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08-03-2011 Minutes
Minutes of the Regular Meeting of the CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT TRUST FUND BOARD OF TRUSTEES (GERB) Held on August 3, 2011 At 150 N. Lakeshore Drive Ocoee, FL 34761 CALL TO ORDER — Chairman Wagner Chairman Russ Wagner called the meeting to order at 10:03 a.m. in the Commission Chambers at City Hall. Roll Call Chairman Wagner called the roll and the recording clerk declared that a quorum was present. Present were Chairman Russ Wagner, Trustees Jean Grafton, David Wheeler, Wendy West and Pat Gleason. Also present were GERB Attorney Lee Dehner, Mr. Tim Nash of Bogdahn Consulting, LLC, Human Resources Director Gene Williford, HR Specialist Debbie Bertling, and GERB Recording Clerk Stella McLeod. Approval of Minutes Chairman Wagner directed the board's attention to the minutes for the May 4, 2011 meeting (Exhibit 41). Trustee Jean Grafton cautioned the recording clerk to be careful not to use `the City' when referring to the pension board. A motion having been made by Trustee West and seconded by Trustee Gleason, and that motion having carried unanimously, the board RESOLVED to approve the May 2011 minutes. Chairman Wagner introduced Pension Technician Junelli Maher to the board. Board members welcomed Ms. Maher and commended her on the improvements that they have seen since she came aboard. General Employees Retirement Board August 3, 2011 Page 2 of 7 NEW BUSINESS Investment Consultant Report — Mr. Tim Nash of Bogdahn Consulting, LLC Mr. Nash reported that the past quarter was a good one for the pension fund (Exhibit #2). The June quarter (page 3) international stocks up 1.8%. The S & P 500 was barely positive. The bond market was up over 2.3% over the quarter. The last few days of June were positive. Page 4 of the report shows the large mid and small value stocks were negative for the quarter. Mr. Nash noted that the ICC multicap fund (which looks at large mid and small cap stocks) is opportunistic and goes where it needs to go. It was negative for the quarter. On page 8 of the report the different countries of the EAFA Index are listed. The Japanese stock market was up about 20 basis points. Other countries were up over 30%. Barings International stock has about a 15% allocation to Japan which affected Baring's overall performance. Cashflows are on page 16. Mr. Nash reported that there was $2.1 million gained for the fund which translates to a 11.61 % rate of return. Chairman Wagner asked if the percentage increase is simply the earnings income. Is the City's contribution calculated in that increase? Mr. Nash replied `no'. The calculation is the ending balance minus the beginning balance. Contributions or withdrawals are not included the calculation. Any income is factored in. Pages 16 and 17 list the quarterly returns which show the fund up 30 data points. Indices were up 1.01 %. The median manager was up 1.07%. Why was the fund behind for the quarter, Mr. Nash asked? The domestic equities pulled the fund back. The chairman remarked at how Rockwood and ICC have switched positions in terms of their performance. At one point in the past, Rockwood was the problem performer. The board and Mr. Nash began a discussion regarding measures taken by the consultant to monitor ICC's performance. On the bond side, Mr. Nash continued reporting, Agincourt continues to do a very nice job being up 2.38% for the quarter, 1.73% for the fiscal year-to-date. There are no recommendations for change; the portfolio is doing quite well. The fund is beating the index by almost 300 basis points per year. The fund's ranking (among 447 public pension plans across the country) in the fiscal year is the top 45t" percentile. In the three year term the fund is in the top 3rd percentile and in the five-year the fund is in the 2nd percentile. Mr. Nash commended the board for the fine performance of the fund. General Employees Retirement Board August 3, 2011 Page 3 of 7 Chairman Wagner asked where the fund stood with contracts with real estate companies (adding real estate to the portfolio had been previously approved by the board). Board Attorney Lee Dehner said that an agreement will be signed as part of the necessary documents. Chairman Wagner said that he had just recently received contracts in the mail, but was not quite sure what to do with them. Mr. Nash said that once the board selects the real estate manager, the manager contacts the board's attorney. Then the board will be contacted if all is well. (HR Director