Members present: Cindy Swinson, President; Grace Bick, Past-President; Denise Grayson, President-Elect; Starla Russell, Secretary; Becky Pribyl, Treasurer; Patti Klinkhammer, Kristy O'Kief, Tom Poloncic, and Krista Tyler-Raye, 2008 Members at Large.

Absent: Corey Rabenberg, 2008 Associate Member.

APPROVAL OF AGENDA: Cindy asked for a motion to accept the agenda. Kristy made a motion to accept the agenda, seconded by Patti. No discussion followed. The motion passed.

APPROVAL OF MINUTES FROM LAST BOARD MEETING: Cindy asked for a motion to accept the minutes from the November 11, 2007, meeting. Tom made a motion to approve the minutes, seconded by Denise. All members were in favor, and the motion passed.

OFFICER REPORTS
Secretary: Starla reported that the votes received to change the bylaws to have the dues be due by January 15 annually was 16 institutional members and two associate members voting yes; there were no "no" votes. There are 23 institutional members, and there must be two-thirds of the voting members. Starla will now make the change to the By-laws and forward the revised document to EAC to put on the SDASFAA website. Patti made a motion to approve the report, seconded by Kristy. All members were in favor and the motion passed.

Treasurer: Becky distributed the 2007 and the 2008 balance sheets. The 2007 balance sheet has not changed drastically from the November 11, 2007 reported given by the previous Treasurer, Laura Olson. However, there is one attendee from the HS Counselor workshop from Vermillion who has not yet submitted their fees; and the College Goal Sunday income is from the lunch expenses during the November meeting that were paid by SDASFAA and reimbursed through the College Goal Sunday account. Becky reported that her name has been added to the accounts and CDs for SDASFAA, and Laura name has been removed. In addition, Denise Grayson has been added as the second person on the accounts.

Section A.5 of the Policies and Procedures may need to be revised to include adding the President-elect's name and the Treasurer's name to the CDs when a new treasurer is elected. Since both of these offices turn over at the same time, and both offices have three-year terms they serve together, it would make it easier to change the signature cards.

Becky reported on the 2008 balance sheet, and indicated that there are still membership dues outstanding. The new proposed memberships will be discussed further into the agenda. The registration fees for Denise and Becky to attend the NASFAA Leadership Conference have been paid, and postage has been purchased. It was suggested that perhaps funds be moved from the checking account to savings, or perhaps the CDs. Cindy reported that the Board could consider moving some of the funds by a vote when the 2008 budget is discussed. Grace also suggested perhaps the Board set a policy that the investments be reviewed in July annually after the largest expenses are incurred (the Spring Conference and in the future College Goal Sunday). Patti suggested that if a new CD is purchased, interest rates from several banks be researched. Grace made a motion to approve the report, seconded by Tom. All members were in favor and the motion passed.

Past-President: Grace handed the gavel to new president, Cindy Swinson. Grace also reported she has been working on the years of service recognitions for the Spring 2008 conference, and the Outstanding Service and Douglas Steckler Professional Awards. In addition, she has been working on a slate of candidates for service beginning in 2009. Becky made a motion to approve the report, seconded by Patti. All members were in favor and the motion passed.

President-Elect: No report was given.

President: Cindy reported that she sent out a newsletter recently, and she hopes to continue sending newsletters more frequently throughout the year of her service. Cindy also reported that she was able to put together her budget without dipping into the reserves. Cindy has also spent time reviewing the SDASFAA website, and getting the committees set up for 2008. Kristy made a motion to approve the report, seconded by Denise. All members were in favor and the motion passed.

OLD BUSINESS
Report and agenda for SDASFAA conference in Sioux Falls, March 2008: Cindy reported that the agenda has been developed, and registrations are now being received. The expenses will be higher for the 2008 Spring Conference as compared to past years because of the conference location being at the Sheraton in Sioux Falls, and is being used as a test run for the October 2008 RMASFAA conference. Cindy reported that there are ad spaces that have been purchased for the program booklet. Starla will work on developing the calendar and will be available for the next conference call for the SDASFAA Spring Conference, which is March 10, 2008, at 10:00 a.m. Central Time.

