Annual Report 2015 - 2016

From the President ASFIP had a great year in many different areas thanks to the volunteers’ efforts. The Atlanta society had over a hundred volunteers participating for about 2000 hours. As a professional non-profit, we depend on generosity of individuals who want to give back and to help welcome college students into our industry. All our success should be shared by the members who volunteer to make us better. Here is a list of highlights:

1550 members and guests attended our programs and 165 were on our conference calls

over 1500 views occurred on our YouTube channel, check out the latest

our Foundation was established and received our 501c3 status from IRS

we held 2 events with Junior Achievement, donated $10000 to JA and $5000 to GCEE

outreach with media expanded with Media Forecast lunch and Media Source book

our IRC winner UGA advanced to IRC Global final reflecting well on our society

we held a half day event for Future of Finance with five other ATL professional groups

marketing continued with WABE and expanded to Captivate in local elevators

The society is very fortunate to have had consistent support of Cathy Ford as our full time Executive Director. Our board and committees did great work with all our programs. I would encourage all to look at our Governance page on the website to see the breadth of participation and to consider joining "a difference that matters". We have tried to be more externally focused with the ASFIP brand (Invest with Excellence) and ASFIP Foundation brand (Learn, Grow, Succeed). These brands will position our society well in current environment and will have many synergies with CFA Institute ongoing efforts.

As we continue to operate in a challenging return environment, I would encourage members to find strength and support from other members. I believe our over 1400 members are a very talented society and the level of cooperation is excellent. Whenever I struggled or needed assistance, there was always a member who stepped forward to help lift me up. I believe that the new leadership team will do a great job in continuing this effort but it takes determination of many not the few to be great.

As we ended our fiscal year on June 30, we are in excellent shape. During 2015-2016 the society has invested in areas to promote our mission, expanded services to our members and increased the visibility of the organization in Atlanta and nationwide. I want to say what a pleasure it was to serve as your society president and I look forward to continuing the efforts which have been launched. Together, let us all Invest with Excellence for many years to come.

Stephen P. Davenport, CFA

President, 2015-2016

2015-2016 Board of Trustees Stephen Davenport, CFA President John Skinner, CFA VP-Programs Grace Liao VP- Education Christy Loop, CFA Treasurer; Technology LaShonda Fuselier, CFA, CPA Secretary; Outreach George Chen, CFA, CIPM Trustee; Past President Dustin Martin, CFA, CPA Trustee; Past President Joe Porter Trustee; Past President Kathleen Chrisman, CFA Trustee, Past President, SAC Chair Hazel Sanger, CFA Trustee; Past President Curtis Kimball, CFA Trustee Darren Short, CFA Trustee James Loving Trustee Joshua Cochran, CFA Trustee Curtis Kimball, CFA Trustee; Membership Darlene van Nostrand, CFA Marketing & PR Merlin Tolstyk, CFA Career Resources Kurt Tesh Jr., CFA Advocacy Raanan Pritzker, CFA Audit

Mission Atlanta Society of Finance and Investment Professionals is a not-for-profit services organization fostering the highest level of professional ethics, standards, and competence among the investment professionals of Greater Atlanta. We serve our members and the local financial community through educational and other programs, and thereby contribute to the enhancement of our profession.

Programs During the 2015-2016 fiscal year, ASFIP held 35 events, including one half-day conference, six “Virtual Series” conference call events, and several career development & networking events. From these events, video and/or audio were captured and posted to our YouTube channel for 25 presentations. In addition to a full year’s worth of PD and SER credits for CFA charterholders, our events were approved for nine hours of CFP and IMCA continuing education credit.

Special thanks are due to Cathy Ford, Executive Director, who worked hard to ensure the events were smoothly run and top notch. We’d also like to extend heartfelt thank you to our sponsors, partnering organizations, speakers, and program committee volunteers for a successful and educational year of programming. We continue to strive to bring topical presenters to our membership as continuing education is a main pillar of our Society.

