ANA Election 2015

GregL · May 24, 2015 12:51PM

For those of you who are ANA members, election ballots were sent out this past Monday either electronically (if you opted in for electronic voting) or by mail. This is your opportunity as a member to have a say in the direction of the ANA, so please vote.

On a personal level, I'd like to ask for your support for my re-election. I've spent the past four years on the ANA Board learning even more than I thought I knew about the ANA's operation in hopes of improving the organization. We have implemented a new website (and are continuing to work out the bugs)... we have implemented programs such as the ANA Road Show which allow ANA collections to travel to local and regional coin shows to allow members and the general public to appreciate what the ANA has to offer... and we have continued the ANA down a road of financial stability. I consider my two areas of expertise on the board to be technology and finance... and I feel we have made significant advances in each.

If you have any questions regarding the ANA or the election, please don't hesitate to contact me (either now or in the future).

Thanks,
Greg Lyon

EagleEye · May 24, 2015 1:46PM

Thanks for being the voice of the ANA on the forum. You got my vote!

GregL · May 24, 2015 1:49PM

Thanks, Rick!

bidask · May 24, 2015 2:40PM

Please describe your expertise in finance relative to the ANA?

How has the ANA made significant advances in finance?

Barndog · May 24, 2015 2:53PM

<< Please describe your expertise in finance relative to the ANA?

How has the ANA made significant advances in finance? >>

Mr. Lyon's statement in support of his candidacy is available on the ANA website. Here is a link to his:

https://www.money.org/blog/Lyon2015ElectionStatement

coinhack · May 24, 2015 3:00PM

I will vote for you too. You and Col. Ellsworth were the first two names I checked.

Good luck to you both.

BryceM · May 24, 2015 3:04PM

Greg,

Thanks for keeping us informed here regarding meeting venues, perks for ANA members (getting in 30 before the general public) and such. Much of what the ANA does is out of sight to the average collector. Communication is key.

Got my ballot yesterday & it's in the mail.

Boosibri · May 24, 2015 3:08PM

<< Thanks for being the voice of the ANA on the forum. You got my vote! >>

+1, thanks Greg

DRUNNER · May 24, 2015 3:39PM

I have had many great experiences with the Colonel and remain impressed with his knowledge, experience, and collector support as a candidate.

A real 'boots on the ground' representative of what numismatics should be.

This is a view from many years of witnessing his interaction at all levels of our hobby.

Drunner
(Coach)

Justacommeman · May 24, 2015 5:01PM

johnsim03 · May 24, 2015 7:18PM

Greg, thank you for posting this - another vote for you is on its way...
John

bidask · May 25, 2015 12:49AM

<< 

<< Please describe your expertise in finance relative to the ANA?

How has the ANA made significant advances in finance? >>

Mr. Lyon's statement in support of his candidacy is available on the ANA website. Here is a link to his:

https://www.money.org/blog/Lyon2015ElectionStatement >>

I read his statement. Regards my questions in my previous post I see nothing substantive in his statement.

Here is what I see:

"While the ANA is our national coin club, it is also a small business with a $6 million annual budget, more than 35 employees and assets totaling over $75 million. Perhaps the most important role of the ANA Board of Governors is to properly manage these assets to further the ANA’s educational mission – both today and for many years to come. I have both the collector’s background and business experience to lead the ANA."

I cannot find where is the source of the $6 million annual budget. I cannot find anything on how the $75million in assets are invested!

Anybody know the answer to these questions.

Greg, can you answer my questions?

Barndog · May 25, 2015 2:07AM

<< 

<< 

<< Please describe your expertise in finance relative to the ANA?

How has the ANA made significant advances in finance? >>

Mr. Lyon's statement in support of his candidacy is available on the ANA website. Here is a link to his:

https://www.money.org/blog/Lyon2015ElectionStatement >>

I read his statement. Regards my questions in my previous post I see nothing substantive in his statement.

Here is what I see:

"While the ANA is our national coin club, it is also a small business with a $6 million annual budget, more than 35 employees and assets totaling over $75 million. Perhaps the most important role of the ANA Board of Governors is to properly manage these assets to further the ANA’s educational mission – both today and for many years to come. I have both the collector’s background and business experience to lead the ANA."

I cannot find where is the source of the $6 million annual budget. I cannot find anything on how the $75million in assets are invested!

Anybody know the answer to these questions.

