FY 2012-2013 State of the Region Report Region 14 Ills/me/iolls /0 /lte Regiollal Mwwgelllell/ TewlI: Please collaborate to anslI'er the fo lloll'ing qllestions lI'ith the members o. ( yollr regional management team. Th e Communications Coordinator lI'iII collect and S Ullllllari ze your input and submit your report to headquarters. Tlte de([(lIillefor receipt is JUlie 28,2013. Please reformat the report on yo ur co mputer, !(n eed ed, alloll'ing JJx lce to sl
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FY 2012-2013 State of the Region Report
Region 14
Ills/me/iolls /0 /lte Regiollal Mwwgelllell/ TewlI: Please collaborate to anslI'er the fo lloll'ing qllestions lI'ith the members o.( yollr regional management team. The Communications Coordinator lI'iII collect and SUllllllarize your input and submit your report to headquarters. Tlte de([(lIillefor receipt is JUlie 28,2013. Please reformat the report on your computer, !(needed, alloll'ing JJx lce to sl
CHALLENGES • None of the events made a profit or broke even due to rising costs and lower-than-expected
attendance • One chorus folded - Zoopendous Show Chorus
• Choruses report challenges with declining membership
• One chorus searching for a new director • The increase in mileage reimbursement (from $,35 to $,555 cents per mile) had greater
implications than budgeted,
• Only one grant for YWIH was awarded and it ended up not being used
• Very few nominations for open positions on the Regional Management Team
5. Please describe your region's YWIH/youth outreach activities. • Our YWIH Coordinator maintains a pl'csence at allmajol' regional events • We awarded a $1200 grant but unfortunately the event was not held and so no moncy was
actually distributed • Continuc thc presence on our wcbsite of YWIH on both the public and membcrs only sidcs . Initial planning to use a YWIH grant that will comc to thc region fl'om Region 23
6. Please provide your regional membership plan. For example, detail all regional efforts that impact membership growth and retention and an evaluation of your plan's effect on regional membership figures. In addition, please describe your use of the Global Membership Program, and any successes and challenges you've realized/encountered.
• Held a membership class at Sunllncl' Music camp specific for membership coordinators • Offercd regional faculty visits to choruses for help with culture, team building, goal setting etc, • Offered a regional financial incentive to choruscs in conjunction with SAl January Open House
pl'ogram, Three chorus have to datc requested the eamed money fOl' the new members, • Continued to offel' regional assistance to foUl' prospective choruses including visits by RMT 01'
Regional faculty upon .-equest 7. Please provide your regional marketing plan. This should include both internal and external marketing
plans. Intemal Marketing
• Utilizcd the website morc for the promotion of regional events • Utilized the Rcgional Yahoo Gl'OUpS for "blasts" of information about events • Established an email group of chorus marketing chairs to shal'e information and ideas, It has
been slow in developing communication, A few share regularly so wc hopc to continue and add morc cncl'gy to this program,
• Event marketing sent to members 30 and 60 days out from events, • Assisted scveral choruscs individually on an as needed basis with markcting issucs such as
promoting chorus events 01' rcnaming and branding their chorus • Video Billboards at contest fOl' mar\(eting I'cgional events, team opportunities, recognition and
I'egional volunteers,
Extemal Mar\(cting
• Continued impl'ovement to the Rcgional wcbsitc
• Public rclations and advel'tising in contest venue,
• Video Billboanls used at intcl'llational competitions to support our I'egional contestants,
8. Describe your efforts to secure and train regional leaders and committee members. • Began a networldng opportunity (reception) of chaptcr leaders and RMT members at our Sum mel'
Music Camp to identify potcntialleadcrs • Began forums at Summer Music camp where RMT membel's met with thcir "countcr-pal'ts" at the
chaptel' level to discllss common issues and sourcc potential committee members • Invited various chapter finance people to participate in the audit of Regional bool(s, • Continued the Associate program • Recruited a few new people for positions on the RCSC (pages, emcees, OPL, CC etc,) • Plan to have mo,'e 11I'esence of the "State of the Region" at this coming years Summer Music Camp
9, Please share any concerns or questions your RMT may have with the International Board of Directors and the Regional Leadership Committee.
