Issue link: http://read.dmtmag.com/i/192534
From the National Secretary Minutes of the June quarterly meeting of the Board of Directors of National Catholic Society of Foresters. Wednesday, June 5, 2013 The June 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, June 5, 2013 at 6:30 p.m. – all members of the Board were present. 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 Treasurer Jon Mocol and seconded by National Vice President Margaret Schmitt that the Board of Directors accept the agenda for the June 2013 board meeting as revised. Motion passed 9 – Yes, 2 – No. Motion by National Director Catherine Hensel, seconded by National Director Rosalie Pyle that the Board of Directors accept the consent calendar items for the June 2013 board meeting with the removal of action B (approval of Minutes for March 2013 as printed. Motion passed 10 – Yes, 1 – No. Executive Officers reports were given: National Treasurer's Report Cash Position (Mount Prospect and JP Morgan Chase Bank) • n Q1 2013 we saw strong inflows of cash as annuity sales I continued to be high. • oved $6,000,000 to Harris Investment. M Investment Position (Harris Investment Trust) During Q1 we had $5,790,835 of bonds that matured or were reduced due to principal payments received1. Acquisitions during the third quarter where $10,582,000 in bonds with an average rate of return of 4.88%2. A portfolio of our four money market funds was set up on Yahoofinance.com – those funds have gained over 566k in the first quarter of the year or a return of about 9.98%. As of March 31, 2013 the market value for NCSF's bond portfolio was $171,299,214. Our current average replacement yield is 2.79% – "average replacement yield" is a term that refers to the yield available if all current portfolio investments were replaced at today's values. The overall return on the portfolio was 4.76% annualized through March 31, 20133. 8 1–Source Document is Schedule D Part 4 2–Source Document Schedule D Part 3 3–Source is Summary of Operations(4) line 3 divided by Fair Market Value (Harris Statement) annualized Internal Operations • he quarterly statement was completed on May 3rd T and filed on May 9th. • ohnson Lambert Co. finished the audit May 26th and J it was filed on May 30th. • andra Tardi left the Society on May 15th and we S have been interviewing for the replacement of senior accountant position. • llinois Department of Insurance Examiners completed the I exam and gave the final report May 3rd to the officers and requested a response to their items by May 17th. • ue to the results from 2012 the State of Illinois has D requested that a 3-year forecast be prepared and submitted to the state in regards to operations, this entails forecasting not only the income statement but also the balance sheet and risk based capital. Fourth Quarter Financial Highlights: Please see accounting's financial report. National Treasurer Jon Mocol presented the statement of investment policy and objectives to the Board of Directors. The Board approved the investment policy statement as written. Report from the Director of Accounting and Finance Re: 2013 1st Quarter Statutory Statement Highlights and Operational Events Overall Comments: The first quarter's results were released to the regulators on May 9, 2013. Good News: • remium considerations of 10,650,912 compared to the P previous year's qtr. of 1,666,277 (pg. 4, line 1). • xcellent surplus position at March 31, 2013; E solvency ratio = 108.6%. • otal refunds to members of $78,051 compared to $77,126 T of the previous year's first quarter. • Net investment income increased by $117,323 or 8.98%. Death and annuity benefits increased over the previous year's quarter by 25.8%. Premium revenues increased by $8,984,635 or 539%. Operations' report: • tandard Analytical Service, Inc. 2012 analysis of NCSF is S National Catholic Forester