The purpose of this report is to document the activities of the TSAA Hosford Committee during the calendar year 2004.
Following the resignation of committee member Tom Parrish, a web-election was held to replace him. Kathy Adams was elected to that position. Current members of the committee are:
Tom Barker – chairman
Mike Hojnacki – TSAA president
The committee developed guidelines and an application for Texas archery clubs to submit to the Hosford committee for interest free loans. A copy of the guidelines in the form of an Adobe Acrobat file may be obtained from the TSAA website at this link.
The Hosford committee received one loan application from the Alamo Area JOAD club for an amount of $3523.88. Their request was later amended to $1400. The committee has approved a loan application to the Alamo Area JOAD club. The final amount is pending the committee’s approval.
Last year it was decided to move half of the $20,000 initial Hosford endowment into CD's. $2000 each into a 1yr, 2yr, 3yr, 4yr, and 5yr CD's Before we could do that the TSAA had to incorporate and get a 501(c)3 tax exempt status from the IRS. After much time-consuming and at times frustrating work by the TSAA's secretary all of the governmental forms and paperwork went through in November and the secretary then set up the CD's in a consecutive roll-over timeframe:
1 yr @ 3.10%
2 yr @ 3.5%
3 yr @ 3.94%
4 yr @ 4.03%
5 yr @ 4.5%
The remaining $10,000 of the Hosford funds remains in a money market account which is essentially like a savings account. It earns 0.5% and so far the interest we've earned has added up to $164.37.
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