NCACAA maintains two (2) separate trust accounts, each with specific purposes and goals. The Bylaws and Policies 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 advisers about the management of these investments. Lenny Rogers, 2008 Past National Meeting Treasurer, was appointed by the Board of Directors as ongoing chair responsible for coordinating the activities of this of this committee and to provide continuity from year to year.
The value of investments in both the Charlotte '88 Trust Fund Account and the NCACAA Board Savings Account continued to decline during 2008. They have held steady the first 4 months of 2009.
Over $100,000 surplus from the Charlotte '88 National Meeting was invested to provide income stability for support of the association.s awards programs, professional development of its 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. As appropriate, a small balance is maintained in a money market account. During the 2008 fiscal year, the value of all investments in this account decreased in value by 42.60 percent.
A total of $8,449 was withdrawn from this account during the year and transferred to Barry Foushee, NCACAA Treasurer, to support 2008 professional development activities as approved by the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, 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 at any time, and are 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 2008 fiscal year, the value of all investments in this account decreased in value by 42.90 percent.
On November, 2008, $1,000 was withdrawn from this account and transferred to Barry Foushee, NCACAA Treasurer, to provide funds for the association to carry out activities approved by the Board of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.
All income statements and tax documents resulting from these accounts during 2008 were properly transferred to Gayle Smith, CPA, for accounting and income tax reporting.
The Trust Fund Committee continues to encourage the NCACAA Board of Directors to develop and implement fund raising and budgeting strategies that will properly support the desired activities of the association with minimum use of remaining trust funds. With the stock market falling significantly during the past year, this along with withdrawals, have majorly decreased values of investments.
The primary purpose of the Charlotte '88 Trust Fund is to provide an investment base that will generate funds to support activities of the association. Wise and diligent management of the money in these funds is necessary to ensure that funds remain available for this purpose in the future.
A surplus was realized from the 2008 national meeting. We encourage the Board of Directors to consider investing some of the profits from this meeting, with the Agricultural Foundation. Provisions should be made to return an established amount from these investments to the Association each year that will support the initial intentions of the Charlotte '88 Trust Account.
Due to the sensitivity of financial information, detailed financial reports and information will not be posted to the NCACCA Annual Report web pages. Any member requesting it may review the financial reports maintained by this committee, and will be provided detailed financial and investment information by the Trust Fund Chairman.
6/15/2009
Lenny Rogers, Trust Fund Chairman
Stanley Holloway, Past President, 2008
Gary Pierce, Past President, 2007
Lenny Rogers, Past President, 2006
Please send comments and suggestions to John Dorner.