Trust Fund Committee Report
2003 - 2004
The value of our investments in both the Charlotte '88 Trust Fund Account and the NCACAA Board Savings Account continued to recover during 2003. Hopefully, this trend will continue during the coming years.
NCACAA maintains two (2) separate trust accounts, each with specific purposes and goals. The Bylaws and Policies of NCACAA provide that the three (3) immediate past presidents shall make up the Trust Fund Committee which shall be responsible for overseeing these investments, make recommendations as needed to the Board of Directors about the use of these funds, and counsel as necessary with financial advisors about the management of these investments. Everett Davis, 1993 Past President, was appointed by the Board of Directors as ongoing chair responsible for coordinating the activities of this committee and to provide continuity from year to year.
CHARLOTTE '88 TRUST FUNDS
Over $100,000 surplus from the Charlotte '88 National Meeting was invested to provide income stability for support of our association's awards programs, professional development of our members, and financial support for officers and eligible members to participate in official regional and national activities.
These funds are invested in mutual funds primarily for growth and secondarily for security. When appropriate a small balance is maintained in a money market account. During the 2003 fiscal year, the value of these investments increased 31.68 percent.
On August 15, 2003 $4,200.00 was withdrawn from this account and transferred to Barry Foushee, NCACAA Treasurer, to support 2003 professional development activities as approved by the Board of Directors and to provide funds needed to support the awards program of our state meeting.
NCACAA BOARD TRUST FUNDS
NCACAA, over time, has surplus funds resulting from earnings from state meetings, excesses from election campaigns, sponsorships, et cetera. These funds are invested similar to the Charlotte '88 funds and are also managed by the Trust Fund Committee. However, these funds are available to the Board of Directors to be used at their discretion.
These funds are invested in mutual funds primarily for security and secondarily for growth. As appropriate, a small balance is maintained in a money market account. During the 2003 fiscal year, the value of these investments increased 30.08 percent.
On August 15, 2003 $1,800 was withdrawn from this account and transferred to Barry Foushee, NCACAA Treasurer, to provide funds for the association to carry out activities approved by the Board of Directors.
TAX REPORTING
All income statements and tax documents resulting from these accounts during 2003 were properly transferred to Gayle Smith, CPA, on February 6, 2004 for accounting and income tax reporting.
FINANCIAL INFORMATION AVAILABLE TO MEMBERS
Due to the sensitivity of financial information, detailed financial reports and information will not be posted to the NCACAA Annual Report web pages. Any member requesting it will be provided detailed financial and investment information by the Trust Fund Chairman.
Submitted by Everett Davis on 6/15/04
Everett Davis, Trust Fund Chairman
Walter Earle, Past President, 2003
James Cochran, Past President, 2001