David,
The right questions have been asked. We have a business meeting once a year in conjunction with the convention. The business meeting gives ample opportunity to ask any and all questions club members may have.

From "our" perspective as a CPA your opinion is probably correct. However, a feasibility study can be conducted anytime after a specified amount of "seed" money is collected. In our case $50,000 was the goal. This does not make it wrong. It merely goes against the way you or I would have conducted it.

From a reality approach the "Mission" statement can set any objective. It is not cut in stone and can be changed anytime by the board as circumstances warrant.