AOAC BOD June 2018 Pre-Meeting Materials

DRAFT- PENDING APPROVAL OF THE FINANCE COMMITTEE

AOAC INTERNATIONAL Finance Committee Minutes Wednesday, March 12, 2018 Gaithersburg Marriott Washingtonian Center Gaithersburg, MD USA

Members present were DeAnn Benesh, President Ron Johnson, Past President Darryl Sullivan, Secretary Brad Goskowicz, President Elect Also present were Lei Bao, Board Member

Jo Marie Cook, Board Member Stephen Wise, Board Member Tony Lupo, Board Member Clay Detlefsen, Board Member Jonathan Goodwin, Interim Executive Director of the Association Joyce Schumacher, CFO of the Association Alicia Meiklejohn, AOAC Staff Members Absent Jon DeVries, Committee Chair and Treasurer

1. Introductory Items 1.1 Call to Order DeAnn Benesh, President called the Committee to order in the absence of Jonathan DeVries, Treasurer. 1.2 Review of the Agenda : DeAnn Benesh asked for a review of the proposed agenda and for any modifications to the proposed agenda. Darryl Sullivan/ Ron Johnson moved/seconded the approval of the agenda, which was then approved unanimously. 1.3 Review and Adoption of the Minutes : Minutes from the Finance Committee meeting in December were presented. Darryl Sullivan/ Brad Goskowicz moved/seconded the approval of the minutes which were approved unanimously. 2. Business of the Finance Committee Joyce Schumacher provided a briefing on Association finances. 2.1 Update on the Status of the Reserve Account : Ms. Schumacher reported that the reserve account had a balance of $6,460,957 as of the end of February 2018. At that time the long-term investment account had 61.39% of its holdings in equities