BOARD OF DIRECTORS MEETING MINUTES - Automotive Service ...

Minutes of the Board of Directors Meeting
September 20-21, 2002
Page 6
14 That the Policy and Procedure 6.12 be changed [that policy being]:
Current Policy
Pursuant to Article VII, Section 1. of the bylaws, only regular members in good standing
in the national association shall be eligible for a position on the Board of Directors,
whether through the election process or through an appointment.
Approved Policy
Pursuant to Article VII, Section 1. of the bylaws, only regular members in good standing
in the national association, who are the designated contacts for member shops, as
indicated on ASA membership records, shall be eligible for a position on the Board of
Directors, whether through the election process or through an appointment.
By................................……. Charlie Elder
Seconded by................……. Dale Bright
ACTION....................…….. MOTION ADOPTED
OTHER MATTERS
Year-to-Date Financial Report: Vice President of Finance Mark Hale gave a PowerPoint
presentation and emphasized that there has been positive growth in total revenues for the last 10
years, which is attributed to NACE. Net revenue over expenses for the same time period has
always been on a positive note for the bottom line. The years 1994 and 1997 were good years
with NACE in Las Vegas, but 1998 was also a good year with NACE in Dallas. The fund
balance (which would be “retained earnings” if the association were a for-profit business) almost
tripled over the last 10 years from $2.5 million to $7.26 million last year. The current ratio for
the last 10 years has also been positive (which is current assets divided by current liabilities),
meaning that the association is in good financial shape.
The reserve has grown from $600,000 in 1997 to $2.65 million in 2001. The operating cash
balance (checking account plus money market funds) is at $2.25 million in cash. By the end of
2003, the association should still have $400,000 in operating cash over and above the reserve
fund.