Williford and HR Specialist Debbie Bertling enter the meeting 10: 31 a.m. ) Pension Technician Report — Junelli Maher Chairman Wagner announced that in the future, the pension technician will be giving a quarterly report. He updated the board regarding the set-up of the technician's office and her office hours (8:00 a.m. to 2:00 p.m., Monday through Thursday). Trustee Grafton congratulated Pension Technician Maher. In addition to further discussion, the chairman reported that 100% of verification letters had been returned to the pension office [the letters verify that the pensioner is not deceased]. Discussion - Ordinance Amendments Discussion began about the need for amendments to the pension ordinance. The board attorney concurred that amendments will need to be made. Attorney Dehner noted that numerous proposals have been made to the Senate Bill 1128 in the legislature. The bill has been significantly watered down. The most significant amendment with impact to the City is the compensation definition for benefit calculation purposes. Further discussion ensued. With respect to the computation, the statute says that it is a fixed computation that allows up to 300 hours of overtime for service rendered after July 1, 2011. This change will need to be reflected in the pension ordinance according to the board attorney. Chairman Wagner said the question that the board has had is if the hours are based on a monetary amount or is if it is based on the number of hours at the time that they retire. Attorney Dehner said it is based on hours, and the City can determine whether or not it is going to use average compensation in effect as of June 30th or average compensation at time of termination from employment. This will be up to the City to determine. The board may make a recommendation to the commission. Attorney Dehner added that there can be no lump sum payments of unused sick or vacation pay included for retirement calculations for periods of service after July I". The attorney continued that there is now a requirement as a disclosure item that the actuary, with each valuation, calculate the cost of benefits in the plan utilizing a 73/4 % investment return assumption. This is the Florida Retirement System rate so that the state can compare apples to General Employees Retirement Board August 3, 2011 Page 4 of 7 apples. Foster & Foster has sent a letter to the City requesting a corresponding change in their contract with the City in order to meet this requirement. Chairman Wagner asked if this is a fairly simple plan. Attorney Dehner said it will differ from plan to plan. Ultimately, it must comply with the requirements of the statute. The board will discuss and develop an amendment and make recommendations to the City commission. The attorney confirmed for the chairman that as long as the board is working on compliance, and not doing anything in conflict with the statute, it should stand the board in good stead. Chairman Wagner asked if the current rule is fair (under current pension rules, if a sixty -year old joins the pension plan, he/she is automatically vested). Attorney Dehner answered that there is a distinction between the years required to vest and the retirement age. Further discussion ensued. Chairman Wagner said that the actuary should weigh in on the matter. Regarding the DROP program, one of two selections could be made: 1) the set interest rate of 6.5% per quarter, or 2) value of investments made. Chairman Wagner said that it is a lot cheaper for the board to have a set interest rate. Having two choices is very cumbersome to administer. When Trustee Wheeler asked how many have taken the variable rate versus the fixed rate, HR Specialist Debbie Bertling answered `none'. Trustee Wheeler concluded that the board should remove the variable rate as an option. Further discussion ensued. HR Director Williford asked if the attorney saw anything wrong with the language of the City's personnel Rules and Regulations. The attorney responded that as long as the changes comply with the statute, HR should be in a good position. Further discussion ensued. (11: 29 - Trustee West exits to the foyer) The board discussed the purchase of service time. Air time requires employee to be vested before purchase of additional service time can be made. After discussion with the board attorney and HR staff, it was concluded that the board probably does not want to make changes. Chairman Wagner said that he will chat with the actuary and the city manager to discuss items that might need to be placed in the