Call to Order Mr. Thorne, the Chair, called the Board meeting to order at 8:00 a.m. ET. Antitrust Policy Mr. Vance referred the members of the Board to the Antitrust Meeting Guidelines in the Board Book. Mr. Vance stated that he would be available for questions throughout the day. Approval of Meeting Minutes Mr. Thorne referred to the minutes of the last meeting held on October 15, 2024. Motion was made by Mr. Olson to approve the minutes, seconded by Mr. Clancy. The Motion passed by acclamation. Approval of Committee Appointments • B175.7 Pole Pruner Standards Committee-Teresa Brusadin (STIHL)-Chair Motion was made by Mr. Wilner to approve the committee appointments as stated, seconded by Mr. Gray. The Motion passed by acclamation. 2024 Audited Financial Statements Ms. Shomers presented the Consolidated Audited Financial Statements for the period ending August 31, 2024. The result for the year was an Unqualified or clean opinion with a contribution to reserves of $1,558, 555 for a year-to-date balance of $11,328,084 in Net Assets. The letter of required communication was given and a new standard to elevate within the audit process to formalize the risk of information technology. As part of the new standard, the auditors are encouraging all their clients to formalize their IT risk assessment process with correlating information security policies and procedures. It was motioned by Mr. Ariens to engage a consultant to perform an IT /Cyber risk assessment for up to $150,000 and Mr. Melka seconded. The Motion passed by acclamation. There was discussion to relook at the accumulated reserves objectives or contingency funds at the June meeting. To approve the Consolidated Audited Financial Statements for the period ending August 31, 2024, it was motioned by Mr. Gray, seconded by Mr. Wilner. The Motion passed by acclamation. Financial Report Ms. Shomers provided the financial statements for the period ending January 31, 2025 and highlighted the large expenditure areas with CPSC Lawnmower safety projected to be under budget and the Board approved up to from $250,000 to $400,000 on a December call to support the EPA CARB SORE Waiver Challenge, however, at this time the estimated cost would be around $150,000. The agencies are unpredictable with government activity. At the October Board meeting an additional $350,000 was approved for TurfMutt to support Hearst proposal for highlighting women in the industry. Overall, projections at this time are to net about $417,000 after interest earnings and dividends. The sweep account is earning about 4%. Mr. Ariens motioned to approve the statements and Mr. Olson, seconded. The Motion passed by acclamation.
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