2016 ACF Financial Report

ACF Treasurer Report
July 2016 (by Rich Beckwith)

CDs and Annuities  
 Oldbury Fund -- annuity started Aug. 7, 2015


 200 Club -- annuity started Aug. 7, 2015


 King Me -- CD (Start Aug. 1, 2015, Ohio Savings Bank)


 King Me 4 -- CD (Start Aug. 29, 2015, Ohio Savings Bank)




Other Account Balances
 PNC Bank checking (7/4/2016)


 -- dues checks awaiting deposit


 ACF Store (Wells Fargo) (6/30/2016)


 ACF Store / PayPal (7/3/2016)


 Gene Lindsay Fund




 Total of CDs & Annuities and Other Accounts



The Funds were placed with specific purposes (at donor's wishes) for the interest earned; the principals do not represent spendable cash. The Oldbury fund supports the GAYP National Top 5 places and the GAYP World Title Match when an American competes. The 200 Club fund supports the 3-Move National and the 3-Move World Title Match when an American competes. The Lindsay Fund Supports 3-Move ACF National Masters Division and International Matches.

In 2015, the CDs held at Independence Bank were closed due to diminishing yields down to 0.3%.  The new Ohio Savings Bank Step-up CD has interest three successive 9-month interest rates of 0.91%, 1.20%, and 1.50%, respectively. The other closed CDs were moved into an annuity with Forethought (being transitioned to Global Atlantic) with three-year interest rates of 1.90%.

The King Me funds do not have a specific purpose, but these discretionary funds so far have been used to promote youth-related activities (tournaments, checker books, etc.). The "King Me" CD now includes the previously named "King Me 3" CD funds (CDs were merged). Half ($1,500) of the "King Me 4" CD principal came from the Wells Fargo store account to meet the $2,500 minimum. Lastly, $1,122.25 of the PNC checking account comes from more-recent deposited King Me revenue, so the actual King Me holdings are $10,605.37. Both King Me CDs reach final maturity in November 2017.

Some ACF Store money has not been paid off to various vendors, who receive their payment at intervals of their choosing.

As published in ACFB #382 - August 2016 (less $3,100 earmarked for 2016 3-Move National: $1,800 from the ACF 200 Club Fund and $1,300 from the Gene Lindsay Fund.  The Lindsay money is for the Masters division.)

Home  |  March 2015 Statement published in ACFB #374