Proceedings 212th 2009 Griff Jones - Grand Chapter State of New ...

The Grand High Priest called for the Grand Treasurer’s Report.
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Grand Treasurer Report - 2008-2009
Most Worshipful Deputy Grand Master, Most Excellent Grand High Priest,
Most Excellent Grand High Priests of prior years, Distinguished East and Companions:
We are all aware of the traumatic collapse in the economy, the financial industry adversely
affected by a credit crunch and bankruptcies, the Dow Jones dropping from $13,300
at the beginning of the year to $8,780 by year end a decrease of 34% and the S & P 500
dropping from $1,468.36 to $903.25 a decrease of 38%. The Grand Chapter of the State of
New York, Royal Arch Masons was also adversely affected by this downturn, but not to the
extent of the Dow Jones, or the S & P 500. The market values of all our investments went
from $5,554,400 on January 1st to 4,491,000 on December 31st,, a loss of 1.063 million or
19%; about 15% better than the Dow Jones and 20% better than the S & P 500. It must be
stressed, however, that our loss includes a paper loss of $544 thousand: unrealized losses
that must be recorded to have our Financial Statements certified according to the rules established
by the A.I.C.P.A.
Included in our total income is a partial distribution of $316,000 from the Estate of
Douglas W. Holbrook and $37,400 received from suspended chapters.
Despite the adverse economy, and thanks to the diligence of the Trustees, we were still
able to make 50 Scholarship awards totaling $27,500, a TB Fund donation of $6,000 for the
relief of a distressed Companion, donations to our own Masonic Medical Research Laboratory
in the amount of $265,000, donations to our own Chancellor Robert R Livingston Library
in the amount of $15,000 and other charitable organizations totaling $15,000; without
diluting our investment portfolio.
I have to add that, number one, if it wasn’t for the hard work and cooperation of Right
Worshipful David Schneeweiss with me during the year we would not have been able to
keep our portfolios high. We sold securities to be able to make these donations at a time
when we didn’t lose that money. So we waited until the market was good enough, so that
we could sell it and still make a profit. That way we didn’t lose any money on our donations.
An added footnote, while the Dow Jones declined 21% as of Wednesday, March 4, our investments
for the same period was only 2.9%. Which means we only lost 3% as opposed to
21%, an 18% improvement over the market.
The Grand Line Officers and the Finance Committee consistently monitored our expenses,
as a result, our normal operating expenses were $94,397: $13,000 or 12% lower
than budgeted and $700.00 or 1% lower than 2007.
M. . . E. . . High Priest I submit this report along with the Certified Financial Statements
for 2008 previously submitted to the Secretary, for approval.
Motion to accepted the Treasurer’s report was made, seconded and carried.
FIACIAL STATEMETS FOLLOW
O PAGES 31, 32, 33
2009