Finance Committee

2020-21 Annual Report

It is my pleasure to report on behalf of the Finance Committee for the previous year.

The committee reviews the statements from our investment consultants, Fiducient (formerly known as DiMeo Schneider), monthly and then meets with them quarterly in person. Due to the pandemic, our meetings were held virtually this past year. During these meetings, we look at the performance of our investments, analyze how our investment performance is impacting the budgetary needs of the Valley, and listen to recommendations from Fiducient on asset allocation and underlying portfolio managers. The committee then takes our suggestions to the Board of Directors.

The Valley has an external audit done every year, and our audit is available for members to view at any time in the office during normal business hours. The board also appoints an internal auditor to review the monthly financial transactions, and I have performed that duty for the previous year.

The past year was challenging with respect to periods of extreme volatility in the markets. Our committee held a few special meetings and discussions revolving around some of the volatility we experienced. I am happy to report that we made slight adjustments just over a year ago when the markets were sharply down to take advantage of the low prices in equities. The result was another surplus year for our investments. More recently we have been moving assets from equities into our capital improvements account to fully fund the current and upcoming projects on the building. The committee believes that taking some of our profits out of the market while it is at all-time highs to fund necessary projects on the building will best serve our membership in the current environment.

The Valley of Chicago is financially sound thanks to the hard work of the finance committee. I would like to thank committee members Ahmed Hassan, William Tienken, Bruce Zimmerman, and Daryl Selock as well as our Treasurer, Don Esser, Deputy’s Representative, Michael Ehle, and Active, Anthony Cracco, for their advice, counsel and commitment of time during this past year.

Respectfully Submitted,

Andrew A. Keppy,
Finance Committee Chairman