications Joanne S. Barry to give the trade show update. Ms. Barry reported on activities for the upcoming trade show at the New York Hilton scheduled for May 14-15, 2008. She reported that the show has already attracted over 600 pre-registrants compared to 250 last year. She gave a status report on the various activities of the show, which included: a three-track CPE session schedule; two free general sessions, and exhibitor activities. Ms. Barry also reported on the upstate and Long Island trade show venues for 2009. The 2009 trade shows are scheduled as follows: the downstate show will be held at the Long Island Marriott on May 12-13, 2009, and the upstate show is scheduled for October 21-22, 2009 at the Turning Stone Resort and Casino located near Syracuse, New York. Ms. Barry responded to many questions regarding the 2008 and 2009 shows. Mr. Maier thanked Ms. Barry for her report.
6) FAE Board of Trustees Vacancies	Mr. Maier reported that there will be three vacancies on the FAE Board of Trustees. He opened the floor for discussions on the slate of candidates and biographical data received in advance of the meeting. On advice of General Counsel James Woehlke, Mr. Maier appointed Trustees Scott Jaffee and James Passikoff as tellers of the secret ballot to select three new Trustees for three-year terms. Mr. Woehlke reported on the process leading up to the slate of six candidates submitted by the Society’s Board of Directors.. It was reported that terms of Trustees Elliot Hendler, Arthur Bloom and Peter Maier end May 31, 2008. The six candidates were: Jack M. Carr of the Rochester Chapter; Cheryl A. Cornwell of the Buffalo Chapter, Daniel M. Fordham of the Adirondack Chapter; Jeffrey R. Haber of the Brooklyn Chapter; Warren Ruppel of the Manhattan/Bronx Chapter; and Denise M. Stefano of the Westchester Chapter. Following a discussion of the candidates, a secret ballot was conducted. Tellers Jaffee and Passikoff tallied the votes. Mr. Maier announced that Cheryl A. Cornwell, Daniel M. Fordham; and Warren Ruppel were elected to the FAE Board of Trustees for three-year terms beginning June 1, 2008. President-elect Ann Burstein Cohen will contact the elected candidates, and Mr. Woehlke will contact Jack Carr, Jeffrey Haber, and Denise Stefano to notify them of the election results.
7) Merger of NYSSCPA Benevolent Fund and FAE – Status Report	Mr. Maier asked Mr. Woehlke to give the report on the merger of the NYSSCPA Benevolent Fund and the FAE. Mr. Woehlke reported that the Society approved the merger of the fund, and that will be reported in the Trusted Professional. Mr. Woehlke responded to legal and administrative questions pertaining to the merger activity. Mr. Maier thanked Mr. Woehlke for his report.
8) New FAE Staff Position	Mr. Maier asked Mr. Schmelkin to give the report on the new FAE staff position. Mr. Schmelkin reported that the FAE Board of Trustees supported the hiring for the new staff position during the budget process last December. Effective June 1, 2008, this person will handle technological educational offerings such as webcasts and podcasts. He stated that the FAE will begin recruitment for the position in May.
9) Conference Call Meeting FAE Board of Trustees - May 14, 2008	Mr. Maier announced that the May 14th meeting of the FAE Board of Trustees will be conducted by conference call. The following agenda items will be discussed: a. Approval of the April 17, 2008 FAE Board of Trustees Meeting Minutes b. Financial Matters c. Scholarship Committee Update d. Agenda items for the July 13, 2008 meeting
10) Meeting of FAE Board of Trustees - July 13, 2008	Mr. Maier announced that the July 13, 2008 meeting of the FAE Board of Trustees will be held in conjunction with the Annual Leadership Conference at Turning Stone Casino and Resort from 12:00 noon to 2:00 p.m. It was suggested that the Trustees designate this as an open meeting each year.
11) COAP Scholarships for 2008	Mr. Maier received the recommendation of the Scholarship Committee for recipients of the 2008 Career Opportunities in the Accounting Profession (COAP) Scholarship. The recipients and alternate are: Hiren Desai, participated in LIU COAP, will attend Baruch College or SUNY Binghamton Samuel Huoh, participated in Buffalo COAP, will attend SUNY Buffalo Cassandra Gengler, participated in Pace COAP, will attend either SUNY Binghamton, SUNY Albany, or Pace Alternate: Colleen McFayden, participated in Buffalo COAP, will attend University of Buffalo. The scholarship will entitle each recipient to $2,000 each year for five years with the stipulation that the student must declare an accounting major and he/she continue satisfactory progress to an accounting degree by carrying a 3.0 overall cumulative average at a NY College/University in a program registered with the NYS Department of Education, Professional Licensing Division. After review and discussion of the report, the Trustees received the recommendation from the committee and staff addressed the due diligence process. A motion was made by Mr. Jaffee to accept the recommendations of the Scholarship Committee. Mr. Kahn seconded the motion. All Trustees approved.
12) Other Matters	a. Mr. Maier asked Mr. Passikoff, as FAE Treasurer, to give a report on investment activities. Mr. Passikoff reported on a Society investment committee meeting he was invited to and attended. He reported that, in his view, the funds were reasonably invested and performance was favorable. b. Mr. Maier asked Mr. Kiamie to report on a request he received to attend the meeting of the NYSSCPA Industry Oversight Committee on May 8, 2008. Industry Oversight Committee Chair Thomas Irvin requested Mr. Kiamie to attend the meeting to address issues pertaining to FAE Conference budget rules and regulations. After discussion, Mr. Maier stated that a formal response to Mr. Irvin will be sent from him regarding the request.
13) Token of Appreciation	FAE President-elect Ann Burstein Cohen presented outgoing FAE President Peter Maier with a token of appreciation for his service to the FAE.
14) Adjournment	There being no further business, Mr. Maier asked for a motion to adjourn the meeting at 11:45 a.m. The motion was made by Mr. Hendler and seconded by Mr. Kiamie and passed by the Trustees.

Respectfully submitted,

Scott J. Jaffee, Secretary