Annual Meeting 2016

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