Meeting of the Board 6:30 PM, November 26, 2011

Hyatt Regency, Dearborn

  1. Call to Order

Parks called meeting to order at 6:34

II. Roll Call LeBlanc

Present: Parks LeBlanc, Sirna, Pall, Fenwick, Dennany, Rothfeld, Chandler, Ewald, Friedman, Wostyn, Chirco, Al and Ann Bobrofsky, Strub, Marzilli. Absent: Sharpe

III. Introduction of Visitors Parks

Brett Irick, George Vuicich, Andrew Blinkiewicz, Dan Freidus, Mary Dennany, Bill Summerell, Lisa LeBlanc, Dave Henderson, Cliff Mischler, Jack Huggins, Brian Malnar, Frank Passic

  1. Invocation

LeBlanc lead the board in prayer

V. Minutes of August 6, 2011 LeBlanc

Minutes as mailed were modified on 4 items, noted in official version to be published.

Rothfeld complained of lack of detail in previous minutes

Pall moved for approval of minutes, Al Bobrofsky seconded. Approved.

VI. Additions to Agenda Board

MSNS Board Member conduct – under XIV H. For Director Rothfeld

VII. Approve Agenda Board

Strub moved, Marzilli seconded to approve the agenda. Approved.

VIII. Director Absences LeBlanc

(Absences - current term: Mike Strub 1)

IX Appointments (If any) Parks

Bill Ewald approved as new board member by mail ballot since last meeting. Speech. Applause.

Vote on his confirmation was 10 yea to 0 nea – with 3 directors failed to vote.

X. Membership Comments Parks

Brett Irick thanked us for allowing RCNA to borrow cases.

Dan Friedus – desires auction, wants to know what has been done to get another. Does not

understand our minutes with regard to this issue. The board reiterated the history of our

seeking an auction house. Friedman said we are waiting for results of a membership survey.

XI. Officer Reports

A. President Parks

Thanks everyone for work – good exhibits, educational talks.

B. Vice President Bobrofsky

NONE – but attended executive committee financial review this morning.

C. Secretary-Treasurer LeBlanc

1. Review Current Financials

a. Regular Checking Account (November 15, 2011) $56,909 Approx.

b. Life CD $50K 3.4% Matures, 12/14, CD $25K 1.5% Matures 03/12

Savings Account $2250, $1000 Face Silver (Bought at $28600)

c. Cash Reserve Bank of Ann Arbor Demand Savings 0.2% $10K

2. Membership Report

a. RM 724, YN 95, CLUBS 28, HLM 19, LM 379 Total of 1248

decrease of 45 (3.5%) from Nov 2010 report

b. New Life Applications: John Abbott, David Croad.

Al Bobrofsky moved to accept, Fenwick seconded. Approved.

3. Property Report – No changes. Cases and lamps – need 30-40 new cases so exhibit

area can have all new cases. 150 incandescent bulbs purchased.

Need 30-40 more sign holders at $2-$2.25 each. Fenwick requested a formal

complete property report, LeBlanc will provide.

Rothfeld concerned about how long we hold silver investment. Moved that we sell the bag of silver in 2 years or at $49, whichever happens last. Sirna objected to this motion as a gross breach of our fiduciary obligation. No second.

Motion by Marzilli If silver goes to $49 spot price, before the November 2013 BOD meeting, the Secretary-Treasurer is ordered to sell the silver at the best possible price found. Wostyn 2nd Debate ensued. Motion passed with one dissension.

      1. 2011 Budget LeBlanc

LeBlanc reported on the 2011 budget, year still in process.

5. Fall 11 Budget LeBlanc

Sold 183 tables rather than 165 budgeted. 2 dealers who had balance due on their tables coming into the convention, did not show up. One excuse was health related, and the other simply did not come. LeBlanc suggested we would not accept an application from the latter dealer in the future. Other suggested that full payment should be required in advance. Discussion. Current policy leaves us with only 1-3 people who have large balance due at start of convention; LeBlanc likes current policy. Friedman said that faithful dealers shouldn’t be charged penalties when something is out of their control. Discussion. Decision: delinquent payers can be held to account at LeBlanc’s discretion.

