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Finance Committee Special Meeting

July 12 @ 11:00 am - 12:30 pm

REGIONAL ACCESS PROJECT FOUNDATION
FINANCE/INVESTMENT COMMITTEE SPECIAL MEETING
Monday July 12, 2021 at 11:00 AM or immediately following Executive Committee Meeting
41550 Eclectic St
Palm Desert, CA 9226
OR
Join Zoom Meeting
https://us02web.zoom.us/j/8983531177
CALL-IN Information 1 669 900 6833 Meeting ID: 898 3531 1776

This meeting is being conducted utilizing teleconferencing and electronic means as well as in-person at the RAP Foundation office. Members of the public may be able to participate by telephone or Zoom call as listed above.  Reasonable accommodation: Individuals with a disability requiring reasonable accommodation to attend or participate in this meeting may request assistance by emailing AMontano@RAPFoundation.org.  Notification of 48 hours prior to the meeting start time will enable us to make reasonable arrangements to ensure accessibility to the meeting.

I. CALL TO ORDER

II. WELLS FARGO ADVISOR PRESENTATION- Marc Smith, Senior Financial Advisor/ Senior Vice President
The RAP Board approved Resolution 2021.03 to terminate our contract with Inland Empire Community Fund (IECF). A letter of termination was provided to IECF soon thereafter authorizing the closing of the account with them. In early June they subsequently transferred, into our Operating account, the amount of $375,812.42 to close the account.

In late June, the full amount of $375,812.42 was transferred to Wells Fargo Advisors for deposit into our investment account. (attach#1, attach#2)

Staff Recommendation: To add to the existing Wells Fargo Investment account as per current model percentages. The recommendation is to not add all $375,812.42 at this time, but to add 25k of that amount into the floating rate investment grade bonds.

Motion: Second: Approve: Denial: Abstention Names:

 

III. BOARD COMMENTS – ADJOURNMENT:

 AGENDA POSTING: 

Agendas will be posted on the Foundation website at https://www.rapfoundation.org a minimum of 72 hours prior to the meeting date. All public record documents for matters on the open session of the Agenda are available for inspection upon request three (3) days prior to the meeting date.  If a public record document that relates to a matter on the open session of the Agenda is distributed less than 72 hours prior to the meeting date, the public record document shall be available for inspection at the same time it is distributed at the address listed above. Upon request, this agenda will be made available in appropriate alternative formats to persons with disabilities, as required by Section 202 of the Americans with Disabilities Act of 1990.

Details

Date:
July 12
Time:
11:00 am - 12:30 pm