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Minutes of RASCC General Membership Meeting

 

October 8, 2004 – 10:00 a.m.

 

Faculty Dining Room – Selden Campus

 

 

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The meeting of the RASCC General Membership was opened at 10:00 a.m. by President Peter Herron with 17 members present.  The following items were discussed:

·        The schedule of events for the inauguration of President Shirley Pippins

·        The RASCC newsletter, which will be printed in color for the next edition

·        A request for someone to take over the responsibility of editing the newsletter

·        The new RASCC web-site address: www.rascc.org.

·        The Newsletter Committee is still seeking articles and information on former colleagues

·        Sincere condolences to the family of Dan DePonte who recently passed away

·        The Annual Holiday Luncheon on December 15th as well as the Holiday Mansions and Lights bus tour on December 9th

·        The need for speakers for the general membership meetings in 2005

 

President Herron introduced the guest speaker, a former colleague and current RASCC member--Charlie Reilly--whose topic was “Managing Your Financial Investments or Nest Egg.”  Charlie opened his remarks by stating that the goal of his presentation was for everyone to take away “one good idea that works.”  Some of the areas covered were:  financial goals; preserving income; assessing risk in investments (choice of eating well or sleeping well).  He categorized the different types of investments as:  1) lower risk:  TIAA, U.S. Government Saving Bonds, insured bank deposits, short-term bonds, Government Guaranteed Agency (GNMA); 2) moderate risk: Blue Chip – CREF, real estate, long-term municipal bonds; 3) high risk: small capital growth, foreign

 (Cont’d)

Minutes of RASCC General Membership Meeting

October 8, 2004                                                                                              Page 2

 

investments, long-term corporate bonds; 4) highest risk: high tech companies, health sciences, new technology.  Charlie also covered buying stocks, and how to check their credit ratings.  He advised the group that the greatest risk to the economy is inflation and that the best way to protect one’s assets is to invest in natural resources, such as oil, metals and gold.  Charlie gave additional advice in setting up portfolio records on personal computers utilizing such programs as Yahoo and Quicken.  He suggested keeping a distinction between what will be taxed and what will not be taxable income.  In addition, he suggested that the portfolio should separate retirement accounts and non-retirement accounts, as well as individual stocks and mutual funds.  Charlie indicated that some of these computer programs have the capability of analyzing your investments and his advice was to “keep it simple” for yourself and your heirs.  Another suggestion was to discard small assets and, most importantly, to maintain an updated will, as well as making certain that a beneficiary designation is indicated on all retirement and insurance accounts.  In closing, Charlie recommended that an annual list of assets be prepared with account titles, beneficiaries and year-end market values.

A question and answer period ensued after Mr. Reilly’s presentation.  President Herron thanked Charlie for an excellent lecture and for sharing his knowledge and expertise in the field of investing.

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Before the conclusion of the meeting, President Herron reminded the group that election results and membership dues should be sent to Ginny Kobarg in the Cottage.

The next meeting of the general membership will held in January, 2005.

The meeting adjourned at 11:15 a.m.

                                                                        Respectfully submitted,

 

                                                                        Virginia Trombetta, Secretary - RASCC