Brief Summary of Minutes of Annual Meeting

Thursday, March 23, 2006 Liz Gorham served as acting Chair and Celia Hayhoe served as acting secretary. Liz called the meeting to order at 1:00 pm. The list of the membership was distributed; members were asked for corrections  these will be used as the official names, titles and contact information for future published articles. Corrections will be sent to all members. Welcome from Robin Douthitt In the future Hatch Funds will become competitive. Expanding the breath of National Research Incentive grants by moving to Knowledge Areas (KAs) - i.e., #801 is individual and family resource management. If in DC, visit with Pat Hipple at North Central Regional Association (NCRA)&. See NCRA Regional Update, 2(3), Winter 2006. NC 1013 project is up this year for midterm re-approval (October 2006?) A motion to approve the minutes of the last meeting face-to-face meeting in Chicago in August 2004 was made by Michael Gutter and seconded by Nancy Porter; it passed unanimously. Milestones: Liz reported that we are a little behind time (to be on target we need the national data collected by June 2006) but we can do some writing preparations for papers and should be able to be on schedule in 2007. Report on Funding: Michael reported that Northwest Mutual funded the pilot and are interested in partnering to fund the full study. Jane had sent an email on her meeting with Financial Planning Association. Presentation of pilot survey: Michael reported on the phone survey data information (only part yet available). Guidance for future data collection: Accept respondent on initial phone call if 1) non-retired and 2) at least one person in the household is age 30-55. So as not to upset those that are dual heads of household, the interviewer will ask for the person in the household who is most financially knowledgeable to complete the surveys. Problems were noted with data collection. Other needs were identified: 1) Design group website so we are all looking at the instruments, decisions, data, coding, etc. 2) Set time frame as to when data set is made open to the public  after Fall 2008? 3) Completed guidelines for publishing from the data, intellectual property rights, and for adding additional members to the group (use Jean Bauer NC 1011 document as an example)  ready for discussion in April or May call. The rest of the afternoon was spent on organizing the presentation to FPA Friday, March 24 Specific next-step tasks were identified and committee work prioritized. Michael, Cathy, Sherman,Catherine: Culture and Acculturation Cathy, Liz and Celia: Credit and money attitudes Nancy: Socialization Nancy  Outline the survey detailed changes from the focus groups (collect tapes for review as deemed necessary) by May 12 call (additional focus group reports from Michael, Liz and Bernadine, and Catherine should be sent to her ASAP). Nancy  Specific rewording of instrument questions  by May 12 call Theresa  Co-habitation Sherman  Corresponding variables to the Survey of Consumer Finances database to get baseline for April Call for Current Job Status (# 35 & #37) and for other variables which correspond to variables on the 2004 SCF (weight will be adjusted to the sample size of 2000 to be used in our study to get an estimate of how many households we might expect to get in various categories of variables). Celia, Dena and Michael  Validating of scales (possible loadings?) and model with stated hypotheses  by April Everyone - think of one cross tabs that will be interesting for a press release Theresa, Catherine and Cathy - Check on web server for a secure site with the following specifications (by April call): a) Only members can access (privacy) b) Capacity for data sets (SPSS and SAS forms) c) Space for coding for data sets d) Space for latest instruments e) Space for list of important decisions f) Archive capability and back-up Topics in which others might have personal interest? Bernadine and Sharon  rural househoholds? Questionnaire changes were identified based on pilot and focus group results. Date and location of 2007 meeting The time of April 2007 was suggested for the next face-to-face meeting. The place should take into account the ease of driving to the location for some and the accessibility and cost of flights by others. Suggestions -a return to Atlanta (home to one member of FPA) and site of the next ACCI on April 11-13, 2007 (St. Louis?). Holding our meeting before ACCI would make sense to all but those that would be out a whole week from classroom duties. Some faculty are still on the project team list but have not been active for a long time. Robin will remove their names from the NIMSS participant list. Others will be contact to see if they will become active participants. The decision was made to not accept new members to the group, with the possible exception of outside funders. The team welcomed visitors from the Financial Planning Association (FPA) Elizabeth Jatton of Atlanta  former President; chair of Public Issues Committee Bob Powell of Boston  Director of Research; Brad White of DC  Director of Public Affairs; Heather Almand of Denver  Director of Public Relations Michael presented the pilot project findings and Robin shared reasons and ways for FPA and NC1013 to work together on this project. The response from FPA was heartening; the impression was that they might be interested in providing at least half the funding ($250,000) but may need to form a coalition of funders which they would be happy to pursue. They will be contacting entities of their choosing before their May board meeting; they will keep in close contact with Jane and Michael. May 2006 was given as a target date for their reply in order for the UWSC to collect national data in Fall 2006-March 2007. Initial discussions of shared intellectual property rights, found characteristics of savers and non-savers, future research to determine effectiveness of prescribed treatments for increasing savings behaviors, designing virtual Website (including it in the eXtension Website), desire of both to teach professionals how to improve their tracking of behavioral change - for taking a possible asset-based approach and building validity in the financial planning profession, scheduling of consortium to spread findings. FPA are probably interested in popular press articles; NC 1013 would focus on referred journals and professional meetings to contribute to the science of our profession. It was felt that we would welcome an FPA researcher only as a co-author with at least one NC 1013 member. It was accepted by both that we would always cite each others contributions in all printed material and mass media. Possible additional products emanating from this partnership  annual savings index component; books for new courses in FPA Press  how to document behavioral change; call for additional follow-up research projects and dollars to support them Seek a change in day/time of our conference calls so all group members can participate. Get teaching schedules for Michael, Sherman, Teresa, Sharon, Bernadine and Catherine for Summer and Fall 2006 to assist in that decision. Meeting adjourned 2:35 pm.