High School Counselor Workshop December 2007 report: Cindy reported that the e-mail list being used to sent information to the high school counselors was not accurate. Tom Cool of the SD High School Counselor's Association was able to help her update the list. The event netted a profit of about $1,000.

Membership Fees: Cindy reported that she feels the membership fees are fairly stable at this point, and that she did not have difficulty building the 2008 budget. If the membership fees might need to be increased, it will take a vote of the membership, and perhaps the July 2008 or Fall 2008 Board meeting might be a good opportunity to review the budget again and discuss any potential increase that could take effect at the earliest in 2009. The sponsorship fees will need to be reviewed during the July 2008 Board meeting. Cindy will place an item on the July 2008 Board meeting agenda to discuss membership fees.

NEW BUSINESS
NASFAA Leadership Conference Update: Denise reported that she and Becky will be attending the March 9-11, 2008, NASFAA Leadership Conference in Washington, D.C. Meetings have been set up with SD's three congressional delegations.

Update RMASFAA 2008: Cindy reported that the Chairs and Co-Chairs will be meeting on Monday, February 25, 2008, at the Sheraton in Sioux Falls to finalize plans and review the layout. The budgets that were submitted were approved.

Proposed 2008 Budget: Cindy distributed the 2008 proposed budget. The annual sponsorship fees are expected to increase. The membership for the review committee will be chaired by Val Weisser, Kristen Fauth from EAC, and a staff member from SLFC. This new membership will save on travel costs since the incoming Treasurer is located in Aberdeen. The Board meeting during the Fall 2008 Decentralized Training will be held at the AmericInn in November 2008, rather than the Cedar Shores. State rates will be honored. General printing includes the cost of printing the new sponsorship calendar and overage printing for the SDASFAA Conference. The support staff workshop will be held in Western South Dakota in the Fall 2008. Cindy has built in the SDASFAA travel budget the comparable costs of RMASFAA covering half the cost of rooms (if no roommate) for the RMASFAA Executive Board Members. Airfare is covered by RMASFAA. The proposed budget is $22,785.62, with projected income at $23,100.00.

Grace made a motion to approve the 2008 proposed budget, seconded by Kristy. Discussion included the expected decrease in sponsorship fees from 2008 as compared to 2007. Patti suggested that feedback be gathered from the Associate members regarding the 2008 sponsorship fee structure. Cindy will charge the membership information committee with this task for a report to be given during the July 2008 Board meeting. All members were in favor and the motion passed.

Patti suggested that this issue be added to the Business Meeting agenda during the Spring 2008 conference to give the membership an idea of what the Board is considering/addressing for membership and sponsorship dues.

The Board members adjourned for lunch at 11:48 a.m.

The Board meeting was called back to order at 1:05 p.m.

2007 Review Wrap-up of books - Plan for Review Committee: Cindy reported that she received the report and there were no findings. Cindy will forward the report to the Secretary.

Tax Return: Cindy reported that SDASFAA is required to file a tax return if they report an average income of $25,000 over a three year period. Becky reported that the three-year average for SDASFAA is $25,813. A 990EZ w/ a schedule A will need to be filed. Becky received an estimate of between $200 to $1,500 in Aberdeen, and between $200 -$400, including a former IRS auditor who works in a firm, was received in Sioux Falls. It was suggested that the former treasurer be involved in this tax return, and therefore, having a Sioux Falls firm complete the audit may be beneficial. Perhaps scheduling a meeting during the SDASFAA Spring 2008 conference could be coordinated. Grace suggested we use the quote received from the former IRS auditor (with Nelson & Nelson, CPA) located in Sioux Falls. Grace made a motion to recommend Nelson and Nelson complete SDASFAA's 2007 tax return, seconded by Kristy. Discussion regarding having a member of the review board available during the preparation of the tax return was held. It was determined that a committee member is not necessary if the former Treasurer is available. All members were in favor and the motion passed.