Greg, can you answer my questions? >>

Text

bidask · May 25, 2015 2:24AM

<< 

<< 

<< 

<< Please describe your expertise in finance relative to the ANA?

How has the ANA made significant advances in finance? >>

Mr. Lyon's statement in support of his candidacy is available on the ANA website. Here is a link to his:

https://www.money.org/blog/Lyon2015ElectionStatement >>

I read his statement. Regards my questions in my previous post I see nothing substantive in his statement.

Here is what I see:

"While the ANA is our national coin club, it is also a small business with a $6 million annual budget, more than 35 employees and assets totaling over $75 million. Perhaps the most important role of the ANA Board of Governors is to properly manage these assets to further the ANA’s educational mission – both today and for many years to come. I have both the collector’s background and business experience to lead the ANA."

I cannot find where is the source of the $6 million annual budget. I cannot find anything on how the $75million in assets are invested!

Anybody know the answer to these questions.

Greg, can you answer my questions? >>

some help >>

thanks but can you post a link to the downloaded 2014-2015 report please? Im having trouble figuring out how to download the report.

Barndog · May 25, 2015 2:27AM

go to money.org
find the menu item called "about ana"
choose "financial reports" from the drop down menu
scroll down and select the fiscal year you wish to view
click and a PDF opens

GregL · May 25, 2015 2:50AM

<< Please describe your expertise in finance relative to the ANA?

How has the ANA made significant advances in finance? >>

The ANA is fortunate to have a significant amount of reserve funds -- also known as an endowment. The majority of which is thanks to a man by the name of Kenneth Keith.

Kenneth was a coin collector who donated his collection of Mexican Silver coinage to the ANA in 1971. Publicity surrounding this donation led to the robbery of the home he shared with his brother James in Wichita Falls, Texas. During the robbery, James Keith was murdered. The assailants were later captured and convicted of murder, in parts thanks to a reward offered and paid by the ANA.

When Kenneth Keith died, his will stated that his shares in the Ben E. Keith Company be held in trust with the income going to a number of relatives until their deaths. When each relative died, the shares held in trust for them would be donated to one of three organizations -- one of which is the ANA.

Overall, the ANA has assets of $76.5 million dollars. This includes the numismatic collection valued at $37.7 million, investments of $22.7 million, property of $2.2 million and future stock we will receive in the Ben E. Keith Company with a present (discounted) value of $13.5 million (when we receive the stock, the actual value will be approximately $25 million).

Unlike a normal business, the ANA does not need to have what is usually considered a "balanced budget" where revenues equal expenses. Why? Because we can use a portion of our endowment to provide more programs and services than we would otherwise be able to. The key to doing this is to in a sustainable manner so that the endowment remains constant or continues to grow.

In the fall of 2013, we had a board meeting to discuss the proposed 2014 budget, which included spending some funds from the endowment... and several board members who (apparently) had not read the budget before the meeting or asked questions in advance... were livid. "We're going to go broke if we continue to do this!" they said. I tried my best to explain the concept of endowments and spending from one but it was all for naught and they asked for immediate cuts in the budget.

Thankfully, over time, I have been able to explain these concepts and -- as of the board meeting at the Portland ANA convention -- we have an official policy on endowment spending, which allows for 3% of our endowment to be spent for operating purposes each year... far below the average 7% return on stock investments.

To put it in perspective, since I joined the Board in 2011, our investments (and future value of receivable stock) has grown from $28.6 million to $36.2 million. Over a longer period -- since 2006, which includes the stock market crash -- our investments have grown from $19.8 million to $36.2 million.

This is great... but our job is to provide educational services and not just let money sit somewhere. Today we have the ability to spend realistically but ensure that our financial future remains secure.

As posted earlier, the ANA has financial reports posted on our website. The 2014 Audited Financial Statements are not yet posted for some reason (I will email today to ask that they are) but I can email anyone interested a copy of them.

If you have any specifics about the ANA's financial position, please do not hesitate to ask on this thread or message me or email me directly.

Thanks,
Greg

bidask · May 25, 2015 3:20AM

<< go to money.org
find the menu item called "about ana"
choose "financial reports" from the drop down menu
scroll down and select the fiscal year you wish to view
click and a PDF opens >>

Got it thanks !

When I look at expenses I was not to impressed about what is being spent to drive membership.

Seems ever year candidates talk about it but the decline continues.