What it Takes to Win on Wall Street (Carla Harris, Morgan Stanley)

*Annual Meeting (Tony Crescenzi, PIMCO – Sponsored by PIMCO)

*Virtual Series: DOL Fiduciary Rule and Putting Investors First (Rich Lynch, fi360)

*Future of Finance | Atlanta (Partnering Organizations: CAIA, NASP, GSA, SEHFA, ACG)

*Putting Investors First: “What Investors Want” (Rebecca Fender, CFA Institute)

*The Future of Finance in Atlanta (Jim Beard, CFO, City of Atlanta)

*Retirement Security: Pensions with Purpose (Martin J. Sullivan, State Street Global Advisors)

*Financial Knowledge: Financial Literacy Initiatives (Panelists Rod Batiste, State of Georgia Division of

Investment; Mike Raymer, Georgia Council on Economic Education; Amy Hennessy, Federal Reserve Bank of Atlanta; Moderator: Bill Nigut, Georgia Public Broadcasting)

*Cognitive Diversity and Best Practices for Institutional Investors (Michael Garcia, Willis Towers Watson)

Derivatives: Safeguarding the System & Effective Regulation and Enforcement (Panelists: Steven Sears, Barron’s; Andrew Higley, Voya Investment Management; William Hope; Moderator: Steve Davenport, SunTrust)

Alternative Investments: Transparency and Fairness (Panelists: Gregory Spick, UPS; Keon Holmes, Cambridge Associates; Edward Burke, K2 Advisors/Franklin Templeton; Moderator: Harold Randall, GMT Capital)

*The Future of Finance (Jason Trennert, Strategas Research Partners)

Career Series: Networking Social (Whiskey Blue)

Doing Good While Doing Well: Impact Investing for a Sustainable Tomorrow (Meredith Block, Rockefeller & Co. – Sponsored by Touchstone Funds)

ASFIP Volunteer Day (Junior Achievement of Georgia, Inc.)

*Economic Outlook (Paul Ashworth, Capital Economics)

*Global Markets and Investor Flows: Risks and Opportunities (Samarjit Shankar, BNY Mellon)

*How Exposed Are You to The Emerging Markets? (Greg Johnsen, Parametric Portfolio Associates)

Cyber Security – Are You Prepared? (Speaker: David Chaves, FBI – Partnering Organization: SEHFA)

*Stupid, Lazy and Rich: Applying Behavioral Finance for Fun and Profit (Speaker: Dr. Daniel Crosby)

ASFIP Southern Classic | Investment Research Challenge (Sponsored by RidgeWorth Investments)

*Global Infrastructure Market Update (Francis X. Greywitt, Deutsche Asset Management)

*Forecast Dinner: What Investors Need To Know About Geopolitics in 2016

(Speaker: Willis Sparks, Eurasia Group)

Diamond Sponsor

Voya Investment Management

Platinum Sponsor

T. Rowe Price, Inc.

Gold Sponsor

BlackRock, Inc.

Silver Sponsors

Allianz Global Investors

Deutsche Asset Management

Hartford Funds

Invesco Powershares

Janus Capital Institutional

Montag & Caldwell

Parametric Portfolio Associates

State Street Global Advisors

Vanguard Group

Willis Towers Watson

Winners of the Forecast Survey contest from 2015 received a Buckhead Life Restaurant Group gift card in recognition of their achievement:

↔ S&P 500 forecast winner: Wesley Reagan

↔ 10-year Treasury forecast winners: Tom Martin, LaShonda Fuselier, George Chen

↔ WTI Crude forecast winner: Alex Hertz

↔ Euro/USD forecast winner: Elena Vasilescu, David Summers, David Fisher

↔ Gold Spot forecast winner: Rob Spencer

*Virtual Series: Oil and Energy Outlook for 2016 (Michael Tran, RBC Capital Markets)

Wine Pairing Benefit for ASFIP Foundation (Vino Venue)

Gold Sponsors REMS Group

GenSpring Family Offices

Silver Sponsors Decatur Capital Management Inc.

