MINUTES OF THE BOARD OF TRUSTEES
January 3, 2008
CALL TO ORDER
President David Marino called the meeting of the Board of Trustees of the Los Angeles Firemen’s Relief Association to order at 11:15 a.m.
ROLL CALL
MEMBERS PRESENT:
- David Marino, President
- Robert Steinbacher, Vice President
- Andrew Kuljis, Secretary-Treasurer
- Trustee James Coburn – Battalion 1
- Trustee William Dunn – Battalion 2
- Trustee Juan Albarran, Battalion 3
- Trustee Chris Hart – Battalion 4
- Trustee Gene Bednarchik – Battalion 7
- Trustee Doak Smith – Battalion 9
- Trustee David Peters – Battalion 10
- Trustee Kurt Stabel – Battalion 14
- Trustee Dennis Mendenhall – Battalion 18
- Trustee David Ortiz – Headquarters 1
- Trustee Michael Overholser – Headquarters 2
- Trustee Warren Braun – Pension 1
- Trustee Tom Stires – Pension 2
- Executive Director – David Ned Smith
MEMBERS ABSENT:
- Trustee Gary Matsubara – Battalion 5 (Excused)
- Trustee John Jacobsen – Battalion 11 (Excused)
- Trustee Chris Stine – Battalion 13 (Excused)
- Trustee Glen Prine – Battalion 15 (Excused)
- Trustee Francisco Hernandez – Battalion 17 (Excused)
INVOCATION
Trustee Warren Braun led the invocation.
INTRODUCTION
Secretary-Treasurer Andrew Kuljis proceeded in giving the Oath of Office to Tom Stires for the Pension 2 position.
Executive Director David Smith introduced Todd Layer the Association’s first Controller.
RATIFICATION OF MINUTES
President David Marino entertained a motion to approve and dispense with the reading of the minutes from the Meeting of the Board of Trustees held on December 6, 2007. Trustee
David Peters so moved. Trustee Warren Braun seconded the motion. There were no discussions or objections.
Motion carried to approve and dispense with the reading of the Minutes of the Board of Trustees meeting held December 6, 2007.
President David Marino entertained a motion to approve and dispense with the reading of the minutes from the Special Board of Trustees meeting held December 18, 2007. Trustee Warren Braun so moved. Trustee Kurt Stabel seconded the motion. There was no discussion or objections.
Motion carried to approve and dispense with the reading of the minutes from the Special Board of Trustees meeting held December 18, 2007.
VICE PRESIDENT’S REPORT
1) Vice President Robert Steinbacher informed the Board of the upcoming IFEBP Conference in San Antonia, TX in November 2008. He also mentioned there was a schedule of investment conferences and indicated that Kurt Stabel would research and determine which would be best to attend.
ELECTION COMMITTEE
Secretary-Treasurer Andrew Kuljis informed that the special election was going as scheduled and published in the Grapevine. President Marino also asked for trustee volunteers to be available to count ballots in March.
EXECUTIVE DIRECTOR REPORT
David Smith provided an update on the Strategic Planning initiatives and presented the Trustees with the Marketing report and mentioned that there were many new things going on in the fundraising area. He mentioned the Ralph’s program and encouraged Trustees to get Relief members and families to sign up.
David Smith mentioned the improvement of financial management with Todd Layer being in place.
He provided an update on the status of the sale of the building stating that we closed escrow on December 12. Also, the contractor is on board for the tenant improvements at our new location. The demolishing of the current interior of the new building will start in a couple of days. He mentioned that Trustee Tom Stires is in place and will be frequently visiting the site to see that the progress in on schedule and per the plan.
ADMINISTRATIVE COMMITTEE REPORT
Chairman David Peters presented the following motions.
The committee recommends and I so move to pay the usual and customary bills in the amount of $655,873.15. There was no discussion or objections.
Motion carried to pay the usual and customary bills in the amount of $655,873.15.
The committee recommends and I so move to pay the professional fees in the amount of $7,965.86. There was no discussion or objections.
Motion carried to pay the professional fees in the amount of $7,965.86.
Board entered into Executive Session at 11:32a.m.
Board adjourned from Executive Session at 11:37a.m.
President Marino entertained a motion to approve actions taken in Executive Session. Trustee Doak Smith so moved. Trustee Warren Braun seconded the motion. There was no discussion or objections.
Motion carried to approve actions taken in Executive Session.
Chairman Peters mentioned that they were in the process of retaining an attorney who has agreed to write an opinion on the Weireter-Dowling situation.
RELIEF COMMITTEE REPORT
Chairman James Coburn presented the following motions.
The committee recommends and I so move to pay the Sick and Injury benefits in the amount of $37,321.67. There was no discussion or objections.
Motion carried to pay the Sick and Injury benefits in the amount of $37,321.67.
The committee recommends and I so move to pay the Estate Planning benefit in the amount of $4,275. There was no discussion or objections.
Motion carried to pay the Estate Planning benefit in the amount of $4,275.