That seems to be a major problem for the board for a long time and I question the strategy and resources being
devoted to turn that around.

Also, under the sources of revenue column I read "investment percentage ' showing an amount of $601,578.

Was that earned off the $75,000,000 asset base from the ANA ?

If so, that investment return $ wise of $601,578 is poor.

Who has been making the decisions of how the $75,000,000 in assets is allocated?

How is the $75,000,000 allocated?

bidask · May 25, 2015 3:48AM

<< 

<< Please describe your expertise in finance relative to the ANA?

How has the ANA made significant advances in finance? >>

The ANA is fortunate to have a significant amount of reserve funds -- also known as an endowment. The majority of which is thanks to a man by the name of Kenneth Keith.

Kenneth was a coin collector who donated his collection of Mexican Silver coinage to the ANA in 1971. Publicity surrounding this donation led to the robbery of the home he shared with his brother James in Wichita Falls, Texas. During the robbery, James Keith was murdered. The assailants were later captured and convicted of murder, in parts thanks to a reward offered and paid by the ANA.

When Kenneth Keith died, his will stated that his shares in the Ben E. Keith Company be held in trust with the income going to a number of relatives until their deaths. When each relative died, the shares held in trust for them would be donated to one of three organizations -- one of which is the ANA.

Overall, the ANA has assets of $76.5 million dollars. This includes the numismatic collection valued at $37.7 million, investments of $22.7 million, property of $2.2 million and future stock we will receive in the Ben E. Keith Company with a present (discounted) value of $13.5 million (when we receive the stock, the actual value will be approximately $25 million).

Unlike a normal business, the ANA does not need to have what is usually considered a "balanced budget" where revenues equal expenses. Why? Because we can use a portion of our endowment to provide more programs and services than we would otherwise be able to. The key to doing this is to in a sustainable manner so that the endowment remains constant or continues to grow.

In the fall of 2013, we had a board meeting to discuss the proposed 2014 budget, which included spending some funds from the endowment... and several board members who (apparently) had not read the budget before the meeting or asked questions in advance... were livid. "We're going to go broke if we continue to do this!" they said. I tried my best to explain the concept of endowments and spending from one but it was all for naught and they asked for immediate cuts in the budget.

Thankfully, over time, I have been able to explain these concepts and -- as of the board meeting at the Portland ANA convention -- we have an official policy on endowment spending, which allows for 3% of our endowment to be spent for operating purposes each year... far below the average 7% return on stock investments.

To put it in perspective, since I joined the Board in 2011, our investments (and future value of receivable stock) has grown from $28.6 million to $36.2 million. Over a longer period -- since 2006, which includes the stock market crash -- our investments have grown from $19.8 million to $36.2 million.

This is great... but our job is to provide educational services and not just let money sit somewhere. Today we have the ability to spend realistically but ensure that our financial future remains secure.

As posted earlier, the ANA has financial reports posted on our website. The 2014 Audited Financial Statements are not yet posted for some reason (I will email today to ask that they are) but I can email anyone interested a copy of them.

If you have any specifics about the ANA's financial position, please do not hesitate to ask on this thread or message me or email me directly.

Thanks,
Greg >>

Ok thanks Greg.

My last post was made before I read your response here.

I remain unclear as to who manages the endowment funds? Is that where the Ben E Keith stock assets are held? Is it diversified?

My sense is the ANA board does not manage the endowment funds, is that correct?

Also, why does the ANA continue to have such a large part of its assets in coins ? ($37.7 million)

It sounds like the $22.7 milliion or so is what actually invested in marketable securities?

If so how is that allocated between stocks, bonds and cash?

We all know how well coins and precious metals have done unless there are Pogue type pieces in the collection ...?

I do like that your pushing for the board to spend more of the asset base!

golden · May 25, 2015 3:53AM

Our bullet ballots for Greg are in the mail.

GregL · May 25, 2015 4:06AM

<< I remain unclear as to who manages the endowment funds? Is that where the Ben E Keith stock assets are held? Is it diversified? My sense is the ANA board does not manage the endowment funds, is that correct? >>

The ANA does not have investment advisor, but there have been finance and investment committees in the past. (That is something up to each President.)

