[arrl-odv:32754] IMC meetings
ODV: The IMC has completed the RFP for investment management services and has issued the RFP to 15 firms. Firms have until the middle of September to submit a response and then the committee members will individually evaluate the submissions. The committee is unlikely to hold a Zoom meeting through the end of September. We will send a meeting notice once meetings start up again. Frederick (Rick) Niswander, PhD, CPA, CGMA Professor of Accounting East Carolina University Greenville, NC 27858
As I understand things, the League is expected to eventually have a new Treasurer. Would someone please explain his or her role in investment activity. Will the new Treasurer have any impact in the selection of who is managing the investments? Will the new Treasurer be in any way involved in determining what investments are utilized? If so, how? Or, will the management of the investments continue to be controlled by the IMC? Thank you. 73, Dick, N6AA Sent from Yahoo Mail on Android On Wed, Aug 25, 2021 at 11:28 AM, Niswander, Rick<NISWANDERF@ecu.edu> wrote: <!--#yiv6708554698 _filtered {} _filtered {}#yiv6708554698 #yiv6708554698 p.yiv6708554698MsoNormal, #yiv6708554698 li.yiv6708554698MsoNormal, #yiv6708554698 div.yiv6708554698MsoNormal {margin:0in;font-size:11.0pt;font-family:"Calibri", sans-serif;}#yiv6708554698 span.yiv6708554698EmailStyle17 {font-family:"Calibri", sans-serif;color:windowtext;}#yiv6708554698 .yiv6708554698MsoChpDefault {font-family:"Calibri", sans-serif;} _filtered {}#yiv6708554698 div.yiv6708554698WordSection1 {}--> ODV: The IMC has completed the RFP for investment management services and has issued the RFP to 15 firms. Firms have until the middle of September to submit a response and then the committee members will individually evaluate the submissions. The committee is unlikely to hold a Zoom meeting through the end of September. We will send a meeting notice once meetings start up again. Frederick (Rick) Niswander, PhD, CPA, CGMA Professor of Accounting East Carolina University Greenville, NC 27858 _______________________________________________ arrl-odv mailing list arrl-odv@reflector.arrl.org https://reflector.arrl.org/mailman/listinfo/arrl-odv
Dick: The definitive answer to your questions is dependent upon the Board acting, or not acting, on various recommendations made by the current IMC. The Board will be making those decisions at the January 2022 meeting. Below is some history, where we are now, and what is likely to be coming up. The current IMC was formed by motion at the January 2021 BOD meeting. Its charge is "...to study and recommend to the Board a plan for continuing management of its portfolio..." At the July 2021 Board meeting, the IMC provided an interim report and an executive summary. Both documents are attached. The interim report is document #28. It is an interim report, not the final report. It is the final document for the July meeting, not the final document of the committee. The interim report makes a number of recommendations: * Create a permanent Investment Management Committee with 2 board members, 3 outside members with financial expertise, and the Treasurer as a non-voting ex-officio member. The permanent IMC would be advisory, would oversee an external investment manager, and would report to the board. The creation of the permanent committee would be an item of consideration at the January Board meeting. * The IMC would go through an RFP process to identify and recommend an outside money management company which would have full discretion over the portfolio, subject to the parameters and constrains in the Investment Policy Statement (the document that is approved by the Board). Hiring of the recommended outside management company would be an item of consideration at the January Board meeting. * Recommend various changed to the Investment Policy Statement. These recommendations were approved by the Board at its July 2021 meeting. The IMC also noted in its July interim report that there would need to be changes to Bylaws 33, 36, and 38 related to the role of the permanent IMC and the role of the Treasurer. Recommended wording is provided in the attached interim report. Consideration of these recommended changes would occur at the January 2022 Board meeting. So, to your specific questions. My responses assume that the recommendations of the current IMC are approved in January. If that does not occur, my responses will likely be different. Would someone please explain [the Treasurer's] role in investment activity. The Treasurer would be a non-voting member of the permanent Investment Advisory Committee. That committee would be responsible for monitoring the activities and results of the external money management company. Will the new Treasurer have any impact in the selection of who is managing the investments? The current Treasurer (me) is on the IMC. One of the duties of the current IMC is to conduct an RFP process to evaluate and recommend an external money management company. So, the new Treasurer will not have any impact on that recommendation. However, the new Treasurer will be on the permanent IMC which has monitoring responsibilities of the money management company and will report to the Board. So he or she will have input on any future changes to the