Alaska State Fair Board

Minutes
Alaska State Fair Board of Directors
Meeting Held on the Fairgrounds
January 14, 2010

Vice President Bonnie Quill called meeting to order at 7:02 pm. Present: Directors Bonnie Quill, Peter Probasco, and via telephone Charlie Willis, Bruce Bush; General Manager Ray Ritari, Admin. Services Manager Jerry Baker; and Accounting Manager Kirsten Mason. Absent/Excused: Directors John Harkey,

Carol Kenley, John Erickson.
Probasco/Willis/MCU: Approve Dec 9, 2009 Regular Meeting Minutes, Dec 18, 2009 Election Committee Minutes, and Consent Agenda.

Reports and Information Items
1 .Finance Report – Accounting Manager Mason reported total current assets of $1,497,633.35, total fixed assets of $3,881,039.23, total current liabilities of $81,741.69, no long-term liabilities (due to paying off of Raven Hall mortgage), and total equity of $5,296,930.89 as of December 31, 2009. Included in the assets was $1,340,961.64 in the general checking account. Ritari pointed out last year at this time our checking account was $1,193,248.91, this year it is $1,340,961.64 even after paying off Raven Hall.
Probasco/Willis/MCU: Approve the December 31, 2009 financial report.

2. General Manager's Report – Ritari's written report included information regarding December rental events, ongoing maintenance projects, feasibility of moving Rebarchek structures, meeting with Senator Menard about capital projects, and exchange of information and knowledge at IAFE. He additionally reported on status of plastic flooring order, naming of plat at Rebarchek as Alaska State Fair 2010, positive progress between Randy Hobbs and MEA on Fairgrounds gas powered energy plant, City of Palmer Public Works department seeing significant benefits of this project through energy savings by its waste water plant as well as downtown Palmer's access to reduced cost steam heat from the plant, a possible new building placement funded by Special Santa organization which would be free for Fair's use 10 months of year, minor wind damage from recent high winds, letter to Alaska Craftsman Home Projects organization requesting fulfillment of lease agreement, addition of full time position for Beverage Management and Sponsorship, latest entertainment negotiations, PHISH summer solstice concert/festival status, visit with Senator Murkowski's staff regarding capital projects, Fair members notification of annual meeting, and MEA easement from Rebarchek Road to the baseball field. Accounting Manager Mason explained audit delay due to change in federal laws and auditing firms not wanting to perform audits on our established timelines. Mason will continue to contact auditors willing to perform on our timeline. Ms. Quill stated MCVB having the same problem with their audits which are on a similar schedule.

Action Items
1.Quill/Probasco/MCU: Schedule Vendor Operations Committee meeting after annual meeting at unspecified date.

Board Comments
Probasco impressed with financial standings and Quill very happy with Fairgrounds venue for the MSCVB Board/Staff retreat held in January.

Probasco/Willis MCU: Adjourn meeting at 7:48 p.m.