Treasurer reports completed transfer to Fidelity

Source scan page 21

Treasurer Report - Nov 19, 2014 Election & Business Meeting (Ceman)
2014 3Qtr Financial highlights
? Revenues are slightly under Plan/Budget (~10%) due to shortfalls in several
categories: Lib. Book Sales, DVD Rentals, Internet Sales, and Donations.
? Expenses are ~20% above Plan/Budget primarily due to over-expenditures in
the Library Books category (procurements are actually over budget for the
entire year) and Bookstore supplies (unplanned expenditures due to the
bookstore move/ location change). This Library Books over-budget situation
was worked proactively with HB Library Asst. Mgr. Lydia Wang who was not,
aware that there was a HB FOL budget/ limit. The Library has agreed to curtail
Book ordering/ purchasing until after Dec 1" which effectively moves any
future billing into the 2015 calendar year and Budget. The 2015 Plan/Budget
categories and allocations will be reviewed based 2014 (and past years)
performance.
? Please note that Revenues exceed Expenses by ~$7000 (~30%) in the 2014
Plan/Budget (in other words, there is some additional budget to work with and
cover over expenditures)
? Internet Sales for the first three quarters are slightly under plan
? Recent Donations include a generous $700 (Seeger) and $100 donations from
the Kiwanis and from Lombardi Construction in honor of Moneca Vance
Miscellaneous Items
? Wayland & Vukadinovich LLP, CAs have sent notice that they will no longer be
preparing Tax Returns for Tax Exempt organizations (i.e., HB FOL). Their letter
included advice and instructions on how we can prepare Forms 990 (federal)
and 199N (state), straightforward since our gross receipts are less than
$50,000. I will attempt to follow their instructions to prepare the 2014 HB FOL
returns, which are submitted in May. Instructions were also included for
preparing and filing the 2015 Charitable Org Registration to be submitted in
May to the CA Attorney General office BoB Says We have time -
2014_HBFOL_Nov_Mtg_Treasurer_Report.doc 1

Source scan page 22

? The Volunteer Organizations Liability Insurance premium was mailed recently
to renew our policy for 2015
Old Business
? HB FOL Assets and Investment Accounts - Transfer of assets from Morgan
Stanley to Fidelity was completed in September. George Ceman and Robert
Luthardt are both registered on the new Fidelity account and have "owner"
administrative access. George Ceman also has online account access through
the Fidelity.com site. The investment plan for the Fidelity account remains
consistent with previous board discussions, and is based on the strategy where
monies are allocated as follows: ~ 70% long term (> 5 years), ~20% mid term
(1-5 years) and ~10% short term (< 1 years). Mutual Fund options in each of
these categories have been identified working with Fidelity VP, Matthew Kim
(our account representative), and purchases are planned in December.
2014_HBFOL_Nov_Mtg_Treasurer_Report.doc 2