Executive Committee - Pennsylvania Restaurant and Lodging

Transcription

__________________________________________________________________________________________ Executive Committee April 27, 2015 | 9:30 a.m. Peddler’s Village | Lahaska __________________________________________________________________________________________ Conference Dial‐in # 800‐220‐9875 Conference Access Code 13905062 CONFIDENTIALINFORMATION—PRLAOFFICIALUSEONLY.
PENNSYLVANIA RESTAURANT & LODGING ASSOCIATION EXECUTIVE COMMITTEE MEETING Monday, April 27, 2015 / 9:30 a.m. Peddler’s Village, Lahaska, PA AGENDA I. CALL TO ORDER AND INTRODUCTORY REMARKS Mr. Cohen ROLL CALL OF MEMBERS II. Mr. Cohen Mr. Longstreet Mr. Cohen PRESENTATION OF 2014 FINANCIAL REVIEW REPORT Mr. Nace, CPA VI. INVESTMENT COMMITTEE REPORT Mr. Graf VII. ADJOURNMENT Mr. Cohen Executive Committee Meeting Monday, July 20, 2015 PRLA Office, Harrisburg, PA
III. 2015 KEY DATES/PRLA CALENDAR IV. APPROVAL OF FEBRUARY 23, 2015, MINUTES V. Next Meeting: 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Chairperson
Vice Chairperson
Treasurer
Immediate Past Chairperson
Western Rep
Philadelphia Rep
Central Rep
Lancaster Rep
Brandywine Rep
At-Large Director
At-Large Director
At-Large Director
At-Large Director
At-Large Director
At-Large Director
Qualified Past Chair
President & CEO
Board Member
Jeff Cohen
John Graf
Steve Musciano
Rick Sell
Tim Zugger
Joe Campbell
Brian Dailey
Tim Harris
Bill Covaleski
Dee Fegan
Kevin Finn
Barry Kidd
Tom Martini
Vince Sanzotti
Michael Stershic
Matt English
Jeff Metz
Garth Weldon
Jim Purdum
Bill Kohl
Joseph DiSalvo
Kevin Joyce
Ray Hottenstein
Michael Passalacqua
Pat Daugherty
Mike Barrett
John Longstreet
Chapter
Western
Western
Western
Northeastern
Western
Philadelphia
Central
Lancaster
Brandywine
Central
Brandywine
Lancaster
Western
Western
Lehigh Valley
Central
Northeastern
Philadelphia
Keystone
Central
Western
Western
Lancaster
Western
Keystone
Northwestern
Non-Voting
Member Type
Restaurant
Lodging-Unique Lodging
Restaurant
Restaurant
Lodging-Full Service
Restaurant
Restaurant
Restaurant
Restaurant
Lodging-Unique Lodging
Restaurant
Restaurant
Other Hospitality Services-Tourist Promotion Agency
Restaurant
Restaurant
Restaurant
Restaurant
Restaurant
Restaurant
Restaurant
Restaurant
2015 PRLA Executive Committee
Day
Mon
Mon
Wed
Mon - Wed
Mon
Mon - Tues
Tues
Sat - Tues
Tues
Mon
Mon
Mon
Mon - Tues
TBD
Date
12 January
23 February
25 February
13-15 April
27 April
26 - 28 April
12 May
16 - 19 May
23 June
20 July
28 September
26 October
26 - 27 October
TBD November
PRLA Executive Committee
Budget Meeting
PRLA Fall Membership Meeting &
Awards Gala
AH&LA Fall Conference & IHM&R Show
PRLA Golf Classic West
PRLA Executive Committee Meeting
PRLA Golf Classic East
NRA Show 2015
PRLA Legislative Day
Pennsylvania ProStart Student
Competition
AH&LA Legislative Action Summit &
NRA Public Affair Conference
Annual Financial Review
PRLA Spring Membership Meeting
PRLA Leadership Webinar
Event
Jacob Javits Center
New York, NY
Pittsburgh location to be determined
PRLA Office
Harrisburg
PRLA Office
Harrisburg
Penn Stater,
State College
Ronald Reagan Trade Center
Washington, DC
Peddler’s Village, Lahaska,
Bucks County
Peddler’s Village, Lahaska,
Bucks County
PA State Capitol
Harrisburg
McCormick Place
Chicago, IL
RiverCrest Golf Club
Phoenixville
PRLA Office
Harrisburg
Fox Chapel Golf Club
Pittsburgh
Pittsburgh location to be determined
Location
Pennsylvania Restaurant & Lodging Association – 2015 State and National Events Schedule
PENNSYLVANIA RESTAURANT & LODGING ASSOCIATION EXECUTIVE COMMITTEE MEETING Monday, February 23, 2015 / 11 a.m. PRLA Office, Harrisburg, PA I. II. III. MINUTES CALL TO ORDER AND OPENING REMARKS Chairman Jeff Cohen called the meeting to order at 11:10 a.m. and thanked the Executive Committee members for attending. ROLL CALL OF MEMBERS Members present: Jeff Cohen, John Graf, Rick Sell, Dee Fegan, Kevin Finn, Barry Kidd, Vince Sanzotti, Matt English, Jim Purdum, Bill Kohl, Kevin Joyce, Ray Hottenstein, Michael Passalacqua and Pat Daugherty Members present via conference call: Steve Musciano, Tim Zugger, Joe Campbell, Brian Dailey, Bill Covaleski, Mike Stershic and Joey DiSalvo Guests present: Keith Clark, Esq., (Shumaker Williams PC), PRLA general counsel Lou Biacchi, (Pugliese Associates), PRLA lobbyist Staff present: John Longstreet, John Doulgeris, Amy Daniels, Melissa Bova, Vicki Zeppa, Diane Sherwood (via conference call) APPROVAL OF OCTOBER 27, 2014, MINUTES Motion: Mr. Stershic motioned to approve the minutes of the October 27, 2014, meeting as written. The motion was seconded by Mr. Joyce and passed unanimously. IV. 1
