CFAOC Society Board Meeting
December 13, 2012
Attendees (listed in alphabetical order by last name)
Bruce / Emken / Director (Board member)Dave / Hutchison / Public Relations Chairperson (Board Member)
Amy / Jones / Membership Committee Chairperson (Board Member)
Brian / Magnone / Secretary (Board member) *
Ramin / Modiri / Education Committee Co-Chairperson (Board Member)
Chad / Neault / President (Board member) *
Chad / Noorani / Education Committee Co-Chairperson (Board Member)
Nancy / Novak / Administrative Director
Tony / Relvas / Foundation President * via teleconference call
Todd / Richey / Director (Board member)
Josh / Schwab / Treasurer (Board member) *
Tim / Stevens / SMIF Chairperson *
Krista / Zipfel / Foundation Committee Volunteer *
* indicates Foundation Board member
CFAOC Society Board Meeting
Meeting Minutes
December 13, 2012
Commencement: The Board meeting commenced at 5:10 pm at the Pacific Club in Newport Beach, CA.
Attendees: See list attached. It was noted a quorum was present.
Chad Neault opened the meeting and handed out the board packet.
Consent Agenda:
· Minutes from November 15, 2012 meeting
MOTION: Bruce Emken motioned to approve the consent agenda and it was seconded by Tim Stevens. The motion was unanimously passed.
Reports, Comments, and Discussions:
· Topic: CFAOC Foundation
o Growth Funding Initiative Application Update: A total of $880 (out of the $3,000 budget) has been paid to the consultant. Conversation ensued regarding strategies to complete the project (wait for current consultant or start with someone new). There have been lingering delays with the consultant due to family health issues.
o RFP Competition Update: Tim Stevens noted that the presentations were of professional quality. Conversation occurred about how an abbreviated version from the winning university, UCI, could be included in an upcoming meeting or event. RFP participant schools were UCI, CSUF and CSULB.
o ACTION ITEM: It was later suggested that an abbreviated RFP presentation be highlighted at the Forecast Dinner.
o Host-a-Student update: Chapman, CSUF, CSULB and UCI are participating.
o Website Update: Evan Creelman, a volunteer, is helping on the website.
o ACTION ITEM: Website needs Foundation content regarding RFP, Host-a-Student, key initiatives and public disclosures (ex: scholarship key dates, requirements, types of scholarship, etc.).
o Opens:
o Krista Zipfel suggested that the Foundation have monthly calls between the quarterly meetings.
o Various topics were discussed to raise awareness of the Foundation at meetings and through the Society membership. Student testimonials of 2-3 minutes were suggested from past recipients.
o ACTION ITEM: It was decided to print a Foundation full-color tri-fold brochure and include donation cards at future events.
o Todd Richey inquired about applying for grants to raise money for the Foundation. Grantwriting takes works, but it helps to know referrals at the granting organizations to assist with the process. Historically, there has been limited success with fundraising and grant writing. There was discussion about whether we should have a separate Fundraising Committee.
o ACTION ITEM: It was agreed that a generic CFAOC Foundation PowerPoint slide be included (in the rotation) at all Society meetings to help build awareness.
o Josh Schwab suggested that the Foundation migrate their QuickBooks license to an online version at $250 per year. Benefits are better backup protection and easy transferability from year-to-year.
The CFAOC Foundation portion ended at 5:58pm.
· Topic: Programs
o Chad noted that a skeleton of the CFAOC programs calendar is built out, but he requested specific topic/speaker suggestions for upcoming events.
o The December Annual Charterholder Dinner was well received, especially the comedy remarks by Bruce Emken. Suggested to get recipient name pronunciations (phonetically) in advance to do a better job. It was also recommended to do a better job of presenting the winner of the stock contest and explain the requirements. Also, it was recommended to change the stock contest requirements to consist of 10 stocks, stocks must be over $10 and no ETF’s allowed (i.e., no leveraged ETF’s).
o It was recommended to videotape meetings and upload the video to the CFAOC website. However, it was noted there could be copyright issues.
