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2013 March Board Meeting Minutes
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OSHP Board of Directors Meeting Minutes

March 15th, 2013, 3:00 – 5:00 pm
University of Oklahoma College of Pharmacy
Oklahoma City, OK (Room 230) and Tulsa, OK (Room ID29)

I. CALL TO ORDER

With a quorum present, President Lloyd called the meeting to order at 3:05 p.m.

Members Present: Ann Lloyd, President
Miki Finnin, President-Elect
Nancy Williams, Past-President
Peter Johnson, Treasurer
Kari McCracken, Secretary
Kristi Williams, Eastern District Chair
Teresa Truong, Western District Chair 

Members Absent:   Corey Williams, SWOSU Student Liaison
Roshni Patel, OU Student Liaison 

II.  APPROVAL OF MINUTES
The February Board meeting minutes will be submitted to the Board electronically and approved via e-mail vote.

III.  BOARD REPORTS
A. Secretary 
i. Membership report –
Total Society Summary: Current Members as of 3/12/13
Active Pharmacist Members: 182
Associate 1st Year Licensed Pharmacist Members: 23
Associate Supporting Members: 4
Associate Technician Members: 17
Associate Student Members: 57
     Eastern District Summary: Current Members
Active Pharmacist Members: 67
Associate 1st Year Licensed Pharmacist Members: 10
Associate Supporting Members: 2
Associate Technician Members: 15
Associate Student Members: 21
    Western District Summary: Current Members
Active Pharmacist Members: 115
Associate 1st Year Licensed Pharmacist Members: 13
Associate Supporting Members: 2
Associate Technician Members: 2
Associate Student Members: 36
   Total Membership: 273  (327 in March 2012)

B. Treasurer
 i. Year to date financial summary was presented.  The organization has total current assets of $247,970.86.   
ii.  Biannual audit – Material will have to go to the accountant in May.    

C. Western District Chair 
i. The March Western District meeting was March 14th.  They had 56 RSVPs with 47 in attendance.  The sponsor of this meeting was Lilly.
ii.  There will not be a meeting in April.
iii. Teresa is currently working on scheduling a meeting for May to help the newly elected Western District Chair. 

D. Eastern District Chair 
i. The March meeting is scheduled for March 19th at the Chalkboard Restaurant and the sponsor is American Regent.  

E. Past-President
i. No report

F. President-Elect 
i. No report 

G. President
i. No report

IV. COMMITTEE REPORTS/UPDATES

A. Programming Committee -- Ann Lloyd, Board Liaison
i. The committee is working on finalizing the catering for the Annual meeting.
ii. There are 18 vendors confirmed for participation in the Vendor Showcase.  
iii. Ann is working on putting the agenda ready for the Board meeting during the Annual meeting.    

B. Nominations Committee – Nancy Williams, Board Liaison
i. The committee was able to identify representatives for the Treasurer, President-Elect, and Western District Chairperson. 
ii. Debbie Poland has been elected as the new Western District Chairperson.  

C. Scholarships/Awards Committee – Kari McCracken, Board Liaison
i. The Continuing Excellence Award applications have been sent to the committee members for approval.   There are two nominations.  The response deadline was March 1st. 
ii. The OSHP Scholarship applications have been sent out with a response deadline for committee member selection by today, March 15th.  

D. Finance Committee – Pete Johnson, Committee Chair
i. Pete provided the Board with a revised copy of the Budget.  He has adjusted the pharmacist registration fee.  Interest from the CDs stays in the CDs so that is not included in the Budget as an asset.  .  
ii. Continuation of CDs – Pete provided information gathered about the statuses of the 2 CDs
1. American Heritage Bank CD
a. Current balance $38,947.64
b. 12 month CD that matures every 12th month.  This year it matures on July 26th, 2013.   
c. Grace period: 10-day period (July 26th-August 6th, 2013).  The cost of pulling out money before July 26th would be $22.72, which will decrease, as you get closer to the maturity date.  
d. Interest payments are received once a year.  Total interest payment for 2012 was $385.60.
2. Bank of Oklahoma CD
a. Current balance: $58,198.91
b. 13 month CD that matures every 13th month.  This year it matures on May 13, 2013.  
c. Grace period: 10-day period.  This year the period is from May 13-22, 2013.  The charge for pulling out $7000.00 would be equal to two of our interest payments (approximately $80)
d. Interest payments occur every quarter.  The total of the interest payments in 2012 was $159.97.  
3. The Board discussed the possibility of moving the Bank of Oklahoma CD to American Heritage since it had a better interest rate.  Miki will discuss the interest rate options with the Bank of Oklahoma and what it will take to pull money out of the CD (how many signatures are required, etc).   Due to the lack of time for the Finance committee to regroup after the Annual meeting, the Board voted to make a final decision on the CDs via email.  


