Gene Klodzen
05-08-2002, 12:05 PM
The following, received by NAWCC NEWS is posted for your information
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To all NAWCC Members,
The Museum Trustees met on Saturday, May 4, and carried out the following
actions with regard to the endowment and other funds of the National
Watch and Clock Museum.
1) Five resolutions which had previously been approved by mail vote were
ratified.
These indluded:
* A resolution providing for the establishment of three separate and
independent funds for the purpose of improving the long term financial
development and security of the Museum and its Library and Research
Center.
* A resolution establishing The National Watch and Clock Museum
Endowment
Fund.
* A resolution establishing The Library and Research Center Endowment
Fund.
* A resolution establishing The Museum and Library Investment Fund.
* A resolution reaffirming the terms of the Chapter #133 Grant to the
Library
and Research Center Endowment Fund.
2) A resolution was passed approving the establishment of new or renamed
accounts for each of the three above mentioned funds, and authorizing the
transfer of funds from existing accounts in accordance with the wishes of
the donors.
3) A resolution was passed authorizing the Executive Director Nancy
Connelly
and Controller Robb Green to take the necessary steps to transfer the
funds.
4) A resolution was passed authorizing accumulated interest through
March 31, 2002 to be transferred
to general accounts for support of the Museum and Library as
appropriate.
The Trustees informed those present that all existing funds had been
reviewed and the donors'
intent verified. Following final transfer of the funds, to be completed
this
month, these accounts will hold the following approximate amounts,
excluding any additional donations that may be received:
Museum Endowment Fund: $158,855
Library Endowment Fund: 60,150
Museum Investment Fund: 90,007
TOTAL $309,012
Additionally, an amount of approximately $16,559 of accumulated interest
was
authorized to be transferred to operating funds.
With these actions, the Trustees have now established two clearly defined
endowment funds for which the capital will be permanently protected, as
well as a Board directed investment account to be used for long term
capital and other needs of the Museum and Library. The interest from
these accounts will be utilized to provide inflation protection of the
capital, and to support the operations of the NWCM.
This message was prepared by John Hubby, NAWCC 2nd Vice President. For
additional information, please contact John at pastimes@juno.com or Ralph
Fletcher at ralfletch@aol.com
---------------------------------------------------
To all NAWCC Members,
The Museum Trustees met on Saturday, May 4, and carried out the following
actions with regard to the endowment and other funds of the National
Watch and Clock Museum.
1) Five resolutions which had previously been approved by mail vote were
ratified.
These indluded:
* A resolution providing for the establishment of three separate and
independent funds for the purpose of improving the long term financial
development and security of the Museum and its Library and Research
Center.
* A resolution establishing The National Watch and Clock Museum
Endowment
Fund.
* A resolution establishing The Library and Research Center Endowment
Fund.
* A resolution establishing The Museum and Library Investment Fund.
* A resolution reaffirming the terms of the Chapter #133 Grant to the
Library
and Research Center Endowment Fund.
2) A resolution was passed approving the establishment of new or renamed
accounts for each of the three above mentioned funds, and authorizing the
transfer of funds from existing accounts in accordance with the wishes of
the donors.
3) A resolution was passed authorizing the Executive Director Nancy
Connelly
and Controller Robb Green to take the necessary steps to transfer the
funds.
4) A resolution was passed authorizing accumulated interest through
March 31, 2002 to be transferred
to general accounts for support of the Museum and Library as
appropriate.
The Trustees informed those present that all existing funds had been
reviewed and the donors'
intent verified. Following final transfer of the funds, to be completed
this
month, these accounts will hold the following approximate amounts,
excluding any additional donations that may be received:
Museum Endowment Fund: $158,855
Library Endowment Fund: 60,150
Museum Investment Fund: 90,007
TOTAL $309,012
Additionally, an amount of approximately $16,559 of accumulated interest
was
authorized to be transferred to operating funds.
With these actions, the Trustees have now established two clearly defined
endowment funds for which the capital will be permanently protected, as
well as a Board directed investment account to be used for long term
capital and other needs of the Museum and Library. The interest from
these accounts will be utilized to provide inflation protection of the
capital, and to support the operations of the NWCM.
This message was prepared by John Hubby, NAWCC 2nd Vice President. For
additional information, please contact John at pastimes@juno.com or Ralph
Fletcher at ralfletch@aol.com