Issue link: http://read.dmtmag.com/i/88465
From the National Secretary Minutes of the quarterly meeting of the Board of Directors of National Catholic Society of Foresters. 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 27, 2012 at 7:10 p.m. in the board room of the Home Office. All members of the Board were present. The meeting opened with a prayer followed by the Pledge of Allegiance to the Flag of the United States of America. 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 adjusted agenda for the June 2012 board meeting. Motion passed 11 – Yes 0 – No. Motion by National Vice President Margaret Schmitt and seconded by National Director Rosalie Pyle to accept the consent calendar items "Action A" for the June 2012 board meeting. Motion passed. 11 – Yes 0 – No. Motion by National Director Rosalie Pyle and seconded by National Director Linda Ortiz that the Board of Directors accept the Investment Policy as presented at the June 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 and JP Morgan Chase) In Q1, 2012, we made one transfer from Investments on February 7th 2012 for the quarter. We continued to see nice cash inflows from the sales of our annuity products. Investment Position (Harris Investment Trust) The HIM team and the National Treasurer have continued to watch our investment portfolio and make sure that we are not sitting on a huge excess of cash. During the quarter we purchased $500,000 France Telecom; $1,000,000 Hudson NY Infrastructure; $500,000 DeKalb County Georgia Water & Sewer; $500,000 JPMorgan Chase; $500,000 NBC Universal Media; $500,000 Prudential Financial and $1,000,000 RaboBank Nederland Utrecht. A portfolio of our four money market funds is monitored on Yahoofinance.com. In case you wish to monitor our MM funds, the symbols that 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). Those funds have gained over 571k in the Q1 or a return of about 11.46%. Our Market Value for our total Portfolio as of March 31, 2012 was $144,817,399. Our current average yield 2.79%. is Internal Operations • The Quarterly Statement was completed on May 8th and Filed on May 10th. • Horovitz, Rudoy & Roteman was out to complete their field work on April 9-13 and completed the Audit on May 11, 2012. • Annual Audit Report was filed on May 25th • The National Treasurer monitors the Wall Street Journal daily and continues to read weekly updates about the economy. • Daily CPA Finance update letters, Nancy Webman from "Pensions & Investments", and The U.S. Economic Outlook from Conning, also are very informational. First Quarter Financial Highlights • Please see accounting's financial report. Other Board Business • Approval of Investment Guidelines National Secretary's Report National Secretary Patricia DeNys' report covered the following items for the months of March, April and May 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 8 National Catholic Forester