e. NDIRF annual mtg proxy vote - Laserfiche WebLink

Steve also announced programs that NDIRF will be helping provide sponsorship for in 2003, A live webcast is scheduled for May 21 5t regarding j ail suicide prevention. Steve asked for feedback on that type of media training from those able to view the webcast. NDIRF will also be providing funds to publish a manual for school boards and the ND Employment Law Letter will be distributed to a larger portion ofNDIRF membership in 2003, The NDIRF staffwas then recognized for their efforts this past year, Eight employees were recognized for their 15 years of employment with NDIRF which will be official in July, 2003. NDIRF's CFO, Bob Tonolli, was then introduced, Mr. Tonolli showed slides of 2002's written premium, losses paid, loss reserves, and net earnings, among others. Bob stated that, as of 12/31/02, assets were $33.3 million; liabilities were $15.4 million; and members' equity was $17.9 million. The loss ratio for 2002 was 46%. Overall, the NDIRF is in a strong financial position. To date, the cumulative surplus notes and the conferment of benefits equal $31.694 million that has been returned to members since the Fund's inception. The 2-year operating ratio is at 62%, which is well below standard, showing that NDIRF is profitable. Alton Nitschke, partner in Eide Bailly, LLP, was introduced by Chairperson Bendish to discuss the 2002 NDIRF financial audit. Mr. Nitschke stated that, in accordance with generally accepted accounting principles, the NDIRF was given an unqualified (clean) opinion and that the NDIRF is in very good financial condition, The meeting was recessed at 11 :35 a.m. so the "Cities", "Counties" and "Others" members could caucus for election of board members. When the meeting reconvened at 11:44 a.m., it was announced that Fred Bott was re-elected to the "Cities" category, Corene Vaughn was elected to the "Counties" category and Steve Neu was re-elected to the "Others" category. Door prizes were won by John Schmisek, Randy Bina and Jamie Entzi, Questions were then taken from the floor. A comment was made from one member that he would like to see non-profit organizations be able to participate in the NDIRF. Chairperson Bendish thanked everyone for attending. The gavel was then passed from Chairperson Bendish to incoming Chairperson Hjalmer Carlson. There being no further business to come before the 2003 NDIRF Annual Meeting of Members, the meeting was adjourned at 11 :50 a.m. Respectfully submitted, Nancy M. Reis Recording Secretary