Tom,
Sounds good to me since we all agreed upon this course last time we met and
laddering is an effective strategy for CDs. Again the devil is in the details,
(especially for the treasurer).
Regards,
Henry
Henry De Jonge IV
<mailto:hdejonge@xxxxxxx> hdejonge@xxxxxxx
480-926-1000
From: evac-board-bounce@xxxxxxxxxxxxx <evac-board-bounce@xxxxxxxxxxxxx> On
Behalf Of Tom Mozdzen
Sent: Tuesday, September 18, 2018 7:29 PM
To: EVAC BOARD <evac-board@xxxxxxxxxxxxx>
Subject: [evac-board] Re: CD rates and account at Stifel
To summarize, in our previous board meeting, we were authorized to go put the
money into CDs in a staggered manner, and in a way that we would have 2
signatures on the CDs. We were talking about rates between 1.5% and 2.0%. Since
we haven't found an acceptable CD yet, I'm making a specific implementation
proposal that would meet those requirements. If anyone would like to make an
alternative proposal that would meet the objectives, I'm fine looking into that
too. So if a counter proposal is made, please make it detailed. I've got no
heartburn if we don't go the Stifel route as long as it meets the 2 person
signature requirement and as long as the paperwork is not onerous (and is a
legitimate CD in the 1.5 to 2 % range).
Tom
On Tue, Sep 18, 2018 at 5:23 PM <hdejonge@xxxxxxx <mailto:hdejonge@xxxxxxx> >
wrote:
Tom,
Hello. I think this is a good idea although I thought we already had some
money invested in CDs? Anyway due to the amounts and such this is a topic that
we should discuss and decide upon at the next board meeting before moving
further. Although my wife and I do have a personal financial advisor and
accountant I have an MBA, (and had an insurance license with Prudential years
ago) so have been doing my own investing as well over the years. I have long
recommended that we invest some chunks of our “disposable” fortune in safe,
liquid, investments that give a modest return. Laddering the CDs is also a good
strategy. I agree that Wells Fargo may not be the best place for investing, (we
have several accounts there also) and that looking into alternatives is a good
idea, (I like American Express for some things like CDs) while the big banks
are usually needed for day to day stuff because of their ease of use. Thanks
for researching these ideas and presenting them to us.
Regards,
Henry
Henry De Jonge IV
<mailto:hdejonge@xxxxxxx> hdejonge@xxxxxxx
480-926-1000
From: evac-board-bounce@xxxxxxxxxxxxx <mailto:evac-board-bounce@xxxxxxxxxxxxx>
<evac-board-bounce@xxxxxxxxxxxxx <mailto:evac-board-bounce@xxxxxxxxxxxxx> > On
Behalf Of Tom Mozdzen
Sent: Tuesday, September 18, 2018 10:41 AM
To: EVAC BOARD <evac-board@xxxxxxxxxxxxx <mailto:evac-board@xxxxxxxxxxxxx> >
Subject: [evac-board] CD rates and account at Stifel
Hi everyone,
I have personal accounts at both Wells Fargo brokerage and Stifel, so I called
my Stifel guy because I know he handles some non-profit organizations. I didn't
bother with Wells Fargo, because my Wells Fargo guy isn't up on the retail end,
and I don't have a favorable opinion of Wells Fargo in general.
Anyway, the person at Stifel is named Jeff Kramer and he said that they have 3
month CDs at 2%. There is no charge for the account. We could write checks on
the account but I'm not sure if we want a 2nd checkbook. Most importantly, all
transactions could be set up such that 2 people have to verbally give him the
OK before anything happens. We actually did this with my 90 yr old
father-in-law who was getting very very forgetful, and any transaction in his
account had to be given a verbal over the phone "OK" from one of his daughters
before anything happened. The office is located in north Scottsdale.
I propose that we open an account with Stifel and start populating 3 month CDs,
and keep the Wells Fargo checking account for daily club business. We can start
with the solarwalk chunk - put that into one CD, and one other CD for $10K.
Then we can wait one month and add another 3 month CD. Continue in this manner
until we have put the desired amount into CDs.
Could you all please say yes or no on the above plan, or ask your questions or
suggest modifications?
We could do all of the paperwork via mail, but I think it would be good for
Lana and me to go there in person at least once in the beginning. When it comes
time to switch officers, we can do everything via phone and mail if we wish to.
Feel free to contact Jeff
https://www.stifel.com/fa/jeff-kramer
Thanks,
Tom
