Attendees: Bill Fiske, Mike Shaughnessy, Steve Foehr, Lee Rabbitt, Kyle Davie, Jonathon Gallishaw, Jim Monti, Kyle Davie, Mike Calabro, Joe Caparco, Melanie Turcotte, Sharon Hussey

Review of October 3, 2003 minutes.

Members reviewed the minutes from the Business meeting of October 3rd and approved as is.

New Business

· Pricing Schedule for FY2004-FY2005

Sharon presented three alternative strategies for member consideration. The first was to hold prices level, the second to increase all frame relay prices by 3% and all ATM prices by a gradually declining increase of 3% to 0% in line with the four ATM tiers, and the third to hold frame relay level and increase ATM as in the second. Summary of member discussion:

· Small increases on a regular basis are preferred to sudden larger increases.
· Increases should be distributed across all members.
· We must recognize potential for more competition due to termination of Verizon pool and open bidding process for transport lines.
· We need to be aware of competitive pricing to avoid loss of small and large members.
· We must keep e-rate regulations in mind when setting prices.
· More services should be added and priced separately.

Polling of members resulted in a motion to accept the second strategy (increase frame relay by 3% and ATM by a gradually declining increase of 3% to 0% in line with the four ATM tiers.
Bill Fiske recused himself from the vote.

The motion was approved.

Unfinished Business
--
--
Report
--
--
Discussion

· Investment Alternatives

No short term use for money; discussed with auditors to determine if we should use other investment instruments. They felt that some types that have small risk such as equities or small companies that support education would be alright. Our current investments don't provide much return for our money.

Would we do better to put into an indexed mutual fund? There is a risk of losing equity when you invest in equities. With CD's we have no real risk. Necessitates a Board discussion.

Mike feels the funds may even be more liquid than those in CD's that are tied to specific timeframes.

Mike's suggestion is Standard and Poor's indexed funds or Wiltshire Capital Funds … something broad based such as Merrill Lynch.

Auditors feel that our reserves are not unusual for our type of business and capital equipment, etc.

Bill feels that while he understands in principle, he is not sure he feels that same way about the organization - wouldn't look at company funds in the same way he looks at personal funds.
Would prefer some other less risky instruments such as bonds. Would like to authorize ED and BOS to investigate such alternatives, but with advice from Board.

Take advice from auditors.

There are well-respected advisors in RI

Melanie will seek advice from Merrill Lynch advisor and auditors and bring proposal back to Board.

· Protocol for RINET response to reports of Class C abuse

Joe and Mike explained the issues related to URI, Brown University, the Class C addresses and the abuse reports. Members suggested the following protocol for nuisance type reports:
Notify district by email or call
If no response after 3 days, shut down the port.

In the case of emergencies that might bring the entire network down:
Members agreed that immediate action is appropriate. Following an email or voice notification to a designated contact person, the port would be shut down immediately.
Members agreed to provide a primary and a backup contact. Melanie will work with Pat in Bill's office to assemble contact list.