Wells Fargo Asset Management

SunTrust Private Wealth

*Virtual Series: Global Fixed Income Outlook for 2016: Spreads and Curves (Christine Hurtsellers, Voya Investment Management)

*Virtual Series: Global Equity Markets Outlook for 2016 (Timothy C. Murray and Kurt Umbarger, T. Rowe Price)

*Virtual Series: Global Monetary Policy Outlook for 2016 (Steven Malin, Allianz Global Investors)

*Insights on Real Estate from an Atlanta REIT CEO (Donald A. Miller, Piedmont Office Realty Trust)

Holiday Party at SweetWater Brewing Company (Partnering Organization: SEHFA)

Today, Your First Impression for Prospects May Happen Online! What Are You Saying? (Chris Lybeer, Kredible)

*Future of Finance: Building the Investment Management Profession (Paul Smith, CFA Institute)

Annual Conferment Dinner (Beth Hamilton-Keen, Mawer Investment Management)

Career Series: Strength Workshop in Financial Services (Maureen Corcoran)

*It’s Back to the Future for Fixed Income (Kathleen Gaffney, Eaton Vance Investment Managers - Sponsor: Eaton Vance Investment Managers)

*EM Debt: A Falling Knife or Ripe Opportunity? (Speaker: Samy Muaddi, T. Rowe Price – Sponsor: T. Rowe Price)

*Understanding ETF Creation and Trading: Evaluating Market Impact to Clients (Speaker: James Maund, State Street Global Advisors – Sponsor: State Street Global Advisors)

Home Depot Strategic Business Update (Carol Tome, Home Depot)

*Managing Investments in China | The Potential of the Tiger (Junh Li, JL Warren Capital)

*Power of Women in Finance and Investments (Junh Li, JL Warren Capital)

Virtual Series: BlackRock Perspectives on Addressing Fixed Income Market Liquidity (Kashif Riaz, BlackRock)

Volunteer Appreciation and Society Networking Event (Gordon Biersch)

SEHFA’s 14th Annual Southeast Alternative Investment BBQ (Partner Organization: SEHFA)

Education This year, the education committee worked to improve the CFA Institute Research Challenge – Southern Classic. A newly structured committee was formed at the beginning of the fiscal year to better serve the participants. A team representing the University of Georgia bested 11 other prominent colleges and universities to win the 2016 Southern Classic, and advanced to the Final Four of the Global CFA Institute Research Challenge in Chicago. We’d like to thank

RidgeWorth Investments for sponsoring the competition for the third year in a row.

The education committee hosted Annual Conferment Dinner and awarded 16 new CFA Charterholders. The keynote speech was delivered by Beth Hamilton-Keen, Chair of the Board of Governors of the CFA Institute. The committee also helped CFA candidates in the preparation of CFA exams by offering the Fall 2015 Level I review course and mock exams for all levels. Additionally, the committee assisted ASFIP Foundation in obtaining CFA program materials for foundation students, as part of the university outreach initiative. Many thanks to Natalia Mazitova and Polina Denissova, and all the volunteers, for their hard work.

CFA Institute Research Challenge – Southern Classic A team representing the University of Georgia took home the coveted Ridgeworth Cup and split a cash prize of $ 1,500 in the eighth annual Southern Classic round of the CFA Institute Research Challenge on February 20, 2016. They advanced to the Americas Regional round in Chicago in April 2016, featuring winners of local challenges throughout North and South America. This year, our winning team also advanced to the Final Four of the Global round as the only U.S. team.

The students participating in Southern Classic presented their analysis and

investment recommendations on Intercontinental Exchange (ICE). Their presentation at the Southern Classic was the culmination of months of research; interviews with company management, competitors, and clients; and presentation training.

The Southern Classic is a local level of the CFA Institute Research Challenge, a global competition presented by CFA Institute. In order to promote best practices in equity research and company analysis, student participants in the challenge research, analyze, and report on a company as if they are practicing

analysts. Kaplan Schweser and FactSet sponsored the challenge globally. The Southern Classic was sponsored by RidgeWorth Investments and presented by

Atlanta Society of Finance and Investment Professionals (ASFIP) and the CFA Societies of Alabama and South Carolina.

