Minutes of the Military Order of Foreign Wars of the United States
Annual Meeting 9/21/2106
The Players 16 Gramercy Park South, New York, NY 10003
Companions in attendance:
W.J. McShane
Harvey Bagg
Gary Dycus
Michael Luraschi
Steven Foley
Garrett R. Bowden
The meeting was called to order at 1850 by Commander William J. McShane
Opening Statement by the Commander:
In the absence of the 25 active Companions present required by our By-Laws and Constitution for a quorum, I will entertain a motion from the floor to proceed on the basis that the active Companions present represent approximately 15% of our active Companions.
So moved – Gary Dycus
Second – Garret Bowden
All in favor - Unanimous
All opposed - None
The motion is approved
Reports:
Secretary
The minutes of the 2015 annual meeting are available from the secretary.
I would entertain a motion to waive their reading.
So moved – Harvey Bagg
Second – Steven Foley
All in favor - Unanimous
All opposed - None
The motion is approved
Treasurer
In absentia the treasurer offered the following report.
As Treasurer of Military Order of Foreign Wars, I must report to you that our finances are generally sound, with a few cautionary notes. Although year-end figures for 2016 are obviously not yet available, the 2015 year-end summary shows that our receipts stood at $19,865 against disbursements of $41,306. In short, our expenses exceeded our revenues by $21,441 last year.
A comparison of our 2015 year-end statement with our current statement shows that we have taken measures to stabilize our financial condition.
12-31 2015 09-19-2016
Stocks: $131,892 $ 62,560
Cash: (- 9,859) 51,268
Net Value: $122,033 $ 113,828
Net Change Year to Date: $ (- 8,205)
Although it has never been our intention to "play the market," we have, over the years, successfully invested funds in high-quality stocks, which have appreciated continually over the long run. This value-based investing, even with our relatively small portfolio, has certainly out-performed those returns which would have been available with money market funds, generating not even 0.5 %. During the past year, we have liquidated some of our equity positions to meet our cash needs and to prudently reduce our debit balance.
Our main expense continues to be rent, with hefty salary and administrative costs having been eliminated altogether mid-year. Our main sources of revenue are derived from membership dues and contributions. Our membership remains constant at 62 active members, paying annual dues of $50. This is not the case for 2015. We reported 41 members, including 10 life members at 12/31/15 to our national organization. Although we rely heavily on voluntary contributions, most of these funds are received concurrently with our annual fall dinner meeting or at year-end, so at this time, there are no figures to report.
As an editorial comment, in closing, and I am sure that Bill agrees, please remember the Military Order of Foreign Wars with your generous contributions throughout the year while you are alive... and as a beneficiary in your will, for the gift that keeps giving.
Respectfully submitted, Major John C. Straton, Treasurer
Commander McShane - I would entertain a motion to accept the Treasurer’s report
So moved – Garrett R. Bowden
Second – Michael Luraschi
All in favor – Unanimous
All opposed - None
The motion is approved
Registrar
The names of the Active members in 2015 and 2016 are available from the secretary. The Registrar will conduct a follow up on the 2016 Dues.
I would entertain a motion to accept the Registrar’s report.
So moved – Harvey Bagg
Second – Steven Foley
All in favor - Unanimous
All opposed - None
The motion is approved
Election of Officers and Council members
Report of the nominating committee for Officers of the Commandery, One year term
Harvey Bagg, Commander
David Disi, Vice Commander
John Straton Jr, Treasurer
Daniel Hooker, Secretary
For members of the Council, term of three years to expire 2019
William McShane
David Disi
Motion to accept the recommendations of the Nominating Committee and to confirm the election of the slate.
So moved – Garrett R. Bowden
Second – Steven Foley
All in favor - Unanimous
All opposed - None
The motion is approved
Old Business
Records and archives inventory status – cataloging of all archive materials complete. Originals of all documents to be put in new file folders with printed and bar coded lables. This phase of the project will be complete by the end of this month.
New Business
Expiration of the Office lease April 30, 2017 and contingency planning.
Other Business
Address of the in-coming Commander Harvey Bagg stating goals and objectives involving increased membership initiatives and orderly termination of the Office lease.
Companion McShane - In the absence of further business, I would entertain a motion to adjourn this 2016 annual meeting.
So moved – Gary Dycus
Second – Michael Luraschi
All in favor - Unanimous
All opposed - None
The motion is approved
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