manager. Will the new Treasurer be in any way involved in determining what investments are utilized? If so, how? The Investment Policy Statement sets guardrails on what types of investments that are permitted and not permitted. The new money management company will be subject to those guardrails. The current IMC is evaluating and recommending a money management company that will have full discretion to make specific investments, subject to the IPS. So, for example, the IPS says that our portfolio should have 65% +/- in equity securities. The money management company has full discretion to invest in an S&P 500 ETF or invest in Apple or invest in Bayer. The permanent IMC will monitor the external management company and their results, but will not make investment decisions on specific investments. Or, will the management of the investments continue to be controlled by the IMC? Oversight of the external manager will be a responsibility of the permanent IMC. The permanent IMC is advisory and reports to the Board. Ultimately, the control lies with the Board, not only with respect to the IMC, but also a result of the Board's authority over the Investment Policy Statement that sets the parameters of how the portfolio can be invested. Rick, K7GM Frederick (Rick) Niswander, PhD, CPA, CGMA Professor of Accounting East Carolina University Greenville, NC 27858 From: Richard Norton <richardjnorton@yahoo.com> Sent: Thursday, September 9, 2021 12:20 PM To: Niswander, Rick <NISWANDERF@ecu.edu>; 'arrl-odv' <arrl-odv@reflector.arrl.org> Subject: Re: [arrl-odv:32754] ^_IMC^_ meetings This email originated from outside ECU. As I understand things, the League is expected to eventually have a new Treasurer. Would someone please explain his or her role in investment activity. Will the new Treasurer have any impact in the selection of who is managing the investments? Will the new Treasurer be in any way involved in determining what investments are utilized? If so, how? Or, will the management of the investments continue to be controlled by the IMC? Thank you. 73, Dick, N6AA Sent from Yahoo Mail on Android<https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fgo.onelink.me%2F107872968%3Fpid%3DInProduct%26c%3DGlobal_Internal_YGrowth_AndroidEmailSig__AndroidUsers%26af_wl%3Dym%26af_sub1%3DInternal%26af_sub2%3DGlobal_YGrowth%26af_sub3%3DEmailSignature&data=04%7C01%7CNISWANDERF%40ecu.edu%7C8ea22ecf13e54b69b57608d973adb0a1%7C17143cbb385c4c45a36ac65b72e3eae8%7C0%7C0%7C637668012089579744%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=nh0KxExYy%2FX3iS0xDmEtS0PvnL9u%2BgMB36rokSjh6v4%3D&reserved=0> On Wed, Aug 25, 2021 at 11:28 AM, Niswander, Rick <NISWANDERF@ecu.edu<mailto:NISWANDERF@ecu.edu>> wrote: ODV: The IMC has completed the RFP for investment management services and has issued the RFP to 15 firms. Firms have until the middle of September to submit a response and then the committee members will individually evaluate the submissions. The committee is unlikely to hold a Zoom meeting through the end of September. We will send a meeting notice once meetings start up again. Frederick (Rick) Niswander, PhD, CPA, CGMA Professor of Accounting East Carolina University Greenville, NC 27858 _______________________________________________ arrl-odv mailing list arrl-odv@reflector.arrl.org<mailto:arrl-odv@reflector.arrl.org> https://reflector.arrl.org/mailman/listinfo/arrl-odv<https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Freflector.arrl.org%2Fmailman%2Flistinfo%2Farrl-odv&data=04%7C01%7CNISWANDERF%40ecu.edu%7C8ea22ecf13e54b69b57608d973adb0a1%7C17143cbb385c4c45a36ac65b72e3eae8%7C0%7C0%7C637668012089579744%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=cf8kWvUl3CKHc6d3z9pqm%2FYYjPLI94mSAS2RP3iOnFg%3D&reserved=0>
A good exchange below between N6AA and K7GM. The questions are relevant and the answers reflect the situation as I understand it. -Fred K1VR From: arrl-odv [mailto:arrl-odv-bounces@reflector.arrl.org] On Behalf Of Niswander, Rick Sent: Thursday, September 09, 2021 2:11 PM To: Richard Norton; 'arrl-odv' Subject: [arrl-odv:32817] Re: ^_IMC^_ meetings Dick: The definitive answer to your questions is dependent upon the Board acting, or not acting, on various recommendations made by the current IMC. The Board will be making those decisions at the January 2022 meeting. Below is some history, where we are now, and what is likely to be coming up. The current IMC was formed by motion at the January 2021 BOD meeting. Its charge is ".to study and recommend to the Board a plan for continuing management of its portfolio." At the July 2021 Board meeting, the IMC provided an interim report and an executive summary. Both documents are attached. The interim report is document #28. It is an interim report, not the final report. It is the final document for the July meeting, not the final document of the committee. The interim report makes a number of recommendations: * Create a permanent Investment Management Committee with 2 board members, 3 outside members with financial expertise, and the Treasurer as a non-voting ex-officio member. The permanent IMC would be advisory, would oversee an external investment manager, and would report to the board. The creation of the permanent committee would be an item of consideration at the January Board meeting. * The