The Budget and Finance Committee met in Nashville, Tennessee
on October 24 - 25, 2012 and conducted the annual financial review of the
SASFAA records for fiscal year July 1, 2011 through June 30, 2012. The
committee commends Nancy Garmroth, treasurer for an outstanding job of
complying with the Association’s policies and procedures, for maintaining the
records in excellent condition and in an orderly manner which was easy to
follow and understand. The treasurer’s attention to detail was noted on
numerous occasions. The committee commends the board for working within
the framework of the approved budget. The board
is continuing to look for opportunities to minimize cost and to maximize the
organization’s resources.
During the November 2012 Executive
Board meeting, the board agreed to update and clarify the investment strategy
of the organization. The approved plan financial plan is to
maintain 15% - 20% of total assets in the day-to-day operating funding.
The remaining assets will be divided between short and long term investments
each will contain approximately 30% - 45%. The short term investments are
typically CDs with maturity dates less than 36 months. SASFAA is
currently using a Financial Advisor from Edward Jones to assist in securing CDs
and Short Duration Bonds which yield a higher rate of return. Long-term
investments have a maturity of greater than 36 months. At this time
SASFAA will continue to utilize NASFAA’s Charles Schwab investment
strategy. This allows SASFAA to benefit from the investment advisors
secured by NASFAA.
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