Association Board of Directors Meeting April 1, 2003 Prejean's Restaurant 12:00 P.M. Carencro, Louisiana Directors Present: Donald Cormier Jr. Christine Early Dexter Gary Warren Harang III Bryan Krantz Marcia Lamarche Neal McFadden Harvey Peltier III (by proxy) B. B. Rayburn Nancy Rumore Firal Ryder Carrol Sonnier Directors Absent: Doyle Wardrop Others Present: Tom Early Rae Woods J.J. Davidson Patrick Richmond Christine Early gave an opening prayer. Christine Early made a motion that the minutes of the February 4, 2003 meeting be approved as mailed to the board. This motion was seconded by Carrol Sonnier, voted on and passed with Harvey Peltier III abstaining since he was not in attendance at that meeting. Tom Early then presented the financial statement and submitted the budget for 2003. Following a brief discussion Christine Early motioned that the financial statement be approved at presented. The motion was seconded by Dexter Gary voted on and passed. Dexter Gary then made a motion that the budget be approved as presented. This motion was seconded by Warren Harang, voted on and passed unanimously. LOUISIANA THOROUGHBRED BREEDERS ASSOCIATION OPERATING REVENUES Budget 2003 Commissions - 2% $ 320,000 OTB 14% $ 400,000 Accreditation Fees $ 40,000 Interest $ 10,000 Membership Dues $ 30,000 Other Income $ OTB Interest - Current Year $ 45,000 http://www.louisianabred.com/meetings/boardmeeting-4-1-03.htm (1 of 7)2/18/2006 3:01:12 AM
Management Fee Income(BSCOL) $ Total Income $ 845,000.00 EXPENSES $ 0 Salaries $ 220,000 Payroll Taxes $ 16,800 Contract Labor $ 15,000 Advertising & Promotion $ 35,000 Audit $ 16,000 Accounting $ 10,000 Bank Charges $ 200 Out of State Breeders Awards $ Computer Fees $ 7,500 Contributions $ 6,000 Dues & Subscriptions $ 3,800 Insurance $ 75,000 Meeting Expenses $ 25,000 Office Supplies $ 20,000 Printing $ 4,000 Legal $ 30,000 Postage $ 12,000 Mixed Race Breeders Awards $ Pension $ 51,193 Breeders Awards - La. Bred Races $ Repairs & Maintenance $ 4,000 Rent $ 9,000 Equipment Rental $ 8,000 Pedigree Research $ 500 Stallion Awards $ http://www.louisianabred.com/meetings/boardmeeting-4-1-03.htm (2 of 7)2/18/2006 3:01:12 AM
Taxes & Licenses $ Travel $ 12,000 Trophies $ 10,000 Telephone $ 24,000 Website/Internet $ 4,500 Depreciation $ 16,000 Other $ Field Inspector $ 15,000 Bonuses $ 25,000 Lobbyist Reimbursements $ Total Expenses $ 675,493.00 $ 0 Income (Loss) Before Transfer $ 169,507.00 LOUISIANA HORSE MAGAZINE OPERATING REVENUES Budget 2003 Publication Income $ 115,000 Interest Income $ Miscellaneous Income $ 0 Total Income $ 115,000 EXPENSES Salaries $ 26,000 Payroll Taxes $ 2,200 Casual Labor $ 1,000 Advertising $ 200 Bank Charges $ Computer Fees $ 1,200 Dues & Subscriptions $ 500 http://www.louisianabred.com/meetings/boardmeeting-4-1-03.htm (3 of 7)2/18/2006 3:01:12 AM
Office Supplies $ 1,500 Printing $ 52,000 Postage $ 2,200 Travel $ 1,500 Telephone $ 750 Utilities $ 900 Depreciation $ 2,500 Repairs & Maintenance $ 500 Other $ Sub Contractors $ 3,200 Color Separation $ Photos $ 500 Pedigree Research $ 13,000 Federal Express $ 500 Typesetting $ Sales Commissions $ 0 Total Expenses $ 110,150 $ 0 Income (Loss) $ 4,850 The board then entered into a brief discussion concerning board members contacting the association's attorney. Warren Harang made a motion that every board member be privy to the attorney about association business, when questions to the attorney to not pertain to association business then the individual should be billed by the attorney. This motion was seconded by Marcia Lamarche, voted on and passed unanimously.harvey Peltier made a motion that we dispense with giving the board members a per diem when we meet. This motion was seconded by Carrol Sonnier. Voting For the Motion: Warren Harang Val Murrell Harvey Peltier III Carrol Sonnier Voting Against the Motion: Donald Cormier Sr. Dexter Gary Bryan Krantz Marcia Lamarche Neal McFadden B. B. Rayburn Nancy Rumore http://www.louisianabred.com/meetings/boardmeeting-4-1-03.htm (4 of 7)2/18/2006 3:01:12 AM
Abstaining: Christine Early Firal Ryder The motion failed. The Annual Membership Meeting was set for June 7, 2003 at the Fair Grounds in New Orleans. Committee Reports: Breeders Sales Company Val Murrell Chairman. Tom Early informed the board that the Louisiana Downs sales pavilion would not be available for this year's sale and that he was investigating the possibility of have the sale elsewhere. Dexter Gary made a motion which was seconded by Warren Harang that the secretary investigate the various facilities and report to the committee within the next thirty days and a decision be made by the committee. The board would then be informed of the decision. This motion passed unanimously. Louisiana Champions Day Carrol Sonnier Chairman. Carrol Sonnier gave a brief report comparing the finances for Louisiana Champions Day for the past two years. He also reported that with the limited space at the Fair Grounds we can have only 10 sponsorships sold each year. Louisiana Horse Magazine Christine Early Chairperson. Christine reported that the bumper stickers would be in the next issue of the magazine to be mailed shortly. She also reported that we had 80 stallions in this year's stallion register compared to 68 last year. Finance Dexter Gary Chairman. Dexter reported that as seen on the financial statement, the association is in very good shape financially. Christine Early made a motion