The following report is a summary of the July 9, 2002 regular KGS Board meeting.  The official minutes of all KGS Board meetings are available at the KGS Library.  Ms. Radford reported that as of June 30, there were 603 Society members and 173 Library members who have paid their 2002 dues.  The KGS Library showed a net loss for the month of June of $2,731.54. Average billing for the month was $549.08/day with the monthly total billed of $10,981.57.  The Library has hired Marjorie Crane to work part time in the KGS Library on Thursday evenings

     Mr. Fisher reported on the finances.  The Trust Company of Kansas actual account market value loss for 2002 is $4,327.32.  The annual rate of return as of June 29, 2002 is a negative 2.203%. Total account balance, Treasury Bills and Trust Company of Kansas as of June 29, 2002 is $476,387.26.

     Society events and activities update included:  The Kansas Geological Society Annual Picnic August 2, 2002.  KIOGA at the Wichita Airport Hilton August 19-21, 2002.

   Old business:  Ms. Fitzgerald reported on the meeting of the joint Digital Library Operations committee.  Joe Walsh, the accountant for the KGS and the KGF, submitted a report to the committee discussing possible scenarios for the operation of the Digital Library.  1.  Keep the operation of the Digital Library within the KGS books.  Initially it would be cheaper to start, but it would not provide protection for other KGS assets.  2.  Operate the Digital Library under an LLC.  Estimated to cost between $1,500 to $2,000 dollars to put in place.  The LLC would be the operator of the Digital Library and would decrease the liability of the KGS Library.  Motion was approved by the Board to pursue the formation of an LLC or corporation for the operation of the Robert F. Walters Digital Library contingent upon approval by KGS legal counsel.

     The Board approved sharing the cost of a booth with the Kansas Geological Foundation at the annual KIOGA convention.  The booth would showcase the Digital Library.  The Board was also updated on the status of the KGS sublease of server space to Net Impact Software.

   New business:  The August KGS Board meeting was scheduled for August 22, 2002.  The Board clarified KGS Student Membership copy charges.  Student membership does not include free copies.  The Board also discussed forming a KGS Library Building Committee to investigate options for the future of the KGS Library.

Meeting was adjourned at 3:15 P.M.

August 2002 Board Meeting

     The following report is a summary of the August 22, 2002 regular KGS Board meeting.  The official minutes of all KGS Board meetings are available at the KGS Library.  Ms. Radford reported that as of July 31, there were 603 Society members and 175 Library members who have paid their 2002 dues.  The KGS Library showed a net gain for the month of July of $7,359.33.  Average billing for the month was $693.11/day with the monthly total billed of $15,248.43.  Ms. Radford presented the final reports for the KGS Annual Banquet, Fishing Tournament and Golf Tournament. 

     The KGS Banquet had gross income from Sponsors and ticket sales of $3,525.00 and expenses of $4,771.49, with a net loss of $1,246.49.  The KGS Fishing Tournament had gross income from Sponsors and participants of $1,395.00 and expenses of $1,325.63, with a net profit of $69.37.  The KGS Golf Tournament had gross income from Sponsors and participants of $12,245.00 and expenses of $11,291.12, with a net profit of $953.88.

     Joe Walsh of Nord and Walsh P. A., Certified Public Accountants presented the Kansas Geological Society 2001 Auditors’ Report.  Mr. Walsh noted the KGS is in better financial condition and the hiring of a manager in 2001 has resulted in improved control and less segregation of duties problems.  Segregation of duties and control issues were a problem in years past. 

     Mr. Walsh discussed cross training on the accounting system and stressed cross training of employees as the KGS switches over to a new accounting software package at the end of 2002.  Ms. Radford is currently reviewing new software accounting packages for the KGS and hopes to implement the new accounting system by January 1, 2003.

     The KGS gross income for 2001 was up $80,030.00 from the previous year and net income for 2001 was $57,319.00.  This appears in part to be a result of the fee structure change and increased library usage.  Mr. Walsh commented upon the fact that for the first time since they have been auditing the library, the KGS made a profit, although the loss for 2000 was actually slightly over stated due to carryover of convention expenses from 1999.  The KGS expenses for 2001 were slightly lower than normal for several reasons:  Income from Gain (loss) on disposal of assets of $18,506.00 from the sale of the OCE copier was a one-time income sale.  The new replacement copier was purchased late in the year and depreciation was lower than normal.  Due to the sale of the OCE copier and the purchase of the new copier, maintenance and equipment lease expenses were down, approximately $8,000.  Current Assets and Liabilities and Membership Equity increased from $560,466.00 in the year 2000, to $619,328.00 in 2001.

     Mr. Fisher reported on the finances.  The Trust Company of Kansas actual account market value loss for 2002 is $15,671.76.  The annual rate of return as of July 31, 2002 is a negative –7.149%.  Total account balance, Treasury Bills and Trust Company of Kansas as of July 31, 2002 is $466,365.46.  The $160,000 Treasury bill matures August 29, 2002.  General discussion of Treasury bills versus certificates of deposit followed Mr. Fisher’s report.  Motion was approved not to renew the $160,000 T-Bill, and to withdraw the money from the Treasury bill account for investment into certificates of deposit.

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