FINANCIAL REPORT December 31, 2014, Financial Statement (Draft) Treasurer Steve Musciano presented the December 31, 2014, income statement and balance sheet drafts, noting that these financial statements will be reviewed by PRLA’s CPA firm, Brown Schultz Sheridan & Fritz. The following items were noted:  Year‐to‐date total revenue exceeded the budget by less than 1 percent for the year and exceeded that of the same period last year by 3 percent.  Membership dues revenue came in under budget by 3 percent for the year. Restaurant dues revenue was under budget by 4 percent, while lodging dues revenue was over budget by 1 percent for the year.  Educational seminars revenue came in under budget for the year by 19 percent. This represents a 5 percent decrease over the same period last year.  Educational sales commission represents 12 months of the agreed upon commission rate from National Restaurant Association Solutions. Educational sales commission is over budget for the year by 7 percent and is up 13 percent from the prior year.  Operating expenses came in over budget by 8 percent for the year.  Computer/software expense is over budget for the year due to database support previously provided by NRA at no cost, as well as the Office 365 conversion. 







Lease expense is over budget by 10 percent for the year, due to sales tax on the iMIS database lease for 2013 and 2014. This was a sales tax audit finding and sales tax on the lease is included in the 2015 budget. Legal and accounting expense came in over budget by 49 percent for the year due to legal and accounting services performed surrounding Hotel Tax Task Force, Allegheny County Restaurant Grading System, the sales tax appeal process and PRAEF accounting fees paid by PRLA in 2014. Lobbying expense represents amounts paid for outside lobbying that PEC was not able to fund. This amount is down 13 percent from the prior year. This item has been included in the 2015 budget. Miscellaneous expense is over budget due to PRLA’s pledge to the NRA Industry Reputation Campaign, 2013 and 2014 sales tax due on book sales as a result of the sales tax audit, lapel pins, name badges and PRLA team meeting lunches. Professional services expense came in over budget by 9 percent for the year, due to CEO relocation costs incurred that had not been included in the budget. Travel expense is over budget by 36 percent for the year, due to increased CEO travel to chapter meetings and events, conferences and government affairs activities. Website expense came in 78 percent over budget for the year, due to costs associated with the website redesign that were in excess of budget. Net income for the 2014 fiscal year came in below budget and below the prior year. Balance Sheet  Total cash is down by less than 1 percent for the year.  Net assets are up 2 percent as of the close of the 2014 fiscal year. Motion: Mr. Kidd motioned to approve the December 31, 2014, financial statement (in current form) and the balance sheet as presented, subject to year‐end review and audit. The motion was seconded by Mr. Graf and passed unanimously. January 31, 2015, Financial Statement Mr. Musciano presented a handout of the January 31, 2015, financial statement and balance sheet and highlighted the following items:  Year‐to‐date total revenue exceeded the budget by 5 percent for the first month of the 2015 and exceeded that of the same period last year by 9 percent.  