During this round, twelve teams of three to five students from the area’s leading universities and business schools competed for a place in the regional final. Universities competing were Auburn University, Clemson University, Emory University, College of Charleston, Furman University, Georgia State University, Georgia Institute of Technology (Georgia Tech), Mercer University, Mercer University – Atlanta, University of Georgia, University of Alabama and Wofford College.

The University of Georgia team consisted of Sarah Greenwood, Elijah Yarborough, Matthew Green, Arjun Goel, and Thomas Saunders. Throughout the competition, the team received guidance from their faculty adviser Jake He and industry mentor Patrick Coyne, and staff support from Anne Cooper.

The global competition, which ran through April 2016, attracted more

than 4,000 students from 865 universities in 70 countries during the competition year.

Thank you to our many volunteers who made it all possible. ASFIP is ready to kick-off another year of research challenge Southern Classic. Volunteers will be needed. Please email the Research Challenge committee at cfa.irc.southernclassic@gmail.com if you are interested.

Congratulations to the University of Georgia team

for winning the ASFIP Annual IRC | Southern

Classic and for advancing to the Final Four of the CFA

Institute CFA Institute Research Challenge!

Membership Your Membership Committee worked to attract and process new memberships and assist with other membership changes during the year just ended.

Committee Curtis Kimball, CFA – Chair Scott Crenshaw, CFA Marilyn Kimball, CFA Rex Macey, CFA As of June 30, 2016, the Atlanta chapter had 1,390 active

members of all types. ASFIP chapter membership grew 1.5 percent this year, with a net gain of 20 members (up from 1,370 active members as of June 30, 2015).

Approximately 97 percent of the members are regular members -- i.e. CFA charter holders (94 percent) or long-term professionals. The remaining three percent are affiliate members.

In addition, in 2015 ASFIP began offering local Participant Associate affiliations for those who are students or who are not interested in CFA Institute membership or the CFA charter program. This new affiliation has been a success in adding 64 new Participants who attend local chapter meetings and pay dues. Participant Associates pay the same $100 annual dues as regular and affiliate members. If Participants are added to the list of members, the total number of people affiliated with ASFIP rises to 1,454.

During the year the following membership actions occurred (not including transfers): New members who activated or reactivated between 7/1/2015 and 6/30/2016 TOTAL = 99 Existing members who lapsed or cancelled between 7/1/2015 and 6/30/2016 TOTAL = 79 Two members changed to retired status. Our membership retention rate remains at around 85 percent which is among the top one-third of all the CFA Institute constituent chapters.

MEMBERSHIP

Treasurer The 2016 fiscal year marked an increase of 55% (year over year) in CFA Institute operational funding, which helped boost annual revenues by 7%. The change in operational funding helped the Board execute its strategic plan of implementing a local marketing campaign to expand its membership base, launching a student run Foundation, and increasing electronic access to programming events and intellectual content. Expenses also increased year over year, primarily due to funding provided to the

Foundation on behalf of initial start-up costs and fundraising efforts.

As of June 30, 2016, the Society held approximately $350,000 in reserves, which sufficiently covers the Society’s basic or core operational expenditures. We anticipate our position of financial strength to improve during FY17, particularly as the Foundation becomes a stand-alone entity with a separate P&L; however, we will continue to invest in opportunities and programs which create additional value for our membership. Please refer to the Appendix for unaudited financials and our investment policy statement as of 6/30/16. Thank you, and it’s been a pleasure serving as the Society’s Treasurer during this past fiscal year.