o January event: The upcoming 1/17/13 luncheon will include a panel of speakers to address how to start or maintain a RIA, mutual fund or hedge fund.
o February event: Amy Jones suggested that we plan the content of the 2/27/13 luncheon. She can provide suggestions.
o March event: There was discussion about co-hosting with CFAI an International event held at the Newport Beach Marriott. It may be possible to have either the RFP winner or the Research Challenge winner do an abbreviated presentation. CFAI has yet to finalize whether or not we can invite our members to the Thursday March 14th reception.
o There was some discussion about inviting Congressman Bill Campbell to present at a future meeting regarding the impact of Dodd/Frank on the economy as well as provide an opportunity for advocacy.
o ACTION ITEM: Chad Neault suggested that the website include a shared master calendar for the Society. He also suggested using various Gmail addresses for the various Committees at CFAOC and the Foundation to share calendaring via Google.
o Todd Richey and Krista Zipfel suggested that an Advocacy Committee for both the the Foundation be formed. Krista suggested that someone from her firm be a member.
o Todd Richey noted that Michael McMillan from CFAI could come locally to hold an ethics seminary for UCI and other universities if included as part of a Claritas promotional trip.
o Discussion ensued about a Program Event Checklist be used to ensure events touch on sponsorships, advocacy, Foundation, etc.).
o ACTION ITEM: It was recommended that a within a day or so that a volunteer summarize each event to included 1) number attended, and 2) a brief summary of the event so it can be updated on the website.
· Topic: Treasurer’s Update
o Josh Schwab provided a handout summarizing CFAOC’s financial condition as of 11/30/12 which includes $38K in checking and $124K in investments with no liabilities. CFA member dues are at $47K vs. a $62K budget. There is a $10K deficit which reflects a conscious decision to pre-invest into CFAOC programs.
o ACTION ITEM: Board and event meeting costs have tended to run over budget so there was discussion about possibly utilizing a company conference room one time each year. Chad Noorani suggested utilizing their facility’s conference room. Nancy Novak will follow-up.
o Chad Neault suggested changing the combined CFAOC and Foundation Board meetings to be April/July/October/January starting in 2013. This will help review the entire past quarter’s budget and operating goals. It was agreed upon.
· Topic: Membership Update
o Active members as of 12/12/12 = 430.
o A total of 59 CFAOC members have lapses. There were 36 who lapsed at both CFAI and CFAOC. A new members list was a handout.
o A brochure is being sent to the printer with the updated CFAI logo and information. It will be available at upcoming events and on the website, and it will outline CFAOC membership levels, process for enrollment, etc. We appreciate the work that John Roper provided on the brochure.
o ACTION ITEM: It was recommended that a person, possibly on the Membership Committee, lead the Mentor program in the future. Nancy Novak will check with Tom Harter who has a matrix of volunteers.
o ACTION ITEM: Nancy will email absentees regarding action items.
· Topic: President’s Update
o The CFAOC business plan was submitted for funding. The CFAI site went down, and we received a portion of funding automatically. On a regional call CFAI stated that they would help get the document entered. CFAI wants Societies to be audited every other year. The business plan will be provided by the next meeting for the Board’s review.
o Regional call: There is a disclosure initiative and CFAI has engaged Omnicom to conduct a survey.
o CFA San Diego Boardmembers mentioned a desire to co-host or co-present an event with CFAOC. Reciprocity has been discussed at regional calls and meetings. Attendees would sign up on their own Society’s website for the other Society’s events. In this particular case with San Diego, the CFAOC Board agreed only to include the event on our website and possibly include in our Newsletter – but no co-hosting, planning or dedicated emails to our membership.
Closing: With no further agenda Items to discuss, the meeting was adjourned at 7:12 pm.
See Action Items on followings pages
CFAOC Board Meeting – Action Items12/13/2012
Note: Foundation items in maroon.