2005 Articles in Refereed Journals Baek, E., & DeVaney, S. A. (2005). Human capital, bequest motives, risk, and the purchase of life insurance. Journal of Personal Finance, 4(2), 62-82.

DeVaney, S. A., & Chiremba, S. T. (2005). Comparing the retirement savings of the baby boomers with other cohorts. Compensation and Working Conditions, posted Jan 24, 2005. http://www.bls.gov/opub/cwc/cm20050114ar01p1.htm.

Gorham, E. E., Daniels, A. M., & Enevoldsen, B. E. (2005). Empowering rural families to create secure rural communities. Journal of Family and Consumer Sciences, 7(1), 1-17.

Gustafson, C., Pederson, G., & Gloy, B. (2005). Credit risk assessment. Agricultural Finance Review, 65(2), 201-217.

Gustafson, C. (2005). Rural small business trade credit: A paradox. Agricultural Finance Review, 65(1), 45-57.

Hayhoe, C. R., Leach, L., Allen, M.W., & Edwards, R. (2005). Credit cards held by college students. Financial Counseling and Planning, 16 (1), 1-10.

Johnson, L. H., Carswell, A. T., Palmer, L., Sweaney, A. L., Mullis, R. M., Leonas, K. K., Moss, J. K., & Mauldin, T. (2005). Life skills literacy: An Intervention model to alleviate family poverty. Journal of Family and Consumer Sciences, 97(4), 73-76.

Porter, N. M., DeVaney, S., Poling, R. L., Stum, M. S., & Schuchardt, J. (2005, December). Financial security in later life: A national initiative and model for eXtension. Journal of Extension, 43(6), Article 6FEA6. Retrieved December 19, 2005 from http://www.joe.org/joe/2005december/a7.shtml.

Wise, D. (2005). Building financial security in Tennessee communities. Journal of Family & Consumer Sciences, 97(1).

Yilmazer, T., & DeVaney, S. A. (2005). Household debt over the life cycle. Financial Services Review, 14(4), 285-304.

Articles in Refereed Conference Proceedings Bankston, J., Bishoff, M., Gorham, E., Healy, B., & Schuchardt, J. (2005). Helping people legally secure their financial future. Proceedings of the Association for Financial Counseling and Planning Education Annual Conference, November, p. 86.

Gourgova, A., & DeVaney, S. A. (2005). The determinants of propensity to consume out of wealth. Consumer Interests Annual.

Han, P., & DeVaney, S. A. (2005). Understanding mutual fund and stock investors. Consumer Interests Annual.

Jin, R., & DeVaney, S. A. (2005). Determinants of debit card use: A study from the consumers perspective. Consumer Interests Annual.

Mauldin, T., & Moss, J. K. (2005). What can financial ratios tell us about low-income households? Consumer Interests Annual, 51, 283-284.

Presentations at Professional Conferences Porter, N. M. (2005). Planning for the Future. Panel presentation at the South Carolina White House Conference on Aging. Myrtle Beach, SC.

Porter, N. M. (2005). eXtension and Financial Security in Later Life: A communication partnership. National Epsilon Sigma Phi Conference. Colorado Springs, CO.

Porter, N. M. (2005). Financial Security in Later Life and eXtension. National Extension Association of Family and Consumer Sciences. Philadelphia, PA.

Wise, D. (2005). Practical evaluation strategies for showing impact. Epsilon Sigma Phi National Conference, Colorado Springs, CO, November 9-11.