<< Also, why does the ANA continue to have such a large part of its assets in coins ? ($37.7 million) >>

Because that is our numismatic collection, which includes the museum. There are plans to de-accession duplicates and non-numismatic-worthy items, but those make up quantity and not quality (in terms of the coins themselves as well as their value). The collection was only added to the balance sheet in 2009 or 2010. It was a much discussed decision but, once done, cannot be undone. The collection is valued at the time it was added to the balance sheet and not revalued on a regular basis, only if something material occurs to result in a different valuation.

<< It sounds like the $22.7 milliion or so is what actually invested in marketable securities? If so how is that allocated between stocks, bonds and cash? >>

Roughly, it's about 2/3 in Ben E. Keith stock and 1/3 in a diversified mutual fund. My next big push is to slowly reduce the concentration of Ben E. Keith stock, especially knowing we will be getting another $25 million worth in the future. The issue with doing so is that the stock has done VERY well over the years that many Board members do not want to lose out on those returns.

Greg

GregL · May 25, 2015 4:12AM

<< Also, under the sources of revenue column I read "investment percentage ' showing an amount of $601,578.

Was that earned off the $75,000,000 asset base from the ANA ?

If so, that investment return $ wise of $601,578 is poor. >>

Regarding this question, please let me know which document you are finding this in and which page. I suspect this is amount of money taken out of investments for operating and/or capital purposes for a given year, but need to know what you are reading to be certain.

Between 2013 & 2014, ANA investments increased by $2.0 million or 5.4%.

Between 2012 & 2013, ANA investments increased by $4.0 million or 13.2%.

Greg

bidask · May 25, 2015 4:31AM

<< 

<< Also, under the sources of revenue column I read "investment percentage ' showing an amount of $601,578.

Was that earned off the $75,000,000 asset base from the ANA ?

If so, that investment return $ wise of $601,578 is poor. >>

Regarding this question, please let me know which document you are finding this in and which page. I suspect this is amount of money taken out of investments for operating and/or capital purposes for a given year, but need to know what you are reading to be certain.

Between 2013 & 2014, ANA investments increased by $2.0 million or 5.4%.

Between 2012 & 2013, ANA investments increased by $4.0 million or 13.2%.

Greg >>

The downloaded 2014-2015 financial statement shows 2 documents ... one revenues and one expenses......it's on the revenue document.

GregL · May 25, 2015 4:39AM

<< The downloaded 2014-2015 financial statement shows 2 documents ... one revenues and one expenses......it's on the revenue document. >>

That is the amount of money being taken out of the endowment for operating purposes for 2014-2015.

Greg

bidask · May 25, 2015 4:46AM

<< 

<< I remain unclear as to who manages the endowment funds? Is that where the Ben E Keith stock assets are held? Is it diversified? My sense is the ANA board does not manage the endowment funds, is that correct? >>

The ANA does not have investment advisor, but there have been finance and investment committees in the past. (That is something up to each President.)

How are the endowment funds allocated? Were there ANY current or past board members who advocated to have a professional money manager rather than rely on internal finance and investment committee? What members are on these committees currently?

<< Also, why does the ANA continue to have such a large part of its assets in coins ? ($37.7 million) >>

Because that is our numismatic collection, which includes the museum. There are plans to de-accession duplicates and non-numismatic-worthy items, but those make up quantity and not quality (in terms of the coins themselves as well as their value). The collection was only added to the balance sheet in 2009 or 2010. It was a much discussed decision but, once done, cannot be undone. The collection is valued at the time it was added to the balance sheet and not revalued on a regular basis, only if something material occurs to result in a different valuation.

What % of the 37.7 million dollar collection are valuable keepers to display at shows? What % of the 37.7 million dollar do you estimate
could or should be sold?

<< It sounds like the $22.7 milliion or so is what actually invested in marketable securities? If so how is that allocated between stocks, bonds and cash? >>

Roughly, it's about 2/3 in Ben E. Keith stock and 1/3 in a diversified mutual fund. My next big push is to slowly reduce the concentration of Ben E. Keith stock, especially knowing we will be getting another $25 million worth in the future. The issue with doing so is that the stock has done VERY well over the years that many Board members do not want to lose out on those returns.

So of the $76.5 million in assets there are 2 large concentrations.......... Coins and Ben Keith stock .....

Greg >>

bidask · May 25, 2015 4:50AM

<< 

<< The downloaded 2014-2015 financial statement shows 2 documents ... one revenues and one expenses......it's on the revenue document. >>

That is the amount of money being taken out of the endowment for operating purposes for 2014-2015.