pension ordinance. (11: 34 — Trustee West returns) The board discussed the actuary's request for an increase in fees. A motion having been made by Trustee Wheeler, seconded by Trustee Grafton, to approve the increase to the fees as requested by actuary Foster & Foster, and that motion having carried unanimously, the board RESOLVED to increase the fees as requested by the actuary Foster & Foster. General Employees Retirement Board August 3, 2011 Page 5 of 7 OTHER BUSINESS Payment of Invoices Ratification Chairman Wagner reviewed with the board the auditor's reporting requirements as it relates to the board's payment of invoices (Exhibit #3). Trustee Grafton asked about the Florida Public Retirees Organization (FPRO). Discussion ensued. Chairman Wagner stated that the board is paying for the board members to become members. Trustee Gleason said that she had already paid for her own. Trustee Grafton said that the FPRO will refund the money if the board pays for its members. A motion having been made by Trustee Grafton, seconded by Trustee Gleason, to ratify the invoices presented and that motion having carried unanimously, the board RESOLVED to ratify the payment of the invoices presented in the handout. Quarterly Activity Report Review The board reviewed the activity report prepared by HR Specialist Bertling (Exhibit #4). Trustee Grafton commended Ms. Bertling for her work regarding the activity report. After asking the board members if there were any questions, and the board posing no questions, the chairman solicited the board for a motion concerning the invoices. A motion having been made by Trustee Wheeler, seconded by Trustee Grafton, to ratify the activity report presented, and that motion having carried unanimously, the board RESOLVED to ratify the activity report. Trustee Grafton said that the folks on the activity report should be given an opportunity to join the FPRO. Florida Public Pension Trustees Association (FPPTA) Chairman Wagner pondered the idea of commission members attending the FPPTA which could be conflict of interest. Trustee Grafton suggested that the pension technician attend an FPPTA conference. She said that the commissioner (who approached a trustee about attending the conference) said that he believed that attending the conference would help him be a better commissioner. General Employees Retirement Board August 3, 2011 Page 6 of 7 Trustee Gleason said that while it would be nice for commissioners to attend, she does not think that it is necessary. Additional discussion ensued during which Chairman Wagner mentioned that at any point the board could be asked to report to the commission about the board's handling of the fund, but he is confident that the board can show that it has been prudent in the handling of the pension funds. Chairman Wagner was selected by the FPPTA to go to The Wall Street Program in March of 2012. ATTORNEY'S COMMENTS Helps 2 legislation — not expected to come back to the floor this session. Attorney Dehner reminded board members that financial disclosure filings were due 7/1/2011; the penalty date is September 1, 2011. He advised that board members could check the supervisor of election's website to verify their forms have been received. COMMENTS FROM TRUSTEES / CITY LIAISON Trustee Gleason said that she was very impressed with Pension Tech Junelli Maher and thanked her for her work. HR Director Williford commended Ms. Maher as well; he also thanked the board for allowing him to attend the FPPTA training. AGENDA FOR NEXT MEETING Ordinance changes; possibly bring in the actuary The auditor may have a report COMMENTS FROM PUBLIC.— None. General Employees Retirement Board August 3, 2011 Page 7 of 7 ADJOURNMENT There being no other business, the meeting was adjourned at 12:06 p.m. ��sPectfully submi d by: 41-1 Stella McLeod, Municipal RIZ7WQrdipator GERB Recording Clerk App ued by: Russell B. Wagner, 5FRB Chairman Minutes of the Regular Meeting of the CITY OF OCOEE GENERAL EMPLOYEES' RETIREMENT TRUST FUND BOARD OF TRUSTEES (GERB) Held on May 4, 2011 At 150 N. Lakeshore Drive Ocoee, FL 34761 CALL TO ORDER — Chairman Wagner Chairman Russ Wagner called the meeting to order at 10:08 a.m. in the Commission Chambers at City Hall. Roll Call Chairman Wagner called the roll and a quorum was declared present. Present were Chairman Russ Wagner, Trustees David Wheeler, Wendy West and Pat Gleason. Absent/excused was Trustee Jean Grafton. Also present were Mr. Tim Nash of Bogdahn Consulting, LLC, Human Resources Director Gene Williford, Debbie Bertling, Human