Minutes
Meeting
called to order at 9:20 AM. This was a joint meeting of
the NYSSCPA and FAE Investment Committees.
Prior
Minutes - Thomas Riley made a motion to approve the
minutes from the January 2001 Investment Committee meetings,
and the motion was unanimous.
Chair
- Nadine Lee agreed to serve as chair of the committee.
New
Business - The committee reviewed the Investment Guidelines
for Society.
Jo
Ann Golden stated that she would like quarterly statements
from both the Bank of New York and Bernstein sent to committee
members. Lynn Chambers agreed to discuss that mailing arrangement
with both institutions.
Nancy
Newman-Limata remarked that the quarterly investment returns
need to be recalculated on the reports presented by staff,
as the return seemed to include 100% of the monthly transfers
instead of a pro-rated amount. Ms. Chambers replied that
it would be done, and the material would be resent to committee
members.
Bank
of New York had not arrived at this point, so the meeting
was temporarily adjourned at 9:40 AM.
Sanford
Bernstein Presentation - The meeting was reconvened
at 9:50 AM, and Paul Cobuzzi from Sanford Bernstein distributed
a handout containing information on the funds invested with
his organization. Mr. Cobuzzi reviewed the financial information,
ratios, and graphs included in his material. Committee members
questioned Mr. Cobuzzi concerning some of this information.
He concluded his presentation at 10:50, and was excused.
Bank
of New York - Bob Douglas and Warren Costikyan from
the Bank of New York distributed information to all members.
Mr. Douglas and Mr. Costikyan reviewed the information with
the committee members, and answered questions from the committee
on a variety of subjects. Committee members were especially
concerned about the September 11th events' affect on the
Bank of New York operations, including lockbox deposits
and ACH transfers. At the end of their presentation, Bank
of New York was excused from the meeting.
General
Business - The committee members discussed the presentations
made by each company. The committee was satisfied with the
performance of both the Bank of New York and Sanford Bernstein.
A resolution was unanimously passed to retain the services
of both firms.
The
committee is required to meet annually, but a second meeting
may be scheduled in either in January or April, if necessary.
There
being no further business, Ms. Lee made a motion to adjourn
the meeting that was unanimously approved. The meeting was
adjourned at 11:30 AM.
Respectfully
Submitted,
David
Haar Approved
12/14/01