• Would it be possible for SAl to collect I'cgional dues at the same time they collect intel'l1ational dues? Pcrhaps this sen' would make it easier to recruit FCs at both the rcgional aud cborus level.
d,/;l/ /~{}IE Dat€ 7
May \ share your report with other regions? Yes X No 0
REGION 14 FIVE YEAR EDUCATION PLAN
2013 2014 2015 2016 2017 January S inger~s Seminar Singers' Seminar Singers' Seminar Singers' Seminar
w/Quartets w/Quartets w/Quartets w/Quartets Jan 31-Feb 1 Maybury MayburylP. Davis
February Quartet Seminar Feb 8-10 (Raleigh) Judy Pozsgay
Marcb Region 14 Contest Region 14 Contest Region 14 Contest March 26-29 March 31 - April 3 March 30 - April 2 Winston-Salem Winston-Salem
April Region 14 Contest Region 14 Contest April 11-1 4 April 10-1 3 Winston-Salem Winston-Salem
May June SMC - WFU Musical/Admin.Trg Musical/Admin. Trg. Musical/Admin. Trg. Musical/Admin Trg.
June 27-30 Focus - wi Rising Focus: Focus: Focus: Four Bettys/Gail Star Contest Jencik
July SAl AHA SAl AHA SAl AHA SAl AHA SAl AHA Auo-ust September Leadership Training Fall Music School Fall Music School Fall Music School Fall Music School
September 13-1 5 September 26-28 wlFac. Training wlDir. Training wlFac. Training Patty Cobb Baker wlDir. Training Plus one addl Inti Fac The BUZZ
October SAl Convention SAl Convention SAl Convention Las Vegas, NV Las Vegas, NY Las Vegas, NV Oct. 6-1 0 Oct. II-I S Oct 10-17
November SAl Convention SAl Convention Honolulu, HI Baltimore, MD Nov. 4- 10 Nov. 3-8
December February, 21,2013
SWEET ADELlNES INTERNATIONAL CORPORATION REGIONAL FINANCIAL FACT SHEET
MAY 1, 2012 -APRIL 30, 2013
Regional Pel' Capita Asscssmcnt Chapter Members $ 25,597,50 Assessment Date: Scpt, 1 CAL Members $ 1,402.50 (mmiversary date) What membership services or benefits does the assessment provide?
Region # 14
o llil Regional Newsletter Other (please list) Ollil Director/faculty training, chorus visits o Educational Events 0 0
Comments:
Thrcc Lal'gcst Fundraising Events (Net Proceeds) Competition $ -7,421.08 Product Sales $ 1,435,05 Assessments $ 27,000,00 Educational Events $ -8236,64 Other $ 1,834,26 refunded taxes Other $
Dill your regIOn I'ecelve any grants 01' sponsOl'slllps? Ollil Yes 0 No Amount $ 2,453,00
Comments: YWIH grant from Region 23
RCl:istration Fccs {PCI' Participant Regional Weekends SUlllmel' Camps Amount $ $ 205 Average Attendance: 200 Other: Quartct Weekend Amount $ $50 Average Attendance: 90
Comments:
Regional Financial Fact Sheet Page 2
Wol'I{shopsrrmining and Registmtion Fccs Directors' Workshop Annually 0 Biannually [RJ N/AO Fees SO Inclusive of: Meals - Yes [RJ NoO
Ilousing - Yes [RJ NoO Quartet Workshop Annually [RJ Bianllually 0 N/AO Fees $50 or 40 Inclusive of: Meals - Yes 0 No [RJ
HOllsing - Yes 0 No [RJ
Arrangers' Workshop Annually 0 Bianllually 0 N/AO fees $ Inclusive of: Meals - Yes 0 NoO Housing - Yes 0 NaO
Faculty Workshop Annually [RJ Biannually 0 N/AO Fees $0 Inclusive of: lVlcals - Yes lEl NoO I lousing - Yes [RJ NoO
Other Events Annually 0 Biannually 0 N/AO Fees $ Inclusive of: Meals - Yes 0 NoO (identify): HOllsing - Yes 0 NoO
Comments:
Who is Funded by the Re~ion to Edncational Events? Directors' Workshop Faculty 0 Regional Coordinators: Other (identify): Other (idcntify):
CoC 0 DC 0 [8] ED 0 [8] EVC 0 0 0 0 0 FC 0 MKC 0 MEC 0 TCO
Quartet Workshop Facnlty 0 [8] Regional Coordinators: all Other (identify): Other (identify): CoC 0 DC 0 ED [8] EVC 0 0 0 FC 0 MKC 0 MEC 0 TC 0 0 0
Arrangers' Workshop Faculty 0 Regional Coordinators: Other (identify): Other (identify): CoCO DCO EDO EVCO 0 0 FC 0 MKC 0 MEC 0 TC 0 0 0
Faculty Workshop Faculty ffi] Regional Coordinators: Other (identify): Other (identify): CoC 0 DC 0 ED [8] EVC 0 0 0 FC 0 1vlKC 0 MEC 0 TC 0 0 0
Other Events Faculty ffi] Regional Coordinators: ALL RMT Other (identify): Other (ident ify): camp CoC 0 DC 0 ED 0 EVC 0 0 0
FC 0 MKC 0 MEC 0 TC 0 0 0
