Issue link: http://read.dmtmag.com/i/63224
FROM THE NATIONAL SECRETARY, cont. The meeting opened with a prayer followed by the Pledge of Allegiance to the Flag of the United States. A phone conference was held with Daniela Mardarovici CFA Director and Senior Portfolio Manager of BMO Global Asset Management of the Harris Investment team. The Society's investment guidelines were reviewed. Motion by National Vice President Margaret Schmitt and seconded by National Secretary Patricia DeNys that we accept and approve the Investment Policy Statement revised December 9th 2011. Report of the accounting department was given by National Treasurer Jon Mocol and covered: OVERALL COMMENTS The third quarter's results were released to the regulators on November 10, 2011. In the meantime, here are some highlights for the nine months ended September 30, 2011: GOOD NEWS • Operating gain of $906,320 (Page 4 Line 27) • Net income of $ 717,486 (Page 4 Line 31) • Excellent surplus position at 9/30/11; solvency ratio = 112.8% • Total refunds to members $249,222 which reflects the Board's declaration for 2011 REASONS BEHIND THE RESULTS • Our operating results reflect an increase in premiums for annuity and life contracts by $386,939 or 11.2%. Death benefits increased over the previous comparable period by 16.8% • Annuity benefits decreased 7.9% • Surplus increased by 10.4% since last year OPERATIONS REPORT • Illinois state examiners are expected in 2012 to audit years 2007 through 2011. • Fixed asset initiative to update and maintain current list of all fixed assets. • Review all balance sheet accounts. • Restructure of accounting department is still in progress, we are looking for an entry level person to complete accounts payable and accounts receivable, as well as clerical. 6 Review of the quarterly statement. SUMMARY OF 2012 BUDGET Motion by National Director Catherine Hensel and seconded by National Director Thomas Meyer that the Board accept and approve the 2012 budget that has an expense of $3,881,166 and an expense ratio of 71%. Motion passed 11 yes – 0 No. Vendors with payment over $40,000.00 per 215ILCS.5/3 12.1 were reviewed. Motion by National Director Catherine Hensel and seconded by National Director Thomas Meyer that the Board approve the vendors budgeted payments of $40,000 or greater for the 2012 budget presented. Motion passed 11 Yes - 0 No. Salary information per 215ILCS.5/3 12.1 was presented. A discussion was held on the National Secretary's and National Vice President's salary. A conference call will be planned with the Finance Committee from the 2010 National Convention. Motion by National Director Rosalie Pyle and seconded by National Director Catherine Hensel that the Board approve the presented wages and salaries over $40,000.00 for 2012. Motion passed 11 yes – 0 No. Motion by National Director Rosalie Pyle and seconded by National Director Catherine Hensel that the Board review and evaluate the personnel benefit package. Motion passed 11 Yes - 0 No. Update on Hearts and Hands, junior court activities and Join Hands Day was given by the National President's Administrative Assistant Rosemary Holland. A sales department update was given by Victor Mensavage, sales manager. Report covered: • New life premium by month – January 1, 2008 to November 30, 2011 • First year annuity premium by month - January 1, 2008 to November 30, 2011 • Ideas on securing new life products National Catholic Forester — 2011 Annual Report