Trustees

The Trustees were faced this year with the need to reconcile all investment accounts so that from this point on we have an accurate figure in each account, so that the inadequate record keeping of the past is corrected and that each account is accurate. We found that for several years, when funds were expended, they were not deducted from their accounts, that interest was added to accounts when none was earned and that designated expenditures were improperly credited to other accounts. Initially we were faced with our records being short over $400,000. Through detailed examination of records, through reconciling expenditures to their proper accounts and to correct applications of interest earned, our funds imbalance has been significantly reduced. We hope to have these accounts to accurately reflect their true value and to establish procedures so that this type of book keeping ends.

We also found that the signatures on the investment accounts had not been updated since the accounts were opened, in some cases back into the 1980’s. We have written to each of the investment accounts and have notified them of the current officers. We approved a minute that all accounts will be updated with the change of Treasurer, Clerk of Trustees and two other designated trustees. We have also updated the operational accounts.

The Trustees worked with the Camp Property Committee on conveyance of a parcel of land. We met with the Educational Funding Resources Committee to forgive some student loans. We worked with the ad-hoc Development Committee as they sought clarity on a staff position. We designated a member of the Trustees to serve on a committee to oversee the Yearly Meeting office property.

The Trustees benefited from the good services of Riley Robinson, General Secretary and Margo Lehman, bookkeeper.

Byron Sandford, clerk

The Trustees met on Yearly Meeting Day at Goose Creek Meeting, October, 2004, and Yearly Meeting Day at Sandy Spring Meeting, April, 2005. At the first meeting there were eight members present and at the second meeting there were seven members present. The main business continues to be the oversight of the investment portfolio and the Camp Property Improvement Fund, which is part of the portfolio. During the year the Trustees approved the use of monies from the Fund to build a shelter for use by the Teen Adventure Program. Expenditures of up to $50,000 were approved from the fund for restoration work on the lagoon at Catoctin.

The problem of delinquent loans from the Education Funds was again considered and the Trustees agreed to the possible use of an appropriate collection agency. The Trustees were kept informed of the plans to develop a policy on security at events involving young people. As the legal corporation of the Yearly Meeting they could ultimately be held responsible if breaches of security were to occur.

Edward Hawkins, Clerk