Item / Responsible Party (s) / Target Date / Status
Committee (Individual)
Update on status of sponsors 1) year-long sponsors 2) event-specific sponsors (i.e., table sponsors). / Fadel Lawandy / January Board Meeting
Provide a plan to notify employers 1) that we have a job board and 2) value of a CFA charter holder (distribute brochure). / David Hutchison / TBD
Detail the Foundation's areas of focus on the CFAOC website. For each initiative show: description of initiative, owner and key dates. Website needs Foundation content regarding RFP, Host-a-Student, key initiatives and public disclosures (ex: scholarship key dates, requirements, types of scholarship, etc.). / Tony Relvas / January Board Meeting
Provide detail on scholarship program on the CFAOC website, under the Foundation link / Tony Relvas / January Board Meeting
Develop budget as needed for CFA California and CFAOC advocacy / Todd Richey / TBD
Foundation members to work on 'ground rules' for student-managed portfolios (ex: 70/30 mix to start or all students) / Tony Relvas, Tim Stevens, Todd Richey and David Young / January Board Meeting
Follow-up with Artio and Barclays regarding sponsorships / Fadel Lawandy / TBD / Awaiting details on March 2013 Regional Meeting
Assign someone on the Program Committee to coordinate proper treatment of sponsors at our events (ex: table tents, name recognition, and possibly give a few minutes to speak at the event). Use the December meeting as a trial. / Eric Henrickson / January Board Meeting
Nancy Novak suggested Melanie Hoops to possibly volunteer and be managed by Fadel Lawandy. Such a volunteer can call local firms to be potential event-specific sponsors (tables, et cetera). / Nancy Novak and Fadel Lawandy / January Board Meeting
Request volunteers for graders and judges (CFA charterholders) for the Research Challenge. / Chad Noorani / Ongoing until 2/22/13
Nancy Novak to acknowledge Research Challenge sponsors on the main CFAOC and Research Challenge web pages by ensuring logos are shown appropriately. / Nancy Novak work with Evan Creelman / January Board Meeting
Thomas Harter to lead and coordinate two or three volunteers for leading the mentorship program in the future. For now, this subcommittee will report to the Membership Committee, but it must be led by someone who really drives the initiative so that there is not simply a report out the Membership Committee. At the December Board meeting it was recommended that a person, possibly on the Membership Committee, lead the Mentor program in the future. Nancy Novak will check with Tom Harter who has a matrix of volunteers. / Thomas Harter, Nancy Novak and Amy Jones / Year end 2012
A redline version of the by-laws are to be emailed to the Board then ultimately posted to the website. / Chad Neault and Nancy Novak / January Board Meeting
Ensure there is a process for membership brochure distribution / John Roper / Year end 2012
Programs: update on process for including CE credit worthiness in event invites and post CE info to website to help members understand the CE concept / Eric Henrickson / January Board Meeting
Inform our members about David Young's and Michael Schulman's publications in CIWM newsletter (website, newsletter and/or email) / Chad Neault / Next Newsletter
Suggested that an abbreviated RFP presentation be highlighted at the Forecast Dinner. / Tony Relvas / TBD
Chad Neault suggested that the website include a shared master calendar for the Society. He also suggested using various Gmail addresses for the various Committees at CFAOC and the Foundation. There was also discussion about centralized file storage. / Nancy Novak / January Board Meeting
It was decided to print a Foundation full-color tri-fold brochure and include donation cards on tables during meetings. Quality digital artwork copyrights were purchased for the brochure. / Tony Relvas / TBD
It was agreed that a generic CFAOC Foundation PowerPoint slide be included (in the rotation) at all Society meetings to help build awareness. / Tony Relvas/Nancy Novak
It was recommended that within a day or so that a volunteer summarize each event to included 1) number attended, and 2) a brief summary of the event so it can be updated on the website. / Eric Henrickson / January Board Meeting
Board and event meeting costs have tended to run over budget so there was discussion about possibly utilizing a company conference room one time each year. Chad Noorani suggested utilizing their facility’s conference room. Nancy Novak will follow-up. / Chad Noorani and Nancy Novak / January Board Meeting
Nancy will email absentees regarding action items of Board meetings. / Nancy Novak / ongoing
End of Action Items