July 13, 1999
NATIONAL RALLY GROUNDS, RHINEBECK, NY
Summary of the unofficial minutes, which are subject to approval at the next board meeting.
CALL TO ORDER Jeff Dean, President
The meeting was called to order by Jeff Dean. Those present were Jeff Dean, President; Jim Shaw, Vice President; Rob Lentini, Treasurer; Betsy Dow, Secretary; Paul Glaves, Director; Pam Dempster, Director; Barb Zingre, Association Manager; Sandy Cohen, BMW Owners News editor; Ray Monroe, Advertising Manager; Greg Hutchinson, Club Coordinator; Sue Rihn-Manke, Ambassador Liaison and 2000 Rally chair; Michael Friedle, Rally co-chair; Marilyn Roberts, Recording secretary; members George and Mae Glascock, Tom Harbrecht, DJ Douglass, David Celento, Clark Luster, Roger Wiles, Deb Lower, Matt Parkhouse, Harvey Cohen, John Phillips, Hank Rowland, Cy Young, Ian Schmeisser, Don Hamblin.
APPROVAL OF MEETING AGENDA Jeff Dean
The agenda was approved.
APPROVAL OF MINUTES Betsy Dow, Secretary
Betsy Dow requested that 1) the motion by Paul Glaves and Rob Lentini to adjourn the last meeting be moved to the main minutes where it belongs, 2) a correction brought to her attention by Court Fisher should be made to Greg Hutchinsons Charter Club report as follows: Australian car and motorcycle clubs are combined, so there is more support from BMW Australia.
MOTION (Rob Lentini/Pam Dempster): Approve the amended minutes. Vote (voice): 6 yes, motion carried.
TREASURERS REPORT Rob Lentini, Treasurer
BMW MOA is in very good financial condition. Income is 21.56% above budget projection, while expenses are a little less than 4% below budget projection. Rob will soon work on the 2000 budget with Barb.
In the past nine months BMW MOA has invested, using monthly dollar cost averaging, approximately $553,500 with five equity and bond companies. Rob is managing those investments, shooting for long-term investing. Year to date, the portfolio has increased 8.37%. Soon, another $100k will be dollar cost averaged into Legg Mason Value Trust, which is a constant long-term performer. BMW MOA is invested to service the Life and Multi-year Memberships, and can draw on principal, if needed, for member benefits and to stabilize dues.
Jeff Dean praised Rob for taking over BMW MOAs investments and turning our investment portfolio around. Rob also gave credit to former BMW MOA treasurer, Jeff Dunkle, who became concerned about the performance of BMW MOAs investment portfolio under Merrill Lynch, and began looking for alternative methods of investing.
Rob indicated that he had discussed retirement planning (either a SIMPLE or a SEP plan) with Barb. The staff chose the SIMPLE plan, which allows each staff member to open an IRA. Rob charged Barb with developing a retirement plan proposal with guidance from legal counsel to submit for the boards consideration at the October meeting.
Strategic planning Paul Glaves
Paul expects to receive the remaining committee reports in order to assemble the strategic plan draft.
Educational foundation Clark Luster
Clark reported that the foundation is on the cusp of filing with the IRS. The foundation committee would be happy to talk to any clubs that want further information. Clark requested the use of BMW MOAs name in the foundations name as BMW MOA Foundation.
Rob Lentini suggested this topic be addressed in Executive Session. At Pam Dempsters suggestion, Clark and the newly elected board members were invited to participate in that portion of the Executive Session concerning the foundations name.
Election process policy Betsy Dow
Betsy Dow did not get the policy written, so this item was removed from the agenda as an action item. Betsy will get the policy written and reviewed by Sandy Cohen and Barb Zingre, and one of them will present the policy to the board for approval so that a policy will be in place before the next election.
Consumer Affairs Liaison Rob Lentini
Rob will have a column in the August issue of the BMW Owners News, which will outline the consumer Affairs Liaison position and give the contact information. Rob has already addressed several disputes concerning advertisers and warranty issues.
Use of BMW MOA logo Barb Zingre
Clubs and businesses have asked to use our logo on their websites and other publications. Barb was instructed by general acclimation: Businesses under contract to provide benefits may use the BMW MOA logo, and in addition, chartered clubs in good standing may also use the BMW MOA logo on their websites and other publications.
Member benefits Barb Zingre
Barb presented National TeleCom long-distance telephone service as a potential new member benefit via an affinity program. Paul said that member benefits would be determined under the strategic plan and that new benefit programs would be put out for competitive bid.
Barb will send the Towbusters contract to Paul for his approval and signature.
Because of scheduling conflicts, the Executive Session was split into two sessions. The first session dealt with the charitable foundations request to use BMW MOA in its name and with an Ambassador nomination. The second session dealt with contracted services.
Sue Rihn-Manke requested a round of applause for the outgoing board.
MOTION (Jim Shaw): Move to adjourn the meeting. Vote (voice): 6 yes. Motion carried.
Results of the Executive Session:
The board granted permission to use BMW MOA in the foundations name subject to the establishment of the foundations articles of incorporation and bylaws with ties to BMW MOA as close as legally possible.
The board approved the nomination of Paul John Sweeney of Australia as Ambassador.
The deadline for completion of the rally handbook was extended to November 1, 1999.
The printing contract for the BMW Owners News was approved.
Marilyn Roberts, Recording Secretary
Approved by Betsy Dow, BMW MOA Secretary