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Marines:
Attached is the G/L for The Fund for October reflecting all transactions through 31 October 2023. The Capitol Securities asset base contracted $12k in September as markets continued to fluctuate giving up some of the YTD unrealized gains though The Fund is still $10k ahead year-to-date in unrealized gains. Much of this October contraction of $12k was recovered in the first couple of days in November due to the Federal Reserve leaving interest rates unchanged indicating their belief that inflation may be coming under control and markets reacted positively.
I authorized the transfer of $40k in cash reserves from our Capitol Securities account to our Bank of America DDA in October to help cover 2023 scholarship payments to universities.
We have completed paying scholarships for the 2023 / 2024 school year and have paid 18 scholarships totaling $45k through the end of October. The Fund recovered $4.25k in unused scholarships from two universities earlier in the year, thus the net outflow related to scholarships in 2023 is $40.75k year to date.
Reaffirming: the Walker Law Firm advised on 31 May that distributions from the liquidated Blair Hunter Estate to the FMDA and FMDASF, Inc., have been delayed by litigation against the Estate Trustee by two unhappy charities.
Total assets held by The Fund as of 31 October = $943,098.03
Please let me know if you have any questions.
Semper Fidelis,
Jerry
Your Scholarship Fund continues to be in good health in a very fragile, yet currently stable market environment and Mr. E. B. Bartlett continues to ably guide The Fund through these challenging economic times to help protect The Fund’s asset base.
Reminder … This “high paying” job is open! Duties include the following:
· Coordinate all investment decisions with the Fund Board of Directors,
· Maintain the Fund General Ledger on an accrual basis (make entries daily, when necessary),
· Manage, book and clear all online donations through the Fund’s PayPal account,
· Make deposits into the Fund’s Bank Of America checking account and book revenue into the GL when donations are received in the form of checks,
· As authorized by the FMDA Scholarship Selection Committee, write scholarship checks to universities each Fall for approved student accounts and book scholarship payments into the G/L,
· Coordinate Fund business with the FMDA through June Cormier as needed,
· Make payment to the FMDA each January for the $2,400/year Pre-Paid FMDA administrative support per contract,
· Coordinate FMDA Selection Committee decisions with/through June Cormier,
· Pay the recurring cost of maintaining the Fund’s domain name to support the Fund’s website,
· Coordinate website updates with the Fund’s webmaster, as needed,
· Reconcile Fund B of A checking and savings accounts daily,
· Manage the Fund’s Bank of America savings account and book interest income into the GL monthly,
· Coordinate Fund investment decisions by the Board, as necessary, with Mr. E. B. Bartlett of Capitol Securities and record all Capitol Securities transactions into the G/L at the end of each month,
· Generate and distribute the monthly G/L to Marines with oversight responsibilities (Fund Board and Association Officers),
· Prepare annual Federal and California State Tax Returns and other California statutory filings to maintain statutory currency. Note: Federal 990 returns must be filed electronically.
· Pay for all postage and stationery out of pocket (can be treated and booked as a donation and then expensed).
· Send Tax Acknowledgments to donors when donations are received or annually if so requested by repeat donors.
· Store the books at the office of the CFO and make books available for review or inspection by any FMDA member or the public upon request (the complete books are circulated to the Fund Board and key FMDA leadership at the end of every month).
· Copies of bank statements and Capitol Securities investment statements are available upon request.
My job is open so if anyone wants to submit his or her name to the Fund Board of Directors for the CFO position, it is open and available for consideration by the Scholarship Fund Board of Directors as I am more than ready to retire at 78 and I am not getting any younger as each day passes.
A candidate should have basic accounting and financial reporting skills and be capable of handling the responsibilities listed above. The CFO should be willing to handle all statutory reporting requirements pro-bono (these are the ways that cash expenses are minimized for the benefit of The Fund).
I have handled all tax and statutory filings for 2022 pro-bono, as in the past. The Fund is listed on the California Attorney General’s website as current and in good standing (no delinquencies).
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