The purpose of the Investment Committee is to oversee the investment funds (Operating Fund) of the Association and its Divisions. The committee sets investment policies, determines investment allocations, selects appropriate mutual funds, and uses financial planning services to accomplish plans and set goals. The treasurer serves as an ex-officio member and no other member of the Executive Committee may serve on the Investments Committee.
The Operating Fund was established in 1974 to provide the AAPG with financial resources to weather adverse periods in the industry. The Investments Committee oversees and is charged with the responsibility of prudent investment of the funds. The Executive Committee has sole discretion to use or dispose of the funds in the Operating Fund as circumstances require. In 2002, the Investment Committee created an Investment Policy that sets forth the investment structure for managing the Operating Fund assets. The policy is reviewed annually and minor adjustments are made to the various asset allocation classes.
The market value of the Operating Fund on June 30, 2005, was $13,272,510.99. This represents a 6.2% increase of about $778,930 over the previous year's market value. Of that total, $81,609.86 (0.6%) was invested in short term cash accounts, $9,297,654.36 (70.1%) was invested in equities, $2,535,358.70 (19.1%) was invested in fixed income funds, and $1,357,888.07 (10.2%) was invested in other assets. The Investments Committee uses Larry Thompson & Associates, Inc. for financial planning.
The Investment Committee held meetings in Tulsa on October 4, 2004, and May 16, 2005. Minutes from those meetings are posted to the Investments Committee Web page.
At the October 4th and May 16th meetings, the Committee: a) received the Executive Director's report on the Association; b) discussed the overall market's performance; c) reviewed and balanced asset allocations; d) reviewed the operating fund's portfolio performance; e) received an update/review of the GeoVe$t pension fund; and f) discussed other business.
George R. Bole, Chairman
Members of the Investment Committee include
George Bole, John Brock, Terry Hollrah, Dick Howell, Jim McGhay, Terry O'Hare, Mike Party, Pierce Pratt, Rod Tillman and Clint Moore (EC Liaison).
Participating members of the pension fund include
Rick Fritz, Bryan Haws, David Lang, Larry Nation and Anne Payne