ALL FRETS - July/August 2018 ENTIRE ISSUE | Page 29

assets and reconciled accounts tabulated, the net worth of ALL FRETS as of June 30, 2018 was $194,471.00, representing an
increased net worth of $17,178.00 since June 30, 2017.
To provide more insight and detail regarding the cash reserve and Foundation accounts, financial officer, Rob Wright began by
noting a different look to current reports, noting past reports were a hybrid cross between balance sheets and income and expense
statements. His goal in this change is more detailed reporting which is consistent with current business practices and reporting
requirements. With regard to FY 2017, Wright noted the cash reserve account realized a net value loss of $4,533.00 which included
a transfer of $8,000.00 to the operational account, resulting in a year end balance of $47,653.00. In response to a question, it was
noted that a credit of $1,511.00 reflects repayment of previous year ALL FRETS Foundation grants which he errantly been paid out of
the cash reserves account (subsequently, the Foundation account report shows this amount as an expense). Wright stated that cash
reserves were just that and, as such, funds were held in low yield vehicles netting almost no growth. He also noted his vigilant
protection regarding certain potential conflicts of interest between his ALL FRETS oversight and his professional financial consulting
activity. Reporting on cash reserve activity in the first six months of 2018, Wright stated that little change has occurred (particularly
noting no transfers to operations). With interest, fees, etc. considered, the cash reserve account held a balance of 48,133.00 as of
June 30, 2018.
As the ALL FRETS Foundation account holds the largest balance, Wright reviewed the various income and expense categories
associated with it. By board directive, up to 20% of the account principal may be invested in equities with the remainder in fixed
income vehicles. Because of this the account showed growth from both dividends and investment market gains. Expenses –
including educational grants totaling $2,650.00 offset some of that growth. With a net gain in value of $4,260.00, the balance of the
Foundation account at the end of 2017 was $118,947.00. Prior to moving on to current year reporting, Wright offered the board the
opportunity to review more detailed reporting or Merrill Lynch statements associated with these accounts. During the first six
months of 2018 there was a “correction” in the stock market which resulted in a decrease in value of the equities held in the
Foundation account. With this value lost and other expenses calculated against income, the account realized a decrease in value of
$708.00 since the beginning of the year, holding a balance of $118,239.00 as of June 30, 2018. Prior to moving on, Wright explained
certain aspects of financial terminology – and why they are confusing to those who are not financial professionals, commenting such
confusion as being the reason for summary style reporting to the board. With no further reporting, questions or discussions, it was
moved, seconded and approved that the financial reports be accepted and filed as presented.
To present a report on the current convention, president Grosser called upon convention host, Keith Konopa who began his report
by stating that 209 registrations had been received. Tallies include 109 banquet meals, 60 attendees to the Erie Canal tour, 81
attendees to the Niagara Falls tour, and 64 attendees to the Pierce Arrow museum tour. With registration fees coupled with other
income items (banquets, tours, 50/50 raffle, concert tickets, tee shirts, etc.) Konopa projected a profitable convention well within
the parameters of anticipated convention revenues. President Grosser acknowledged the effort and results of Konopa and his
convention team which prompted a round of applause from the board.
Moving on to options for the 2019 ALL FRETS convention, Johnny Baier reported that – at Jeff Grosser’s request – he had sent
requests for proposals to multiple cities and hotel properties. For review, while Gatlinburg, TN was attractive because of tourist
activity, the hotels there were not interested in discounting rates during their peak summer period. Previously visited hotels in
Indianapolis would not offer similar rates and concessions which had been negotiated as they were being considered for the 2017
convention. The La Paloma resort in Tucson, AZ offered a very attractive guest room rate but could/would not negotiate on food
and beverage minimums or meeting room charges. Baier noted the Tucson option as still being attractive because Rob Wright had
volunteered to act as convention host and two possible financial subsidies were available which might offset meeting room charges
and potential food and beverage losses. Said subsidies, however, came with room night gua rantee levels that would be difficult to
realize, particular with the unknown factor of member support of a convention held in a distant and historically very hot locale and
climate. When proposals were been gathered for the 2015 convention, Springfield, Illinois had submitted proposals from several
properties. Although an acceptable proposal had not been negotiated and submitted until after a decision for 2014 had been made,
the Springfield properties had been “courting” our business each year since then. Baier stated that he contacted the Springfield CVB
stressing that our list of needs from a potential convention hotel was “non-negotiable,” requesting that time not be wasted by
hotels submitting proposals which did not accommodate all of our needs. None the less, three non-acceptable proposals were
submitted – with one showing promise. Following lengthy negotiations, the Crowne Plaza hotel in Springfield ultimately submitted a
contract which addressed all of our needs (including a complimentary breakfast on three days of the convention). With an
acceptable contract in hand, Baier noted that while he is happy to help in the process, he could not act as the convention host and,
should the locale and contract be accepted, a suitable host would need to be secured. Baier noted that many current convention
responsibilities are delegated to existing volunteers and, as such, much of the traditional hosting responsibility is already covered,
leaving the proposed hosts the primary responsibility of receiving and processing registration and coordinating on-site activities.
Based on geographic proximity Baier noted a brief discussion with Don Dempsey (St. Louis) as well as a proposed talk with members
of the Central Illinois Banjo Club (Peoria), stressing his apprehension of asking Denny and Kathy Overstreet to personally take on the
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