Strategic Advisory Committee The Strategic Advisory Committee (SAC) completed its second year. Kathleen (Kathy) C. Chrisman, CFA, former President and current member of the Board of Trustees, chaired the SAC. The objective of the SAC continues to be to facilitate discussions between the Society Board of Trustees and local investment community leaders about current trends in the investment industry, activity in the local area, the Society’s value proposition and strategic plan. The SAC also serves as a repository of institutional

knowledge for the Society. The SAC had two in-person meetings as listed below:

July 30, 2015 - Progress on Strategic Plan, ASFIP Foundation, Brain-storming

April 18, 2016 - Strategic Plan Committee updates, Foundation, Future of Finance Conference, New Participant review

Additional events:

↔ Members of SAC have been invited to serve for another year at their discretion.

↔ Kathy was re-appointed to serve as Chair of SAC with the term to expire June 30, 2018.

↔ Members of SAC have been invited to attend the Past President’s Luncheon to take place on August 16, 2016.

Strategic Advisory Committee Kathleen Chrisman, CFA, Chair

William Annis, CFA

Dean Austin, CFA

Vincent Baria, CFA

Janet Bunch, CFA

George Chen, CFA

Carole Cox, CFA

Anna Craig, CFA

Stephen Davenport, CFA, President

George Hauptfuhrer, CFA

David Lee, CFA

Rex Macey, CFA

Dustin Martin, CFA

Thomas Martin, CFA

Charley Morris, CFA

Joe Porter

Robert Reiser, CFA

Bradford Young, CFA

Volunteer The fiscal year saw the volunteer efforts of the Society

broaden to include additional mission aligned education

goals – in Community Outreach with our partnership with

Junior Achievement Atlanta, and the establishment of the

ASFIP Foundation. These initiatives provided new types of

volunteer opportunities and we were pleased to see

increased volunteer engagement during the year. A joint

volunteer recognition and recruitment event will be

held on August 25th.

