Advance Report 2000
Committee ReportsInvestment Board
The Wells Fargo Bank located in Fort Wayne, Indiana, has managed the Investment Board account for the past year. The Investment Board of IYM meets with representatives of the bank two times per year. We normally meet in December and June to discuss our account and to be briefed by those managing the account.
The members of the Investment Board are Russell Goff, clerk; Don Michel; Marion Shore; Max Smith; Don Wright; and the superintendent of Indiana Yearly Meeting. The Investment Board is a subcommittee of the Trustees of Indiana Yearly Meeting and is appointed by them.
In 1999, we had one new addition to the list of recipients of the Endowment Funds. In July of 1999, a fund was set up for the IYM General Accounting Investment. This was funded by monies which were in a low-interest paying account.
In January of 2000, we added the Education Fund for African Pastors’ Training. This fund was funded by a bequest from the Russell Nigh Estate.
During the calendar year of 1999, $105,000 was distributed to the various recipients according to the number of units each group had in the fund.
The total of the account on December 31,1998 was $3,969,441.75
The total of the account on December 31, 1999 was $4,792,796.00
As of December 31,1999:
- Cash 0.00
- Cash Equivalents 267,123.24
- Bonds & Notes 921,432.90
- Equities 3,249,819.59
- Miscellaneous Assets 330,000.00
- Total Assets 4,768,375.73
