Because of the vagaries of the market and the withdrawal of interest, the market value of the fund may at times be lower than the original investment. This is an unavoidable aspect of investing in the market, but does not violate the original intent.
Some will argue One exception to the above was a fundraising campaign in 2013 that because such market value cannot be guaranteedgenerated about $6000, that no withdrawals should which was added to the fund. This was to be permitted except the balance is over first year of a ten-year campaign to double the original investment amountfund value. Others will argue Given that it fell short by 80% (and thus would take 100 years to reach its goal), the balance should be over Board elected to discontinue the original grant amount. Recent cash-flow challenges and the expansion of rented storage units have made these goals infeasible, but long-range plans should address these recommendationscampaign.
The [[Board]] has not seen fit to systematically add to the Investment Fund on an annual basis. As a resultHowever, even without the decline in value described above, current contract with the Metcalfs for the purchasing power rental of space in their home for the fund has declined significantly. Some will argue that increasing Headquarters obliges the value Society to add 10% of each year's gross revenues to the capital portion of this fund to keep pace with inflation is a necessary obligation. Accounting has, at times, delayed such designations.
One exception to the above was a fundraising campaign in 2013 that generated about $6000, which was added to the fund (bringing the ivested captal to $291,000). This was to be the first year of a ten-year campaign to double the fund value. Given that it fell short by 80% (and thus would take 100 years to reach its goal), the Board elected to discontinue the campaign. The current contract with the Metcalfs for the rental of space in their home for the Headquarters obliges the Society to add 10% of each year's gross revenues to the capital portion of this fund. Accounting has, at times, delayed such designations. The investment philosophy is to invest only in investment-grade instruments with the goal of 5% APR growth (4% before 2016). This has not always been possible or easy. Current instructions are to move to riskier investments if that's what is needed to obtain the 5% growth target, while still restricting investments to moderately conservative instruments.
The [[Finance Committee]] has been asked to formulate and confirm the investment philosophy, but has not yet begun the task. The [[Treasurer]] has been directed to work with our investment firm to develop and propose such a philosophy.