The committee recommends and I so move to pay the Relief Death benefits. There was no discussion or objections.
Motion carried to pay the Relief Death benefits.
The committee recommends and I so move to pay the Life & Accident withdrawals. There was no discussion or objections.
Motion carried to pay the Life & Accident withdrawals.
MEMORIALS
James H. Jochheim
Michael G. Martin
William J. Nolan
ASSISTANCE COMMITTEE
Chairman James Coburn presented the following motion.
The committee recommends and I so move to accept the donations in the amount of $10,344.15 to the Widows, Orphans & Disabled Firemen’s Fund. There was no discussion or objections.
Motion carried to accept the donations in the amount of $10,344.15 to the Widows, Orphans & Disabled Firemen’s Fund.
The committee recommends and I so move to assist a widow with $550 per month plus medical premiums with a six month review. There was no discussion or objections.
Motion carried to assist a widow with $550 per month plus medical premiums with a six month review.
The committee recommends and I so move to assist a widow with $400 per month with a six month review for living expenses. There was no discussion or objections.
Motion carried to assist a widow with $400 per month with a six month review for living expenses.
The committee recommends and I so move to assist a widow with $500 per month with a six month review for living expenses. There was no discussion or objections.
Motion carried to assist a widow with $500 per month with a six month review for living expenses.
The committee and I so move to assist a widow with $400 per month with a six month review for living expenses. There was no discussion or objections.
Motion carried to assist a widow with $400 per month with a six month review.
The committee recommends and I so move to assist a widow with $200 per month plus medical premiums with a six month review. There was no discussion or objections.
Motion carried to assist a widow with $200 per month plus medical premiums with a six month review.
The committee recommends and I so move to assist a member with $700 per month with a six month review for a care giver. There was no discussion or objections.
Motion carried to assist a member with $700 per month with a six month review for a care giver.
The committee recommends and I so move to assist a member with $752 for hotel expenses. There was no discussion or objections.
Motion carried to assist a member with $752 for hotel expenses.
Donations to Widows, Orphans & Disabled Firemen’s Fund
- BILL & DONNA QUINN in memory of our daughter Shelly C. Quinn and our mother Jenny P. Haney
- FRED & SUSAN TURNER in memory of our father Harlan L. Turner who loved being a fireman
- JOHN J. NICHOLSON TRUST
- RALPH & SHIRLEY ROOK
- MARLENE D. SMITH in honor of “Dick” Davis of FS-90, 1935-2005
- CLAUDE MORRIS in recognition of all the assistance given to the retired members
- JEAN M. TERBERG in memory of my husband John Terberg
- CATHERINE M. LEVINE in memory of my husband Capt. Bill (Andy) Devine
- TODD J. SANDS
- EVELYN L. MORRISSETTE in memory of my husband Bill Morrissette
- DON & BARBARA RICKLES
- FIRE STATION NO. 38 from our Extinguisher Fund
- BEVERLY WHITMORE in memory of Bob Whaling, Chief Hawley, and Bob Whitmore
- DOLORES K. HAMILTON in memory of my husband John Hamilton
- JUDY K. SHANNON in memory of my Aunt Clara Gallagher
- POSTSCRIPTS FEDERATED CLUB
- ROBERT P. LUTZ for all the buddies who passed away this last year
- FUMIKO HUMBERD in loving memory of my husband John L. Humberd, Jr. and others
- JOAN B. CARBAJAL in memory of Tony DiDomenico and his wife Antoinette
- I. ETHEL CRUMPACKER
- LEONA M. LITTLEFIELD in memory of your husband Dewey Littlefield, Jr.
- DORIS TUCKER in memory of Arnold E. Tucker
- BETTIE MILLER CLARK in memory of my husband Greg Clark who passed away July 12, 1989
- JACK D. CHELL in memory of Felix Brac & Clark Shaver
- DORIS M. SHREWSBURY in memory of Harry Shrewsbury
- FIRE STATION NO. 49 from our Extinguisher Fund
- DONNA BOLDING
- FIRE STATION NO. 28 in memory of Julia Rios Casanova Mother of Richard Casanova FS-28B Active
- FIRE STATION NO. 28 in memory of Julia Rios Casanova son of Richard Casanova FS-28B LAFD Active
- JEAN I. BOARD
- EDWARD P. MARRAH, JR. in memory of my Aunt Clara Gallegher
- JENNIFER STEHLE in memory of Clara Gallagher
- ROSALIND DODD in memory of my husband John Dodd
- MARILYN OSTBY in memory of my husband Gordon Ostby who served on the Widows & Orphans Committee for many years
- JOHN W. POTTER in memory of John Blessing
- MARIE D. SHAFER
- LEE HORN in memory of Bill (Bugs) Burrage
- GERALD A. LEHMANN in memory of John Burnham a true friend
- NORMAN L. STEPHENS in memory of Frank Gunther
- DAVID LALLY
- FIRE STATION NO. 85 from our Extinguisher Fund
- GENE HILL
- ROBERT L. MCLAURIN
- DANA & NORMA LAINE
EMERGENCY ADVANCEMENTS
Chairman James Coburn presented the following motion.
