July 25, 2006 Minutes
The HHSAA met at 7:00 p.m. in the First Baptist Church on July 25, 2006, to fold the alumni newsletters. Members present were Kay Honeycutt,, Sidney Bridges, Norma Bridges, Patty Street, Jim and Karen Cavanaugh, Paul Ice, Ursie Moore, and Helen Laffoon.
After the newsletters were folded, Kay Honeycutt called the meeting to order. Patty Street read the June minutes. Sidney made a motion to approve, Paul seconded and the motion carried.
Jim updated the committee on Oscar Collins' wishes on how his money should be managed. Oscar had written a letter and Jim provided a copy to the alumni committee. His stated desire was that $36,000 be invested in certificates of deposit with the interest earned paid out in scholarships. Next, he recommended that $5,000 be invested in Money Markets to generate income for operating expenses. Any extra surplus could be invested in certificates of deposit and interest earned paid out as scholarships. And finally, $15,000 should be invested in a conservative and growth mutual fund to provide long-term growth from reinvested dividends, capital gains, and appreciation. When the value of the fund doubles, 75% can be used to buy an additional CD.
The next meeting will be held August 28, 2006, at the Houston Elementary Library. Kay dismissed the meeting.
Minutes by Patty Street, Recording Secretary