Resources Analyst, and GERB Recording Secretary Stella McLeod. Approval of Minutes (Prior to the approval of the minutes, at the board's request, Trustee Wheeler gave a summary of his trip to New York with FPPTA.) The chairman directed the board's attention to the minutes for the January 26, 2011 meeting (Exhibit # 1). A motion having been made by Trustee Wheeler and seconded by Trustee West to approve the minutes, and that motion having been carried unanimously, the board RESOLVED to accept the minutes as presented. General Employees Retirement Board May 4, 2011 Page 2 of 9 OLD BUSINESS Pension Technician Position Chairman Wagner told the board about the new pension technician. Her office will be right across from the entrance to the finance office. Trustee West asked about what she would be paid. The chairman answered that for a 22-hour week, the technician will be paid $25,000 annually. She will be an employee of the finance office technically, but she will take direction from the board chairman and will also be trained by Debbie Bertling (HR). The office and computer have been set up, the chairman said. Trustee Gleason asked how employees would know about the new pension technician. Chairman Wagner replied that nothing about the technician has been sent out yet so that she can get her `feet wet' first. The chairman concluded that the employees will be notified that the technician is on board, but she will need the support of all of the City departments until she becomes accustomed to performing the necessary duties. Service Eligibility Determination Chairman Wagner reported that following discussion regarding this previously -tabled matter with City Manager Frank and the commissioner involved, it has been concluded that one cannot combine prior general City service with commission service. The actuary and attorney advised that they did not believe this could/should be done based upon the City's pension ordinance; therefore, it is clear that one cannot combine contributory service with non-contributory service. The commissioner can receive, however, credit for his previous City service if he should work for the City as a general employee following the expiration of his term as a commissioner. He would then receive a separate pension as a general employee if he added regular employee service to equal a total of five years. He could also begin to take his City Commission pension once he exits his elected post. Attorney Dehner further explained that the provision in the ordinance was amended in order to bring in employees who had been in a different City pension plan a few years back. The attorney concluded that for members who terminated employment with the City prior to October, 1991, and who become employed by the City on or after October, 1991, they will be given pension credit for all of their eligible service to the City. Further discussion ensued. The chairman said that to do it any other way would require a change to the ordinance which is unlikely since it would be almost impossible to determine the actuarial impact to the pension fund. General Employees Retirement Board May 4, 2011 Page 3 of 9 Chairman Wagner asked if the board needs to make a determination. Attorney Dehner said that a request was made; hence, a motion needs to be made. Chairman Wagner solicited the board for a motion. A motion having been made by Trustee Wheeler and seconded by Chairman Wagner based upon the advice of the attorney and the actuary concerning a request to combine general employee service with commissioner service for the purposes of the pension, the board unanimously RESOLVED to deny the request. NEW BUSINESS Investment Consultant Report — Mr. Tim Nash of Bogdahn Consulting, LLC Mr. Nash said that the plan had a very strong performance for last quarter. The plan is well above its actuarial assumptions so far. Most of the money managers are fairly bullish on the market. There's been almost 100% increase in the market since the big drop. Despite this, there is still a 14% increase needed to get to a pre-2008 market. Money managers say that for calendar 2011 they still expect double digit returns from the Standard & Poor (S&P) year-to-date. So far the S&P is at 7.9 percent and the Dow is at 10%. Fiscal year to date, the fund is over 11 %. Page 3 of the investment report, shows stocks (domestic, international) broad market indices with money managers out performing in every category. International benchmark was up 3.4% for the quarter. The S&P was up almost 6%. Bonds did well. For large or midcap