Issue link: http://read.dmtmag.com/i/104855
From the National Secretary Minutes of the quarterly meeting of the Board of Directors of National Catholic Society of Foresters. The September quarterly meeting of the Board of Directors of the National Catholic Society of Foresters was called to order by National President Margaret Babinat on Wednesday, September 5, 2012 at 9:00 a.m. in the board room of the Ritz-Carlton in New Orleans, Louisiana. All members of the Board were present. 1,000,000 shares of ABB bonds on May 3rd with a 4.75% coupon due 5/2021. We also purchased 1,000,000 shares of Wellpoint bonds on May 2nd with a 4.65% coupon due 5/2021. We also purchased on June 26th $1,000,000 of Newmont Mining Corp bonds due March 15, 2022 with a 3.6% yield. The meeting opened with a prayer followed by the Pledge of Allegiance to the Flag of the United States of America. A portfolio of our four money market funds was set up on Yahoofinance.com which allows the National Treasurer to view these funds daily. In case you wish to monitor our MM funds, the symbols the National Treasurer is watching are: HEQIX (Harris Equity Fund), HSCIX (Harris Small Cap Opportunity Fund), MSEIX (Managers Special Equity Fund), and ACRNX (Acorn Fund). National President Margaret Babinat reviewed the proposed agenda. Our market value for our total portfolio at June 30, 2012 was $150,503,277. Our current average yield is 2.34%. Motion by National Treasurer Jon Mocol and seconded by National Director Loretta Nelson that the Board of Directors accept the agenda for the September 2012 board meeting. Motion passed 11 – Yes 0 – No. Motion by National Director Catherine Hensel and seconded by National Director Rosalie Pyle to accept the consent calendar for the September 2012 board meeting. Motion passed 11 – Yes 0 – No. Executive Officer's reports were given. National Treasurer's Report Cash Position (Mount Prospect State Bank) In Q2, 2012, the cash flow from the sales of annuities was spectacular that we finally reversed a trend that had been plaguing the Society for years which was drawing down from investment income. We were able to make transfers to Harris of 500,000 on May 1st; 500,000 on May 23rd; and 750,000 on June 29th. Investment Position (Harris Investment Trust) The HIM team and I have continued to watch our investment portfolio. During Q2 we did have 4,739,912 of bonds that matured or were reduced due to principal payments received. We have maintained the same equity position but will evaluate the possibilities of increasing that as the bond market has been showing very low yields. We purchased 6 Internal Operations • he quarterly statement was completed on August 8, T 2012 and submitted to regulatory agencies by August 9th which was ahead of the August 15th due date. • iscussion with Miller Newberg about lowering the D interest rates on the annuities as well as pricing for the term products. • resentation to producers about financial health and P strength of NCSF. • he National Treasurer monitors the Wall Street T Journal daily and continues to read weekly updates about the economy. • aily CPA Finance update letters, Nancy Webman D from "Pensions & Investments", and The U.S. Economic Outlook from Conning, also are very informational. Second Quarter Financial Highlights • Please see accounting department's financial report. National Secretary's Report National Secretary Patricia DeNys' report covered the following items for the months of July and August 2012. • Number of Insurance and Annuity Certificates issued • Death Claims paid on Life Certificates • Death Claims paid on Annuity Certificates • Cash Surrenders on Life Certificates • Cash Surrenders on Annuity Certificates National Catholic Forester