MINUTES OF INVESTMENT CLUB MEETING

Sunday, September 7, 2003

MEMBERS PRESENT: Gretchen DuRant, Janice Hackney, Deborah Hauges, Elsie Jones, Greg Joseph, Renee Patterson, Nancy Pierre, Toni Pinckney, Sallie Williams, Tabatha Williams and Preston Younger

MEMBERS ABSENT: Gay Chestnut, Ike Chestnut and Lee Hollie

MEMBERS ON LEAVE: Zandra Coles

MEETING COMMENCED: 4:05 p.m.

  1. MOTIVATIONAL READING: Passage distributed and read by Greg.
  2. MINUTES: July 27th minutes were not available. (Even though the minutes are posted on the website, the secretary will be responsible for having a copy of the minutes to distribute to the members.)
  3. FINANCIAL STATEMENT:Valuation statement was not available. Stock valuation was taken from personal WIG portfolio on Yahoo.
  4. ECONOMIC REPORT: General economic conditions are still poor.
  5. STOCK UPDATES:

STOCK NAME

STOCK
SYMBOL

# OF SHARES

ADJUSTED STOCK
PURCHASE PRICE*

STOCK CURRENT
PRICE


PERFORMANCE

ADC Telecommunications

ADCT

50

$10.22

$2.15

Down (-78.96%)

Apollo Group, Inc.

APOL

25

$39.13

$63.99

Up (63.53%)

Advance

ANSI

30

 

 

Up (7.08%)

Bed Bath & Beyond

BBBY

25

$27.22

$39.10

Up (43.64%)

Cheesecake Factory

CAKE

75

$32.17

$35.25

Down (-29.24%)

FactSet Research

FDS

50

$32.09

$42.88

Up (37.11%)

FTI

FNC

75

 

 

Up (7.71%)

General Electric

GE

80

$31.93

$28.62

Down (-4.85%)

Johnson & Johnson

JNJ

97

$52.33

$51.54

Down (-0.19%)

Lowe's

LOW

50

$43.46

$43.12

Up (10.32%)

Nokia

NOK

50

$21.77

$16.65

Down (-29.72%)

Pfizer

PFE

50

$34.86

$36.00

Down (-15.91%)

Adjusted price refers to actual cost (Reflects dollar cost averaging - price, administrative costs, splits, etc.)
  1. OLD BUSINESS:
    A) Beneficiary Forms: Forms are still outstanding and need to be completed at the next meeting. Gretchen will notarize all outstanding forms.
    B) Partnership Agreement: Need to refer to the minutes to make changes on this agreement. Specific area in question was the fines to be paid. Renee will have the updated completed agreement by 9/27/03.
    C) Committee Goals: all committees that have not submitted them thus far should develop a written mission statement with stated goals. (By-Laws, Candidate Screening, Education, Scholarship and Fund-Raising) This is due at October meeting.
    D) Proxy: Need to establish proxy for all members to be used for voting purposes. Proxy is not acceptable for amendments, renewals and terminations. A secretarial function must be read into the minutes to have a record. A form letter will be developed.
    E) Milestones: To be revisited at the beginning of the year to see if we are on target, then again in June. Suggested review every six months.
  2. ISSUES AND/OR NEW BUSINESS:
    A) Stock Coverage: Members are to "Take ownership of your company: especially the
    company you are following. If Renee (Education) or Elsie (PERT) need any information on your company they would contact you.
    B) Follow up: Greg developed a list of items that are outstanding and can hopefully be
    completed by end of 2003.
    C) DRIPS: Direct purchase and dividend reinvestment plans were clarified.
    D) Technology: Working on ideas to better utilize computer more in executing club business.
    Members are to put SSG's on floppy disk to allow better sharing of information.
    E) Subscription: Time to renew Bettering Investing. Cost will be $14.00 times number of
    partners to be renewed.
    F) Resignation: Zanadra Coles resigned as member due to demands or personal life.
  3. MISC:
    A) N.A.I.C. National Convention will be held Thursday, October 30th - Sunday, November 2nd in Norfolk, VA.
    B) African American Burial Grounds Ceremony will be Saturday, October 4th. Contact Schomsberg Center for further information.
  4. COMMITTEE UPDATES: (*Chairperson of the committee listed first)
    A) By-Laws (Renee, Greg, Gretchen and Lee): Partnership Agreement to be worked on.
    B) Candidate Screening (Toni, Gretchen, Nancy & Preston): None
    C) Education (Renee & Greg): Postponed till Late September
    D) Real Estate (Gretchen, Janice & Greg): None.
    E) Scholarship and Fund-Raising (Ike, Greg, Zandra, Tabitha, Gay & Sallie) 1st planned Fund Raiser is trip to attend Nets & Cleveland Cavilers game in NJ on Fri, Jan 2nd at 8PM. Purchased 54 tickets at cost of $30.00, they retail for $45.00. Each person will be responsible for 4 tickets. Specific amount of ticket and trip cost to be given to the club at the next meeting.
    F) Portfolio (Elsie, Deborah, Janice & Sallie): None
    G) Stock Purchasing: (Lee & Janice - shared): None.
    H) Audit (Lee): Not needed at present.
  5. BI. Update - September issue contained an article about small cap companies. Nancy read parts of the article covering balance sheets. Article suggested that it is good to have at least 10% of stock in small companies.
  6. MISC:
    A) Review of September's homework - Discussed by Greg and Renee
    B) Annual class or report - Reminder that all members are expected to do a report or take investment related class. Completion expected by January meeting.
  7. NOMINATIONS: Please see attached sheet