Board Brief 2012-37 Asset Management Committee Final Report

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Board
Brief 201
2
-
37

Asset Management Committee Final Report

Kaplan, Bill


Page
1

of
2

TO: NCMA Board of Directors

(BOD)

FROM:
Bill

Kaplan
, CPCM, Fellow


Chair, NCMA Asset Management Committee (AMC)

SUBJECT: AMC PY
1
2

Final Report

DATE: 2
6

Jun
20
1
2

Executive Summary

This is the Fina
l Report of the NCMA AMC for PY
1
2
. This

report is intend
ed for the
information of NCMA m
anagement and the BOD and covers AMC activities from 1 Jul
20
1
1

through 30 Jun
20
1
2
.

The balance of NCMA’s reserve fund investments as of 30 Jun
20
1
1

and 31 May
20
1
2

are
shown below:



30 Jun
20
1
1

31 May
20
1
2


Unrestricted Reserve $208,
46
4

$208,
895


Restricted Reserve

$
2
,
280
,
189






$
2
,
274
,
487



TOTAL RESERVES $
2
,
488
,
65
3


$
2
,
483
,
382

Through 31 May 201
2
, NCMA’s reserve fund investments are
down

0
.
2
% since 30 Jun
20
1
1
.

Wells Fargo, NCMA’s investment
advisors
,

briefed the Asset Management Committee and the
Board of Directors at the GCMC governance meetings in
November

201
1
.

Activities

A) Monthly investment reports were distributed to the Committee by the CFO by the 15
th

of the
following month.

B)
As a result of a strong oper
ating performance by NCMA in PY
1
2
,

the following transfer w
as

made from operating funds to restricted funds.

12
June

201
2


-

$
1
00,000

C)
R
isk Tolerance Survey
:

The charter of the Asset Management Committee requires that every three years the Board is
surveyed to assess the Board’s risk tolerance in respect of NCMA’s investments.

The last such
survey was done in 2008 and the Board
was

therefore surveyed

again

in
2011
. The results of this
survey w
ere

presented
by Wells Fargo
at the governance meetings in
November
2011

and
indicated that the Board wished to maintain a low to moderate risk investment strategy.
Th
is is
Board
Brief 201
2
-
37

Asset Management Committee Final Report

Kaplan, Bill


Page
2

of
2

consistent with

the results of the 2008 survey an
d
require
d

no material
changes in the Restricted
Funds portfolio.



Committee

The PY
1
2

AMC was composed of the following members:


Bill
Kaplan
-

Chair


Karl Bird
-

Member


Sam Smith


Ex
-
Officio Member


Alan Boykin


Ex
-
Officio Member


For
PY13

this committee has been subsumed into the Finance and Budget Committee.


Respectfully submitted,

Bill

Kaplan
, CPCM, Fellow

Chair, NCMA AMC PY 1
2