Governance

NSCAF BOD Minutes

Meeting held in Las Vegas, NV, July 11, 2009-10am

In attendance: Joe Weir, Joan Eckerson, Jeff Stout, Lee Brown

  1. Introduction – Joe Weir
  2. Lee Brown elected to replace Joe Weir
  3. Election of new President
    1. Jeff Stout nominated Lee Brown, second by Joan Eckerson
    2. Motion passed
  4. Total Assets  
    1. Joe provided the committee with the report he presented to the NSCA Board of Directors earlier in the week and stated that our primary investment strategy is ‘managed volatility’, the goal of which is to avoid large swings in the market and maintain a constant amount of funding for grants and scholarships each year. Assets invested with SEI at the end of the last quarter (June 30, 2009) totaled $1,420,270.38. In addition, the NSCA distributed funding to the NSCAF during the second quarter that was placed in a money market account that was worth $737,200.08 at the end of the last quarter for total assets of $2,157,470.46. The asset allocation withstood the volatility of the market quite well over the past year resulting in a 4.74% increase and, since November 7, 2008, has outperformed the Standard & Poor 500 Index by 5.99%.
    2. Joe also reported that the NSCAF will be receiving 50% of the proceeds from the sale of the NSCA Certification Commission Office in Lincoln, NE, which will take place Wednesday July 15, 2009, and result in approximately $700,000 in additional funding. This could potentially increase the total assets of the NSCAF to ~$2.8 million. Therefore, one of the major tasks for the NSCAF Board will be to determine how to invest the $1.4 million (~$700,000 money market investment + ~$700,000 building proceeds) over the next several months. One option that has been proposed by our investment manager, Mr. John Martin, is to invest in Real Estate Investment Trusts (REITs), which would provide 6.5% interest per year and a share of the capital gains when real estate is sold. Equity REITs invest in and own properties, and their revenues come primarily from their properties’ rents and future sales. After some discussion, it was agreed that the NSCAF Board would vote electronically once the President-elect, Lee Brown, had an opportunity to discuss this option in more detail with Mr. Martin.
  5. Grant Funding for 2009  
    1. a. The NSCAF spends 5% of its assets each year for scholarships and grants, and provided $68,477 in funding for 2009. In addition, GNC® contributed $10,000 toward grants and Power Systems contributed $1000 toward scholarships for a grand total of $79,477, which represented an increase of $38,013 in total grant funding compared to 2008 ($41,464).
    2. The breakdown for grant funding included two Young Investigator grants totaling $30,000; three Doctoral grants totaling $24,795; two Masters grants totaling $5258; and one GNC® grant for $2424.
    3. In addition, sixteen $1000 scholarships ($16,000) were funded by the NSCAF in 2009 (Challenge = 10/10 funded; High School = 2/10 funded; Minority = 2/4 funded; and Women’s = 2/7 funded).
    4. As outgoing President, Joe recommended that the Board consider increasing the number of scholarships awarded, increasing the dollar amount, or both. Jeff reported that the NSCA recently signed a contract with Muscle & Fitness, who is also interested in funding scholarships. Therefore, the NSCAF Board agreed to wait until more information becomes available and make a decision in the near future regarding changes in scholarship allocation
  6. Grant Review Process
    1. During the grant review process this year, a few concerns were raised including the inability to completely blind grant proposals, since the applicant’s supervisor is clearly disclosed on the application; number of months/years an applicant must be an NSCA member to apply; and, in the case of rejection, there was a perception of a lack of sensitivity in the wording of the letter to those who did not receive funding.
    2. Regarding NSCA membership qualification for grants, it was suggested that the research supervisor/mentor be a member for a minimum of 3 years, and that the applicant be a member for a minimum of 6 months prior to submission versus the current requirement of one year.
    3. To improve transparency and fairness during the review process, it was suggested that a grant review committee convene during the early part of the national meeting (Wednesday day/evening) and review all of the grants in a category versus only reviewing two or three for ranking, which is the current process.
    4. Communication with the NSCA Research committee will be necessary in the next few months to determine what changes should be made to the grant review and application process, as well as communication with the national office to determine what changes may need be made to the rejection letter.
  7. Other  
    1. It was suggested that an email account be set up for the NSCAF at the NSCA headquarters to archive all correspondence and investment decisions made by Board members and SEI.
  8. Meeting adjourned at 11am.  

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