The monthly meeting of the Widows and Orphans Aid Association was called to order by President Mark McDonough on Tuesday, April 10, 2012 at 1:50 p.m. in Room 150 at the Hall of Justice.
President McDonough opened the meeting with the Pledge of Allegiance.
Roll Call of Officers:
President Mark McDonough, Vice-President Robert Mattox, Treasurer Dean Taylor, Secretary Joe Reilly, Trustees John Centurioni, Sally Foster, Al Luenow and Harold Vance were present. Trustee John Keane was excused. Past President Matt Gardner was also present.
Report of the Trustees: (taken out of order)
Our portfolio managers from Wells Fargo Bank, Mr. Jerome Paolini, Ms. Janet Walker and Mr. Ashley Daggs gave a summary report of first quarter portfolio activity. Wells Fargo has spun off its investment management operations to a new subsidiary known as Abbot Downing which will continue to manage the Association’s portfolio.
Stocks were up over the first quarter but the bond market was flat, however the Association’s portfolio did experience a 7.4% increase. Although the fundamentals for positive market performance appear to be there, the market still suffers from external pressures, namely European debt, real estate depreciation and unemployment. The investment strategy for the Association is directed at protecting the portfolio from the downside by avoiding long position exposure to market volatility. The Trustees expressed the Association’s appreciation for the expertise and continuing guidance of our portfolio managers.
Approval of the minutes of the March meeting:
A motion made by Centurioni, seconded by Foster to approve the March minutes passed without objection.
Receiving applications for new members, suspensions and reinstatements:
Reinstatement to membership: Jacklyn Jehl, after payment of all back dues and penalties, pursuant to Article III, Section #6, upon recommendation of the Trustees, was readmitted to the membership of the Association, without objection.
Communications and Bills:
Routine correspondence and the normal monthly bills were received in March. A motion by Mattox, seconded by McDonough to approve payment passed without objection.
Report of the Trustees:
The Association received no reports of member deaths since last month’s meeting.
Unfinished Business:
Joe Reilly reported that he is still communicating with the City’s Payroll and Personnel Division regarding payroll deducted dues.
New Business
None
Good of the Association:
If you are a Widows and Orphans member whose dues are deducted from your paycheck and are retiring soon, or if you have retired in the last year, please remember that payroll deductions for dues stop once you are retired. Dues payments are not deducted from retirement checks. (Automatic payment through the credit union is not affected) Please contact the Association for instructions on maintaining your membership. Members can contact the Association at woaasfpolice@gmail.com in addition to the Association’s voice mail phone number (415) 681-3660, or speak to any one of the Association officers.
Adjournment:
President McDonough set the next meeting for Tuesday, May 8, 2012 at 1:45 p.m. in Room 150 at the Hall of Justice. A moment of silence was observed for all our deceased members. The meeting was adjourned at 3:15 p.m.