EPSILON BETA OF ALPHA TAU OMEGA
BUILDING COMPANY

Minutes of a Special Meeting of the Board
September 17, 2001

Attending:

Bob Richardson, President and Secretary
David Tick, Vice President
Dwight Eller, Treasurer
Tim Abeyta, Member
Bill Malcomb, Member
Bill McMahon, Member
David Alspach, Alumni Association President

President Richardson called the meeting to order at 6:13 p.m., noting a quorum of the Board was present. The meeting was held at the offices of David Tick, State Farm Insurance at 3323 North Campbell in Tucson, Arizona.

A motion was made by Member McMahon and seconded by Member Malcomb to approve the minutes of the Annual Membership Meeting of November 11, 2000, as submitted, and the minutes of the Regular Board Meeting of November 25, 2000, as submitted. The motion passed unanimously

A motion was made by Treasurer Eller to amend the Corporation By Laws as follows:

Article VII, Section 1, Subsection A will now read:

"The Board of Directors shall hold an annual meeting to coincide with the University of Arizona Homecoming celebration in the fall of each year with the exact location and time to be determined by the Board of Directors."

Vice President Tick seconded the motion. It passed unanimously.

Treasurer Eller led a discussion on issues involving the Corporation and various finances. President and Secretary Richardson offered to handle details with our CPA Stephanie Riechers. Ms. Riechers had reported to President and Secretary Richardson earlier in the day that we had approximately $7,000 in the Board's local checking account.

Treasurer Eller offered the following resolution to the Board:

"Be It Resolved: By the Board of Directors of Epsilon Beta of Alpha Tau Omega Building Company, an Arizona non-profit corporation, that for Fiscal Year 2001-2002 all revenues and income from investments accrued and/or paid during the fiscal year shall be reserved and set aside for use solely in carrying out the exempt functions and purposes of the Corporation, all as provided in and authorized by Section 512 of the Federal Internal Revenue Code, as amended."

Vice President Tick seconded the Resolution. It passed unanimously.

Member Malcomb reported to the Board that he had met recently with Brothers Lee Olsen and Neil Stoltz regarding the Corporation's investments. He stated that as of the end of August 2001, we had approximately $205,000 in assets. Combined with ongoing monthly interest payments of $600 from Delta Tau Delta, it appears we have lost approximately $15,000 in our investments over the past two years. It was the consensus of the Board that those losses are fairly minimal compared to the overall market performance in the same period of time. Member Malcomb also reminded the Board that we will receive a balloon payment from Delta Tau Delta of approximately $100,000 in January 2002.

President and Secretary Richardson reported to the Board that he had met in August, 2001, with University of Arizona Greek Adviser Kim Tobiason to both advise her of the organized alumni of Alpha Tau Omega and to let her know of our desire to return as an undergraduate chapter on the campus at some point in the future. Ms. Tobiason advised him that ATO was "free and clear" of any debts or obligations to the University and it would be welcomed back with proper advance notice and planning.

There was a discussion among Alumni Coordination Committee members Tick and McMahon with Alumni Association President Alspach. It was decided that the three will work to create an up-to-date database of all EB alumni including names, address, phone and e-mail address.

Member Malcomb reported to the Board on a meeting he recently had with other members of the large University of Arizona campaign to raise funds regarding the timing of any effort by this Board to raise funds. It was the consensus of the Board that no fund raising effort should be undertaken until there was a clear vision of when the chapter was going to return, what kind of housing needs would exist and budgeting for those needs.

In a discussion of the 2001 Homecoming Celebration at the University of Arizona, Alumni Association President Alspach agreed to handle all aspects of the activities except for the tent on the Mall on Homecoming Saturday. He indicated that the golf tournament and the Friday evening social gatherings were already set. The Board agreed that it was important to get word of the Homecoming festivities out to members as quickly as possible.

President and Secretary Richardson indicated that he would coordinate getting food and drink to the tent. Members Abeyta, McMahon and Malcomb indicated they would assist.

There was a discussion about revamping and improving the current website for the alumni. It was agreed that the Board would approve approximately $500 to hire someone to create a site where names and addresses of members could be accessed via a password and updated on a regular basis. President and Secretary Richardson indicated he knew someone we could hire to get that done. Alumni Association President Alspach indicated he was aware of EB alum who may do it pro bono. Both were going to investigate.

There was a discussion about the timing of events on Homecoming Saturday. After that discussion, the Board agreed on the following:

The General Membership Meeting of EB will be held five hours prior to kickoff at the ATO tent on the UofA Mall.

The social gathering at the tent will begin four hours prior to kickoff.

One hour before kickoff we will organize a toast or a "Ruh-Ra-Rega", sing some songs and encourage all alumni to be present for that.

The tent will close one-half hour before kickoff.

Arrangements will also be made to have nametags available at the tent.

Being no further business, Vice President Tick made a motion to adjourn. Treasurer Eller seconded it. The motion passed unanimously.

The meeting adjourned at 7:24 p.m.