stocks, value did better than growth. For small cap stocks growth did better due to small cap technology stocks doing very well during the quarter. Page 5 shows the performance of the different sectors in the Russell 1000 index (red & pink lines). Energy companies were up 16.8% for the quarter and up over 40% for the year. Basic materials and industrial materials continued to rise. Page 8 shows the countries in the MSCI EAFA index. Returns are printed off to the right of the page. Japan's market was one of the only negatives due to the earthquake. General Employees Retirement Board May 4, 2011 Page 4 of 9 On page 9 on the bond side, hedging by the bond manager is managing intermediate, high - quality bond portfolio. The portfolio beat the benchmark. Junk bonds are approaching all-time highs, but how long this will continue is questionable (junk bonds are not in the City's portfolio). The City's portfolio is on page 11. Total market value of the fund at the end of December was a little over $20,000,000. At the end of the second fiscal quarter, it was $21,184,315. The City is in line with its investment policy statement targets. Page 14 shows cash flows. At far right, the income line added to the capital appreciation equals $2,112,000 which is the dollar gain for the quarter; and divide by what we started with gives the total rate of return. The City's plan is up 11.03% (see page 15). Benchmarks for the quarter are up 9.7%. City has had almost 1.5% extra over the last 6 months which reflects very strong gains. Chairman Wagner asked if we determined what the ranking across `all public funds' referred to. Mr. Nash said that the ranking compares the City's plan to public plans across the US, not just Florida. On page 16 are the international and fixed income portfolios. He made comments about the progress of the plan with respect to these portfolios. Bonds beat the benchmark for the quarter. But it isn't believed that this level of bonds is sustainable. The Fed will start raising rates within the next six to 12 months putting downward pressure on the bonds. How to hedge against this? Add commercial real estate to the portfolios. Mr. Nash recommended adding real estate to the portfolio. Target within the policy is 40% in bonds. Real estate is not in the portfolio and is a different category from bonds. Bogdahn is recommending to its clients that they add 10% in real estate to the portfolio. Doing this would not require a change to the City's investment policy. He went over the report he prepared about real estate options. Mr. Nash is recommending that the City purchase real estate such as office/commercial property. All of the real estate money managers that they have vetted are used in police and fire plans all over the country. Mr. Nash went on to explain the remainder of the report. Chairman Wagner asked if the City's police and fire pension had real estate. Mr. Nash replied that the matter is on the agenda to discuss at today's police / fire pension meeting. Mr. Nash added that the real estate funds have minimums. The City would propose acquiring 10% of the fund in real estate, according to Mr. Nash. July 1st would be the date that the City could get into the funds. Cornerstone, ING, and American Realty are the real estate managers that Bogdahn is looking at closely. General Employees Retirement Board May 4, 2011 Page 5 of 9 After further discussion, a motion having been made by Trustee West, and seconded by Trustee Gleason, to invest in American Realty advisor based upon document review and contract negotiation investing up to 10% of the City's total fund, and the motion having carried unanimously, the board RESOLVED to invest in American Realty. Bogdahn Service Fee Increase Request The chairman called the board's attention to the request by Bogdahn to increase their service fee. Fees are normally guaranteed for three years. This would guarantee the fee for another three year period. Chairman Wagner asked if all clients are being asked for this increase or if it's only for those clients whose fees are up for renewal. Mr. Nash replied it was for those clients whose fees were up for renewal. Chairman Wagner said that he has been most pleased with the performance of the consultant. The chairman did ask for an executive summary at the beginning of each printed report. Mr. Nash said that he would do that. The chairman also noted that he never received information on Chemtura which he had previously requested. He asked that the consultant be more diligent about such things in the future. Trustee