Comments:
Re~ional Competitioll Fees fOl' All-Events Ticl{ets Category Amount Category Amount Category Amount Membel' $50 NOll-Member $50 Sin~lc Tickct $20
Comments: $10 late fee for All Evcnts tickcts pUl'chascd aftcr dcadlinc,
Regional Financial Fact Sheet Page 3
Amount (if any) of Regional Competition for Designatcd fOI' Special Purpose Event Amount Event Amount International $ Other: $ Competition General Expenses $ Other: $ Other: $ Other: $
Comments:
Does the region have an investment and cash reserve policy? YeslR! 0 No (J f yes, please attach.)
Cash Rcscrvcs None 0 11 % - 25% 0 1 26% - 50% 0 1 51 % - 75% 0 176%- 100% 0
Invcstmcn ts Type Amount Type Amount O[R] Checking Account $17,847.12 O[R] Mutual Funds $106,332.05 o Certificate of Deposit o Gov!. BondslBills o Passbook Savings o Equities lEI Money Market Fund $8,285.66 O[R] Other $7,605.13 o Corporate Bonds o Other
Accounting/Financial Rccol'{\s Manual System Yes 0 No O[R] Computerized System Yes O [R] No O If computerized, which software is used? QuickBool(s Prcmiel' Non Profit 2011
Please provide any additional information that may be helpful to international regarding the financial structure of your region including any cost reduction efforts: Startcd applying for refund of North Carolina sales tax.
Fact Sheet Completed by: Sharon LeDuc Title: Finance Coordinator
Return this Fact Sheet with your State of the Region Report by June 28, 2013
ADDENDUM V
OPERATING AND RESERVE FUNDS
INVESTMENT POLICY STATEMENT
A. PURPOSE Reserve funds represent accumulated surpluses. The purposes of the reserve funds are to provide funds for operating expenses. unforeseen future contingencies and capital expenditures
B. INVESTMENT OBJECTIVES The objectives of the Investment Policy are to maximize interest and dividend returns on accumulated cash reserves while, at the same time, attain a proper and responsible balance among the factors of safety, liquidity, and yield.
C. RESERVE FUNDS For the purpose of clarity, the following definitions will be used to identifY the types offunds held by the Region.
1. Operating Funds: Those funds expected to be spent in the normal course of business during the current budget cycle. Contingent upon cash flow needs, a portion of these funds may be invested in interest bearing accounts .
2. Short Term Reserve Funds: Short Term is defined as from one to three years. A portion of these funds are held to meet expenses from unanticipated activities required of the Region to fulfill its purpose. The Regional Management Team based on recommendations provided annually by the Finance Coordinator set the percentage amount to be used for these purposes.
3. Capital Expenditure Fund: This fund is to be used for future capital expenditures . The amount of reserves allocated for these purposes will be determined annually by the Regional Management Team upon recommendation by the Finance Coordinator. These funds may be invested either in Short Term Reserve or Long Term Reserve Fund portfolios depending upon anticipated use of the funds.
4. Long Term Reserve Fund: Those funds in excess of Operating Funds, Short Term Funds, and Capital Expenditures Fund designed to maximize returns without exposure to undue risk and provide financial stability and cash flow.
D. INVESTMENT GUIDELINES The Financial Coordinator shall be authorized to iuvest the Blue Ridge Region 14 surplus funds.
The services of a registered investment firm or advisor may be sought to manage portions of Region 14 funds. The following procedure shall be followed to engage a new or replace a current registered investment firm or advisor:
The Finance Coordinator (or designated person(s» recommends the hiring or replacing of an investment consultant to the Regional Management Team. The RMT may request an interview with the recommended consultant or representative of the recommended firm.
