Submitted by admin on Mon, 07/16/2018 - 10:10 AM
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We have a lot of cash

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To: Oak Ridge Financial Management Advisors

 

Request for proposals (draft 5/28/18)

 

The Oak Ridge Civic Music Association (ORCMA), a non-profit 501(c)(3) organization, requests your proposal for investing its Endowment.

 

ORCMA is composed of the professional Oak Ridge Symphony Orchestra (four concerts per year), the volunteer Oak Ridge Chorus (performing with the symphony and alone, four concerts per year), the Chamber Concert series of invited professional groups (four concerts per year), and the free Coffee Concerts by local musicians (generally four concerts per year). The Orchestra presents one free Family Concert each year as educational outreach. Our upcoming season will be our 74th.

 

ORCMA has an annual operating budget of about $225,000. This is made up of annual subscriptions, box office receipts, special donations, and gains in invested endowment funds. We have recently depended on withdrawing about $30,000 each year from our invested funds to balance operating expenses.

 

We presently have $389,387 invested (April 30).  We have an additional $220,000 from recent bequests to be invested, now held in cash. The present investments and their April 30 market value are:

                  Vanguard Index Fund (S&P 500 ETF) - $222,097.30

                  First Eagle Global Class A Mutual Fund - $44,330.00

                  James Balanced: Golden Rainbow Fund - $34,911.02

                  Mainstay Income Builder Fund Class 1 - $29,713.83

                  Oakmark Equity & Income Investor Cl - $40,501.76

                  Loomis Sayles Strategic Inc Cl A (fixed income fund) - $17,193.47

 

Our investment goal has been growth & income. The annual goal for all invested funds would be a yield of 5% or better. The most significant growth in the past year has been in the S&P index fund (11%). The mutual funds in aggregate have grown 3.5% in the past year, and have retained nearly consistent valuation since 2015 despite withdrawals.

 

If you are interested in appraising our current holdings (including fees) and providing a proposal for investing the newly obtained funds, (or want more information about the request) please reply by June 15 to:

                  Charles C. Coutant, Treasurer                              email: ccoutant3@comcast.net

                  c/o ORCMA                                                                  Phone: 865-483-5976

                  320 Robertsville Rd., Suite 1

                  Oak Ridge, TN 37830

 

We thank those of you who have supported live music in Oak Ridge and look forward to your response.

 

Sincerely,

 

 

Charles C. Coutant, Treasurer

For the Finance & Fundraising Committee

of the ORCMA Board of Directors

Recipients:

 

Ameriprise Financial Services

667 Emory Valley Road

Oak Ridge, TN 37830

 

Capital Security

189-B Lafayette Drive

Oak Ridge, TN 37830

 

Coulter & Justice Wealth Advisors

575 Oak Ridge Turnpike, Ste 203

Oak Ridge, TN 37830

 

Cumberland Wealth Management

1143 Oak Ridge Turnpike, Ste 214

Oak Ridge, TN 37830

 

Edward Jones

106 Administration Road

Oak Ridge, TN 37830

 

Merrill Edge Financial Solutions

795 Main Street W

Oak Ridge, TN 37830

 

Retirement Planning Group

661 Emory Valley Road

Oak Ridge, TN 37830

 

UBS Financial Services

107-B W. Tennessee Avenue

Oak Ridge, TN 37830

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