6. Spring 2012 Proposed budget LeBlanc

Wostyn proposed and several seconds were heard that we approve the proposed budget. Malnar pointed out that the higher spring cost was due to not getting so many rooms as in the fall – and that some tables may need to be purchased by us because the hotel has complained that we use almost all of their six foot tables. Chandler wants budgeted advertising to be fully spent – a concern he has as a dealer. Chandler moved that advertising budget be increased to $5000 for Spring of 2012. Second by Chirco. Roll Call requested: Al Bobrofsky Yes, Chandler Yes, Chirco Yes, Dennany No, Ewald Yes, Fenwick No, Friedman Yes, Marzilli Yes, Pall Yes, Rothfeld No, Strub Yes, Wostyn Yes. 8-3 in affirmative, motion passes. Parks asked that we all make sure we invite people and publicize our own shows. If you visit a club, tell them, especially about the MichMatist as well, since it has brought in a lot of people as new members.

All in favor of amended budget. Passed with dissent.

7. Correspondence LeBlanc

A letter was received from Robert Hatfield regarding the silver investment, expressing his negative views toward it. A roll call vote exists to show what was the support for and against this purchase. The board makes the best decisions it can.

XII. Committee Reports

A. Exhibit Passic

We stayed within budget - $5300. Had to cut submissions by 30 cases. Michigan Hometown Numismatics category very successful with 24 cases. Cuts reduced a lot of competition. Class 9 for next spring is for mining. Decision that juniors must set up their own displays. Not a problem with the adults. Current policy for a Best of Show winner who can not or will not make trip to Colorado, is ½ ounce gold.

Discussion on Sponsorship of exhibit awards took place.

Motion by Wostyn: “Sponsorship of the Educational Enhancement Fund will consist of three levels: 1st place sponsorship is $300 or above, 2nd place sponsorship is $125 or above and 3rd place sponsorship is $50 and above. All donations are to be given to the Secretary/Treasurer, so a receipt can be written. At the convention, sponsorships can be taken to the MSNS table, where immediate receipts will be written. All sponsorship funds are to be considered an amount over the MSNS designated budget and sponsorship funds not expended in the current convention will roll-over to the next convention, with the accounting for same shown as a line item in the accounting records. Sponsorships will be acknowledged at the convention and in the MichMatist.”

2nd by Strub, passed.

Motion by Wostyn: “Beginning with the Spring 2012 show, if a Best of Show winner chooses to not attend the Summer School in Colorado, a consolation prize of a $300 will be given to that winner of Best of Show.” 2nd by Strub. Passed unanimously.

Rothfeld moved we reduce the wait to 2 (from 3) years for a Best-In-Show award winner to be able to receive another such award. No 2nd heard.

*************** 7:54-8:04 Break *****************

B. Webmaster Report LeBlanc

LeBlanc is keeping web site up to date.

C. Auctions Friedman (Pro Tem)

Attendance survey being done at this convention.

D. Past Presidents Ann Bobrofsky No report.

E. Mich-Matist/Web Media Al Bobrofsky

Al Bobrofsky opposes getting more printer bids at this time. We are doing okay. We

have convenience and a good price at this time. Fenwick asked if we need to go to 3

issues/year to stay in budget. Answer: we are under budget.

F. Publicity Chirco

LeBlanc and Chirco have discussed this through the year. Marotta had shown leadership

in technology-related publicity. Publicity and Advertising go hand-in-hand. We

advertise in publications, but we’re missing people that don’t subscribe to publications.

So Chirco feels we should explore some conventional types of advertising.

G. Membership Sharpe

Sharpe not present, No report.

H. Convention Malnar

Malnar wants someone to be learning his job, understudy.

Convention Coordinator is paid $1000 for a convention.

I. Education Pall

1. Beida Club Seminar

Committee still working on date/location for a seminar for club officials by Bieda. Talks continue with Central Michigan University regarding a degree in numismatics.

2. Patriot Act Rothfeld

Rothfeld says an expert may be willing to come to Spring show on the patriot act requirements of coin dealers. MSNS cost would be his trip and room only. Rothfeld moves that we bring Greg Gregson for a seminar this spring – “How to handle your customers according to the new government regulations regarding money laundering prevention.” MSNS to pay expenses of up to $1000. Pall 2nds. Sirna advises against. Pall Withdraws 2nd Motion dies

Discussion continued along the lines of it still occurring but not at MSNS expense. Chandler suggested it should not be during bourse hours. Friedman suggested ads targeted at dealers as well as in MichMatist.

3. Seminar in GR Chirco

Chirco has been asking around about presence of MSNS in Western Michigan area. Idea of out-state show has been moving forward. We should also put an educational presence. Proposes to set aside some budget to bring in a presenter. LeBlanc added that $500 could be a good budget to have a presentation and photographer there.

Chirco moved that we set aside a budget of $500 for an educational seminar in the western part of the state. Bobrofsky seconded. Approved. Chirco added that he intends not to spend any money until he had a clear plan of action, which he will clear with the board.

