Keeping Yourself and Your Members Informed
Your Budget Committee is hard at work. While we are just approaching the halfway mark for 2018, we have already begun working on the 2019 budget. There are innumerable variables that affect our budget every year; as such, we need to begin analyzing what those variables are to predict and prepare a good working plan for next year. As always, we need to consider our members’ needs and marry them with the needs of the organization in order to be sustainable today and in the future. With the help of the Budget and Executive Committees and the entire Board of Directors, PORAC is on solid financial footing. Despite this, we must always be cautious and not take our healthy financial position for granted by delving into frivolous ventures or making unnecessary expenditures. Unfortunately, many legislative issues are looming that may have an adverse effect on our revenues and the revenues of other large statewide associations. Since we are interconnected with other statewide associations, when their finances negatively affect them, there exists the possibility that we will be negatively affected as well. Therefore, it’s important we continue to be fiscally responsible and grow our reserves to ensure that we can weather this and any legislative storm on the horizon.
Since I monitor our investments in the stock market, I get a firsthand look at the good days and the challenging ones. Even though PORAC is very well diversified and managed, we still experience our fair share of ebb and flow as the market fluctuates. However, it is the diversification (based on the investment policy established by the Board of Directors and the expert management by Mark Sikorski) that has kept us in the game during the challenging times. Mark is constantly monitoring the health of our funds to ensure that we are in the best position possible to minimize the effects of the bear market and to take full advantage of the bull market.
The key lies in the constant monitoring and management of funds, along with some “tweaks” throughout the process, to keep us on the right track. If your organization employs Mark Sikorski to manage its investments, this may be the reminder you need to call him to make sure that you are on track. If you have another investment manager, Mark is always willing to provide your association with a second opinion. If your association does not have access to a financial/investment advisor, attend your local chapter meeting and inquire; you will be amazed by the wealth of information available at your chapter meetings. If you still have trouble finding an investment planner, contact me, I know a really good one.
Speaking of having good financial footing, if you are an Amazon Prime member (who isn’t?), you have an opportunity to help PORAC’s Peace Officers Research and Education Foundation (POREF) by signing up with AmazonSmile. This is a simple, no-added-cost way of supporting a charity of your choice while shopping on Amazon. When you shop with AmazonSmile, Amazon will donate 0.5% of the purchase price of eligible products to your chosen charity. To use AmazonSmile, go to www.smile.amazon.com, and under the account dropdown menu, you will see the option to select a charity. Type in Peace Officers Research and Education Foundation, and that’s it, you are now on your way to helping PORAC members’ children with scholarships for higher education. Who knows, you may even be contributing to your own child’s scholarship fund, so please sign up.
Be safe and have fun.