Committees

Advocacy

Career

Education

Membership

Marketing & PR

Technology & Social Media

Outreach

↔ Community ↔ Corporate ↔ University

Programs

Future of Finance

Investment Research Challenge

Volunteers Aaron Foresman, CFA

Aaron Jacobson-Swanson,

CFA

Adam Rogers, CFA

Adrian Cronje, PH.D., CFA

Aki Pampush, CFA

Alan Hartley, CFA

Allen Gillespie, CFA

Andretta Weaver, CFA

Andrew Carstensen, CFA

Anna Craig, CFA

Anne.Coupe

Anuja Singha, CFA

Aradhana Gupta Kejriwal, CFA

Benjamin Webb, CFA

Brad Phillips, CFA

Brad Robinson, CFA

Brian Bugg, CFA

Brian Hussain, CFA

Brion Friedman, CFA

Carole Cox, CFA

Chad Deakins, CFA

Charles East

Charles Singleton

Charlotte Walsh, CFA

Christopher Jones, CFA

Christopher Martin

Christy Loop, CFA

Craig Ruff, CFA

Curtis Kimball, CFA

Dan Wright, CFA

Darren Short, CFA

David Damiani, CFA

David Riley, CFA

Dennis Dong

Dustin Martin, CFA, CPA

Farzad Jalil-Alghadr, CFA

Francis Jin, CFA

Francis Jin, CFA, CIPM

Frederick McAuley, CFA

Garrett O'Malley, CFA

George Chen, CFA

Georgia Hauptfuhrer, CFA

Grace Liao

Gregory Bauer, CFA

Gregory Silberman, CFA

Jackie Cushman, CFA

James Shilkett

Janet Yuen, CFA

Joe Porter

John Givens, CFA

John Hanson, CFA

John Skinner, CFA

Josh Cochran, CFA

Josh Rosenberg, CFA

Julia Casals

Justin Pinckney, CFA

Kathy Chrisman, CFA

Kelly Truesdale, CFA

Kendall Anderson, CFA

LaShonda Fuselier, CFA

Lisa Joublanc, CFA

Magnolia Shumaker

Manoj Madhavan, CFA

Marc Borrelli, CFA

Marc Bosworth, CFA

Mark Driver

Meena Devarakoonda

Michael Lee - Chair

Michael Rieger, CFA

Natalia Mazitova, CFA

Nick Tiemeyer, CFA

Patrick Coyne, CFA

Paul Buren, CFA

Pete Osterland, CFA

Randy Loving

Rex Macey, CFA, CFP, CIMA,

Riaz Hameed, CFA

Robert Key, CFA

Roger Sheffield, CFA

Russ Allen

Rusty Griffin

Ryan Milam

Sabrina Macdonald

Scott Barron

Scott Crenshaw, CFA

Sharon Margetson, CFA, CIPM

Shayne John

Stephen Davenport, CFA

Steve Marino, CFA

Steve Werber, CFA

Vince Baria, CFA

William Aycock, CFA

William Hinson

William Little, CFA

Members Making Events

Jun 30, 16

ASSETS

Current Assets

Checking/Savings

5th|3rd Business Savings 65,386.19

5th|3rd Business Elite Checking 33,576.33

Petty Cash 100.00

Total Checking/Savings 99,062.52

Other Current Assets

Accrued Receivable 7,881.00

Total Other Current Assets 7,881.00

Total Current Assets 106,943.52

Fixed Assets

Original Cost 6,750.00

Equipment 14,614.05

Accum Depreciation -21,364.05

Total Fixed Assets 0.00

Other Assets

Investment Fund 257,362.47

Total Other Assets 257,362.47

TOTAL ASSETS 364,305.99

LIABILITIES & EQUITY

Liabilities

Current Liabilities

Other Current Liabilities

Deferred Revenue 12,520.00

Deferred Revenue - Dues 24,220.00

Accrued expenses 21,145.42

Total Other Current Liabilities 57,885.42

Total Current Liabilities 57,885.42

Total Liabilities 57,885.42

Equity

Opening Bal Equity 158,223.00

Retained Earnings 236,240.03

Unrealized Capital Gains -2,738.68

Net Income -85,303.78

Total Equity 306,420.57

TOTAL LIABILITIES & EQUITY 364,305.99

Balance Sheet

Unaudited Financial Statements

Profit & Loss Budget vs. ActualJuly 2015 through June 2016 Cash Basis

Jul '15 - Jun 16 Budget $ Over Budget % of Budget

Ordinary Income/Expense

Income

Education Income

Total Education Income 33,297.56 22,000.00 11,297.56 151.35%

CFAI Operational Support 76,120.00 50,000.00 26,120.00 152.24%

Forecasting Dinner

Total Forecasting Dinner 83,000.05 97,000.00 -13,999.95 85.57%

Career Resources

Total Career Resources 1,800.00 5,500.00 -3,700.00 32.73%

Member Dues

Total Member Dues 135,585.00 115,000.00 20,585.00 117.9%

Program Fees

Total Program Fees 20,370.00 17,500.00 2,870.00 116.4%

Miscellaneous Revenue

Total Miscellaneous Revenue 81.38 100.00 -18.62 81.38%

Total Income 350,253.99 307,100.00 43,153.99 114.05%

Gross Profit 350,253.99 307,100.00 43,153.99 114.05%

Expense

Professional Dues

Total Professional Dues 2,580.00 3,400.00 -820.00 75.88%

Office Expense

Office Equipment

Total Office Equipment 631.10 500.00 131.10 126.22%

Corporate Registration 30.00 30.00 0.00 100.0%

Bank Charges

Total Bank Charges 3,835.33 2,800.00 1,035.33 136.98%

Postage & Delivery 1,615.74 1,500.00 115.74 107.72%

Telephone Services 1,135.00 960.00 175.00 118.23%

