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PEQUOT LAKES FIRE DEPARTMENT RELIEF ASSOCIATION <br /> ANNUAL MEETING <br /> APRIL 7th, 2004 <br /> resident Greer called meeting to order. <br /> Secretary/Treasurer Nelson read minutes from the last annual meeting (March 5th, 2003). <br /> Motion to accept the minutes by Loven, seconded by Peterson I. <br /> Motion to accept the minutes approved. <br /> Annual financial report read by Nelson: <br /> Beginning assets January 1, 2003 $320,129.00 <br /> Funds received during the year: <br /> 2003 state aid $25,083.00 <br /> 2003 municipal contracts $26,316.52 <br /> Interest & dividends $20,987.86 <br /> Totaling: $72,387.38 <br /> ($392,516.38) <br /> Expenses paid in 2003 <br /> Supplemental payment for Myers $500.00 <br /> Volunteer firefighters benefit assoc. dues $150.00 <br /> Audit fee $1,875.00 <br /> Totaling: $2525.00 <br /> Total funds available for year: $389,991.38 <br /> Motion to approve financial report by Schmidt, seconded by Loven, motion approved unanimous. <br /> `.. <br /> Greer read the updates on what has occurred over the last year: <br /> March 10th, 2003 we took $166,322.97 from Piper Jaffray account. We opened 2 CD's @ <br /> Lakes State Bank - one for$95,000.00 & one for$67,000.00, both were at 3.25% interest for <br /> 12 months. The remaining $4,322.97 was used to open a money market account with <br /> Lakes State Bank. We closed the Wells Fargo checking account and transferred the $77.32 <br /> into the new money market account. <br /> January 12th, 2004 we opened another CD @ Lakes State Bank for 3 months @ 2.5% <br /> interest in the amount of$71,000.00 with money from Piper Jaffray. <br /> March 10th, 2004 the 2 original CD's matured, we combined them into one CD (along with <br /> the interest earned) and opened a 3 month CD @ 2.5% interest. The amount of the CD is <br /> $167,344.69. We are hoping for a higher rate - thus the reason we only opted for a 3 month <br /> term. <br /> March 29, 2004 Greer closed the mutual funds with Piper Jaffray @ $159,874.23 which was <br /> higher than we had planned. We had agreed to cash out between $137,000 &$144,000.00 <br /> We opened a 3rd CD with that money for 12 months @ 2.75 % interest. <br /> IN1.1 Piper Jaffray still has $11,659.00 in bonds. <br /> With all the funds totaled (3 CD's, funds from piper Jaffray, and our money market checking <br /> account) we have a total of$412,429.92 as of March 31, 2004. Greer recommends staying <br /> in CD's & reinvesting new monies into mutuals. <br />