Operating and surplus funds may be invested as follows:
1. Operating and Short Term Funds
a. Federally insured checking and savings accounts not to exceed current FDIC coverage on each including interest at commercial banks;
b. Federally insured Certificates of Deposit not to exceed current FDIC coverage on each including interest at commercial banks;
c. Money Market Funds and Mutual Funds that invest in government backed securities;
d. Direct obligations of the U. S. Government, its agencies and instrumentalities;
e. Equity holdings, including mutual funds, may be selected from the New York Stock Exchange, American Stock Exchange, and NASDAQ market;
The equity portion of the portfolio will be maintained at a risk level roughly equivalent to that of the equity market as a whole, with the objective of exceeding its results as represented by the S&P 500, net of fees, and commission.
f. Maturity andlor return to principal shall be scheduled to maintain a consistent cash flow to meet the financial obligations in a timely manner;
g. Generally, short term investments should not be purchased at a premium.
2. Long Term Funds
a. Long Term funds may be invested in instruments as defined in items I through 5 of Operating and Short Funds;
b. Investments may be purchased at a premium if anticipated net yields compensate for premium costs;
c. To maximize total return on long term funds a pOltion of these funds may be used to purchase corporate bonds. The amount allocated to purchase corporate bonds will be reviewed annually by the Regional Management Team
The guidelines for purchasing corporate bonds are:
i. High grade corporate bonds (rated AAA, AA, or A by Standard & Poor's or Moody's rating services);
ii. Each corporate bond may not represent more than 5%oftotal funds allocated for these investments;
Ill. The maximum maturity of corporate bonds may not be more than ten years;
IV. The Regional Management Team may restrict investments based on social and ethical criteria.
3. Restrictions
No investments other than those defined in policy may be made withont approval of the Regional Management Team. These restrictions include but are not limited to:
a . Foreign securities are prohibited;
b. No private placements or mortgages may be purchased;
C. Only dollar-denominated securities may be purchased.
E. REPORTING PROCEEDURES The Regional Management Team will receive an investment report quarterly. Annually, the Finance Coordinator will review performance and portfolio content of all investments and recommend to the Regional Management Team any changes in strategy.
F. CHANGES IN POLICY Investment Policy and Guidelines will be review annually by the Finance Coordinator and any recommendations for revision will be presented to the Regional Management Team for approval.
FY 2012-2013 State of the Region Report
Region 14
Ills/me/iolls /0 /lte Regiollal Mwwgelllell/ TewlI: Please collaborate to anslI'er the fo lloll'ing qllestions lI'ith the members o.( yollr regional management team. The Communications Coordinator lI'iII collect and SUllllllarize your input and submit your report to headquarters. Tlte de([(lIillefor receipt is JUlie 28,2013. Please reformat the report on your computer, !(needed, alloll'ing JJx lce to sl
CHALLENGES • None of the events made a profit or broke even due to rising costs and lower-than-expected
attendance • One chorus folded - Zoopendous Show Chorus
• Choruses report challenges with declining membership
• One chorus searching for a new director • The increase in mileage reimbursement (from $,35 to $,555 cents per mile) had greater
implications than budgeted,
• Only one grant for YWIH was awarded and it ended up not being used
• Very few nominations for open positions on the Regional Management Team
5. Please describe your region's YWIH/youth outreach activities. • Our YWIH Coordinator maintains a pl'csence at allmajol' regional events • We awarded a $1200 grant but unfortunately the event was not held and so no moncy was
actually distributed • Continuc thc presence on our wcbsite of YWIH on both the public and membcrs only sidcs . Initial planning to use a YWIH grant that will comc to thc region fl'om Region 23
6. Please provide your regional membership plan. For example, detail all regional efforts that impact membership growth and retention and an evaluation of your plan's effect on regional membership figures. In addition, please describe your use of the Global Membership Program, and any successes and challenges you've realized/encountered.