The committee recommends and I so move to advance a widow $2,000 per month with a six month review on a reversed mortgage. There was no discussion or objections.
Motion carried to advance a widow $2,000 per month with a six month review on a reversed mortgage.
The committee recommends and I so move to advance a member $5,000 for bills incurred while re-activated in the military. There was no discussion or objections.
Motion carried to advance a member $5,000 for bills incurred while re-activated in the military.
The committee recommends and I so move to advance a member $61,000 for IRS payment. There was no discussion or objections.
Motion carried to advance a member $61,000 for IRS payment.
The committee recommends and I so move to continue an emergency advancement of $1,500 per month with a six month review for a member off on IOD at State rate. There was no discussion or objections.
Motion carried to continue an emergency advancement of $1,500 per month with a six month review for a member off on IOD at State rate.
The committee recommends and I so move to advance a member $25,000 for housing and debt relief with repayment through payroll deduction. There was no discussion or objections.
Motion carried to advance a member $25,000 for housing and debt relief with repayment through payroll deduction.
MEDICAL COMMITTEE REPORT
Chairman Michael Overholser presented the following motions.
The committee recommends and I so move to pay the Paid Prescriptions, L.L.C. Admin fees in the amount of $3,522.95. There was no discussion or objections.
Motion carried to pay the Paid Prescriptions, L.L.C. Admin fees in the amount of $3,522.95.
The committee recommends and I so move to pay the Paid Prescriptions, L.L.C. claims in the amount of $312,804.34. There was no discussion or objections.
Motion carried to pay the Paid Prescriptions, L.L.C. claims in the amount of $312,804.34.
BY-LAWS COMMITTEE REPORT
Chairman Warren Braun indicated they have discussed with President Marino that the By-laws are currently being reviewed by the Association’s attorney to determine recommended changes.
President Marino mentioned there was a copy of the latest version of the by-laws and board policies available for Trustees to review.
ELECTION COMMITTEE
Secretary-Treasurer Andrew Kuljis indicated they have retained the services of California Elections to run the election.
GRAPEVINE COMMITTEE REPORT
Chairman Chris Hart mentioned it costs approximately $20,000 per month to print the Grapevine and another $4,000 per month to mail out. He indicated they have obtained three bids from other companies for the publishing. A decision on who will be the printer in the future will be made by the next Board meeting.
INVESTMENT COMMITTEE
Chairman Kurt Stabel stated that this was his first report to the Board in the new format. He indicated that going forward, he would give a small synopsis of each manager’s report.
He mentioned that the investment committee had met with Andrew Eros and Adam Abelson from Stralem & Company and reported that they had substantially out performed the market, primarily due to the limited exposure to financial stocks.
He indicated that from inception of February 9th through November 30th, LAFRA’s account had increased by 9.95% verses the S &P 500’s increase of 4.58% which is over 500 basis points of out performance. He mentioned that from October 1st through November 30th LAFRA’s account was up 1.07% verses a negative 2.66% for the S & P 500. This is over 300 basis points out performance which is substantial for a partial quarter. He mentioned that Stralem foresees continued weakness in the financials due to projected down turn in U.S. housing market and continued tightening of global credit markets and a slowing in domestic growth potentially being off set by strong economic growth of emerging markets.
SCHOLARSHIP COMMITTEE REPORT
Trustee Gene Bednarchik indicated that this would be the first year that they would enact the Bill Goss Scholarship Award. He mentioned that applications are now available online and indicated that the deadline to submit is March 31st. He mentioned that the essays will be conducted some time in April.
PRESIDENT’S REPORT
1) President Marino asked that all Trustees sign and date the Business Associate Agreement provided. He stated that they are required to sign an agreement each year.
SETTING DATES
1) Grass Valley Reunion – May 12th – 18th 2008
RETIREMENT DINNERS
1) John Parker – Saturday, January 12th Fire Station 80
2) James Thornton – March 20, 2008 The Historic Mayfair Hotel
3) Kenneth Murray – March 25, 2008 The New Otani Hotel
4) Bill Carter – April 3, 2008 94th Aero Squadron
5) Brent Hogue – April 6th Invitation Only
6) Gregory King – April 11, 2008 The Proud Bird Restaurant
7) Isaac Burks – April 16, 2008 Renaissance Hollywood Hotel
8) Bob Haffner & Gary Sauck – June 13, 2008 John Christman’s Home
9) Steve Montiel – June 21, 2008 TBA
ADJOURNMENT
President David Marino entertained a motion to adjourn. Trustee David Peters so moved. Trustee David Ortiz seconded the motion. There was no discussion and no objections.
Motion carried to adjourn.
The Board of Trustees meeting adjourned at 12:20p.m.
David Marino, President