The Texas Compatriot, Summer 1993 Page: 4 of 12
This periodical is part of the collection entitled: Texas Society Sons of the American Revolution (TXSSAR) and was provided to The Portal to Texas History by the UNT Libraries Special Collections.
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4 The Texas Compatriot
meeting had been distributed and asked if there were any
additions or deletions. It was moved and seconded that the
minutes be approved. Motion passed.
Chairman Hill called on Treasurer Frank Gibson for a
report on the monies in the various accounts of the fund.
Treasurer Gibson distributed the financials as of January
31st. He reported that there was a total of $124,588 in the
various accounts. The February 28th statement from
Shearson Lehman shows $132,000, probably because of in-
terest paid in February. The January balances were $6,285
in savings, most of which has been transferred to the money
market account at Shearson as of this date. The majority of
the funds are in government bonds ($108,000). Most are 10
year bonds. For this fiscal year to date, we had contributions
to the fund of just under $5,000, and interest earned of
$7,888. We have paid out $3,700 in approved projects, all
of which were for scholarships awarded last year.
Chairman Hill said the Board needs to move the money
market funds into something paying a higher rate of interest,
and he had asked David Crymes to come up with some
ideas of how to invest the approximately $10,000 that is or
will be available soon.
David Crymes reported that he did some research on
what the auctions at the Federal Reserve in Dallas are
doing. He said that on the secondary market, government
paper bearing 11% interest is selling for $165. The ranges
for short term paper ranges from 2% to 3%. The best rates
are in the 10 year and 30 year paper. The 10 year are run-
ning about 6.2% and the 30 year about 6.89%. The 20 year
notes are bearing interest closer to the 10 year notes than
the 30 year notes. He recommends that we buy no more
than 10 year notes, and that we don't buy it in the next
month or two. He believes there are going to be a couple of
up-ticks in the bond market in the near future. After discus-
sion, Compatriot Crymes moved that the chairman be auth-
orized to purchase $10,000 of 10 year government obliga-
tion at auction before the August Board meeting, at what-
ever rates he deems appropriate. Motion died for lack of a
second. Chairman Hill suggested we just wait right now until
we see what's going to happen.
Chairman Hill thanked Compatriot Dr. Bob Phillips,
chairman of the PF Projects Committee, for always giving
the Trustees a report on the proposed projects in advance
of the Board meeting. He also moved for authorization of
the availability for expenditure of the 1992 calendar year in-
terest of $8,040.49. Motion was seconded and passed.
Compatriot Phillips reported the following requests for
funds to the committee. First, to continue the Oration Con-
test scholarships of $3,250. Second, to continue providing
the cost of sending the Texas Oration Contest winner to the
National Congress. Third, to continue the elementary school
poster project award of $175 which was started by the Piano
Chapter, and to continue the $900 Eagle Scout scholarship
which was started last year. The Centennial Commem-
orative Medal committee has asked for a loan of $2,850 to
strike medals to be sold in 1996, the proceeds of which
(plus any profits) are to be returned to the Patriots Fund. All
of this totals $7,185, which is 85% of the available money.
The additional reimbursement costs for Oration and EagleScout winners, plus the small chapter reimbursement of
medals, increases the total to $8,048. No money is
recommended for national projects. After discussion and
comments, Chairman Hill thanked Compatriot Phillips for
his report.
Chairman Hill said the trustees needed to decide the
winners of the Galveston Trophy and the Frank Watkins
Trophy for presentation at the banquet on Saturday night.
After studying the statistics, Chairman Hill recommended
that the Panhandle Plains Chapter be awarded the Galves-
ton Trophy. The Frank Watkins Trophy will be decided on
later, due to lack of time right now. The meeting was
adjourned at 3:00 p.m.
MEMBERSHIP, SUPPLEMENTAL,
EXPANSION, RETENTION &
REINSTA TEMENT
Wilbur S. Strong, Chairman
Congratulations go to all members of the Texas Society
for their work on membership-related activity. The TXSSAR
Report to NSSAR indicated that we had a net growth of 63
members. Membership figures are as follows:New Members
Transfer in
Reinstatements
Supplementals
Dropped - non-paid
Transfer out
Resignations
Deaths
INCREASE (Loss)
Members 1 Apr 1992
Members 1 Apr 1993253
5
35
126
145
9
27
49
63
2,257
2,320James M. Head, Chairman of the Retention & Re-
instatement Sub-Committee has mailed letters to 120 of the
145 that were dropped for non-payment of dues this past
year. Additional letters will be sent to those who have
resigned or dropped during the past five years. It is our hope
that some or all of these former Compatriots will re-join the
Texas Society.
Using figures supplied by the Texas Society, we have
dropped 968 members for non-payment of dues and 231
resignations in the last ten years. Had we retained all of
these members, the TXSSAR would now have a member-
ship of 3,519. Remember, the Texas Society receives
$10.50 and the Chapter receives $9.50 for each member.
Our current membership is 2,320. We have not just lost
money, we have lost someone who could share their
experience and talent with others.
President Fowler has indicated that to attain a net
growth of 7% and basing membership on the statistics from
last year, we will need 377 new members. This figure has
been broken down by Chapter and is included in Registrar
Sam Griffin's Report that all Chapter Presidents have
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Sons of the American Revolution. Texas Society. The Texas Compatriot, Summer 1993, periodical, Summer 1993; Dallas, Texas. (https://texashistory.unt.edu/ark:/67531/metadc1764226/m1/4/?q=%22~1~1%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Special Collections.