4. Seminar Spring 2012 LeBlanc

Shall we have a tutition educational program at Spring 2012? No discussion heard.

J. Finance Parks

Parks states audit still an open issue. Wostyn is working on an analysis project which will be helpful to us going forward. It will look at why we were able to recover so quickly from financial problems under Al Bobrofsky’s leadership, and why we have financially stagnated since that success. Strub will assist in graph production.

K. Dealer Friedman

No meeting and no survey this time. We did have issues with 3 dealers. Settled

Pall moved that the family of “West Side Charlie” receive a refund for his table at this convention. Second by Friedman. Passed unanimously.

Pall moved that the dealer who could not attend due to illness, Jim (and Anne) Ritchards, be refunded the amount of their deposit. Second by Friedman. Passed unanimously.

L. Bylaw Revision Bobrofsky

Legal counsel is still working to review. Will need to meet with executive committee.

XIII. Old Business

A. Schlag Memorial Update Al Bobrofsky

Historical marker for Felix Schlag is still awaiting pre-approval. State Board's next meeting is 12/15. Once pre-application is approved, then actual approval can begin. Schlag’s daughter is now back in Owosso. A grand-daughter also is now back in the area. Meetings are quarterly. Governor just appointed a new director of this commission. Full process can take 2 and a half years.

B. Co-Host Awards LeBlanc

Fall of 2013 – Lincoln and Royal Oak have requested to co-host. We must choose one because we’ve already awarded 50% for Michigan Treasure Hunters. Al Bobrofsky moved to give 50% Fall 2013 co-host duty to Royal Oak Coin Club. Wostyn seconded. Passed unanimously. Al Bobrofsky. moved we give Lincoln Coin Club Fall 2014 50% co-host duty. Pall seconded. Passed unanimously.

C. ICTA report Rothfeld

Rothfeld reiterated desire to have the board help educate dealers on ICTA’s warnings of danger.

Strub suggested Rothfeld write an article for the MichMatist. Rothfeld dismissed this venue as

worthless. Pall volunteered to work with Rothfeld on an article. LeBlanc asked Rothfeld to provide his comments in writing that he wishes in these minutes, Rothfeld felt last minutes did not convey enough detail and urgency to this matter.

D. Mich. Escheat LeBlanc

LeBlanc filed multitude of forms with Michigan unclaimed property. Received a check for ~$109. Theory is this was money in a forgotten convention bank account from many years past.

E. RCNA Donation LeBlanc

Donation of $325 from RCNA (Royal Canadian Numismatic Society) received - $75 to replace a lost case, $250 as a donation to us. They also gave Mr. Summerell an honorarium. MSNS paid Summerell $50 for his added expenses on this issue.

F. Mileage Rate (From table) LeBlanc

. Motion tabled at last meeting to this time certain: Sharpe moved to raise mileage reimbursement rate to 25c/mile effective today. This does not affect our 501c3 status adversely as long as it is less than the 55.5 cent per mile federal limit. Fenwick made a substitute motion that all MSNS board members have available to them 45 cents per mile and an 80% discount on a hotel room, paid by MSNS. Dennany seconded. Since Sharpe was not present, this effort to substitute motion was deemed complex. Fenwick then withdrew his substitute motion to allow the first one to be acted upon. The 2nd agreed. Discussion. Sharpe moved to raise mileage reimbursement rate to 25c/mile effective today. Roll call vote: Al Bobrofsky No, Chandler No, Chirco no, Dennany no, Ewald no, Fenwick no, Friedman no, Marzilli no, Pall yes, Rothfeld no, Strub no, Wostyn yes. 10-2 defeated.

Fenwick made motion that all MSNS board members may request reimbursement of 45 cents per mile as travel expense to and from MSNS board meetings. And that said board members may also request reimbursement of 80% on one night’s hotel room, 20% to be paid by board member. Effective next board meeting. Dennany seconded. Much discussion, most in opposition to the idea of paying board members these potentially very large amounts. Roll call vote: Al Bobrofsky no, Chandler yes, Chirco no, Dennany yes, Ewald no, Fenwick yes, Friedman no, Marzilli no, Pall no, Rothfeld abstain, Strub no, Wostyn no. Defeated 8-3-1.

Pall moved to refer this entire matter of reimbursement to our executive committee for their perusal and recommendation at our next meeting. The focus being to consider what would be defined as a hardship and how such hardship should be handled. No second. Sirna opined that this is demeaning. Parks said it would be discussed by February.

