[committee] [ucc-announce] General Meeting Notice Thursday 25th of March

[James Arcus]

Hi all,


Just thought I'd dive into a bit more detail about the term deposits and 
why we're calling this general meeting.


UCC maintains savings, largely in term deposits, authorized by a 
resolution 
(https://www.ucc.asn.au/infobase/minutes/2016/AGM2016_resolution.txt 
<https://www.ucc.asn.au/infobase/minutes/2016/AGM2016_resolution.txt>) 
under the club's Investments Policy 
(https://www.ucc.asn.au/infobase/policies/appendix.ucc 
<https://www.ucc.asn.au/infobase/policies/appendix.ucc>). The term 
deposits currently have an interest rate of 2.90% p.a., and are due to 
mature (end) and roll over on 29 March 2021.


At current, we have $37,530.41 in the term deposits, plus an additional 
$2,064.50 subject to the same restrictions. Unfortunately, due to record 
low interest rates, we are not going to be able to achieve an interest 
rate on a term deposit that is acceptable under the current resolution. 
For example, the current Westpac term deposit rate is 0.25% to 0.35%.


We will need to set aside the current resolution, and pass a new one 
that ensures both that we aren't locked into low interest rates for a 
long time, but also that doesn't subject the club savings to an excess 
risk. I believe the club has discussed and discounted using a managed 
investment fund before, although the maths likely stack up quite 
differently in a world of a 0.1% RBA cash rate.


I'd be interested to hear feedback and ideas from members, and of course 
hope to see you at the general meeting.


Cheers,


James Arcus
/UCC Vice President 2021/


On 15/3/21 3:38 pm, Grace Fowler (23165486) wrote:
> Hey guys,
>
> This is the official notice that the next UCC General Meeting is 
> scheduled for 5pm, Thursday 25th of March.
>
> The meeting is planned to be held in the Guild Council Meeting Room, 
> unless otherwise stated. If you need help finding the meeting room, 
> you can go to the UCC clubroom beforehand and we will all head over 
> together. This being a General Meeting, the clubroom will be closed 
> while it's running.
>
> Please ensure you have completed a membership form and paid before the 
> meeting if you wish to vote or count towards quorum.
>
> If you wish to add any items to the agenda, please send them to 
> <secretary at ucc.asn.au> at least four days prior to the meeting in 
> order for them to be incorporated into the agenda.
>
>
>
> Hope to see you there!
>
>
>
> Kind regards,
> Grace Fowler
> Secretary
>
>
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