1. Call to Order & Welcome

The meeting was called to order at 12:30 p.m. by Ann Burstein Cohen, FAE President. She welcomed returning FAE Trustees Scott Jaffee and Jim Passikoff and new board members Cheryl Cornwell, Daniel Fordham and Warren Ruppel and announced that Don Kiamie and Ed Martin had notified her of their absences.

Upon a motion made by Jim Passikoff and seconded by Scott Jaffee, the FAE Board voted to approve the minutes of the May 14 conference call meeting as submitted.

Ann Burstein Cohen reported that the FAE Nominating Committee consisting of Scott Jaffee, Edward Martin and herself, suggested a slate of officers for 2008-09 as follows:

President Elect – Jim Passikoff
Secretary – Ed Martin
Treasurer – Don Kiamie

She asked the Trustees if there were any additional nominations for the officer positions. There being none, she called the nominations closed and asked that the recommendations of the nominating committee be considered duly elected. All members of the FAE Board unanimously agreed and she congratulated the new officers.

Ann Burstein Cohen reported that the nominating committee proposed Daniel Fordham to serve as the FAE representative on the NYSSCPA Audit Committee for a term of (3) three years. At Ms. Cohen’s request, Daniel Fordham explained his year of service on the Audit Committee during 2007-08 as a representative of the NYSSCPA Board of Directors and discussed the activities of the Audit Committee. All members of the FAE board unanimously agree to elect Mr. Fordham as the FAE representative on the Society’s Audit Committee.

Alan Schmelkin reviewed the list of the meeting dates which had been provided to the Trustees in advance of the meeting. He noted (2) two changes which resulted in the following list being confirmed as the official dates for regular meetings of the FAE Board for 2008-09 fiscal year.

2008

Sunday, July 8            12:00 noon
Thursday, Sept. 18      9:00 a.m. jointly with NYSSCPA Board
Thursday, Nov. 20        9:00 a.m.
Tuesday, Dec. 16         9:00 a.m.

2009

Possible (?) January conference call (?)
Tuesday, Apr 21          9:00 a.m.
Tuesday, May 19         2:00 p.m. conference call

Members of FAE board discussed the background of each candidate and then voted with secret paper ballots which were collected by Messrs. Jaffe and Passikoff. Following the tally, the vote resulted in a tie. Therefore upon a motion made by Jim Passikoff the Trustees agreed to circulate a ballot by e-mail to the entire Board thereby allowing Messrs. Kiamie and Martin to participate as well. During discussion the Trustees recognized that the use of an e-mail ballot would eliminate secret voting. There being no further discussion, the Trustees unanimously agreed to hold a vote by non secret e-mail ballot. Messrs. Jaffe and Passikoff would tally the votes and report to the FAE President with election results.

Upon a motion made by Mr. Jaffee and second by Mr. Passikoff, the FAE Trustees unanimously approved the following:

RESOLVED, that the following persons and those holding the following positions are hereby appointed to serve as authorized signatories on all banking and investment accounts of the Foundation for Accounting Education Inc.:

FAE President
FAE President-Elect
FAE Secretary
FAE Treasurer
FAE Executive Director
NYSSCPA Managing Director for Operations
NYSSCPA Deputy Executive Director
NYSSCPA General Counsel
NYSSCPA Legislative Counsel
NYSSCPA Director for Quality Enhancement
NYSSCPA Director for Member Relations

RESOLVED, FURTHER, that in the event the term of a FAE officer terminates at the end of the fiscal year and the officer’s term as a trustee continues into the following fiscal year, such officer or officers shall continue as bank signatory until such time as his or her successor officer is elected.;

RESOLVED, FURTHER, that two signatures are required on every check, and at least one signature on any check over $10,000 is required to be a FAE officer or Trustee other than the FAE Executive Director; and

RESOLVED, FURTHER, that the officers of the Foundation for Accounting Education, Inc. and the staff of the New York State Society of Certified Public Accountants are hereby authorized and directed to execute and deliver any documentation required to carry out the intent of this resolution.

Upon a motion made by Scott Jaffee and seconded by Jim Passikoff, the FAE Board unanimously approved holding the July 13th meeting as an open meeting during the start of the Annual Leadership Conference. Society members may attend as observers and may address the Board during a portion of the agenda that will be reserved for such purpose.

Following the conclusion of the regular meeting of the FAE Board, there will be a special orientation for Ms. Cornwell and Messrs Fordham and Ruppel. All other Trustees are invited to attend if their schedules will permit.