G. “Guaranteed” (From table) LeBlanc

Motion tabled at last meeting to this time certain: Verbal complaint by a member to an ad using the word “guaranteed.” Motion “Rothfeld moved to ban the word Guaranteed in MichMatist Advertising” Fenwick says constitution says such a complaint must be submitted in writing, thus should not be acted upon. Sirna said this is asking the board to make a policy regarding advertising, which is okay. It was referred to counsel, with an opinion. Pall moves that issue be referred to legal counsel. Fenwick 2nd. Passed.

H. 3rd Convention Chirco

Crown Plaza Hotel in Grand Rapids – nice venue – but costs not working out well. LeBlanc crunched the numbers – for 80 dealers – pushing $300/table for a 2-day show.

Newly remodeled center in Kalamazoo – working with Dennany – facility is outstanding. Hotels numerous, close but not onsite, have shuttles.

I. Review Spr. 12 bourse fee LeBlanc

$335 is bourse fee at this time for Spring 2012. LeBlanc again asks the board for a lower fee for Annex. Strub moved that if we open the annex during the Spring 2012 convention the bourse fee for the Annex be set at $250. 2nd by voice. Passed with 8 yes votes and dissent.

J. Club info share website Friedman

ILNA still has lead on project. Website up and running. Still a work in process. Details on membership fees if MSNS wishes to join to follow.

K. Audit status Parks

Fenwick moved that President appoint a chairman for a audit committee and investigate the feasibility of an audit. Dennany second. Approved. President will appoint.

L. Convention Manual Parks

Parks states will be discussed at next meeting.

XIV. New Business

A. 2011 Taxes Hire Accountant LeBlanc

  1. LeBlanc asks that Jack Huggins be hired for 2011 tax preperation. Wostyn moved, Pall seconded that we hire Jack Huggins to prepare 2011 taxes. Passed.

Huggins said that an audit would cost MSNS ~$5000. He will recommend someone to us, but he can not do it.

B. Insurance Renewal LeBlanc

LeBlanc asks for renewal authority

1. Motion to renew Errors and Omissions policy, cost up to $1300. Al Bobrofsky. moved, Wostyn second, passed.

2. Motion to renew Property/Liability Insurance up to $1000. Al Bobrofsky moved, Pall second, passed.

      1. Move to renew Bond up to $600 premium. Al Bobrofsky. moved, Fenwick seconded. Passed.

C. Storage Yard Renewal (up to $1500) LeBlanc

LeBlanc asks for renewal approval. Al Bobrofsky moved to renew, Chandler 2nd Passed.

D. Projection Loan LeBlanc

LeBlanc states members and clubs have asked to borrow projector. Does the board wish to allow? No motion made to permit such borrowing.

E. Video Production LeBlanc

Pall moved, Chirco seconded a motion to approve a $300 budget to have short video shot for posting on the web to help promote MSNS. Roll call – Al Bobrofsky yes, Chandler yes, Chirco yes, Dennany no, Ewald no, Fenwick no, Friedman no, Marzilli no, Pall yes, Rothfeld no, Strub yes, Wostyn no. Motion defeated.

Rothfeld proposed to study the idea. Strub offered his video camcorder.

F. BOD Hotel Room Chirco

No motion offered.

G. Change ART 3 section 11 Rothfeld

Rothfeld moved to change Article 3 Section II that in the event that there is a vacancy on the board, the next highest vote-getter is automatically evelated. No second.

At this time, Parks moved agenda to XVI.

  1. General Membership Comments

Brett Irick: Thanks the board for doing a great job. Suggests Proposed agenda have detail and not just a title. Requests we do it going forward. Publicity chair is charged with driving good publicity. Why not in the Free Press? Would have merely taken a phone call. Get something together so clubs can request MSNS membership kits for their shows. (Pall: Pall and LeBlanc contacted multiple newspapers and radio/tv )

Jack Huggins: You have 4 individuals running for the board of CSNS. Get behind them and communicate our need to get representation on CSNS board. A lot of educational things we’ve been discussing – we should contact the CSNS educational chairman – they offer seminars, we can get them done for us – just contact them! Costs paid by CSNS. For video of seminars, CoinTelevision.com does these for free – we just pay their travel.

H. MSNS Board Member Conduct.

Rothfeld moved, Pall seconded motion to go into executive session. Unanimous.

All vistor still present left the room at 10:57PM.

Executive session ended at 12:46 AM the next day. Doors being opened, found members Mary Dennany and Lisa LeBlanc present.

  1. Board Member Comments No comments heard.

XVII. Adjourn. Strub moved, Pall seconded to adjourn. Passed. Adjourned 12:47 pm