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GUTHRIDGE LOUNGE, ALUMNI/FACULTY HOUSE, GEORGIA TECH (February 25, 1987 8:30 a.m.) Center for Rehabiliarion Technology Inc ATTENDED : Cecil Alexander, R. Don Comstock, Robert H. Ferst, I. L. Kunian, Richard L. Marthin, Kenneth H. McCullough, James T. Mills, James M. Richards, Barbara B. Rose I. Wolfson GUESTS : Gail Cannizzaro, Thomas Gannaway, Thomas E. Stelson, Roger Weed Items Discussed : Ruth Ellis resignation State Funding for CRT, Inc. Marketing Relationship between CRT, CRT, Inc., and Georgia Tech Employment Agreement with Dr. Gannaway IRS and Non-status Opening Remarks : Chairman McCullough presided. He welcomed Dr. Stelson, Vice President of Research, Georgia Tech, to the Executive Committee Meeting. Ruth Ellis submitted her letter of resignation. She fells that she has been unable to make enough meetings to be an active member of the Executive Committee. She requested membership on the Advisory Council. Minutes : The minutes of the Board of Directors meeting of January 28, 1987 were appproved. State Funding for CRT, Inc., Marketing : J. Mills, S. Kunian, P. Stephens, K. McCullough submitted ther report on proceeding with Tom Gannaway as Marketing Dirctor. I. L. Kunian report that $74,000 in State funds has been appropriated by the lgislature, as a supplement to the budget for CRT through June 30, 1987, for the start-up of marketing by CRT, Inc. $150,000 will be requested for FY 1987-99 to continue CRT, Inc.'s marketing functions. Dr. Stelson explained how the supplemental funds for CRT are secured. The supplemental funding has two restrictions : 1) expenses must be legal under state funding; and 2) funds must be spent in accordance with legislative intent. Chairman McCullough stated that major source for products to be marketed will be through CRT, but it will not be out only source. Tom Gannaway will be evaluating products for us to consider marketing that we haven't even thought about. A question was introduced on what is the actual relationship between CRT and CRT, Inc.? Professor Martin responded that there is not a problem between CRT, CRT, Inc., Georgia Tech/DR. Stelson. The problem is the accounting of funds between CRT and CRT, Inc. The transfer of funds require an agreement. In order for CRT, Inc. to do its job there needs to be an arms-length relationship between CRT and CRT, Inc. Any funding for CRT, Inc. that comes from CRT/Georgia Tech, must be through a contractual agreement. Barbara Rose asked the question is there a guarantee that CRT, Inc. will have this money? Dr. Stelson responded that that he couldn't contract an agreement without having the two previously mentioned conditions met. Motion : M/S/P The Search Comittee will negotiate an employment contract between CRT, Inc. and Tom Gannaway. Treasurer's Report : Mr. Richards provided a report on improving control of CRT, Inc. funds. As part of the report, Mr. Richards moved the following : Motion : M/S/P 1) Eliminate the commingling of CRT, Inc. funds with CRT funds. 2) Restrict check signing to designated officers of CRt, Inc. 3) Close out bank account at the Clayton County Trust Company of Georgia, maintain only one bank account. 4) Establish written bookkeeping proceduers. 5) Create aworking budget. Mr. Richards also stated that the IRS has not yet responded to our letter on CRT, Inc.'s non-profit status. Barbara Rose submitted a report (see attached) and recommendations of the the Fund Raising committee for fund reising to support the marketing finction of CRT, Inc. for CRT products. Motion : M/S/P as amended. Recommendations be accepted with the exception that in paragraph 1. of the woed "procuring" be replaced with the word "extended". Mr. McCullough adjourned the meeting at 10:00 a.m. |
