MINUTES OF INVESTMENT CLUB MEETING

Sunday, October 26, 2003

MEMBERS PRESENT: Gay Chestnut, Ike Chestnut, Gretchen DuRant, Janice Hackney, Deborah Hauges, Elsie Jones, Greg Joseph, Renee Patterson, Nancy Pierre, Toni Pinckney and Preston Younger
MEMBERS ABSENT: Lee Hollie, Sallie Williams and Tabatha Williams
VISITORS: Mr. Powell

MEETING COMMENCED: 4:00 p.m.

  1. MOTIVATIONAL READING: Read by Gretchen, "Plan" from "Acts of Faith by Iylana Vanzant. Read by Toni, "Words of Wisdom". "Anyway" read by Gay. Members are encouraged to bring any motivational reading that inspires them.

  2. MINUTES: September 28th minutes were read by Gretchen. Minutes accepted as read.

  3. FINANACIAL STATEMENT: Valuation statement reviewed by Elsie. Article read by Toni on the fairness of equal partners vs. using the valuation in terms of club ownership. Total return and total paid into club thus far to be investigated by Gretchen. Evaluate previous reports to find discrepancy.

  4. STOCK UPDATES: Check Valuation Statement for prices. Suggestion made that printed research articles on companies be left for individual review at close of meetings
    STOCK NAME STOCK S
    SYMBOL     		WATCHER/
    REPORTED
    BY     		# OF
    SHARES     		ADJUSTED
    PURCHASE
    PRICE*    		 STOCK
    CURRENT
    PRICE     		PERFORM-ANCE
    Apollo Group, Inc. APOL Greg/
    Same
    25
    		 $39.13 $63.63
    Advanced Neuromod
    - 23 million increase during 2002 3rd quarter. Considered medium risk factor: discussed by Elsie; Multex area of Yahoo search engine.    		 ANSI Elsie/
    Same
    30
    		 $55.90 $38.46

    Bed Bath & Beyond
    - 2 new board members elected to the company.

    		 BBBY
    		 Tabatha/
    Same
    25
    		$27.22
    		 $41.28

    Cheesecake Factory
     - 1 new opening.

    		 CAKE
    		 Deborah/
    Same
    75
    		$32.17
    		 $38.32
    FactSet Research
    - No update available
    		 FDS
    		 Gaye/
    Deborah
    50
    		 $32.09
    		$42.93
    FTI Consulting
    - Investigating reasons for price drop despite of good news on company. Recent acquisition may be the cause.
    		 FCN
    		 Nancy/
    Same
    75
    		 $24.17 $17.70
    General Electric
    - Expect to generate 3 billion in sales by doing business in China    		 GE Ike/
    Deborah
    59.26
    		 $31.93 $28.30
    Johnson & Johnson
     -
    		JNJ
    		Janice/
    Same
    97
    		 $52.34 $50.35
    Lowe's
    -
    		LOW
    		 Renee/
    Same
    50
    		 $43.87 $57.85
    Nokia
    - No update available
    		 NOK
    		 Lee/
    Deborah
    50
    		 $19.44 $16.80
    Pfizer
    -     		PFE
    		 Sally/
    Same
    50
    		 $34.86 $30.84

  5. EDUCATION: Tabled until next meeting.

  6. B.I UPDATE: Nancy reported on an article "Real Life Stories for Clubs and Individuals, Goals similar to ours.

  7. OLD BUSINESS:
    1. Beneficiary Forms: 2) Forms handed in. Members need to verify that they have taken care of this.
    2. Establishing a Proxy: Standard one on file. When you call and say you will be absent, your standing proxy is on file. If you change your mind about who you have chosen, call and notify an executive officer of the new person you want as you proxy. You can name more than one proxy.
    3. Updated Partnership Agreement: Read by Renee, final copy with amended #9 and #22 addressed specifically. Everyone verbalized understanding.
      Duties of the officers #7 and #8 specifically addressed by Toni. Motion made to accept the new partnership agreement.

  8. FUND-RAISING PROJECT: Basketball tickets January 2nd. Original asking price of $55 (would give profit of $840) was discussed. Gay suggested asking $60 since it was including transportation, toll and snack on bus. Greg is producing flyers which will be distributed to members. Toni suggested each member try to sell 2 tickets per member prior to next meeting to offset some of the costs. Vote was taken and agreed on price of $60. $25.00 raffle ticket (Possible Gift Certificate from Bed Bath Beyond or Cheesecake Factory) will be included in ticket sale, club members cannot participate in raffle.

  9. COMMITTEE UPDATES: (*Chairperson of the committee listed first)
    1. By-Laws (Renee, Greg, Gretchen and Lee): Partnership Agreement discussed.
    2. Candidate Screening (Toni, Gretchen, Nancy & Preston): None
    3. Education (Renee & Greg): Small/Mid Cap assignment will be continued in November
    4. Real Estate (Gretchen, Janice & Greg): None.
    5. Scholarship and Fund-Raising (Ike, Greg, Zandra, Tabitha, Gay & Sallie): Article read by Greg. See additional comments under "FUND RAISING PROJECT" listed above.
    6. Portfolio (Elsie, Deborah, Janice & Sallie): See "Financial Statement" above.
    7. Stock Purchasing (Lee & Janice - shared): None.
    8. Audit(Lee): Not needed at present.

  10. TECHNOLOGY UPDATE: Postponed
  11. ELECTIONS: Click here for detailed breakdown

    Meeting adjourned at 7:00PM

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