Is this the amount represented by the actual return from the endowment?

Or just a number the board decided on?

Again not clear how the endowment is invested .

Greg >>

DaveWcoins · May 25, 2015 4:52AM

<< 

<< go to money.org
find the menu item called "about ana"
choose "financial reports" from the drop down menu
scroll down and select the fiscal year you wish to view
click and a PDF opens >>

Got it thanks !

When I look at expenses I was not to impressed about what is being spent to drive membership.

Seems ever year candidates talk about it but the decline continues.

That seems to be a major problem for the board for a long time and I question the strategy and resources being
devoted to turn that around.

>>

BidAsk -- how would you spend the money the ANA spends now on increasing membership? And if you had more money to spend, how would you spend that additional amount? How much additional funding would you need?

Serious question(s).

Yorkshireman · May 25, 2015 5:02AM

From memory, Bidask is in the investment business. So am I.
He does ask some good questions.
A strong recommendation would be to seek out an investment team with a well known firm with experience in advising non-profit organizations.
Do you have a written Investment policy? If not, whatever team you hire can assist in its drafting.

Greg,
For more information on this process, send me a PM. I will provide you with my contact information.

GregL · May 25, 2015 5:14AM

<< How are the endowment funds allocated? >>

I already answered that question - about 2/3rd in Ben E. Keith stock, about 1/3rd in a diversified mutual fund.

<< What % of the 37.7 million dollar collection are valuable keepers to display at shows? What % of the 37.7 million dollar do you estimate could or should be sold? >>

I don't have specifics because I don't have a full inventory of the museum. The collection, like many things, is subject to the 80/20 rule... 20% of the coins probably make up 80% of the value.

Now does that mean we are going to de-accession every coin worth less than, say, $1000? No. The only items we will look to sell are duplicates, because having a collection is at the heart of our educational mission.

<< So of the $76.5 million in assets there are 2 large concentrations.......... Coins and Ben Keith stock ..... >>

Yes, but to call the numismatic collection to be an investment is not -- in my mind -- the right way to view it.

Greg

bidask · May 25, 2015 5:23AM

<< From memory, Bidask is in the investment business. So am I.
He does ask some good questions.
A strong recommendation would be to seek out an investment team with a well known firm with experience in advising non-profit organizations.
Do you have a written Investment policy? If not, whatever team you hire can assist in its drafting.

Greg,
For more information on this process, send me a PM. I will provide you with my contact information. >>

Hey! For that matter Greg could send me a PM too and I would be happy to send my team's contact info as well! 😊

bidask · May 25, 2015 6:13AM

<< 

<< How are the endowment funds allocated? >>

I already answered that question - about 2/3rd in Ben E. Keith stock, about 1/3rd in a diversified mutual fund.

Ok, between the 2/3rds in Ben E Keith stock invested in the endowment (about 15 million) and the present discounted value of 13.5 million of
Ben E Keith stock you indicated, that is a total of 28.5million ......that makes up roughly 37% of the assets of the ANA ! Plus another 49.5% in coins ! That totals 86.5% of the total assets of the ANA !!!

I understand Ben E Keith generously donated his stock to the ANA but frankly ALOT of individual stocks and stock funds have done well in that time period that Ben's stock has gone up as you point out.

Look , I am a devout coin collector going back to my childhood days too . Relatively I have a lot of money in coins. So I understand the draw toward coins and Ben E stock.

But you guys sit on a board and are fiduciaries. When you sit on a board you need objectivity .

The question for me is why the board is so concentrated with the ANA assets (that is risky and amazing ) when you could have been more liquid and more globally diversified and arguably have had better returns on the ANA assets from which you could have spent more on educational programs to build up membership and the like.

I have to question the wisdom of all who have not advocated for substantially more diversification and those of you who have not sought the advice of a professional financial advisor.

<< What % of the 37.7 million dollar collection are valuable keepers to display at shows? What % of the 37.7 million dollar do you estimate could or should be sold? >>

I don't have specifics because I don't have a full inventory of the museum. The collection, like many things, is subject to the 80/20 rule... 20% of the coins probably make up 80% of the value.

Now does that mean we are going to de-accession every coin worth less than, say, $1000? No. The only items we will look to sell are duplicates, because having a collection is at the heart of our educational mission.