• Held a membership class at Sunllncl' Music camp specific for membership coordinators • Offercd regional faculty visits to choruses for help with culture, team building, goal setting etc, • Offered a regional financial incentive to choruscs in conjunction with SAl January Open House
pl'ogram, Three chorus have to datc requested the eamed money fOl' the new members, • Continued to offel' regional assistance to foUl' prospective choruses including visits by RMT 01'
Regional faculty upon .-equest 7. Please provide your regional marketing plan. This should include both internal and external marketing
plans. Intemal Marketing
• Utilizcd the website morc for the promotion of regional events • Utilized the Rcgional Yahoo Gl'OUpS for "blasts" of information about events • Established an email group of chorus marketing chairs to shal'e information and ideas, It has
been slow in developing communication, A few share regularly so wc hopc to continue and add morc cncl'gy to this program,
• Event marketing sent to members 30 and 60 days out from events, • Assisted scveral choruscs individually on an as needed basis with markcting issucs such as
promoting chorus events 01' rcnaming and branding their chorus • Video Billboards at contest fOl' mar\(eting I'cgional events, team opportunities, recognition and
I'egional volunteers,
Extemal Mar\(cting
• Continued impl'ovement to the Rcgional wcbsitc
• Public rclations and advel'tising in contest venue,
• Video Billboanls used at intcl'llational competitions to support our I'egional contestants,
8. Describe your efforts to secure and train regional leaders and committee members. • Began a networldng opportunity (reception) of chaptcr leaders and RMT members at our Sum mel'
Music Camp to identify potcntialleadcrs • Began forums at Summer Music camp where RMT membel's met with thcir "countcr-pal'ts" at the
chaptel' level to discllss common issues and sourcc potential committee members • Invited various chapter finance people to participate in the audit of Regional bool(s, • Continued the Associate program • Recruited a few new people for positions on the RCSC (pages, emcees, OPL, CC etc,) • Plan to have mo,'e 11I'esence of the "State of the Region" at this coming years Summer Music Camp
9, Please share any concerns or questions your RMT may have with the International Board of Directors and the Regional Leadership Committee.
• Would it be possible for SAl to collect I'cgional dues at the same time they collect intel'l1ational dues? Pcrhaps this sen' would make it easier to recruit FCs at both the rcgional aud cborus level.
d,/;l/ /~{}IE Dat€ 7
May \ share your report with other regions? Yes X No 0
REGION 14 FIVE YEAR EDUCATION PLAN
2013 2014 2015 2016 2017 January S inger~s Seminar Singers' Seminar Singers' Seminar Singers' Seminar
w/Quartets w/Quartets w/Quartets w/Quartets Jan 31-Feb 1 Maybury MayburylP. Davis
February Quartet Seminar Feb 8-10 (Raleigh) Judy Pozsgay
Marcb Region 14 Contest Region 14 Contest Region 14 Contest March 26-29 March 31 - April 3 March 30 - April 2 Winston-Salem Winston-Salem
April Region 14 Contest Region 14 Contest April 11-1 4 April 10-1 3 Winston-Salem Winston-Salem
May June SMC - WFU Musical/Admin.Trg Musical/Admin. Trg. Musical/Admin. Trg. Musical/Admin Trg.
June 27-30 Focus - wi Rising Focus: Focus: Focus: Four Bettys/Gail Star Contest Jencik
July SAl AHA SAl AHA SAl AHA SAl AHA SAl AHA Auo-ust September Leadership Training Fall Music School Fall Music School Fall Music School Fall Music School
September 13-1 5 September 26-28 wlFac. Training wlDir. Training wlFac. Training Patty Cobb Baker wlDir. Training Plus one addl Inti Fac The BUZZ
October SAl Convention SAl Convention SAl Convention Las Vegas, NV Las Vegas, NY Las Vegas, NV Oct. 6-1 0 Oct. II-I S Oct 10-17
November SAl Convention SAl Convention Honolulu, HI Baltimore, MD Nov. 4- 10 Nov. 3-8
December February, 21,2013
SWEET ADELlNES INTERNATIONAL CORPORATION REGIONAL FINANCIAL FACT SHEET
MAY 1, 2012 -APRIL 30, 2013
Regional Pel' Capita Asscssmcnt Chapter Members $ 25,597,50 Assessment Date: Scpt, 1 CAL Members $ 1,402.50 (mmiversary date) What membership services or benefits does the assessment provide?
