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4. Dave West reviewed the current asset allocations and commented
<br />everything was within the Investment Policy Statement (IPS) ranges.
<br />Dave did not recommend any allocation changes.
<br />5. The market value of assets as of December 31, 2020, was
<br />$34,438,201.
<br />6. The total fund gross returns as of December 31, 2020, were 12.06%,
<br />outperforming the benchmark of 10.41%. The 1, 3, and 5 -year total
<br />fund gross trailing returns were 15.71%, 10.79%, and 11.08%
<br />respectively, compared to the benchmarks of 14.72%, 10.10%, and
<br />10.88% for the same periods. Since inception (11/1/1998), the total
<br />fund gross returns were 6.92%, outperforming the benchmark of
<br />6.58%.
<br />7. Dave West commented the real estate portfolio was starting to stabilize
<br />and commented rent collection had been steady throughout the
<br />pandemic. The Board discussed the real estate managers and the
<br />holdings in office space.
<br />8. Dave West reviewed the performance of each manager and did not
<br />recommend making any changes.
<br />9. Dave West reviewed the financial reconciliation quarter -to -date (QTD).
<br />V. New Business
<br />a. Actual expenses as of September 30, 2020
<br />i. Ferrell Jenne briefly reviewed the budget and filing requirement.
<br />The Board approved the September 30, 2020 expenses as presented, upon motion by Doug
<br />Mathews and second by Donald Harkins; motion carried 5-0.
<br />b. Update on trustee terms
<br />L Ferrell Jenne informed the Board Donald Harkins and Douglas Mathews
<br />were reappointed by Commission at their December 14, 2020 meeting.
<br />Ferrell stated they also sent out a nomination notice and Thomas Graffy
<br />ran unopposed.
<br />VI. Old Business — None.
<br />VII. Consent Agenda
<br />a. Payment ratification
<br />i. Warrant #68
<br />1. Salem Trust, 3rd quarter fees (Auto -Deduct), $1,500.00
<br />2. Foster & Foster, invoice #18489, $1,200.00
<br />3. Christiansen & Dehner, invoice #34326, $1,707.40
<br />ii. Warrant #69
<br />1. Foster & Foster, invoice #18609, $1,331.82
<br />2. FPPTA, invoice #3446, Board membership renewal, $620.00
<br />3. FPPTA, invoice #3452, CPPT recertification (M. Hettler), $31.00
<br />4. AndCo, invoice #36842, $4,625.00
<br />iii. Warrant #70
<br />1. Foster & Foster, invoice #18729, $1,200.00
<br />2. Salem Trust, 4t" quarter fees (Auto -Deduct), $1,500.00
<br />b. New invoices for approval
<br />i. None
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