Update on Membership renewals and sponsorship (AND New membership application from Great Lakes): Cindy reported that a new membership application will be forthcoming from Great Lakes Guarantee Agency. She is asking the Board to consider their membership. Cindy also reported that EASCI may be submitting a membership as separate from EAC, and she is asking the Board to consider their membership if an application is received. SLFC's sponsorship was initially down, however, they have increased their sponsorship after reviewing the sponsorship form again. Nelnet and NSLP may also be renewing their membership. Kristy made a motion to approve the membership of Great Lakes Guarantee Agency and EASCI if they submit applications, seconded by Grace. All members were in favor and the motion passed.

SDASFAA Awards Recommendations: Cindy had asked the Board to consider Grace's suggestion on adding special recognitions/retirement recognitions to the two other standing recognitions (the Outstanding Service Award and Douglas Steckler Professional Development Award) in SDASFAA's Policies and Procedures. Cindy reported that the Policies and Procedures already has a section that addresses special recognitions and retirements. Discussion included what type of recognition should be developed. It was recommended that a certificate and an invitation to the Spring Conference Awards Banquet with SDASFAA covering the costs of the meal should be offered to both retirees to the financial aid profession and those leaving the financial aid profession. Grace will develop the certificates and Cindy will send them an invitation. Patti made a motion to recognize four members, seconded by Tom. All members were in favor and the motion passed.

Determine Outstanding Service and Douglas Steckler award recipients: Grace read the qualification and selection guidelines for the awards to be presented during the Spring 2008 conference. The secret ballot votes were taken and will be tallied by Grace for final count, and the Recognition Committee will be consulted for the Douglas Steckler Award.

Reimbursement policy for College Goal Sunday vs. SDASFAA: Cindy reported that there is currently not a policy that handles reimbursements for CGS. It was recommended that a policy be considered after the Lumina Foundation Grant that is currently funding CGS through 2009 is complete. Kristy made a motion to leave the reimbursement policy with the CGS activities, seconded by Grace. All members were in favor and the motion passed.

Other - Transferring funds currently held in the SDASFAA Checking Account to either Savings or a CD: Cindy asked for discussion regarding transferring funds from checking to the savings or a CD. With much of the expenses coming due prior to July 2008, it might be a good time to putting funds into a CD. Tom suggested the Board consider adopting a policy that would include a maximum amount be held in checking, and when that amount is reached, that funds be transferred to either savings or a CD. Cindy suggested that adding the responsibilities of transferring/changing the signature names on the SDASFAA accounts be added under the Treasurer's duties. Tom suggested that a policy that allows the Treasurer to manage the Association's funds by transferring funds to accounts for optimal management is needed. Tom made a motion to add to the Treasurer's responsibilities under the Policies and Procedures section A.5.M : The Treasurer has the responsibility to manage the Association's funds in a fiscally responsible manner, including transferring funds between checking and savings accounts. Investments in CDs must be made with the Board's approval." The motion was seconded by Grace. All members were in favor and the motion passed. Starla will add this to the Policies and Procedures.

Kristy made a motion to direct the Treasurer to review the 6-month CD rate for $10,000 of Association funds and report to the Board members via e-mail for an electronic vote. The motion was seconded by Grace. All members were in favor and the motion passed.

Other - Cindy made a motion to include in the Treasure's responsibilities under Section A.5.N. that the newly elected Treasurer has the responsibility to update the signatures on the SDASFAA banking accounts to the Treasurer's and the President-Elect or a board member serving a similar term. Patti seconded the motion. All members were in favor and the motion passed. Starla will add this to the Policies and Procedures.

ANNOUNCEMENTS
Next Meeting: The next meeting is scheduled for Monday, March 31, 2008, at 8:30 a.m. in Sioux Falls, SD, at the Sheraton.

ADJOURN
Kristy made a motion to adjourn the meeting, seconded by Grace. No discussion. The motion was passed, and the meeting adjourned at 2:16 p.m.

Respectfully Submitted,

Starla Russell,
Secretary