MINUTES OF MACA BOARD MEETING – 8/5/2012

President R. King called the August Board Meeting to order at 6:03 PM at the Papa Gino’s in Natick.  Seven people were in attendance: President Robert King, Vice-President Steven Frymer (arrived 7:10 PM), Treasurer Robert Messenger, Clerk Nicholas Sterling, and Directors George Mirijanian, Brian Mottershead, Stephen Dann, and guest Marc Turgeon.

Minutes of the July Board Meeting were distributed by N. Sterling.  One correction was made by R. King.  * * MOTION made by G. Mirijanian and seconded by

R. Messenger to approve the July Board Meeting Minutes as revised; with 5 votes in favor vs. 1 abstention, the MOTION passed. * *

President: R. King reported that, with the help of G. Mirijanian, he had conducted research, preparatory for this Meeting, into investment opportunities, including mutual funds.

Treasurer’s report was read by R. Messenger:

  (i) Net income of the General Fund this period as of 7/15/12: $519.02 net loss.

(ii) Special Fund income this period as of 7/15/12: $21.53, with $20.30 dividends.

(iii) Special Fund expenses this period: $38.00. (iv) Special Fund net income this period: $16.47 net loss. (v) July 2012 Changes in Fund Balances: This Period: $535.49 net loss. (vi) Total Assets as of July 2012: $58080.32. (vii) Reserve for Chess Horizons Expenses: $2670.00.

Membership: R. Messenger read the 8/3/12 Membership numbers as follows: Adults 200 (+1); Junior 367 (-2); Life 215 (=); Affiliate 2 (=); Complimentary 4 (=);

D. Library 6 (+1); D. Subscriber 11 (=); Exchange 16 (=); Prison 283 (+3); Subscriber 15 (-2).  Total change in Membership and Subscribers: +1.

Tournament: R. Messenger reported: (a) (i) The New England Open is scheduled for 9/1-9/3 in Leominster.  R. Messenger will make a postcard mailing to the addresses in the MACA database, and G. Mirijanian offered to help with an e-mail. (ii) Dave Harris and Randi Malcuit from RI will be the booksellers. (iii) A bid may be submitted at the NECA Meeting for the 2013 New England Open to be held in VT, either in Burlington or in White River Junction. (b) The Greater Boston Open will be held in October, possibly 10/28/12, and the Pillsbury Memorial will be held on 12/2/12.  Both tournaments will be held at the Royal Plaza in Marlboro.

Scholastic: none

Budget: R. Messenger reported that the Budget Committee had come to the realization that the expenses of printing Chess Horizons are covered at least in part, at present, by Membership dues that may include those of Members who do not receive the printed magazine. For that reason, it was suggested, and agreed, that the Budget Committee must re-examine the Dues structure to determine a more equitable allocation of charges to Members who request the printed magazine versus those who do not.

LMCF: S. Frymer reported that there has been no activity since the end of the last school year; all prior activity is posted on the website.

Old Business:

 * * ADVANCE MOTION (812-1) made by R. King and seconded by

G. Mirijanian to establish, as a standing Committee, an Investment Committee to look over investment opportunities and make recommendations to the Board.  R. King and

G. Mirijanian advocated for the Committee on the basis that some investment strategies, such as municipal bonds and T-notes, should be investigated further.  However, there was concern (reiterated from previous Meetings) about who could be considered qualified to render investment recommendations.  The VOTE was taken; with 2 votes in favor versus 4 against and 1 abstention, the MOTION was defeated. * *

New Business:

            (a) * * MOTION (812-2) made by G. Mirijanian and seconded by R. Messenger to refer to the Web Committee the matter of Frank Del Bonis of RI and the canceled Shrewsbury Chess Camp.  The background is that this Chess Camp was scheduled on the MACA website and then canceled without follow-up notice, such that S. Dann had printed it in his column and had no time to recant it.  The VOTE was taken; with 5 votes in favor versus 1 abstention, the MOTION passed. * *

            (b) Because G. Mirijanian had investigated into possible alterations of our Insurance policy, and the deadline for renewal is 9/18/12, * * MOTION (812-3) made by R. Messenger and seconded by R. King, to authorize G. Mirijanian to switch MACA’s insurance policy.  The VOTE was taken; with 5 votes in favor versus 2 abstentions, the MOTION passed. * *

President R. King adjourned the August Board Meeting at 8:08 PM.  The date, time, and place of the September Board Meeting are Sunday 9/30/12, at 6:00 PM, at the Papa Gino’s in Natick.  [CLERK’S NOTE: A prior proposal of 9/9/12 for the date was voted down with 3 votes in favor versus 3 against and one abstention.  Further, there were two votes against acceptance of the currently listed date.]

                                                                        Respectfully submitted,

                                                                        Nicholas Sterling, Clerk