Minutes of the April 5, 2017 Telephonic Meeting of the Usrowing Board of Directors

Minutes of the April 5, 2017 Telephonic Meeting of the USRowing Board of Directors 5:00 PT / 8:00 pm ET

Members Present: Marcia Hooper, Kris Thorsness, Sheila Tolle, Jim Dietz, Bill Donoho (left at 9:12 pm), Lisa Stone, Nick LaCava, Joe Flynn, Charlie Haight, Jamie Redman (left at 8:53 pm), Steve Shure, Meghan O’Leary (joined at 8:25 pm)

Members Absent: Joe Manion, David Banks

Others present: Susan Smith (USRowing acting CEO)

1. Budget/Finance Report: Sheila Tolle discussed the current financial situation as set out in the spreadsheet she circulated via e-mail. Drop in expected revenue come from: (a) a decrease in NRF commitment to about half of what it gave last year; and (b) loss of sponsorships post-Olympics.

On the expense side, many expenses have been decreased to reduce the budget shortfall. It was agreed that this budget discussion does not constitute a commitment to all of the expenses currently reflected on the spreadsheet, which will be examined in great detail on an ongoing basis. Six USRowing staff positions remain on hold and will not be filled in the near term, and actual starting dates of the CEO and men’s head coach will further impact expenses. Numerous other costs have been reduced, though a shortfall remains.

Motion to enter executive session to discuss personnel matters made by Kris Thorsness and seconded by Jim Dietz; no further discussion, approved unanimously at 9:06 pm. Susan Smith left the call.

Motion to exit executive session by Lisa Stone, seconded by Charlie Haight; no further discussion; approved unanimously.

Motion to accept the Forecast 2017 budget as set out in the spreadsheet circulated by Sheila Tolle, made by Lisa Stone and seconded by Charlie Haight. No further discussion; unanimously approved.

Motion to approve further 2017 budget reductions, i.e., elimination of retirement contribution match for USRowing staff, elimination of three staff positions as outlined in the document entitled “Confidential USRA Staffing Reductions 2017-04-03” circulated by Sheila Tolle, and elimination of single rooming for referees at regional and national championships this year, made by Lisa Stone and seconded by Jim Dietz. Further discussion was held regarding the timing of elimination of staffing positions. Unanimously approved.

A further revised cash flow report will be circulated reflecting the budget changes approved during this meeting. Additional discussions of budget cuts will be forthcoming as needed to balance the budget.

2. Apparel Vendor update: Marcia Hooper and Steve Shure are working with counsel to determine the organization’s options

Meeting adjourned at 10:09 pm