ELECTRICAL REBUILDER’S ASSOCIATION BOARD OF DIRECTORS MEETING Wednesday, May 17, 2006 The meeting began at 7:45 pm EST via conference call. Dan Smith, Mike Schroeder, Alan Melton, Mike Dietrich, Kenny Turner, Larry Hagemeister, Fraser Cox, Dick Vensel, Joe Davis, and Bob Thomas were in attendance. This was a record number on a conference call for us, but it worked well. The first item on the agenda was the election results for the nomination of Kenny Turner as SE Regional Vice President. Bob reported that approval of the nomination by the Board of Advisors was unanimous. He said 20 members cast votes. Next, the sale of the Joe Davis DVD was discussed. Following the show, a decision had been made to postpone the sale of the Joe Davis DVD until the conclusion of the 2006 seminars, when the class on the DVD will be retired. However, this decision was not communicated with Richard Vensel, who had been selling both DVD’s at the show and has been doing so since. It was learned that RCP had bought multiple copies at the show, which were resold in Canada. After the show, RCP, who distributes Vensel products in Canada, also purchased more copies which were resold. WAI Canada then asked if they could distribute them too. After much discussion, it was decided the DVD’s could be sold in Canada. Joe’s Canadian seminars are over for 2006, and at this point, the DVD’s have already been advertised there. Bob said he’d contact WAI-Toronto to let them know they could also sell the DVD’s. So far as the sale of the DVD in the US, the decision was made to wait a few more months and discuss it again, later in the year. For the time being, the Joe Davis DVD will only be sold in the US at seminars. Joe reported that attendance at Seattle was very good, between 50 and 60. He said attendance at Chino Hills was low, about 25, and blamed it on the Cinco de Mayo holiday. In spite of the Spanish translated books being available, there were no Spanish- speaking rebuilders in attendance. The Long Island seminar in June will be hosted by Monmary, but will be held at the Genco factory in Islip. Next item to be discussed was office bookkeeping for DVD’s and publications. Bob pointed out that Darlene really has no way to invoice for DVD’s being shipped out. He said he has been sending out invoices for her since the show, but a bookkeeping system needs to be set up, for the purpose of inventory control and recording collections. Larry said he had an older copy of QuickBooks, still new in the box, that he has never used. He said he would give it to the association. Everyone thanked Larry and Mike said he’d set it up and show Darlene how to use it. Mike Schroeder brought up the subject of placing some of the association’s funds into some form of low risk investment. Dan suggested short term US Treasury bonds. Mike said he’d look at the alternatives and bring the information to the next meeting when a decision could be made.