Wheeler asked if he was asking their other clients for a 15.8% increase. Mr. Nash said that the City's fee increase was actually on the lower end. Trustee Gleason asked how many money managers the consultant has. Mr. Nash said there are roughly 130 different management firms that they work with. He went on to explain how the firm goes about acquiring money managers. The chairman solicited the board for a motion. The motion having been made by Trustee West, and seconded by Trustee Gleason to approve the all-inclusive fee increase from $19,000 to $22,000 guaranteed beginning July 1, 2011 based upon contract negotiation, and the motion having carried unanimously, the board RESOLVED to approve the Bogdahn consultant's request for a fee increase. Beneficiary/Joint Annuitant Discussion The chairman brought the board's attention to the matter of beneficiaries versus joint annuitants, after reminding the board that certain questions should lead board trustees to send employees to seek personal advisors to advise them on what choices to make. Attorney Dehner gave the board information about the two. A joint annuitant is only involved if someone chooses the joint General Employees Retirement Board May 4, 2011 Page 6 of 9 survivor benefit. A beneficiary is anyone who is designated to receive the pension benefit. A beneficiary can be changed at any time. After benefits are being received, certain requirements must be met before a change can be made. They are listed in the plan document. The chairman said that he understood that the actual monthly payment is based upon the actual age of the joint annuitant. The beneficiary, he continued, receives what the benefit is worth at the time he/she receives it. OTHER BUSINESS Payment of Invoices Ratification Chairman Wagner directed the board's attention to the invoices needing board ratification (exhibit #2). The chairman said that there were several invoices added to the list included in the board's agenda packets that are included in a handout. With respect to Trustee Wheeler's hotel bill, the trustee said that the check issued to him will be ratified when he opens his next credit card statement. Because Trustee Wheeler's assertion of the tax exempt status for the trustee's hotel bill has yet to be determined by the hotel, the board will accept the tax exempt assertion. Once the status is confirmed one way or the other, the paid invoice will be ready for ratification. Trustee Wheeler told the board if it becomes necessary, he will pay the remaining cost that might be due depending on the hotel's decision. A motion having been made by Trustee West, seconded by Trustee Gleason, to ratify the paid invoices, and that motion having passed unanimously, the board RESOLVED to ratify the payment of the invoices presented on the handout. Quarterly Activity Report Review Chairman Wagner directed the board's attention to the activity report for their information (exhibit #3). The chairman remarked on the fact that a variety of requests from plan members are being made including DROP, regular retirements, refunds, etc. There were no comments, and no further action was needed from the board regarding this report. General Employees Retirement Board May 4, 2011 Page 7 of 9 Retiree Payment List Review Chairman Wagner directed the board's attention to the activity report for their information which shows monthly payments that are made to retirees. The list is in compliance with the recommendation of the board's auditors. There were no comments, and no further action was required by the board. Florida Public Pension Trustees Association (FPPTA) Conference The conference will be held June 26th — 29th in Orlando. Chairman Wagner will be obtaining his certification at this conference. He asked if anyone else was interested in going to the conference. The chairman discussed the conference with HR Director Williford and offered him the opportunity to attend in accordance with the City's travel payment policy. Trustee Gleason said that she would like to attend also. Trustee West said that she would let the chairman know for sure later whether or not she will be attending. Further discussion ensued regarding credits needed to maintain certification. ATTORNEY'S COMMENTS Sunshine Law — Administrative Guidelines Chairman Wagner asked Attorney Dehner to speak to the board about the Sunshine Law. Attorney Dehner left a pamphlet about the Sunshine Law with the chairman who will pass on copies to the other trustees. The chairman was particularly concerned about routine paperwork that