11 • Doug – I’m looking at the budgeted number. • Tom – Just about 24 percent of TMA sales; I’m excluding marketing, shirts, etc. 24 percent is staying in the general fund, 75 percent is going to Trails and about 1 percent, actually 10 cents of every TMA goes to scholarships. Last year we did about 23 percent, so we are keeping a little more in the general fund. • Mark Reaves – The question is, the bottom line on the budget is from TMAs this year is $658,000. Budgeted last year was $489,000. If there is only a $5.00 increase, that is a much larger number than the difference between the two. • Tom Baltrus – because there is $60,000 in there of [unintelligible in recording] • Mark Reaves – it’s still a larger number; so is the $5.00 increase based on all 20,000 TMAs? • Cindy Locke – Some of that is that we expected less people to by Early Birds this year, so regular season is at a higher rate. If you look at the numbers across that is why we reduced Early Birds and increased Regular Season, thinking if we don’t’get early snow, we might not have the Early Bird sales that we had last year.We have about 10,000 core members that understand that when they buy their TMA that it’s not just a pass to ride. The 6,000 that did buy this year are the ones that really don’t understand how VAST is made up and how things work. • Mark Reaves – For clarification, the $104,000 difference is another $60,000, which includes the higher number of the higher priced TMAs, plus the ? • Cindy Locke – Yes • All in favor – yes. • Tom Baltrus – You noticed that our revenue line, that first set of statistics on the budget. There is a substantial increase in banking trust, which we were able to garner this year. That is due to the renegotiation and establishment of relationships with other financial institutions throughout the year and with negotiating a very favorable interest rate at no risk. I have to thank, particularly Sheila Fenoff-Willett, who did a fabulous job on doing this for us; a very worthwhile effort. One of the items that was negotiated was a very favorable rate for ACH automatic clearing House, which is electronic funds transfer. • Expenditures every week, and several weeks ago, I noticed there were a number of checks re-issued. I talked to VAST about it; and it is due to checks issued to clubs and never cashed. First of all to you clubs, that is your money, those are checks that were issued to you, and for some reason the check was misplaced, never cashed, etc.These uncashed checks sit on our books and then we have to clear it; it costs VAST money to re-issue these checks. • ACH is your club’s ability to get electronic funds transfer from our books to your bank account. I strongly ask you to bring this back to your club to sign up for ACH. ANNUAL AUDITOR’S REPORT • Tom Baltrus referred to the June 21, 2016 letter attached from the CPA firm of Mudgett Jennett & Krogh-Wisner, P.C., regarding the audit of the records of VAST, which we are annually mandated to do. • There were no new or significant changes to the VAST accounting practices, transactions or account policies. Please refer to the above referenced letter for details on the annual audit. • Dave Page moved to accept the 2016 Audit letter, Dexter Willson seconded, so moved. NOMINATING COMMITTEE REPORT AND SLATE OF OFFICERS Merritt Budd – Chair of the Nominating Committee announced the current officers: President – Tim Mills Vice President – Jeff Fay Secretary – Jim Hill Treasurer – Tom Baltrus • Open the floor for nominations. If there are no new nominations from the floor, we can make one vote and vote the same officers back in. • Any further nominations from the floor, asked three times. • Hearing none, nominations are closed. • Ken Gammell - I would like to make a motion that we cast one ballot for all the current officers. • Roberta Jaworski, Orleans County seconded the motion, so moved. • Tim Mills – need a nomination to close the meeting and to have all the directors come up front to vote on the pricing of TMAs. • Larry Dwyer made a motion to adjourn the meeting; Dexter Willson seconded, so moved. Meeting adjourned at 4:27 PM. 49TH VAST Annual Meeting Minutes Cont.