Board of Directors Meeting – December 2006

Title: Highlights of the December 2006 RMAG Board Meeting
Author: John Ladd, Secretary
Publication: The Outcrop, February 2007, p. 22

The December board meeting was a lunchtime affair that was attended both by members of the outgoing 2006 Board and the incoming 2007 Board on Dec. 15. Besides socializing and getting to chat with the person taking over our position on the board, several items of business were taken care of. First and foremost we were briefed on the wrap up of the 2006 fiscal year, which ended December 1. The great news is that RMAG ended the year with a one of the largest annual net positive cash flows in its history. This allowed us to make a large deposit into the investment account, increasing the organization’s assets by nearly one third. Similar surpluses in what we hope will be several good years to came will allow the organization to maintain its programs and activities during the inevitable lean years in the future.

Sandi Pellissier reported that membership is at a fifteen-year high. She also told us that the new database is fully functional and is being utilized by the office staff for a variety of purposes. Because of its increased utility, it is extremely important that it be as accurate as possible. Please, when you pay your 2007 dues, be sure to take the time to fill out the membership form with any changes or corrections to your personal information.

The Board agreed to accept the final version of the proposed 2007 budget and to recommend its approval by the 2007 Board. The final proposal of $732M represents about a 12% increase from the 2006 budget but is considerably less than the $967M actually spent in 2006. However, without a special event such as the COGA-RIMAG joint meeting or an RMAG-hosted AAPG meeting, both costs and income should go down some what during 2007.

The board approved the budget for the February 23rd professional ethics short course, to be taught by David Abbott. We also heard about the problems of finding an available time and place to hold the fall symposium on paleostructures. In contrast, logistics for the 2007 3D Seismic and CBM symposiums are all complete and planning is already under way for a full slate of technical programs in 2008.

This marks my final column far the Outcrop as secretary. As of next month, I hand this off to the capable hands of Dick Parker.

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