February 22, 2013 - Oregon State Bar

Minutes
Budget & Finance Committee
January 11, 2013
Oregon State Bar Center
Tigard, Oregon
Present - Committee Members: David Wade, vice-chair; Hunter Emerick; Matt Kehoe;
Theresa Kohlhoff; Caitlin Mitchel-Markley; Charles Wilhoite. Other BOG Members: Tom
Kranovich. Staff: Sylvia Stevens; Mariann Hyland; Rod Wegener.
1. Minutes – November 10, 2012 Committee Meeting
The minutes of the November 10, 2012 meeting were approved.
2. Reassessment of the Bar’s Investment Policy and Practices
The committee recommended the following:
a) Revisions to the investment policy
The Committee took no action, except to state it will discuss the previous revisions to the
policy with the representatives of Washington Trust Bank at the next meeting.
b) Investment of short-term funds
The Committee indicated the bar’s short-term invested funds could all remain invested in
the Local Government Investment Pool (LGIP) and not diversified in bank CD’s. The
Committee instructed Mr. Wegener to send to the Committee the latest audit report of the
Oregon Short-Term Fund, in which the LGIP funds are invested.
c) Meeting with investment management firms
The Committee will meet with each investment management firm for 30 minutes at the
February 21 meeting. The purpose of the meeting will be to review each portfolio’s
performance for 2012.
d) Authorization letter from Becker Capital Management
This topic was added later to the agenda and regarded a letter and a “Consent to
Assignment” from Becker. The bar was asked to act on the consent form due to the
retirement of the founder of the firm whose shares will be assigned to the other fourteen
owners of Becker Capital. The Committee recommended the execution of the assignment.
3. Financial Report – November 30, 2012
Mr. Wegener added little to the printed report other than that December historically is a
month of a net expense, but 2012 still could end at break-even to a small net revenue. It is too
early to tell if the use of reserves is necessary to break-even. He also reported that the amount
of claims paid from the Client Security Fund for 2012 was $673,535.