Blogs

May 11, 2012

This past week we received the first distribution from the estate of Betty R. Deroski of Cutchogue, NY. Her husband Robert was a member for 38 years before passing in 2007. The check was for $31,250 and is estimated to be about half of what will be distributed to the NAWCC from the estate’s trust. Twenty-five percent of the trust is to be split among six beneficiaries of which we are one. This means we will receive 4.17% of the trust. [more]

by the BOD; however, how long will it be before another dues increase will be submitted?

May 4, 2012

The Board voted in its April business to discontinue the yearlong diploma programs at the School of Horology while affirming strong support for shorter term educational offerings for beginners, serious collectors and repair professionals. They also voted down the budget proposal that was under consideration to allow for additional adjustments on the income and expense sides. Work is continuing on the budget with consideration of a revised budget probably being voted on at the June meeting. [more]

April 27, 2012

The auditors were in Monday through Wednesday to go over the books for the fiscal year that ended March 31. The audited financial reports will be prepared and made available to the Board at the June meeting in Pasadena. The brightest spot in last year’s finances was the rebound in the value of our investment portfolio. [more]

April 20, 2012

Thursday we had a conference call with the Finance Committee and the investment adviser from Merrill Lynch to review our NAWCC investments. Overall returns for the portfolios are good especially in the last six months. Last spring’s returns reduced the annual return for our long term investments but with a new investment adviser as of the end of last summer we have been working to diversify from some of the larger holdings made in years past. Funds in our short term investments total $646,116 and the total of our long term investments is $1,435,192. The long term investment fund currently has 52.4% of its funds in fixed income instruments. This amount will be gradually decreased and a higher percentage will be invested in equities. [more]