As of 10/24/2019:

Checking balance- $66,256.92

Savings balance- $50,308.95

Overall, our races are net positive and are able to contribute too their charitable causes.  Each year we're showing about $5,000 net income after all general club expenses (insurances, trailer equipment and maintenance etc.)

We have two races remaining for 2019 that we're collecting fees for but have spent very little. Those are Canary and KT Darkness Falls. Squatch "20 is sold out so we have a hefty amount of cash from it that has not yet, but will be spent. Such is our normal situation.

Regarding the questions of our savings accounts from the annual meeting (read the minutes), here are some comments that I offered to Dan and Adam in August, shortly after the meeting. 

1) I called Huntington Banks to see if we could get a money market account with a better rate. The local guy told me if we opened a new account and deposited $10,000 we could get a rate of 2.12%. Otherwise, they can not change our rate. We could also open an 11 month CD at 1.2% or 12 months at 1.6%. A $50,000 cd would yield $800 for the year. Otherwise, we are stuck with our .25% savings rate.  Rates are low everywhere. This is not unusual.  

2) Currently Dan is the only signer on the account and therefore is the only one that can make changes. I suggest we add both Adam and myself as signers. I was told a simple letter printed on WVMTR letterhead is all that is required. Dan Lehmann would have to print, sign and take to the bank.

3) As follow up on #1, Ally Bank is an online bank  advertising an online savings for 1.8%. I’m not in favor of complicating our accounts and administration for a few hundred dollars per year.

We’re not crunched for cash nor are we in the business of making money. Just my two cents.

4) The other word that was used was "investment account". Anything other than a bank deposit account or CD will carry risk for loss of principal.  I am not in favor of this risk nor would I be willing to manage such a thing for the club. It's a conflict of interest for me personally. 

I welcome questions and feedback.  

Thank you 

I do not think we need to change any of our financial positions.  I agree with you Matt.  We are not in the business of making money and folks at the Annual Meeting were myopically focused (like that eye dr. pun?) on our club finances as they would approach personal finances.  Their points were  in well intention, but they lack some of the understanding that we have of leaders for our organization.

I would be happy to become a signer for the account.  That could help alleviate some of the burden from Lehmann.

I agree simple is good considering investments  

I also agree Adam and Matt should be added. 

Excellent work Matt! Don't change a thing.

Don't forget, we need a motion and a second to accept the Treasurer's Report.

I second we accept the treasurers report as submitted

@matt

Maximizing return on our investment only makes sense. It would be simple enough to close the Savings account and open another to earn the higher rate. I can do that when I take the letter in adding Matt and Adam to the account. Or I can just purchase the 12 month CD if that has support.

I'll need a copy of the minutes stating the addition of 2 new names. 

@dlehmann

I think you can simply right-click on this page and print the entire discussion as the minutes.  The same can be done for each topic as well, if completion is important.

I also don't think it's as simple as closing a savings account and opening another to get the promotional rate.  I asked about a similar thing last year (personally) and it required: 1) closing your account 2) transferring money to another bank 3) then transferring the money back as a "new" account to get the rate.

I like were Dan Lehmann is coming from .A CD earning $800 or a 2.12% rate for a while sounds good. If we keep the club finances like our own personal accounts then we should lock down interest rates and let our funds grow over the next few months and just keep running while watching our investments earn. The bit of extra income could go towards races that barely break even if need be.

I believe that the simpler we keep things, the better.  Matt is kind enough to give of his time to keep our finances in order.  It's no small task and he does quite a lot behind the scenes that many on the board may not even know.  I am subservient to his financial wishes and opinions.

@dlehmann

Dan, yes please, ask your local Huntington folks if they can help us with a better rate. I understood, as Adam stated, that the new account would qualify if we were entirely new to Hungtington Bank. WVMTR opening a third savings account would not qualify.  However, if you have a relationship that can help us achieve a better rate then let's do it.  Also the CD rates I quoted were from August. 

I just called again for the latest rates and things have changed slightly so here are two options to consider:

1) 7 month CD is 1.5%. Longer CD terms do not yield much more.  Our current rate environment with a flat yield curve means you don't get much benefit for going longer.  Next time we're all together I will thoroughly bore you with a more detailed explanation of that. 

2) A higher yielding money market with a 6 month guarantee of 1.25%. After six months it drops to .5% (current rate) and fluctuates.

My local branch raised both annuities and brokerage CDs but I would not be in favor of either of those. 

Dan Lehmann would have to do this transaction in the local branch so I'm in favor of giving him the authority to do either 1) the higher yielding money market or 2) short term CD not to exceed 1 year.  As long as it stays at Huntington I'm satisfied.  

@matt

if it ain't broke don't fix it.