Please explain how the ANA having a collection that size and in your own words subject to the 80/20 rule is at the heart of the educational mission? I really do believe in the educational mission.

Has the board looked closely at which coins actually serve to educate collectors and the public at shows? The rest should be sold in my view.

So whether 20% that make up the most value is kept for educational purposes then fine let it serve as the heart of the educational mission.

That still leaves 80% that should be sold or about $7 million dollars that could be liquid and diversified.

I have been advocating this for several years to sell coins and reinvest in globally diversity liquid securities (you and I talked about this in a past thread)

<< So of the $76.5 million in assets there are 2 large concentrations.......... Coins and Ben Keith stock ..... >>

Yes, but to call the numismatic collection to be an investment is not -- in my mind -- the right way to view it.

How else can you view it . You mentioned it as a significant part of the 76.5 million in assets.

Greg >>

ColonelJessup · May 25, 2015 7:08AM

<< 
Mr. Lyon's statement in support of his candidacy is available on the ANA website. Here is a link to his:

GregL did not post that link. His platform is not up for discussion. Perhaps a misguided friend inserted it

I cannot find where is the source of the $6 million annual budget. I cannot find anything on how the $75million in assets are invested!

Anybody know the answer to these questions.

Greg, can you answer my questions? >>

How effin' OT can you go. Quel chutzpah

IIRC, You asked the same questions and got answers last election. IIRC a lack of insight into the stock gift should be enough to demonstrate the lack of due diligence implicit in your own question.

Edited (twice) to add: Just go back and see what a fool you made of yourself last time. TROLL

This post is not a campaign announcement from Greg, but a heads-up on the election itself.

GregL · May 25, 2015 7:21AM

<< Has the board looked closely at which coins actually serve to educate collectors and the public at shows? The rest should be sold in my view. >>

The purpose of the ANA collection is not solely to educate collectors and the public at shows. We have a museum where portions of the collection are on display. The most important aspect of the collection is to preserve those coins and make them available for study.

I remember your call to sell a substantial portion of the collection, but I think this is the view of very, very few members. Additionally, making a habit of just selling off large portions of the collection -- the majority of which have been donated -- will send the wrong message to people thinking of making future donations to the ANA.

As I said earlier, the Board has passed a motion with plans to remove duplicate items from the collection. In looking back over Board meeting information, it is estimated that this is about 75,000 items out of the 250,000 item collection, with the vast majority having little monetary or numismatic value (think of minor world foreign coins).

Those with numismatic value (we have over 50 1877 Indian Head cents in G / VG!) will be auctioned off through a numismatic auction firm (likely online). Bullion items will be sold locally in Colorado Springs to the highest bidder. The remainder will be given to the Education department to be used for the ANA's Coins for As program, YN auctions, etc.

The proceeds have been earmarked for the Museum fund for collection maintenance and purchase of additional items for the collection.

Greg

bidask · May 25, 2015 7:29AM

<< 

<< 

<< go to money.org
find the menu item called "about ana"
choose "financial reports" from the drop down menu
scroll down and select the fiscal year you wish to view
click and a PDF opens >>

Got it thanks !

When I look at expenses I was not to impressed about what is being spent to drive membership.

Seems ever year candidates talk about it but the decline continues.

That seems to be a major problem for the board for a long time and I question the strategy and resources being
devoted to turn that around.

>>

BidAsk -- how would you spend the money the ANA spends now on increasing membership? And if you had more money to spend, how would you spend that additional amount? How much additional funding would you need?

Serious question(s). >>

David I made my comment based upon a cursory look at the expense sheet of the 2014-2015 financial report .

To answer your question seriously, I would have to understand more specifically and evaluate the value being derived from each line item in the expense report in the context of the overall mission of the overall mission of the ANA .

To do that I have to be on the board myself and listen in on meetings or interview a lot of current board members and that is not going to happen.

If I were the president of the board I would every board member to donate some time to education in the community they live in .....thus would not require traveling expenses.

The ANA really needs to step up social media and education with school curriculum at all levels.

For example its memorial weekend. Was anything strategically done advertising wise to connect with Memrial weekend ?

Same can be done for the 4th of July, Thanksgiving, Veterans Day , Labor Day , civil war and other warbreinactments, etc.

Maybe they are doing this already don't know.

illini420 · May 25, 2015 7:40AM

<< 

If I were the president of the board I would every board member to donate some time to education in the community they live in .....thus would not require traveling expenses.

