Approval of Minutes

The minutes of the January 17, 2003 Finance Committee meeting were unanimously approved.

Review of FY2004 Budget revisions

Lynn Chambers discussed the changes that had been made to the budget based on the revisions that were requested at the January 17, 2003 meeting. These changes include reallocation of expenses and reductions on FAE for chapter overhead. A lengthy discussion ensued on this issue, and Ms. Chambers was asked to reclass the overhead deductions from a reduction of expense to revenue. David Evangelista asked about changes in the allocations in various departments between the first and second budgets presented. Ms. Chambers will check her allocation formulas. David A. Lifson remarked that after combining the net revenues for all areas, there was an $11,000 difference that will be corrected within the Annual Leadership Conference program.

Approval of the FY2004 Budget

Mr. Lifson made the motion to approve the FY2004 budget (inclusive of the two changes noted above) by the Finance Committee. The motion was unanimously approved.

There being no further business, the meeting was adjourned at 9:45 AM.