Region # 14
o llil Regional Newsletter Other (please list) Ollil Director/faculty training, chorus visits o Educational Events 0 0
Comments:
Thrcc Lal'gcst Fundraising Events (Net Proceeds) Competition $ -7,421.08 Product Sales $ 1,435,05 Assessments $ 27,000,00 Educational Events $ -8236,64 Other $ 1,834,26 refunded taxes Other $
Dill your regIOn I'ecelve any grants 01' sponsOl'slllps? Ollil Yes 0 No Amount $ 2,453,00
Comments: YWIH grant from Region 23
RCl:istration Fccs {PCI' Participant Regional Weekends SUlllmel' Camps Amount $ $ 205 Average Attendance: 200 Other: Quartct Weekend Amount $ $50 Average Attendance: 90
Comments:
Regional Financial Fact Sheet Page 2
Wol'I{shopsrrmining and Registmtion Fccs Directors' Workshop Annually 0 Biannually [RJ N/AO Fees SO Inclusive of: Meals - Yes [RJ NoO
Ilousing - Yes [RJ NoO Quartet Workshop Annually [RJ Bianllually 0 N/AO Fees $50 or 40 Inclusive of: Meals - Yes 0 No [RJ
HOllsing - Yes 0 No [RJ
Arrangers' Workshop Annually 0 Bianllually 0 N/AO fees $ Inclusive of: Meals - Yes 0 NoO Housing - Yes 0 NaO
Faculty Workshop Annually [RJ Biannually 0 N/AO Fees $0 Inclusive of: lVlcals - Yes lEl NoO I lousing - Yes [RJ NoO
Other Events Annually 0 Biannually 0 N/AO Fees $ Inclusive of: Meals - Yes 0 NoO (identify): HOllsing - Yes 0 NoO
Comments:
Who is Funded by the Re~ion to Edncational Events? Directors' Workshop Faculty 0 Regional Coordinators: Other (identify): Other (idcntify):
CoC 0 DC 0 [8] ED 0 [8] EVC 0 0 0 0 0 FC 0 MKC 0 MEC 0 TCO
Quartet Workshop Facnlty 0 [8] Regional Coordinators: all Other (identify): Other (identify): CoC 0 DC 0 ED [8] EVC 0 0 0 FC 0 MKC 0 MEC 0 TC 0 0 0
Arrangers' Workshop Faculty 0 Regional Coordinators: Other (identify): Other (identify): CoCO DCO EDO EVCO 0 0 FC 0 MKC 0 MEC 0 TC 0 0 0
Faculty Workshop Faculty ffi] Regional Coordinators: Other (identify): Other (identify): CoC 0 DC 0 ED [8] EVC 0 0 0 FC 0 1vlKC 0 MEC 0 TC 0 0 0
Other Events Faculty ffi] Regional Coordinators: ALL RMT Other (identify): Other (ident ify): camp CoC 0 DC 0 ED 0 EVC 0 0 0
FC 0 MKC 0 MEC 0 TC 0 0 0
Comments:
Re~ional Competitioll Fees fOl' All-Events Ticl{ets Category Amount Category Amount Category Amount Membel' $50 NOll-Member $50 Sin~lc Tickct $20
Comments: $10 late fee for All Evcnts tickcts pUl'chascd aftcr dcadlinc,
Regional Financial Fact Sheet Page 3
Amount (if any) of Regional Competition for Designatcd fOI' Special Purpose Event Amount Event Amount International $ Other: $ Competition General Expenses $ Other: $ Other: $ Other: $
Comments:
Does the region have an investment and cash reserve policy? YeslR! 0 No (J f yes, please attach.)
Cash Rcscrvcs None 0 11 % - 25% 0 1 26% - 50% 0 1 51 % - 75% 0 176%- 100% 0
Invcstmcn ts Type Amount Type Amount O[R] Checking Account $17,847.12 O[R] Mutual Funds $106,332.05 o Certificate of Deposit o Gov!. BondslBills o Passbook Savings o Equities lEI Money Market Fund $8,285.66 O[R] Other $7,605.13 o Corporate Bonds o Other
Accounting/Financial Rccol'{\s Manual System Yes 0 No O[R] Computerized System Yes O [R] No O If computerized, which software is used? QuickBool(s Prcmiel' Non Profit 2011
Please provide any additional information that may be helpful to international regarding the financial structure of your region including any cost reduction efforts: Startcd applying for refund of North Carolina sales tax.
