PFC Board of Directors Meeting
Minutes for November 18, 2004

Attendance
Board Members: John Austin; Larry Horvath; Howard Shapiro; Duane Thomas; Laurie White; Carol Collins, PFC General Manager. Absent: Arun Mathur, Pete Schermerhorn
Julie Sverid, PFC Human Resources Director – facilitating meeting

Call to order - 7:30pm by Julie

Agenda Review – Board self-monitoring report M - Global Board-GM Linkage was removed from the consent agenda and postponed until the December meeting.

Consent Agenda – minutes and web minutes of the 10/21/04 meeting; GM monitoring report L.4.9 Financial Conditions & Activities including third quarter financial reports; Board self-monitoring report G - Global Governance Commitment (Larry). All Directors having reviewed and understood these materials, the consent agenda was approved.

GM Monitoring: Ends Policies interpretations and performance measurements (Carol) – After discussion, questions, and comments from the Board, the monitoring report was accepted.

GM Monitoring: L.3 Financial Planning & Budgeting and 2005 Budget (Carol) – After review and questions, the monitoring report was accepted and the budget adopted. Capital expenditures falling under the restrictions set in L.4 Financial Conditions & Activities will be considered by the Board as they are presented.

2004 Patronage Rebate – policy L.1.8 (Carol) – After reviewing PFC’s financial condition and goals, the Board set a rebate to members of $75,000, with 20% to be returned in 2005 as store credit and 80% retained in member equity accounts for five years.

Board budget – line item revisions – Duane will circulate a draft budget narrative for consideration at the December meeting. Carol will continue to use the budget total accepted at the October meeting for planning purposes.

L.2 & L.7 policy revisions (Duane, John) – The words “paid and volunteer” were deleted from L.2 global and the word “volunteers” was deleted from L.7 global. Carol will circulate a draft revision of L.1 Treatment of Members for consideration at the December meeting that will include suggested volunteer protections.

Next Meeting – Thursday, December 16, 2004, 7:30pm at Menlo Innovations (212 N. 4th Ave).

Attendance – Arun’s and Pete’s absences were approved.

Adjournment – By acclamation at 9:20.

Respectfully submitted by John Austin, Board Secretary