Extension Publications Bowen, C. F. (2005 revision). Cutting credit costs: Understand grace periods. University Park, PA. The Pennsylvania State University.

Bowen, C. F. (2005). Cutting credit costs: Its a matter of FACTA. University Park, PA. The Pennsylvania State University.

Bowen, C. F. (2005). Credit cards and college: Know the facts. University Park, PA. The Pennsylvania State University.

Bowen, C. F. (2005) Thwarting identity theft. University Park, PA. The Pennsylvania State University.

Cox R. H., & Hayhoe C. R. (2005). (348-722). 55 ways to save at the grocery store. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Flashman, R. H., & Hayhoe, C. R. (2005). (354-142). Life insurance: The impact of ownership. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Gorham, E. (2005). (FS928e-6). A glossary of estate planning terms. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-7). Dying without a will in South Dakota: Who gets the property? Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-2). Estate planning for families with minor children. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-1). Estate planning for families: Getting started. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-3). Estate planning: Wills. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-4). Estate planning: Letter of last instruction. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-5). Estate planning: Property ownership. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-9). Power of attorney. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-8). South Dakota rights of the terminally ill. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E. (2005). (FS928e-10). What is a personal representative? Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Gorham, E., & Goetting, M. (2005). Selecting a credit card. Brookings, SD. SDSU Extension Service. http://agbiopubs.sdstate.edu/process.cfm?keywords=money&subject=Money.

Hayhoe, C. R. (2005). (354-041). 2005 tax law changes. Major revision of the 2004 publication for tax law changes. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., & Smith, M. (2005). (354-170). Medical expense insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., & Smith, M. (2005). (354-171). Disability income insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., & Smith, M. (2005). (354-172). Long-term care insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Hayhoe, C. R., & Smith, M. (2005). (354-173). Homeowners insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Smith, M., & Hayhoe, C. R. (2005). (354-143). Life insurance: Different types of policies. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Smith, M., & Hayhoe, C. R. (2005). (354-144). Life insurance: Term insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Smith, M., & Hayhoe, C. R. (2005). (354-145). Life insurance: Whole life insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Smith, M., & Hayhoe, C. R. (2005). (354-146). Life insurance: Universal life insurance. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Smith, M., & Hayhoe, C. R. (2005). (354-147). Life insurance: Variable universal life. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Smith, M., & Hayhoe, C. R. (2005). (354-148). Life insurance: Payout options. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Smith, M., & Hayhoe, C. R. (2005). (354-149). Life insurance: Calculating life insurance needs. Blacksburg, VA. Virginia Polytechnic Institute and State University.

Grants Bowen, C. (2005). Fostering Family Financial Education. Heinz Endowments Foundation. (2005-2007). $100,000.

Gorham, E. (2005). Promotion of the High School Financial Planning Program. National Endowment for Financial Education (NEFE). $1,000.

Gutter, M. S. (2005) CS 275: Financial Survival Skills for Life. Great Lakes Higher Education Guaranty Corporation. (2005-2007). $140,000.

Hayhoe, C. R. (consultant). (2005). Future 4-H Millionaires Club. Friends of Kentucky 4-H as part of a National Association of Securities Dealers Foundation grant. (2005-2008). $27,291.

Hayhoe, C. R. (2005). Virginia LifeSmarts. Various donors. $5,000.

Hayhoe, C. R. (2005). High School Financial Planning Program. National Endowment for Financial Education (NEFE). $2,000.

Hayhoe, C. R., & Stevenson, M. (2005). Indicators for Intergenerational Resource Transfers - Phase II - Scale Development. College of Liberal Arts and Human Sciences. $7,495.50.

Porter, N. M. (2005). High School Financial Planning Program. National Endowment for Financial Education (NEFE). $2,000.

Porter, N. M. (2005). eXtension and Financial Security in Later Life Initiative Partnership. eXtension/University of Nebraska Lincoln. $20,000.

Porter, N. M. (2005). BE SMART Program Expansion. South Carolina Lt. Governors Office on Aging. $33,000.

Solheim, C.A. (2005). Comparison of Financial Education Train-the-Trainer Models. McKnight Foundation. (January 2005  February 2006). $52,000.

Wise, D. (2005). Young Employee Investor Education at the Worksite (PI on multi-state grant). NASD Foundation. (2005-2007). $237,800.

Wise, D. (2005). Future 4-H Millionaires Club. Subcontractor to Kentucky Cooperative Extension in multi-state grant funded by NASD Foundation. (2005-2008). $29,000.