Membership dues revenue for the first month of 2015 is under budget by 7 percent. Membership dues for restaurants is right at budget, while lodging dues revenue is under budget. Membership dues revenue is up 1 percent from the same period last year.  Educational seminars revenue came in under budget by 36 percent for the first month of 2015. This represents a decrease of 40 percent from the same period last year.  Educational sales commission represents one month of our agreement with NRA Solutions. Commission for the one‐month period is over budget and up from the same period last year, due to the timing of the commission received from the Aramark arrangement.  Operating expenses for the first month of 2015 came in under budget by 3 percent. This represents an increase of 15 percent over the same period last year.  Computer/software expense is under budget by 39 percent for the first month of 2015. This is primarily due to an accounting software update budgeted for this month that was not yet purchased.  Travel expense came in 65 percent over budget for the one‐month period. This represents an increase over the same period last year. This is due to more staff travel to installation events. 2

Net income for the first month of 2015 is 29 percent over budget and is up 3 percent over the same period last year. Balance Sheet  Total cash is down by 5 percent for the one‐month period.  Accounts receivable is up for the first month of 2015, because of commissions due from NRA Solutions, as well as amounts due from PEC for the lobby contract.  Net assets are up 3 percent as of the close of the first month of 2015. Motion: Mr. Joyce motioned to approve the January 31, 2015, financial statement and balance sheet as presented. Mr. Kohl seconded and the motion passed unanimously. Accounting Firm Request for Proposal Chief Operating Officer John Doulgeris reported that five accounting firms were asked to submit proposals for accounting services for 2015. After a review of all quotes, a decision was made to continue accounting services with Brown Schultz Sheridan & Fritz. Laurel Highlands Chapter Account Mr. Doulgeris reported that a request was made at the Fall Membership Meeting to find a replacement for the Laurel Highlands Chapter representative. After discussion, it was recommended to pursue possible candidates. Discussion ensued regarding reactivating a chapter versus having the chapter members absorbed into an active chapter. Corporate Resolution – 401(k) Plan Director of Finance and Human Resources Diane Sherwood explained that the association’s 401(k) plan was amended to redefine the term spouse. RESOLVED, that the proposed amendment to the plan document to redefine the term spouse be adopted effective as of June 26, 2013. Motion: Ms. Fegan motioned to approve the amendment to the 401(k) plan, redefining the term spouse. Mr. Kidd seconded and the motion passed unanimously. Investment Review Mr. Doulgeris reviewed a handout from Conrad Siegel and reported that the returns are consistent with the long‐range investment recommendations made by an investment committee four or five years ago. A recommendation was made to reinstate or establish a new investment committee to review the current investments and present recommendations at a future Executive Committee meeting. Mr. Cohen asked for volunteers to serve on an investment committee: John Graf, Ray Hottenstein and Bill Kohl. V. 3
MEMBERSHIP REPORT Vice President of Membership Development Amy Daniels presented the year‐to‐date new member revenue numbers and reviewed an action plan to keep on track for the year. Discussion ensued regarding ways that PRLA members can become involved with retaining current association members and with helping to close new member prospects. VI. GOVERNMENT AFFAIRS REPORT Government Affairs Committee Chairman Kevin Joyce, Director of Government Affairs Melissa Bova and PRLA Lobbyist Lou Biacchi reviewed the state issues listed in the meeting packet and highlighted the following items:  Paid leave preemption  Hotel tax reform  Minimum wage Discussion ensued regarding minimum wage and no tipping and how it affects the hospitality industry. Mr. Longstreet reviewed the