The ANA really needs to step up social media and education with school curriculum at all levels.

Maybe they are doing this already don't know. >>

I know that Walt, the current President of the ANA, still takes the time to attend and help out at small local club shows here in Southern California. He also runs the Boy Scout Merit Badge workshop at one of our local shows. He runs a very successful and popular youth auction every year at one of our other local club shows. He also shows up to meetings of several local clubs regularly and also serves at the Treasurer of one of our local clubs. So of course, Walt is getting a vote from me for the ANA Board and I encourage you all to vote for him too.

Also voting for Greg too

EagleEye · May 25, 2015 12:30PM

I would go so far as to say that Walter is "Mr. ANA". That is supposed to be a compliment.

Coinosaurus · May 25, 2015 1:04PM

<< Roughly, it's about 2/3 in Ben E. Keith stock and 1/3 in a diversified mutual fund. My next big push is to slowly reduce the concentration of Ben E. Keith stock, especially knowing we will be getting another $25 million worth in the future. The issue with doing so is that the stock has done VERY well over the years that many Board members do not want to lose out on those returns.
Greg >>

2/3 of the money in one stock, and no professional management of the endowment. If this money was all personally yours, would you follow the same strategy?

TwoSides2aCoin · May 25, 2015 1:10PM

I know quality men and vote for those I think best represent both sides of the counter.

CoinJunkie · May 25, 2015 1:51PM

<< 2/3 of the money in one stock, and no professional management of the endowment. If this money was all personally yours, would you follow the same strategy? >>

You are aware that a significant majority of investment professionals underperform a low expense S&P index fund, right?
I believe the backstory of the current allocation was explained earlier in the thread.

bidask · May 25, 2015 2:03PM

<< 

<< 2/3 of the money in one stock, and no professional management of the endowment. If this money was all personally yours, would you follow the same strategy? >>

You are aware that a significant majority of investment professionals underperform a low expense S&P index fund, right?
I believe the backstory of the current allocation was explained earlier in the thread. >>

Well if it was explained I do not catch the significance
or the rational .

And btw who said anything about underperforming managers. A S&P index can easily be bought.

bidask · May 25, 2015 2:23PM

<< 

<< 
Mr. Lyon's statement in support of his candidacy is available on the ANA website. Here is a link to his:

GregL did not post that link. His platform is not up for discussion. Perhaps a misguided friend inserted it

I cannot find where is the source of the $6 million annual budget. I cannot find anything on how the $75million in assets are invested!

Anybody know the answer to these questions.

Greg, can you answer my questions? >>

How effin' OT can you go. Quel chutzpah

IIRC, You asked the same questions and got answers last election. IIRC a lack of insight into the stock gift should be enough to demonstrate the lack of due diligence implicit in your own question.

Edited (twice) to add: Just go back and see what a fool you made of yourself last time. TROLL

This post is not a campaign announcement from Greg, but a heads-up on the election itself. >>

So what I asked the same questions as last time? Did things change? They should have by any normal standard of running an endowment!

I don't know and I dont care what you think my lack of insight is. All I know is that the ANA is highly concentrated with their assets. That's stupid by any fiduciary standard.

Greg stated in his post that his strengths include finance suggesting he wants to be influential as a board member with how the ANA assets are handled. Sorry I'm not that impressed as Igot a sense he has not distinguished himself on the board in that regard.

And you sir are a buffoon for the statements you made toward me!

Now tommorrow I have to get up and work 9 hours to manage the $550 million entrusted to our team.

Good night. 😊

Steve · May 25, 2015 9:22PM

I've stayed out of the ANA election back and forth this cycle. But I continue to be happy to see Greg communicate on this board with his insights about the ANA board and its actions. It is very easy for some members and/or non members to complain about actions taken by the ANA board, but it isn't easy for those same people to decide to get involved personally and become ACTIVE and HELP to make the ANA a better organization by contributing ideas and their time to the ANA. Steve

ColonelJessup · May 25, 2015 10:37PM

<< 
Now tommorrow I have to get up and work 9 hours to manage the $550 million entrusted to our team.

>>

Thanks, If you need help I can give you (with his permission) Gene Gardner's personal cell # and email accounts.
His hedge fund manages billions. And his ego is smaller.

