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January Women's Bar Association Foundation Board Meeting Minutes, 2000 [1] (2000)

handle is hein.peggy/wbabmmx0001 and id is 1 raw text is: MINUTES OF THE BOARD OF DIRECTORS THE WOMEN'S BAR ASSOCIATION FOUNDATION January 11, 2000 The meeting was convened by President Deborah Costlow at 6:30 p.m., at the law offices of Arent Fox Kintner Plotkin & Kahn, 1050 Connecticut Avenue, NW, Washington, DC 20036. Present were: Martha McQuade, Terri McField, Sandra H. Robinson, Caroline Petro, Maria Perugini, Gloria R. Sulton, and Vicky McEneney (by telephone). Susan Stewart of Charter Financial was also in attendance. MINUTES OF LAST MEETING: The minutes of the November 9,1999, meeting were approved as submitted. (Item 1) TREASURER'S REPORT: The Treasurer submitted the Operating Budget for 6/99 - 5/00 as adjusted by the Board at the November 1999 meeting. The Budget was approved without further amendment. (Item 2a) The Treasurer also presented a Profit and Loss Statements covering November 1999 - January 11, 2000 (Items 2b & 2c); SolomonSmith Barney Financial Management Account Statement for the period November 29 - December 31, 1999 (Item 2d); the Charter Financial Advisory Fee Statements for December 1999 and January 2000 (Items 2e & 2f); and the Charter Financial Group Quarterly Performance Report for September 30, 1999 - December 31, 1999 (Item 2g). 1. Investment Policy - As a follow-up to a discussion at the prior Board meeting, the Treasurer recommended that the Investment Policy of the Foundation for the portfolio at Charter Financial be changed to reflect a mix of investments closer to 70% in common stocks and 30% in fixed income assets. The prior policy recommended a mix of approximately 60% common stocks and 40% fixed income assets. Susan Stewart of Charter Financial presented her report (Item 2g) and reviewed the holdings and the performance of the investment portfolio over the past year. She was comfortable with the change in the ratio of investments, as the current holdings in the report reflect that approximate 70/30 mix at 12/31/99, caused primarily by the growth in the stock market, while the fixed assets remained flat. The Board voted unanimously to adopt the 70/30 investment mix proposed by the Treasurer. 2. Transfer from Operating Account - The Board also voted to maintain approximately $30,000 in the SolomonSmithBarney account to use for operations, and to transfer the remainder into the Charter Financial account. As a corollary to this policy, the Board asked the Treasurer to contact Bank of America about establishing a $5,000-10,000 line of credit in case of emergency. OLD BUSINESS:

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