installations in the area and generally attend a civic dinner given by the company for its important customers and business contacts in that area. One of these visits now is timed with the "Shareholders' Information Meeting" and the other follows the "Statutory Shareholders' Meeting". Certain items with which the Board deals or reviews periodically are scheduled at stated intervals throughout the year - -some quarterly, some semi-annually, some annually. At each meeting Fred Borch gives the report of the President, which is generally concerned with operating results, sales and profits, and new orders received, making such special comments as may be indicated. This is followed by Flip Phillippe, who gives the Chairman's report, which is concerned with the balance sheet aspects of the business, the source and application of funds, accounts receivable, and inventories. At almost every meeting one of the group executives appears before the Board and reports briefly on the operations under his control. Also at each meeting the President will seek approval from the Board for appropriations in excess of $500, 000 and will report on appropriations below that amount which he has approved or have been approved by his office. At the September meeting each year the President presents to the Board the 5-year forecast and annually there is a detailed report on the Anti-trust Compliance Program. The balance of the meeting is devoted to those items that would fall under the category of "out of the ordinary course of business". To expedite the work of the Board it has three committees - -