America Works Here and the Pennsylvania Works Here programs and indicated that more information can be accessed on the PRLA website. Ms. Bova reported that the government affairs and alcohol service committee members met in December to develop a four‐year plan to address key issues. A copy of the plan is included in the meeting packet. Mr. Longstreet reported that the National Restaurant Association (NRA) and the American Hotel & Lodging Association (AH&LA) will partner to host the NRA Public Affairs Conference and the AH&LA Legislative Summit in Washington, DC on April 14 and 15 and encouraged everyone to participate. Mr. Joyce and Ms. Bova presented an update on the following local issues:  Allegheny County restaurant grading  Philadelphia paid sick leave Mr. Biacchi presented an update on the state of the Legislature. VII. 4
ALCOHOL SERVICE REPORT Alcohol Service Committee Chairman Ray Hottenstein and Ms. Bova reviewed the key issues included in the meeting packet:  Privatization  Beer, wine and licensing bills Discussion ensued regarding the cost of R licenses and a proposal that would permit an R licensee to split the license into two different licenses; for example, a beer‐to‐go license and an on‐premise consumption license. CHAIRMAN’S REPORT Chairman of the Board Jeff Cohen reported on the following items: Marketing Task Force/Lodging & Tourism Special Committee The task force was created in 2013 to support tourism and funding and the proper use of taxes, with a long‐term plan to make it a standing committee. However, it was determined that a bylaws change would need to be approved to institute a new standing committee. After discussion, it was recommended that a Lodging & Tourism Special Committee be appointed to address lodging and tourism issues. VIII. IX. 5
Motion: Mr. Purdum motioned to approve the recommendation to appoint a Lodging & Tourism Special Committee. Ms. Fegan seconded and the motioned was unanimously passed. Board Appointments Motion: Mr. Kohl motioned to approve the following appointments to the 2015 Board of Directors. Mr. Sell seconded and the motion was unanimously passed. Greg Stafford for a one‐year term ending in 2015 Timothy Harris as the Lancaster Chapter Representative 2015 Initiatives from Leadership Calls Mr. Cohen reported that leadership conference calls to discuss PRLA 2015 initiatives were held in January and were very productive. He welcomed Mr. Sanzotti and Ms. Fegan as new members to the Executive Committee and encouraged everyone to attend the Spring Membership Meeting, which will be held at Peddler’s Village in April, and the annual membership meeting, which will be held at a Pittsburgh location, in October. Dues Modernization Task Force Mr. Cohen reported that the PRLA dues structure has not been reviewed in many years and suggested that a dues modernization task force be appointed to address the dues structure. Membership Chairman Bill Covaleski will chair the task force and appoint members to serve on it. PRESIDENT/CEO REPORT President & CEO John Longstreet reported on the following items: 2015 Budget Review and Plan The 2015 budget was presented and approved at the fall executive committee meeting and included a three‐year budget plan with two large revenue items being membership growth/membership sales and the NRA partnership arrangement. Board Member Grace Period Currently there is no policy to address the status of a board member in job transition. After discussion, it was recommended that any elected board member who is in job transition may continue to serve on the board for the remainder of term or for one year, whichever is longer. Motion: Mr. English motioned to approve the above recommendation as policy on record. Mr. Joyce seconded and the motion unanimously passed. OLD BUSINESS Discussion was held on the following old business items:  Restaurant & Lodging Matters – magazine content  PRLA Website – micro‐site development X. XI. NEW BUSINESS Bucks‐Mont Chapter Chief Operating Office John Doulgeris presented two maps of the PRLA active chapters, a current chapter map and a proposed chapter realignment map and offered a brief history of the chapter structure. The realigned chapters would reflect the following changes:  Delaware County members would join the Chester County members in the Brandywine Chapter.  Center City Philadelphia area members would continue as the Philadelphia Chapter.  Bucks County members would join the Montgomery County members to become the Bucks‐
