Minutes of the Vergilian Society General Meeting
January 7, 2005
Boston MA

Officers: Patricia Johnston (Editor of Vergilius), Peter Knox (President-Elect), Holly Lorencz (Secretary), Alexander McKay, Alden Smith (President), Phillip Stanley (Treasurer)
Others: Philip Barnes (Director), Barbara Boyd, Thomas Burgess, Paul Burke, Caroline Caswell, Louise Clark, Julia Dyson, Philippa Goold, George Houston, Barbara McManus, Sally Morris, Christopher Nappa, Steven Ostrow, George Perko (Director), Jennifer Roberts, Franco Sgariglia, Marilyn Skinner, Kathyrn Thomas, Steven Tuck (Director), John VanSickle

Alden Smith called the meeting to order at 2:34 p.m.

I: Minutes
Alden Smith asked for the approval of the minutes, and Kathryn Thomas seconded. Vote was unanimously passed.

II: President’s Report
Alden Smith delivered the President’s Report.


III. Treasurer’s Report
George Perko delivered a report on the revenues and expenses of the Vergilian Society.
(i) MEMBERSHIP: There has been a massive influx of memberships, and many
have paid their 04-05 dues in advance. The Vergilian Society has received $36,600 in dues (03-04 $23,900 and 04-05 $12,700)
(ii) TOURS: Last summer, the Vergilian Society ran two tours. "Roman Villa and Gardens" received $2,400 as donations, and Cumae III produced $13,300 of net profit ($3,300 over budget).
(iii) VILLA: There was a net profit of $58,555 (67% over the budgeted $35,000). This number, however, does not include repair expenses.
(iv) REPAIRS: The Society paid $15,000 for immediate repairs to the ceiling last year. However, the repairs to the structural elements and the chapel are estimated at $125,000-$140,000.
George Perko also delivered a report on the 2004-05 budget. He stressed that the budget

PROPOSED BUDGET FOR 2004-05


(1) The projected budget deficit approved by the Executive Committee is $11,600. It is based upon the following assumptions:

    1. The Society will negotiate sufficient long-term leasehold provisions such that repairs of $125,000 to $140,000 can be capitalized as a leasehold improvement.
    2. Funding of $137,600 of repairs is raised as follows: $77,600 of cash is raised internally (the Unrestricted Fund borrows $30,000 from the Endowment Funds, uses the $23,600 in the Villa Fund, and uses $24,000 of Unrestricted Fund cash) and $60,000 is borrowed externally at 6%.
    3. A villa repair surcharge of euro 5 per night, payable solely to the Vergilian Society, will be added to all future room charges. Since most of the 2005 reservations must be honored at rates previously quoted, the revenue effect for 2004-05 is estimated to be $3,250.
(2) Engineers in Italy have advised the Society that extensive repairs related to disintegration of roof and chapel elements are urgently needed. An initial estimate of 97,340 euros was received in October 2003. Depending on how much of the repair cost is subject to Italian value-added tax (IVA) of 20% and the exchange rate at the date the repairs are financed, the Treasurer's office estimates that the U. S. dollar cost may range from $125,000 to $140,000. The Society has limited assets, and the Unrestricted Fund can only finance about $77,000 of this cost internally, primarily by borrowing from the General Endowment Fund, at an approximate interest cost of 2.07% for 2004-05 (the first year's estimated interest expense related to the Endowment Funds would be about $600.)
Phillip Stanley then discussed fundraising and measures the Society needs to take.
The Society has received $30,000 in donations for the Villa Repair Fund. The Society can take about $24,000 from the Unrestricted Fund and possibly $30,000 from the Endowment Fund, created to maintain and preserve the villa. This would give the Society about $84,000 for repairs.
(i) INCREASE REVENUE: The Society needs to increase its membership, and ensure its members are clear about the membership year (October 1 – September 30).
(ii) IMPROVE TOURS: Here, Phillip Stanley suggested a more aggressive advertising campaign. He mentioned that there are good tours for 2005 and some in place already for 2006. He also suggested that the Society start looking at running tours/cruises in the winter and off-season for people who are either retired or on sabbatical.
Phillip Stanley ended by thanking all the members who have made contributions.

IV: Villa Management Committee
Alexander McKay started by stressing the Villa Management Committee’s concern for the villa and its occupants. He discussed that the Society should not look at the summer months alone for tours, and that it should lend its support to off-season programs.
He also stressed how necessary it was that the Society maintain the villa, and that many of the Villa Management Committee members had visited the villa and seen the repairs.

V: Tours 2005 and 2006
Alden Smith quickly broke down the schedule of tours for this summer:
(1) Turkey – Paul Burke and Harriet Harris
(2) Travellers in the Campi Phlegraei – Alexander McKay and Raymond Clark
(3) Greek Island Tour – Phillip Stanley and George Perko
(4) Cumae II – John Wonder
(5) Cumae III – Ann Koloski-Ostrow and Steven Ostrow
Phillip Stanley listed the tours for 2006.
(1) Sicily – Beverly Berg
(2) Libya – Karl Galinsky
(3) Gardens in Roman Britain - Phillip Stanley and George Perko
(4) Cumae II
(5) Cumae III – Ann Koloski-Ostrow and Steven Ostrow
(6) Ten day tour of Egypt in January (Phillip Stanley)

VI: Vergilius
Patricia Johnston reported on the activities of Vergilius

The proofs for volume 50 have arrived and will soon be printed. One thousand copies will be ordered. The cover will be golden and dedicated to Sandy McKay. A flyer would be included for those members who are not current.

VII: Symposium
Patricia Johnston reported on the upcoming symposium. The topic is "Early Latin Comedy and Satire in Magna Graecia and Rome." She mentioned that all information was now on the website (http://www.vergil.clarku.edu/sympos.htm), and that she already has some good submissions.
Kathryn Thomas at this point asked whether past issues of Vergilius were available or not. Patricia Johnston reported that there were indeed many, and Phillip Stanley suggested that a list of the available volumes be put on the web.

VIII: Old Business

(i) Ratification of the actions taken at the meeting at CAMWS 2004: Phillip Stanley put forth this motion, and someone seconded (anybody remember?). These were the results of the vote:
Yes (present) = 20
Yes (proxy) = 5
Opposed = 0
Abstained = 0

IX: New Business

(i) Bylaws: The revised bylaws (already reviewed by a Parliamentarian) will be posted on the website to encourage members to offer their advice and expertise, and sixty days notice will be given for a special meeting at CAMWS to ratify the revised bylaws.
Alden Smith adjourned the meeting at 3:28p.m.