might require the attention of another board member so that the needs of a retiree/plan member could be met. The attorney said that the standard is that two or more trustees cannot discuss or take action on a matter that would reasonably or foreseeably come before the board for action without proper notice. He said no discussion should be held with a third party that could be a conduit of a trustee. Chairman Wagner was told that administrative action should come to the board before action is taken. Attorney Dehner said an application is a matter that one person (trustee) should work on because it could be necessary for the application to come before the board. Attorney Dehner noted the three requirements for public notice: a meeting that has been noticed, reasonable access to the facility where the meeting will be held, and minutes must be taken. Further General Employees Retirement Board May 4, 2011 Page 8 of 9 discussion ensued. Attorney Dehner invited the board to call him if there are any specific questions on the matter. State Legislature Update Attorney Dehner reported that Senate Bill 1128 passed the senate two days ago and was on the floor. There's been an amendment striking the entire bill as it had been filed previously. It has been passed to the house. The attorney had no additional information. The part that would affect the City is the proposed limitation on the compensation for benefits calculation to base pay plus 300 overtime hours. The attorney was doubtful that the bill would pass with anything that would affect the City. Further discussion ensued. Chairman Wagner asked about the proposal that local governments had to set up defined contribution pension plans. The attorney confirmed that this proposed provision has been stricken from the bill. Federal Legislation Helps II legislation has seen no action at this time. COMMENTS FROM TRUSTEES / CITY LIAISON The chairman and HR director went over possible changes to the personnel rules and regulations to clarify some of the rights for retirees. The proposed changes would be for clarification only and would not deviate from the provisions within the City's pension ordinance. HR Director Williford said that he has a completed draft. He thanked the board for their support. AGENDA FOR NEXT MEETING Pension Technician — will be on board Routine agenda reports COMMENTS FROM PUBLIC.— None. ADJOURNMENT Attorney Dehner reminded trustees to get their form 1's mailed in. 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L U m U o m m o � In I^ v m o � bu W d m m ro p, U m %) uanlam ro o bu W � m m U U o m al m p � W M N bA i u O O O O O O O O ON 000 l� N o W o _ O O O O U •O a a W U o � o 0 N � O � � 0 0 0 0 0 0 0 0 0 0 s� H cz v] O � U `cz H bA bA � j3� O jS� ct O O c O O O O U •O a W O _ � � W O O O O O O O cz cz O bA U 00 -- ct - o w p N N ro i u al cz o� cz i-i cz c� ray U U cz U UU cz —C� cz cz 0 i o� x � u o cp x a ct U O F o U cz x ¢ o U Ocz U 4, x Joj .� t 0 U 0— cC p U cz N Ln P. U N N U dj N O U m b�A cz C 'o 8czo 0 cz Z CZ u U s . cUi �, x cUi bA bA o cz 5 cz � b cz o �" cut O � � •o .� � � �, � = � tea' O � °' °�' � °�' O o O •'" 0 pip cz , U o cc cc cz U U U cz ro Cl 4, o o o o 0 �Dy u U c O cz O O N cz CZ CZ cc 0 '� • �"" O 'C U cr U U U O U O cC cut U N U u N u N U o c� o' U O o w w ��.' � � +�-' ,� � � N iUi ..U-i N �" O iUi � iUi U iUi � ^'O •O N U .Ui .U-i yN., O 'C O 'C 0 O CA u OU y� sU- u cz C-Z �cz cz cz . cz cz o o U Q cz W cz P� � ro U r U c U cz O i L U Ln cz M U cz SUMMARY OF INVOICES (Adjusted) April — August 1st 2011 FOR PERIOD COMPANY TOTAL AMOUNT 01/01/2011- 03/31/2011 Agincourt Capital Management $ 4,889.86 04/18/2011 - 04/18/2011 Christiansen & Delmer, PA- Inv 19552 $ 97.50 01/01/2011 - 03/31/2011 Barings Asset Management $ 4,719.21 06/27/2011 - 06/29/2011 Checks for Board Members to attend FPPTA Conference Wendy West $ 643.75 Gene Williford $ 643.75 Patricia Gleason $ 643.75 Russ Wagner $ 643.75 Mattie Jean Grafton $ 643.75 05/01/2011 - 05/31/2011 Christiansen & Delmer, PA- Inv 19694 $ 1,585.30 04/01/2011 - 06/30/2011 The Bogdahn Group- Inv 6461 $ 4,750.00 01/01/2011 - 03/31/2011 Fifth Third Bank $ 1,829.48 04/01/2011 - 06/30/2011 ICCI Capital - Inv 57531389 $ 7,307.14 12/31 /2011 - 03/31/2011 Rockwood Capital Advisors $ 8,841.28 )5/04/2011 - 05/04/2011 Stella W. McLeod $ 112.50 04/01/2011 - 06-30-2011 Fifth Third Bank $ 1,870.43 03/31/2011 - 06/30/2011 Rockwood Capital Advisors $ 9,030.15 08/01/2011 - 07/31/2012 FPRO Renewal Registration $ 49.95 01/26/2011 - 07/29/2011 Foster & Foster, Inc $ 1,437.00