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The Prez Sez
Hi Folks!
As I write
this article, it is not quite Thanksgiving yet, but I'm reminded that I
owe some folks a big "Thank You" for their support.
First of all
for their help at the Sierra Vista Airport Open House on 3-4 November,
my thanks to Will Herman, George Benoit and Tom Campbell; the help was
very much appreciated!
Then there was
the Foamie Fun Fly from Heck, that was so windy we darn near had to
travel to Rodeo NM to get our planes back, i owe a big thank you to
George Benoit for the flight line help and to Mick Fox for the excellent
food.
Next, as
agreed to at our November Club meeting, we are once again in lease
negotiations with the City for Bollin Field. We have sent a letter to
Mr. Startt proposing a simplified lease, and are awaiting their
response.
And finally,
as most of you know, Mick Fox is our 2007 President and CEO, and I urge
all of you to get behind him and support him, as you did me for all the
years that I was the President.
For now, good
by and good luck
Bill
MEETING
There is no regular meeting this coming
Thursday. It is the annual XMAS dinner.
I will repeat the
last message from Tom Finn about the festivities. I believe there still
is time to let Mick Fox know if you will attend.
I want to
remind all members of the annual Christmas Party/December Meeting, that
will be held on 7 December 2006 at Daisy Maes Stronghold Restaurant with
festivities beginning about 6:30 PM and Dinner about 7 PM. As usual you
and your guest are invited with dinner taken care of. You are
responsible for you own bar bill.
The plane
drawing will be a little different this year as their are 4 planes(all
ARF's) that are quite different from past years. Bring your money as
tickets are still $5.00 per with no limit to a customer. This year you
have one more chance to win. All these models are to aid you in
improving your flying skills(NO TRAINERS).
Please contact
Mick Fox at
mikster55@cox.net and let him know if you are planning on attending
and if you will be bringing someone with you. At that time let him know
your meal preference. Steak,Chicken, Ribs,Pork Chops and Fish are your
choices.
This will also
be your last chance to give Bill Hermes and Pete Harring a hard time as
they will not be Club Officers next year. Mick and Sherry Fox are your
new President and Vice President.
See you at the
party……Will
Protecting the Assets of Clubs and
Special Interest Groups
by Carl Maroney, Special Services
Director
One of the
advantages afforded a club, chapter, or Special Interest Group (SIG)
associated with the Academy of Model Aeronautics is the presence of
various levels of insurance protection.
The major
portion of this protection is directed toward liability concerns
primarily arising from incidents associated with flying activities.
There are, however, other areas of concern that each of these groups
should address, whether they are incorporated, have officers, or written
bylaws.
While some clubs,
chapters, or SIGs do not maintain large balances in their treasuries,
others do.
This may be the
result of the creation of a flying site development or acquisition fund,
or because of monies which are to be dispersed later for community
projects or major events.
The protection
of those funds is very important, therefore, the group should consider
various operational and insurance protection procedures.
1. That the checking
and/or savings accounts be established in the name of the group.
2. That more than
one officer or director’s name be on the account and/or that more than
one signature be required on checks written, especially over a specific
dollar amount.
3. That the
treasurer be required to provide regular financial reports, preferably
at least quarterly.
4. That the group
maintain an accurate, up-to-date inventory of assets, including
equipment.
5. That the
individual or individuals responsible for the financial assets be
covered by insurance referred to as Fidelity Bonding.
6. The bank account
must be reconciled by someone who does not have check signing authority.
Items one and two
may prove difficult to achieve with some financial institutions. They
may require that the group apply for a tax number identification from
IRS. This will result in the need to file a yearly federal return. In
most cases the group’s account can be established using the Social
Security number for one of the officers. This individual then becomes
the responsible party for the account.
Item five can be
accomplished through a special type of insurance called Fidelity
Bonding. By contacting a local insurance agent you can obtain the rates
and conditions associated with your area.
In general,
bonding one or more individuals provides protection in the event an
officer misappropriates funds by repaying the funds in part or in full,
according to the terms of the agreement.
At the present
time Fidelity Bond rates are fairly reasonable. For instance, $25,000 of
protection may be obtained for $100-$200 a year.
An additional
item a group may wish to consider is referred to as “D&O” insurance.
This is specifically designed to protect the Directors and Officers of
the group.
Smaller groups
with limited financial assets may consider these points unimportant or
unnecessary; however, it should be noted that even a small amount of
missing funds might create a significant hardship for the group.
Additionally,
it may be thought that people with authority who engage in fraudulent or
dishonest acts or who misuse or abscond with the funds of an
organization is a rare occurrence. Unfortunately, such is not the case
in today’s world.
Each club,
chapter, and SIG is encouraged to carefully study its needs and
operational procedures in these areas. The old adage, “An ounce of
prevention is worth a pound of cure!” is most appropriate in these
matters!
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