IMC would go through an RFP process to identify and recommend an outside money management company which would have full discretion over the portfolio, subject to the parameters and constrains in the Investment Policy Statement (the document that is approved by the Board). Hiring of the recommended outside management company would be an item of consideration at the January Board meeting. * Recommend various changed to the Investment Policy Statement. These recommendations were approved by the Board at its July 2021 meeting. The IMC also noted in its July interim report that there would need to be changes to Bylaws 33, 36, and 38 related to the role of the permanent IMC and the role of the Treasurer. Recommended wording is provided in the attached interim report. Consideration of these recommended changes would occur at the January 2022 Board meeting. So, to your specific questions. My responses assume that the recommendations of the current IMC are approved in January. If that does not occur, my responses will likely be different. Would someone please explain [the Treasurer's] role in investment activity. The Treasurer would be a non-voting member of the permanent Investment Advisory Committee. That committee would be responsible for monitoring the activities and results of the external money management company. Will the new Treasurer have any impact in the selection of who is managing the investments? The current Treasurer (me) is on the IMC. One of the duties of the current IMC is to conduct an RFP process to evaluate and recommend an external money management company. So, the new Treasurer will not have any impact on that recommendation. However, the new Treasurer will be on the permanent IMC which has monitoring responsibilities of the money management company and will report to the Board. So he or she will have input on any future changes to the manager. Will the new Treasurer be in any way involved in determining what investments are utilized? If so, how? The Investment Policy Statement sets guardrails on what types of investments that are permitted and not permitted. The new money management company will be subject to those guardrails. The current IMC is evaluating and recommending a money management company that will have full discretion to make specific investments, subject to the IPS. So, for example, the IPS says that our portfolio should have 65% +/- in equity securities. The money management company has full discretion to invest in an S&P 500 ETF or invest in Apple or invest in Bayer. The permanent IMC will monitor the external management company and their results, but will not make investment decisions on specific investments. Or, will the management of the investments continue to be controlled by the IMC? Oversight of the external manager will be a responsibility of the permanent IMC. The permanent IMC is advisory and reports to the Board. Ultimately, the control lies with the Board, not only with respect to the IMC, but also a result of the Board's authority over the Investment Policy Statement that sets the parameters of how the portfolio can be invested. Rick, K7GM Frederick (Rick) Niswander, PhD, CPA, CGMA Professor of Accounting East Carolina University Greenville, NC 27858 From: Richard Norton <richardjnorton@yahoo.com> Sent: Thursday, September 9, 2021 12:20 PM To: Niswander, Rick <NISWANDERF@ecu.edu>; 'arrl-odv' <arrl-odv@reflector.arrl.org> Subject: Re: [arrl-odv:32754] ^_IMC^_ meetings This email originated from outside ECU. As I understand things, the League is expected to eventually have a new Treasurer. Would someone please explain his or her role in investment activity. Will the new Treasurer have any impact in the selection of who is managing the investments? Will the new Treasurer be in any way involved in determining what investments are utilized? If so, how? Or, will the management of the investments continue to be controlled by the IMC? Thank you. 73, Dick, N6AA Sent from Yahoo Mail on Android On Wed, Aug 25, 2021 at 11:28 AM, Niswander, Rick <NISWANDERF@ecu.edu> wrote: ODV: The IMC has completed the RFP for investment management services and has issued the RFP to 15 firms. Firms have until the middle of September to submit a response and then the committee members will individually evaluate the submissions. The committee is unlikely to hold a Zoom meeting through the end of September. We will send a meeting notice once meetings start up again. Frederick (Rick) Niswander, PhD, CPA, CGMA Professor of Accounting East Carolina University Greenville, NC 27858 _______________________________________________ arrl-odv mailing list arrl-odv@reflector.arrl.org https://reflector.arrl.org/mailman/listinfo/arrl-odv <https://nam02.safelinks.protection.outlook.com/?url=https%3A%2F%2Freflector .arrl.org%2Fmailman%2Flistinfo%2Farrl-odv&data=04%7C01%7CNISWANDERF%40ecu.ed u%7C8ea22ecf13e54b69b57608d973adb0a1%7C17143cbb385c4c45a36ac65b72e3eae8%7C0% 7C0%7C637668012089579744%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjo iV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=cf8kWvUl3CKHc6d3z9pqm%2 FYYjPLI94mSAS2RP3iOnFg%3D&reserved=0> -- This email has been checked for viruses by Avast antivirus software. https://www.avast.com/antivirus
participants (3)
-
Fred Hopengarten -
Niswander, Rick -
Richard Norton