E. Newsletter Committee – Teresa Truong, Board Liaison
i. Committee is editing the next newsletter.    

F. Legislative Committee – 
i. A bill has passed committee and has gone to the Oklahoma House of Representatives for a vote.  Phil Woodward sent out an email notifying OPhA members that the bill had passed. 

G. Bylaw Revision Committee
i. The committee is working on finalizing the document based on recommendations that the Board made during the February meeting.  

V. OLD BUSINESS 

A. Annual Southwest Pharmacy Recovery Network (SWPRN) meeting request for sponsors  -- Pete Johnson
i. Pete provided the Board with a copy of the letter he received requesting sponsors for their Annual meeting in September.  The Board voted to sponsor the meeting with a $250.00 contribution.  
B. ASHP re-affiliation follow-up – Ann Lloyd
i. Ann received the official letter with their recommendations, 
1. Recommendations included making changes to the bylaws so that only Active members can vote for officers and Board members.   Also they requested that a change be made in the bylaws to state that the winner of an officer election needs to receive the majority of the vote.  Currently states that they have to receive >50% of the vote.  
2. These amendments to the bylaws will have to be discussed at the next Annual meeting in the Spring of 2014. 

VI. NEW BUSINESS
A. ASHP Regional Delegate Conference – Ann Lloyd
a. Lisa Mayer, one of our elected ASHP Delegates, would like to attend the Regional Delegate Conference.  ASHP will provide $300 for each delegate to attend.  A proposal was made to reimburse the Delegates for their airfare, up to two nights hotel, meals not provided by the conference and additional travel expenses as appropriate.   The Board voted to approve the reimbursement of the Delegates travel expenses.   
B. ASHP Technician Education Initiative (attachment) – Ann Lloyd
a. ASHP is starting a Technician Continuing Education Program and they need affiliates to publicize.  They have requested that we send out information to our technician members.  The organization will be reimbursed based on the number of technicians from Oklahoma that sign up for the program.  The organization will have to sign a 12-month contract with ASHP.  The Board voted to support the initiative and sign the 12-month contract with ASHP.  
C. Oklahoma Pharmacist of the Year award – Ann Lloyd
a. Pfizer will not longer be able to sponsor the award.  The price of the award is $100.00.  The Board voted to sponsor the award and change the organization’s policy to match the decision.  

VI.  ADJOURNMENT
A. With no further items to discuss, the meeting was adjourned at 3:21 pm.  The next Board meeting will be held on April 12th during the Annual Meeting.  

ADDENDUM:
Financial Investment Proposal discussed prior to the Board meeting at the Annual Meeting on April 12th:

Proposal:     
American Heritage Certificate of Deposit (CD): $38,947.54
1. Purchase new 12-month CD with $30,000 (at current rate of 0.60%, which would yield $180.00/year interest – remembering that the interest rate may be different the day of actual purchase) 
2. Remove $8,947.64 from American Heritage Bank

Bank of Oklahoma CD: $58,198.91
1. Purchase Discover Bank CD (through Bank of Oklahoma) of $30,000 at a 3 year term (at current rate of 0.80% which would yield $727.24 over three years or $242.41/year)
2. Purchase 6-year 10 Stock Basket Power CD of $30,000 (with hopes of 2.25%-4.5% interest which would yield $4310.23 over 6 years of $718.37/year).  This is using $28,198.91 from CD cash from Bank of Oklahoma and $1801.09 from CD cash from American Heritage Bank.  
Remaining cash of $7,146.55 to be deposited into OSHP checking account at Bank of Oklahoma.  
*note – the Bank of Oklahoma CD matures May 13th, but the American Heritage CD doesn’t mature until July 26th.  We would need to take $1,801.09 from checking on May 13th to purchase the Bank of Oklahoma CDs and replace the same amount back into checking in July when the American Heritage CD matures.  

A vote of all Board members in attendance (Ann Lloyd, Miki Finnin, Nancy T. Williams, Pete Johnson, Kari McCracken, Kristie Williams, and Teresa Truong) was taken and unanimously approved.  

Submitted by:  Kari McCracken, Secretary

 
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