that the board go on record endorsing the legislation to allow the Fair Grounds to have slot machines. This motion was seconded by Dexter Gary, voted on and passed unanimously. Louisiana Stallions Val Murrell Chairman. Tom Early stated that he has had initial discussions with both Chris Warren at Delta Downs and Ray Tromba at Louisiana Downs concerning a stallions stakes series and both are receptive to the idea as soon as more than one track has the slot machines. Public Relations Christine Early Chairperson. Christine Early made a motion that the LTBA contribute $500 toward the cost of educational materials to be passed out from the horse racing section of the state museum in Shreveport. This motion was seconded by Marcia Lamarche, voted on and passed unanimously. Membership Carrol Sonnier Chairman. Carrol Sonnier reported that new members had been approved with the exception of four whom did not list mares owned on the membership application. A final list would be prepared for the election. Field Inspector Neal McFadden Chairman. Following a brief discussion of the influx of mares in the state, Donald Cormier made a motion that the field inspector be hired full time. This motion was seconded by Marcia Lamarche, voted on and passed unanimously. Dexter Gary made a motion that the secretary formulate a plan for mare registrations in the state. This motion was seconded by Warren Harang, voted on and passed unanimously. Breeders Awards Harvey Peltier III Chairman. Drew reported that right now we are waiting for the slot machines to come on line at Louisiana Downs and will see how much they are generating before http://www.louisianabred.com/meetings/boardmeeting-4-1-03.htm (5 of 7)2/18/2006 3:01:12 AM
we make any plans to spent any of the money. Building Firal Ryder Chairman. Following a presentation on replacing the current building with a modular building B. B. Rayburn made a motion which was seconded by Nancy Rumore that the secretary obtain several bids on replacing the currently building and submit them at the next meeting. Voting For the Motion: Donald Cormier Sr. Dexter Gary Warren Harang III Bryan Krantz Marcia Lamarche Neal McFadden Val Murrell Harvey Peltier III B.B. Rayburn Nancy Rumore Carrol Sonnier Voting Against the Motion: Christine Early Firal Ryder Mr. Ryder stated he was against the motion because he and Mr. Early had worked on this proposal for two months and felt it was a very good proposal. Mrs. Early agreed with Mr. Ryder and wanted to get it approved at this meeting. Nominating - Warren Harang - Chairman. Following a discussion it was decided that the letter from the Nominating Committee with their nominees on it would be mailed May 8, 2003. Nominations from the membership along with pictures and resumes from all candidates are due in the office by May 22, 2003. Ballots will be mailed on June 6, 2003 with a deadline for voting on June 20. The ballots would be counted the next week after allowing for mail delays. Mr. Early is to explain in the Nominating Committee letter that the person elected receiving the least amount of votes would serve a one-year term, the other five would be three-year terms. The accounting firm of Reed & Prejean was approved to count this year's ballots. Old Business: A motion was made by Dexter Gary that the board search for a financial institution to be trustee for the pension. The employees would be allowed to participate in the choice. This motion was seconded by Neal McFadden voted on and passed with Christine Early abstaining. Dexter Gary made a motion that was seconded by Donald Cormier that the accreditation fee for nonmembers be set at $250 per foal. This motion passed unanimously. J. J. Davidson stated that he has verified that Perry Segura is the only living original incorporator of the Association and that he has signed off on the amendment to the articles of incorporation to allow the board to approve memberships and the amendment has been recorded. Warren Harang then made a motion that the current membership be approved. This motion was seconded by B. B. Rayburn, voted on and passed unanimously. New Business: Warren Harang motioned that the LTBA once again participate financially in the annual horsemen's crawfish boil in the amount of $2,500. This motion was seconded by B. B. Rayburn, voted on and http://www.louisianabred.com/meetings/boardmeeting-4-1-03.htm (6 of 7)2/18/2006 3:01:12 AM
passed unanimously. The board entered into a discussion of ways to help the Louisiana bred races better fill, especially when two tracks are running at the same time. Warren Harang made a motion that the president appoint a committee to work with the tracks to better run our Louisiana breds. The motion was seconded by B. B. Rayburn, voted on and passed. The next Board of Directors meeting was set for 11:00 A.M. at the Fair Grounds in New Orleans. Dexter Gary made a motion that we go into executive session. The motion was seconded by Christine Early, voted on and passed unanimously. Following the executive session, Dexter Gary made a motion that the board accept the special report from our attorney and that the board approve and adopt its findings. The motion was seconded by Christine Early, voted on and passed unanimously. Following this the meeting was adjourned. Respectfully submitted: Thomas B. Early Secretary-Treasurer Return http://www.louisianabred.com/meetings/boardmeeting-4-1-03.htm (7 of 7)2/18/2006 3:01:12 AM