[Ravensfort] FromtheBoard of Directors-Financial Announcement

LoCo CNC lococnc at consolidated.net
Mon Feb 23 09:26:10 PST 2009 

Many "non-profits" made huge mistakes in putting the money they had collected into 'investments' such as stocks in the last few years. With the stock markets going up up up a few years ago the temptation was too great. They kept seeing these 10-20% returns and forgot that it was also at risk of losing all it's value. Any entity that handles large sums of money in bank accounts would be wise to earn interest on it in the form of CD's or some such venue that protects the principal while earning a reasonable return for a no-risk investment.

---- Original message ----
>Date: Mon, 23 Feb 2009 11:09:56 -0600
>From: "Dan Smith Jr" <gogetdan at gmail.com>  
>Subject: Re: [Ravensfort] Fw: Re: Fw: [Ansteorra-announce] [Announcements] FromtheBoard of Directors-Financial Announcement  
>To: <silalmhain at yahoo.com>, "Ravensfort List" <ravensfort at lists.ansteorra.org>
>
>Wow... good.  I don't feel so silly in thinking the exact same thing.  Like 
>you,  I'm not really sure that it should irritate me.  But it does.  I'm 
>still looking for more opinions / information before I write a comment.
>
>Thanks,  Alaric
>
>--------------------------------------------------
>From: "Cathal SilAlmhain" <silalmhain at yahoo.com>
>Sent: Monday, February 23, 2009 9:35 AM
>To: "Ravensfort List" <ravensfort at lists.ansteorra.org>
>Subject: [Ravensfort] Fw: Re: Fw: [Ansteorra-announce] [Announcements] 
>FromtheBoard of Directors-Financial Announcement
>
>> I think that this means that they had some savings in stocks (more 
>> volatile) which they moved to bonds, money markets, or cds (increasing 
>> less volitile in the order that I have listed them).  The question is, why 
>> did they have any money in stocks (especially high-risk stocks) in the 
>> first place?  the natural answer to this question would be "to make money 
>> in the stock market" but that answer doesn't satisfy: the point of the SCA 
>> is not to make money.  The point of the SCA is to spend the money it has 
>> doing the SCA's work (namely, facilitating the play of its members). Not 
>> to mention the fact that taking the money out of volitile investments 
>> *after* the investments have tanked is not really beneficial . . .
>>
>> Note that the foregoing is based on reasonable assumption, not fact.
>>
>>
>>
>>
>>
>> --- On Sun, 2/22/09, Dan Smith Jr <gogetdan at gmail.com> wrote:
>>
>>> From: Dan Smith Jr <gogetdan at gmail.com>
>>> Subject: Re: [Ravensfort] Fw: [Ansteorra-announce] [Announcements] From 
>>> theBoard of Directors-Financial Announcement
>>> To: giovanna51 at yahoo.com, "Raven's Fort Barony of" 
>>> <ravensfort at lists.ansteorra.org>
>>> Date: Sunday, February 22, 2009, 1:54 PM
>>> Before I go further, can somebody explain this line to me so
>>> that I'm sure I get it's meaning? :
>>>
>>>
>>> "4.    The Directors and corporate staff have
>>> realigned our investments in minimize the impact of a
>>> volatile market."
>>>
>>>
>>> Thanks.  Alaric
>>>
>>>
>>>
>>>
>>> From: CAC
>>> Sent: Friday, February 20, 2009 11:51 AM
>>> To: Raven's Fort Barony of
>>> Subject: [Ravensfort] Fw: [Ansteorra-announce]
>>> [Announcements] From theBoard of Directors-Financial
>>> Announcement
>>>
>>>
>>>       This is interesting for those that aren't on the
>>> Ansteorra list. For those that are I apologize for your
>>> having to look at it twice.' The times they are
>>> a'changin."  wasn't that Bob Dylan?!
>>>
>>>       --- On Fri, 2/20/09, Patrick Anderson
>>> <president at sca.org> wrote:
>>>
>>>         From: Patrick Anderson <president at sca.org>
>>>         Subject: [Ansteorra-announce] [Announcements] From
>>> the Board of Directors-Financial Announcement
>>>         To: announcements at sca.org
>>>         Date: Friday, February 20, 2009, 11:27 AM
>>>
>>>
>>> Financial Announcement:Our organization, like most of the
>>> world, is suffering from the recenteconomic down turn.
>>> Please take a moment to review the 2009 SCA, Inc.budget the
>>> directors and corporate staff have posted
>>>  athttp://www.sca.org/. As you can see, the SCA is
>>> forecasting a deficitfor this budget cycle (2009). At this
>>> time, this is only a forecast, andwill be monitored and
>>> modified as the year progresses. For the yearending 2008, we
>>> had a net loss of $181,595.56. Looking forward to
>>> 2009,changes in funding strategy will be required to meet
>>> current and futureneeds.The SCA's 2008 and projected
