The meeting commenced by teleconference at 2100 EST. Present were Galloway, Voorhees, Schwehm, McNeil, Kehoe, Kovel, Stevens, Gadd and Wells. Reunion facilitator Mrs. Joan Emmer and Class Trustee Hatch also attended. Stephenson and Golden were absent.

1. The agenda was approved as presented.

2. The minutes of the previous meeting, 20 December 2006, were approved.

3. 1/078Galloway presented Roth’s audit of Class financial transactions through 2005. There were no discrepancies, and the audit was approved. McNeil is preparing the necessary documentation for the 2006 audit.

McNeil presented the current status of the various Class accounts, focusing upon transactions of the major projects (50^th Reunion, Mess Hall mural, 50^th Yearbook). The administrative account balances, excluding the major project assets, total $22,000. More detail was requested in future reports. Galloway offered a format which could satisfy both the needs of the Board and future audits. McNeil, Stevens, Kovel and Mrs. Emmer will cooperate in tailoring it to the current financial requirements.

4. Galloway reported the Class gift fund status (12/31/04 through 12/31/06). The initial balance was $293,000 (all amounts rounded to nearest thousand). Investment returns were $21,000 and gifts were $306,000. He explained that the low return on investment reflects the low risk, low return nature of our investment pool and the low interest rates prevalent during most of the period (see next paragraph). Expenses were $300,000 for an initial Class gift payment to the Jefferson Library and $2000 in support of the Class of 2007. Gift fund pledges not yet received total $46,000, for a balance (on hand and pledged) of $362,000. Additionally, approximately $10,000 was contributed in January. Of these amounts, $350,000 is committed to complete the library gift and the remainder will be more than sufficient to fund any remaining projects of Class of 2007 support. Timely satisfaction of the pledges is important, however, and Schwehm stated that he had passed that information in the January report to the gift fund CQ’s.

Galloway presented an AOG memorandum explaining the structure for class gift fund investment options. All class gift funds are invested in one of three available pools. The Current and Short-Term Pools are invested in money market funds and short to intermediate fixed rate of return vehicles (of low-risk and low-to-moderate return) so as to protect the principal as the project gift date nears. The Long-Term Pool may be selected by classes with three or more years anticipated before gift presentations. This Pool is invested more aggressively, in equities and other vehicles, in expectation of higher returns. Professional investment management firms are retained by the AOG, with oversight by the AOG’s Investment Committee. All class administrative funds held by the AOG are invested in the Short-Term Pool.

5. Kovel provided a comprehensive 50^th Reunion Yearbook status report. The work has grown to 384 pages, plus an eight page addendum covering the reunion. The general layout and features remain as originally planned. He reviewed the financial aspects of sales, contributions and advertising. All of our old cadet companies have purchased space. Expenses to date are minimal and sales of approximately 500 will meet projected future expenses, which are mainly publishing. He has ordered a number of books over projected needs against the possibility of late orders, and a few new deposits have already been received. The plan to give books free of charge to those widows who desire one can be achieved within budget. Books will be sent free of shipping charges to those domestic buyers not attending the reunion.

6. Mrs. Emmer reported that full payment for reunion activities has been received from 37% of the individuals having made deposits. The deadline for full payments is 15 March. The deadline for refund requests is 1 March.

The full payment receipt rate for the cruise is 28%. We are on contract to put 370 on board one vessel and 200 on another, with a handshake agreement that the number on board the latter can be reduced to about 160 without penalty. Deposits for 507 persons have been received, leaving a projected approximate 50 passenger shortfall, which is of considerable concern. Galloway, noting that some requests for refunds have been received, interjected that late requests for refunds cannot be immediately honored. In the event that total reunion receipts sufficiently exceed expenses, a refund program may be considered. Our initial deposits to the cruise companies are refundable before 22 March, with full payment due on 21 April. Mrs. Emmer will explore the possibility of inviting members of other West Point groups to join us so as to fill out the seating. Schwehm will prepare an email appeal to the Class encouraging greater participation.

Galloway reviewed the reunion budget, noting that projections thus far indicate receipts will exceed expenses by about $2000.

Kovel discussed tentative arrangements made with Monaco regarding his proposed production of a DVD featuring graduation parade highlights. Monaco would be provided $500 from Class funds to produce a master. He will show it in the reunion hospitality suite and take orders, at a to-be-determined unit cost. The $500 seed money and profits from the sale will revert to the Class administrative fund. Should the project be not profitable, the Class will accept the loss. The Board approved.

Kovel reviewed the memorabilia budget. He calculates that the total cost of the items to be provided variously to the several categories of attendees will be approximately $500 under budget.

Voorhees made a recommendation for reunion name tags. He proposed a version that could be worn at other West Point functions, and thus show only name, class identification, and crest. It is of plastic construction with a magnetic holder. Kovel favored the lanyard style with reunion-specific features, e.g., 50^th Reunion, Howitzer photo. Mrs. Emmer commented that a lanyard version existed which could be converted to pin or clip. Galloway directed Kovel and Voorhees to present detailed proposals, with mockups, for Board decision.

Mrs. Emmer has developed a reunion tour plan. There will be two main tours, one each day, to the three main sightseeing areas: the Michie stadium area, the Arvin Gym, the cemetery, and the Cadet Store. Additionally, another will be offered to spouses and guests in lieu of the briefings. Four officers, possibly more, will be provided as guides. Galloway will investigate the possibility of cadets being made available also.

Kehoe reviewed plans for the Class dinner. Sankey will entertain at the piano during the reception. Seating will be by cadet company, although a provision will be made for groups of ten to apply for a table outside of the by-company scheme. Seely is continuing his effort to revive the Sentry Box Six and some vocalists. The Board confirmed an earlier decision to not employ a DJ. Mrs. Emmer reviewed the normal bar service arrangements

Galloway set 15April as the target date for the last mailing, the purpose of which is to provide appropriate instructions on all aspects of the reunion. All Board members will forward inputs to him for matters in their areas of responsibility, and are encouraged to include any and all additional suggestions that come to mind. Schwehm and Mrs. Emmer were specifically tasked to develop cruise-related instructions, and Kehoe the seating instructions for the dinner.

Kovel briefly outlined the memorial service plans and requested guidance regarding our heretofore practice of reading the names of deceased graduates. The sense of the Board was that the practice be discontinued.

Schwehm reminded the Board of Solomon’s offer to bring the posters of photos and class-related graphs and charts he uses at annual Atlanta mini-reunions. The board approved the project, and an appropriate location in the hotel will be selected.

The Board agreed to the nomination of Hatch to the AOG Board of Advisors.

The next meeting is planned for shortly after 15 March.

The meeting adjourned at 2310EST.