Issue link: http://read.dmtmag.com/i/144562
From the National Secretary Minutes of the quarterly meeting of the Board of Directors of National Catholic Society of Foresters. The March 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, March 13, 2013 at 3:00 p.m. in the board room of the Home Office. All members of the Board were present, National Director Linda Ortiz joined the meeting on the phone. The meeting opened with a prayer followed by the Pledge of Allegiance of the Flag of the United States. National President Margaret Babinat reviewed the proposed agenda. Motion by National Secretary Patricia DeNys and seconded by National Director Loretta Nelson that the Board of Directors accept the agenda for the March 2013 board meeting as amended – Action B removed and add Q & A with state auditors on March 13, 2013. Motion passed 10 Yes – 1 No. Motion by National Vice President Margaret Schmitt and seconded by National Director Catherine Hensel that the Board of Directors accept the consent calendar items for the March 2013 board meeting. Motion passed 10 Yes – 1 No. Executive Officers' reports were given: National Treasurer's Report to the NCSF Board of Directors March 2013 Cash Position (Mount Prospect and JP Morgan Chase Bank) In Q4, 2012, we saw strong inflows of cash as annuity sales continued to be high. For the quarter we moved $4,000,000 to Harris Investment. These transfers took place on 11/15,11/20,11/28 and 12/4. At year end we did have a large cash position in Mount Prospect State Bank, which was held back as a precaution for annuity contracts that had not been settled. We carried during the quarter a large amount of cash in the money market fund while we were looking for bonds to purchase. Investment Position (Harris Investment Trust) The HIM team and national treasurer continued to watch our investment portfolio and the inflows of money. During Q4 we did have $5,581,868 of bonds that matured or were reduced due to principal payments received. We made the following acquisitions during the third quarter, which was $18,198,769 of bonds with an average rate of return of 3.87%: 12 Art Institute of Chicago, Acquisition: 10/11/2012 Amount Invested: 1,000,000 Average Yield: 3.87% Bank of America, Acquisition: 11/16/2012 Amount Invested: 400,000 Average Yield: 4.40% Bay Area Toll Authority, Acquisition: 11/14/2012 Amount Invested: 800,000 Average Yield: 5.24% Chicago IL Metropolitan Water Acquisition: 10/19/2012 Amount Invested: 665,000 Average Yield: 4.31% Citigroup, Acquisition: 11/16/2012 Amount Invested: 400,000 Average Yield: 4.03% Clark County Nevada Schools, Acquisition: 1/16/2012 Amount Invested: 500,000 Average Yield: 4.80% Darden Restaurants, Acquisition: 11/16/2012 Amount Invested: 800,000 Average Yield: 4.04% DIRECTTV, Acquisition: 10/4/2012 Amount Invested: 1,000,000 Average Yield: 3.66% Dow Chemical Co., Acquisition: 11/16/2012 Amount Invested: 1,500,000 Average Yield: 3.03% Ericsson LM, Acquisition: 10/3/2012 Amount Invested: 500,000 Average Yield: 3.98% Exelon Generation, Acquisition: 11/16/2012 Amount Invested: 1,500,000 Average Yield: 3.74% FHR 403T, Acquisition: 10/9/2012 Amount Invested: 1,458,769 Average Yield: 2.93% Goldman Sachs, Acquisition: 11/19/2012 Amount Invested: 400,000 Average Yield: 5.27% Health Care Reit, Inc., Acquisition: 11/27/2012 Amount Invested: 1,000,000 Average Yield: 3.76% Hewlett Packard, Acquisition: 10/3/2012 Amount Invested: 500,000 Average Yield: 4.52% Humana, Acquisition: 12/5/2012 Amount Invested: 1,500,000 Average Yield: 3.16% Illinois State, Acquisition: 10/19/2012 Amount Invested: 830,000 Average Yield: 5.15% Maryland State Economic Development, Acquisition: 12/14/2012 Amount Invested: 1,375,000 Average Yield: 3.31% New Jersey St. Transportation, Acquisition: 10/19/2012 Amount Invested: 650,000 Average Yield: 4.86% New York City New York Transit, Acquisition: 11/14/2012 Amount Invested: 420,000 Average Yield: 4.02% Xstrata Finance, Acquisition: 10/18/2012 Amount Invested: 1,000,000 Average Yield: 4.01% Total Amount Invested: 18,198,769 Total Average Yield: 3.87% A portfolio of our four money market funds was set up on Yahoofinance.com which allows me to view these funds daily. National Catholic Forester