Fact Sheet Completed by: Sharon LeDuc Title: Finance Coordinator
Return this Fact Sheet with your State of the Region Report by June 28, 2013
ADDENDUM V
OPERATING AND RESERVE FUNDS
INVESTMENT POLICY STATEMENT
A. PURPOSE Reserve funds represent accumulated surpluses. The purposes of the reserve funds are to provide funds for operating expenses. unforeseen future contingencies and capital expenditures
B. INVESTMENT OBJECTIVES The objectives of the Investment Policy are to maximize interest and dividend returns on accumulated cash reserves while, at the same time, attain a proper and responsible balance among the factors of safety, liquidity, and yield.
C. RESERVE FUNDS For the purpose of clarity, the following definitions will be used to identifY the types offunds held by the Region.
1. Operating Funds: Those funds expected to be spent in the normal course of business during the current budget cycle. Contingent upon cash flow needs, a portion of these funds may be invested in interest bearing accounts .
2. Short Term Reserve Funds: Short Term is defined as from one to three years. A portion of these funds are held to meet expenses from unanticipated activities required of the Region to fulfill its purpose. The Regional Management Team based on recommendations provided annually by the Finance Coordinator set the percentage amount to be used for these purposes.
3. Capital Expenditure Fund: This fund is to be used for future capital expenditures . The amount of reserves allocated for these purposes will be determined annually by the Regional Management Team upon recommendation by the Finance Coordinator. These funds may be invested either in Short Term Reserve or Long Term Reserve Fund portfolios depending upon anticipated use of the funds.
4. Long Term Reserve Fund: Those funds in excess of Operating Funds, Short Term Funds, and Capital Expenditures Fund designed to maximize returns without exposure to undue risk and provide financial stability and cash flow.
D. INVESTMENT GUIDELINES The Financial Coordinator shall be authorized to iuvest the Blue Ridge Region 14 surplus funds.
The services of a registered investment firm or advisor may be sought to manage portions of Region 14 funds. The following procedure shall be followed to engage a new or replace a current registered investment firm or advisor:
The Finance Coordinator (or designated person(s» recommends the hiring or replacing of an investment consultant to the Regional Management Team. The RMT may request an interview with the recommended consultant or representative of the recommended firm.
Operating and surplus funds may be invested as follows:
1. Operating and Short Term Funds
a. Federally insured checking and savings accounts not to exceed current FDIC coverage on each including interest at commercial banks;
b. Federally insured Certificates of Deposit not to exceed current FDIC coverage on each including interest at commercial banks;
c. Money Market Funds and Mutual Funds that invest in government backed securities;
d. Direct obligations of the U. S. Government, its agencies and instrumentalities;
e. Equity holdings, including mutual funds, may be selected from the New York Stock Exchange, American Stock Exchange, and NASDAQ market;
The equity portion of the portfolio will be maintained at a risk level roughly equivalent to that of the equity market as a whole, with the objective of exceeding its results as represented by the S&P 500, net of fees, and commission.
f. Maturity andlor return to principal shall be scheduled to maintain a consistent cash flow to meet the financial obligations in a timely manner;
g. Generally, short term investments should not be purchased at a premium.
2. Long Term Funds
a. Long Term funds may be invested in instruments as defined in items I through 5 of Operating and Short Funds;
b. Investments may be purchased at a premium if anticipated net yields compensate for premium costs;
c. To maximize total return on long term funds a pOltion of these funds may be used to purchase corporate bonds. The amount allocated to purchase corporate bonds will be reviewed annually by the Regional Management Team
The guidelines for purchasing corporate bonds are:
i. High grade corporate bonds (rated AAA, AA, or A by Standard & Poor's or Moody's rating services);
ii. Each corporate bond may not represent more than 5%oftotal funds allocated for these investments;
Ill. The maximum maturity of corporate bonds may not be more than ten years;
IV. The Regional Management Team may restrict investments based on social and ethical criteria.
3. Restrictions
No investments other than those defined in policy may be made withont approval of the Regional Management Team. These restrictions include but are not limited to:
a . Foreign securities are prohibited;
b. No private placements or mortgages may be purchased;
C. Only dollar-denominated securities may be purchased.
E. REPORTING PROCEEDURES The Regional Management Team will receive an investment report quarterly. Annually, the Finance Coordinator will review performance and portfolio content of all investments and recommend to the Regional Management Team any changes in strategy.
F. CHANGES IN POLICY Investment Policy and Guidelines will be review annually by the Finance Coordinator and any recommendations for revision will be presented to the Regional Management Team for approval.
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