INTRODUCTIONS AND SEASON RECAP
Jack Schumacher '54 opened the summer meeting of the Crew Board with introductions on behalf of new board member, Stan Mullin '79, who resides in Newport Beach, CA. Stan rowed under Coach Bob Hillen in the late 1970s and is a former captain of the USC Men's Crew '78-'79.
Coach Gene Kininmonth then gave a recap of the successful conclusion to the season at the IRA National Championships, where USC's freshman four-man crew won a silver medal. Other season highlights pointed out by Coach K included another varsity win in record time over UCLA and a remarkable finals appearance by the varsity crew at the Pacific 10 Championships.
Coach K then commented that he expects the coming season's race schedule to be fairly similar to last year, adding that he maintains hope to send a four-man crew to England's Royal Henley regatta. Coach K also mentioned the possibility of accepting an invitation from the University of Washington to compete in the Opening Day Regatta in Seattle, WA.

2002-2003 CASH FLOW ANALYSIS & INVENTORY STATEMENT
The Board then discussed the year-end cash-flow statement and inventory report. Jack pointed out that the crew now owned over $100,000 in equipment and has made amazing progress in this regard in just a few short years. Total revenue for the fiscal year was $173,385 and total expenses were $168,669. Off balance sheet notations also included over $20,000 worth of equipment  as "gifts in kind" to the Trojan Navy, bringing the total value of donations to $195,000 for the year. Coach K also informed the Board that a $15,000 gift from the Brown Family in December '02 had still not been forwarded to the crew from the Athletic Department but that AD officials had recently acknowledged this as an error and would expedite the transfer ASAP.  Stan Mullin praised the Board for its detailed documentation of the cash flows, stating that it gives a lot of credibility to the Crew as an organization. A discussion was then held as to whether these statements should be mailed to all donors of the crew in an Annual Report format.
The Board also noted that Andrew Westhem '55 has offered a matching fund donation in the amount of $36,000 for the purchase of a new eight-man shell and that there was still much work to be done to match this generous gift to purchase the crew a new shell in time for the Fall.

PROPOSED BUDGET 2003-2004
Jack Schumacher passed out the proposed budget for the 2003-04 season. Much of the expense items were similar to the past season with an increase in base salary for the head coach and travel expenses also projected to be 50% higher due to a larger team expected in the spring of 2004. Jack noted that projected income was difficult to ascertain, as it was not yet determined how much income the crew would receive from the Lloyd Hunt Endowment or foundations it had applied to for grants. 

HOMECOMING: SATURDAY 11/1/03 vs. WASHINGTON STATE 
This date has been set and the Crew captains will again organize the tent and catering in McCarthy Quad. The Trojan Navy newsletter  would welcome all crew alums to this event.

TROJAN NAVY NEWSLETTER UPDATE
The Board reviewed the most recent Trojan Navy newsletter. Mike Cook ' 77 advised that highlighting donors according to their class year might encourage future giving.

FUNDRAISING DRIVE UPDATE
Peter Kling '53 had prepared a working draft outline of several possible marketing pieces/brochures to enhance the Crew's fundraising efforts but unfortunately these were now in the hands of Chris Wilkinson 02, who was unable to attend the meeting. Jack agreed he would meet with Peter, Chris and Coach K the following week to complete the design of the campaign literature.  Recommendations included adding more pictures
as well as to reduce the verbiage to short bullet phrases.  Peter Kling suggested an option of hiring a professional fundraiser organization who typically charge a flat fee by hour or take on the project under a percentage contingency.  

BOATHOUSE NEWS
There was renewed discussion regarding future plans for securing a separate boathouse from sharing the Loyola boathouse site.  It was noted that the USC Women's Crew leases the San Pedro boathouse site for $12,000 per year but may be relocating to a new site in Cabrillo Beach. 

NEXT MEETING
Mike Cook raised the suggestion that a future meeting be held in Orange County to encourage involvement by alums in that area. Peter Kling said he was friends with the CEO of the Fluor Corporation and that the Fluor Boardroom might be a good possible venue for the meeting. The next meeting was then scheduled for Thursday September 18th at 10:00 am at the Lyon Center.