I've been teaching at ANA for the last 7-8 years. I contribute a paltry few thousands each year to the YNs and the Florence Schook School of Education. Other Forum members do more. Your "real world" contributions to ANA and the hobby are?

The Keith stock is in trust. To sell it imposes a future financial cost unlike any the ANA might bear. And the museum assets? It is to laugh.

Can you spell eleemosynary trust? Considered its special conditions?

Your "cursory" look?

okiedude · May 26, 2015 1:24AM

So, Bidask, when you will you be running for this volunteer board position? It sounds like you could help the ANA. Are you endorsing a different candidate (s)? If so, please let us know who they are, and why you support them?

bidask · May 26, 2015 4:48AM

<< So, Bidask, when you will you be running for this volunteer board position? It sounds like you could help the ANA. Are you endorsing a different candidate (s)? If so, please let us know who they are, and why you support them? >>

I cannot run now as working full time. But I thought about it and thanks for asking. Maybe in a few years.

Actually I do endorse Greg! Just disagree with his and the rest of the board views ( seems everyone) as to how to manage the $76.5 million in assets.

I have plenty of ideas how to improve the stability of the endowment for now and future generations.

I can only go by what is in their brief summary on the ANA web page but I like the candidates that talked about social media use to grow membership, , and
education in schools ( all levels) to grow membership........

Membership growth should be first and foremost goal of the board.

I'm also a big believer in strategic advertising. For example, Memorial Day just concluded. The ANA could have reached out to different veteran organizations and the like ( that have large page view) and bought ad space that would post a great commemorative coin ( or other coins that tie into the theme of memorial day). Same opportunity
for July 4th, Thanksgiving, Veterans Day, MLK day, MLB opening days and ?...........etc.

The idea is to reach strtegic audiences that are already visiting sites. This way the ANA gains exposure with a blurb on itself and a photo of meaningful coin that ties into the theme of the website.

Maybe it is already being done?

okiedude · May 26, 2015 8:51AM

Thanks!

Yorkshireman · May 26, 2015 10:01AM

As a fellow member of the investment advisory profession, I have to admit that Bidask asked some good questions. However, I am not sure how much experience he has in serving non-profit organizations. Plus, I was put off by the mere mention of his assets under management in that context. I thought it in poor taste. The statement was unnecessary and extremely self serving.

TwoSides2aCoin · May 26, 2015 10:13AM

Now, if we told everyone who we voted for when there's one candidate and it says "Vote for one", it just wouldn't be fair.
You know it's the other side's fault. Not that this has anything to do with U.S. Coins in general. I'm just remembering the ballot.

GregL · May 26, 2015 11:34AM

I do admit that many of the questions which bidask raised are good ones. That is an issue which needs to be addressed and I've already had some discussions with the current board regarding them.

While some are surprised issues like that have not been addressed, the ones which we have covered in the past four years are -- in my opinion -- more important. These are things such as not having any formal employee goal setting or review process... not having a functional architecture to allow for current social media practices... not having written budgetary guidelines from our endowment.

Yes, we do need to revisit our investment strategy, but we have been fortunate to be in a set of well performing assets over the last few years. Diversification is a good idea and will be discussed in the near future.

Greg

mercurydimeguy · May 27, 2015 11:39PM

Other than paying my dues each cycle (feel guilty if I didn't do it), I've lost interest in anything related to ANA governance...

It's the same people (some different faces/names) with the same blah blah for nearly 3 decades.

What does it really do? Sponsor/support some coin shows, maybe some philanthropy? I don't know, I literally threw out the ballot. People will get elected, which ones is irrelevant. When one guy runs for one office and another guy runs for another office, what's the point of even having a ballot? There is one guy running for one position (Pres and VP alike).

And if the ANA wasn't here, there world would not be a worse/different place at all. Maybe even better? A for profit business would offer whatever trivial services/value add the ANA offers now.

And it (the ANA) CAN offer A LOT more than what it does now, which is basically minimal for any collector (maybe it offers something to dealers, which seemingly are more often the ones in any position of governance).

So, I will continue to pay my ANA dues out of guilt but have little to no interest in anything ANA related because nothing that comes out of the ANA really interests me...

Sorry, just being honest (not demeaning, as I'm sure the people who volunteer their time take it very seriously).

Good luck in you election...I'm sure you'll win.

okiedude · May 28, 2015 12:04AM

I enjoy the magazine every month. Some are better than others, but overall it's a great read.

ANA Election 2015

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