Office Supplies

Total Office Supplies 2,544.97 500.00 2,044.97 508.99%

Total Office Expense 9,792.14 6,290.00 3,502.14 155.68%

Committee Expense

Committee Meetings

Committee Meetings - Other 0.00 7,000.00 -7,000.00 0.0%

Total Committee Meetings 5,127.58 10,000.00 -4,872.42 51.28%

Jul '15 - Jun 16 Budget $ Over Budget % of Budget

Technology

Total Technology 3,995.25 3,000.00 995.25 133.18%

Page 1 of 2

Profit & Loss Budget vs. ActualJuly 2015 through June 2016 Cash Basis

Programs Expense

Programs Expense - Other 2,258.17 2,500.00 -241.83 90.33%

Total Programs Expense 97,094.92 76,500.00 20,594.92 126.92%

Career Resources 1,092.87 2,500.00 -1,407.13 43.72%

Education

Total CFA Review Course 12,618.24 12,500.00 118.24 100.95%

Education - Other 368.50 500.00 -131.50 73.7%

Total Education 27,826.15 29,000.00 -1,173.85 95.95%

Committee Expense - Other 0.00 0.00 0.00 0.0%

Total Committee Expense 135,136.77 121,000.00 14,136.77 111.68%

Public Relations

Total Public Relations 55,820.40 20,000.00 35,820.40 279.1%

Forecasting Event Expenses

Total Forecasting Event Expenses 74,743.09 77,100.00 -2,356.91 96.94%

Board of Trustees

Outreach

Charitable Contributions

Foundation

Total Foundation 83,745.20 75,000.00 8,745.20 111.66%

Charitable Contributions - Other 0.00 5,000.00 -5,000.00 0.0%

Total Charitable Contributions 83,745.20 80,000.00 3,745.20 104.68%

Total Outreach 83,745.20 80,000.00 3,745.20 104.68%

Total Board of Trustees 98,344.85 90,000.00 8,344.85 109.27%

Total Management Fees 60,276.88 61,806.00 -1,529.12 97.53%

Total Expense 440,943.88 389,313.67 51,630.21 113.26%

Net Ordinary Income -90,689.89 -82,213.67 -8,476.22 110.31%

Other Income/Expense

Other Income

Interest Income 482.48 1,050.00 -567.52 45.95%

Income Dividends 4,903.63 1,102.43 3,801.20 444.8%

Total Other Income 5,386.11 2,152.43 3,233.68 250.23%

Net Other Income 5,386.11 2,152.43 3,233.68 250.23%

Net Income -85,303.78 -80,061.24 -5,242.54 106.55%

Page 2 of 2

Investment Policy Statement Effective as of February 11, 2016 The purpose of these assets is to provide a 2x fixed cost coverage for the Society’s ongoing operational needs. Fixed costs are defined as remaining administrator, overhead and core member service expenses once membership revenues and operational funding have been applied. The reasons for maintaining reserves include: sustaining basic operations and core member services during a short-term economic downturn, providing a source of capital to cover unanticipated temporary revenue shortfalls, and providing the ability to fund operational costs in the event the organization needed to be wound down. For those assets that exceed the reserve levels described above, the Atlanta Society of Finance and Investment Professionals would like to maintain maximum liquidity such that those resources could be utilized as deemed appropriate by the Society Board and Leadership group. Investment Time Horizon – Because these assets are primarily viewed as

reserves, the investment time horizon is actually quite short as these reserves may be utilized at any point in time.

Risk/Return Tolerance – Because these assets are primarily viewed as reserves, the risk tolerance for any loss of principle is very low such that the return expectations should be commensurate with an enhanced cash type vehicle. These vehicles’ returns are dependent on market levels of short-term interest rates.

Cash Requirements – We should determine the amount of daily liquidity needed and set that aside. Other assets could be invested in slightly longer maturity investments to improve the overall yield earned.

Tax Considerations – Given the 501C3 status of the society, there are no tax considerations to be considered.

Legal or Other Constraints – We are not aware of any legal or other constraints at this time.

Other Considerations – The following items need to be confirmed going forward:

o Documentation of the 2x fixed operating costs needs to secure those assets as reserves.

o Determine excess if any beyond reserves and discuss liquidity needs associated with those assets.

o Determine whether any exposure should be maintained beyond an enhanced cash type investment.

4355 Cobb Parkway Phone: 678-324-8474 Suite J-533 Email: admin@asfip.org Atlanta, GA 30339 Website: asfip.org