Academic journal article American Journal of Pharmaceutical Education

Board of Directors Meeting, November 2-3, 2010, Alexandria, VA

Academic journal article American Journal of Pharmaceutical Education

Board of Directors Meeting, November 2-3, 2010, Alexandria, VA

Article excerpt

1. Roll Call

President Rodney A. Carter welcomed the Board and staff members present at the Hotel Monaco at 8:30 a.m. on November 2nd. The following board members participated in the discussion: Jeffrey N. Baldwin (Immediate Past President), John A. Bosso (Council of Faculties), J. Chris Bradberry (Council of Deans), Brian L. Crabtree (President-elect), Sudip K. Das (Council of Sections), Shane Desselle (Council of Sections), R. Lee Evans (Council of Deans), Keith N. Herist (Treasurer), Patricia Kroboth (Council of Deans), Lucinda L. Maine (Executive Vice President), Patricia A. Marken (Council of Sections), Gary Matzke (Council of Faculties), John A. Pieper (Speaker of the House), and Virginia "Ginger" Scott (Council of Faculties).

AACP staff included: Jennifer L. Athay, Lynette Bradley-Baker, Daniel J. Cassidy, Melinda D. Colon, Barbra A. Gustis, Robert Kerr, Will G. Lang, Allan L. Lee, Rebecca M. Morgan, Jennifer M. Patton, Cecilia M. Plaza and Sibu Ramamurthy. President Carter gave a special welcome to new staff member Lynette Bradley-Baker, Director of Professional Alliance Development.

Guests for specific agenda items on November 2nd included Ed Angevine, AACP's auditor, and Krista Pedley, Director of the Office of Pharmacy Affairs at the Health Resources and Services Administration. AJPE Editor Joseph DiPiro joined the meeting by phone to discuss the proposal for a new hosting organization for the Journal.

2. Additions to the Agenda

President Carter called for additions to the agenda and EVP Maine identified a request for Board approval of a new special interest group. COD Chair Bradberry asked for time to discuss the curriculum survey recently fielded by the National Association of Boards of Pharmacy and making financial forecasts as part of our financial management priorities.

3. Conflict of Interest Declaration

President Carter read the conflict of interest statement and requested Board members to identify any real or perceived conflicts of interest with any items on the agenda. It was identified that Brian Crabtree, Patricia Marken and Shane Desselle had potential conflicts with the award selection process for community engagement awards as their schools were finalists in those programs. They agreed to recuse themselves from the relevant discussion and action on those items.

4. Approval of July 2010 Board of Directors Minutes

On MOTION (Evans, Pieper) the Board approved amended minutes of the July 2010 minutes. EVP Maine identified that one section of the previously distributed minutes had an incomplete phrase which had been corrected.

5. Financial Matters

Treasurer Keith Herist reviewed the June 30, 2010 year end operating results with the Board including a summary of the key components driving the positive change in net revenue from a budget of $30,000 to over $812,000 in actual results. Not unexpectedly, the drivers of this growth were PharmCAS/PCAT, membership dues and meetings all of which exceeded the conservative budget projections adopted in expectation of a stagnant economy at the start of FY2010.

Daniel Cassidy, Chief Operating Officer, then shared interim financial results through August 2010 which show assets up 10% on account of strong cash receipts and an appreciating investment portfolio which has returned 9.8% since January 2009. Both revenues and expenses are on track with the prior year.

With the current 9-year agreement set to expire in May 2011, Dan reviewed a renewal proposal and associated financial analysis from Liaison Intl, AACP's developer/administer of its PharmCAS program, for a new model based on a revenue share arrangement. The proposal calls for AACP and Liaison to share net revenues proportionally with operating requirements similar to the existing terms and in such a manner that both organizations share in the growth and risks of program operation. The current PharmCAS agreement is comprised of an annual licensing fee and a per designation charge along with a per school fee for the PharmAdmit component, all of which are paid for by AACP under the existing contract provisions. …

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