>>> 2009 deficit is a result of severalfactors.1.      An
>>> increase in the cost to the SCA's liability insurance.2.
>>>      The increased cost of travel.3.      The increased cost
>>> materials; printing, paper, postage etc.4.      Over the
>>> last couple of years our membership numbers hadremained
>>> steady. However, the last four months have shown a
>>> slightoverall decline in membership and more people are
>>> renewing as associateorfamily members, resulting in a loss
>>> of revenue.5.      The Organization's branches hosted
>>>  roughly 100 fewer events thisyear; down to 1123 from 1247
>>> the previous year.At the October 2008 Board meeting the
>>> Board of Directors took thefollowing substantive measures to
>>> cut costs.1.    The elimination of one of the quarterly
>>> in-person meetings of theBoard of Directors, the July
>>> meeting, which will be replaced by aconference call. Please
>>> note: The directors remain committed to outreachto the
>>> membership. The elimination of this meeting was a
>>> difficultchoice as the directors and corporate staff is
>>> committed to publicmeetings, traveling across the Known
>>> World in order to meet the membersand gain input from
>>> them.2.    The introduction of the online waivers, which
>>> will reduce postageand paper costs.3.    The Corporate
>>> office also negotiated a reduction in rental fees inour new
>>> lease.4.    The Directors and corporate staff have realigned
>>> our investmentsin minimize the impact of a
>>>  volatile market.Looking forward, we see the potential for
>>> continued financial distressfor the Organization. In light
>>> of the 2008 loss, the Directors andcorporate staff are
>>> currently working through a variance analysis. Thefirst
>>> results of this analysis are the measures noted above.
>>> Movingforward, we are looking at a variety of options to
>>> reduce costs, andincrease our revenue. Please take a moment
>>> to review the list of ideasbelow and send us your comments
>>> and ideas. We understand that some ofthe options will be
>>> unpopular in areas of the Society. This should notbe
>>> considered a complete list of all options, nor should any of
>>> theseitems be considered as a "done deal". While
>>> we have no wish to undulychange the spirit of our shared
>>> activity, we feel strongly that at thistime all options must
>>> be placed on the table, examined andreviewed.1.
>>> Development of a Grant program, specifically target at
>>>  supportingour publications and A&S activities.2.
>>> Offering Tournaments Illuminated and The Compleat
>>> Anachronistsubscriptions to non members, libraries, schools,
>>> and others.3.    Raising the rate for these publications to
>>> our members. 4.    Adding new tiers of member sponsorship of
>>> the SCA such as a Donoror Sponsor level of involvement.5.
>>> Examining the different membership participation options,
>>> with ashort term "event pass" for new
>>> participants.6.    Increased funding from sales of SCA
>>> related merchandise (via CafePress or other similar sites
>>> Individual Kingdoms currently have gone inthis direction. We
>>> are not looking to curtail this activity. )7.    Raising
>>> membership rates.Please note that the Organization is
>>> capable of funding the forecasteddeficit for 2008 and 2009
>>> from our reserves. However, with the currenteconomic
>>> environment and the SCA's challenges, this does not seem
>>>  tobe a prudent solution.As ever, the Board of Directors
>>> and Corporate staff needs your input andideas.Comments may
>>> be sent to; comments at sca.org. Please recall that this is
>>> acomment only address. The Directors all see the email from
>>> this commentsaddress, however we do not offer individual
>>> responses.Thank you for your time and review of this
>>> material.--Patrick AndersonPresidentSociety for Creative
>>> Anachronism, Inc.president at sca.org952-412-4112Comments are
>>> strongly encouraged and can be sent to:SCA Inc.Box
>>> 360789Milpitas,  CA 95036You may also email
>>> comments at lists.sca.org.This announcement is an official
>>> informational release by the Society forCreative Anachronism
>>> , Inc.  Permission is granted to reproduce thisannouncement
>>> in its entirety in newsletters, websites and electronic
>>>
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>>>
>>>
>>>
>>>
>>> --------------------------------------------------------------------------------
>>>
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>>
>>
>>
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