Mont Chapter. Motion: Mr. Purdum motioned to realign the PRLA chapter structure as outlined above. Mr. English seconded and the motion passed unanimously. COMMITTEE REPORTS Power PAC/PEC PAC/PEC co‐chair Tim Zugger reviewed the following reports, included in the meeting packet:  2014 Year‐end cash flow statement  Contribution analysis  Chapter challenge  Board and Executive Committee contribution participation percentages Discussion ensued regarding the importance of contributing to PAC/PEC and reaching the goal of 100 percent participation from the Board and Executive Committee members. Ms. Bova indicated that a contribution form was placed at each seat. Education Report Education, Health & Safety (EH&S) co‐chair Jim Purdum reviewed the Education Report as of December 31, 2014, included in the meeting packet, and indicated that the numbers show a consistent downward trend in ServSafe class enrollment. He reported that the ProStart program is up and running with Pennsylvania’s first student competition scheduled for February 26. Mr. Purdum presented the 2015/2016 Education Committee objectives, included in the meeting packet, and highlighted two priority items:  Increase volunteer engagement to supplement and expand PRLA outreach to optimize revenue from educational seminars and educational sales commissions  Continue to support PRLA enhanced awards programs  Coordinate opportunities for student chapter members XII. 6
ADJOURNMENT Motion: There being no further business to discuss, Mr. Passalacqua motioned to adjourn the meeting at 3:20 p.m. Mr. Sell seconded and the motion passed unanimously. Next Executive Committee Meeting: Spring Membership Meeting Monday, April 27, 2015 – 9:30 a.m. Peddler’s Village – Lahaska, PA Minutes submitted by Vicki Zeppa, executive assistant Portfolio Allocation
As of 03/31/2015
PA Restaurant & Lodging Association
Cash Equivalents: 3.0%
Ultrashort Fixed Income: 23.9%
Diversified Emerging Markets: 2.6%
Int'l Small/Mid Value: 3.0%
Int'l Large Cap Value: 3.1%
Domestic Small Cap Value: 4.5%
Domestic Mid Cap Value: 3.8%
Domestic Large Cap Value: 7.9%
Domestic Large Cap Blend: 7.1%
Inter.-Term Fixed Inc. Gov't: 11.6%
Short-Term Fixed Income: 29.4%
Description
Quantity
Cash Equivalents
TD Bank Insured Deposit Account
Weight
Current Value
3.0%
$46,081.41
Current
Price
Ultrashort Fixed Income
DFA One Year Fixed Income Fund
35,916.99
23.9%
$370,663.35
$10.32
Short-Term Fixed Income
Vanguard Sh.-Term Inv. Grade Fund Adm. Shares
42,485.20
29.4%
$455,441.33
$10.72
7,569.04
8,702.20
5.5%
6.1%
$85,454.45
$94,070.78
$11.29
$10.81
11.6%
$179,525.23
Inter.-Term Fixed Inc. Gov't
American Century Gov't Bond Fund Inst'l.
Vanguard GNMA Fund Admiral Shares
Domestic Large Cap Blend
Schwab S&P 500 Index Fund
3,412.11
7.1%
$110,722.97
$32.45
Domestic Large Cap Value
Vanguard Value Index Fund Admiral Shares
3,781.71
7.9%
$123,132.45
$32.56
Domestic Mid Cap Value
Vanguard Mid Cap Value Index Fund Adm. Shares
1,250.89
3.8%
$59,392.26
$47.48
Domestic Small Cap Value
DFA U.S. Targeted Value Fund
3,043.00
4.5%
$69,928.07
$22.98
Int'l Large Cap Value
DFA International Value Fund
2,651.66
3.1%
$48,737.55
$18.38
Int'l Small/Mid Value
DFA International Small Cap Value Fund
2,368.37
3.0%
$46,112.22
$19.47
Diversified Emerging Markets
DFA Emerging Markets Core Equity Fund
2,079.99
2.6%
$40,122.97
$19.29
100.0%
$1,549,859.81
7
Asset Allocation
As of 03/31/2015
PA Rest. & Lodging Target Allocation
Actual Allocation
Target Allocation
Description
Weight
Cash Equivalents
Current Value
Target
Percent
Target Value
Dollar
Variance
Percent
Variance
3.0%
$46,081.41
3.5%
$54,245.09
$8,163.68
0.5%
Ultrashort Fixed Income
23.9%
$370,663.35
25.0%
$387,464.95
$16,801.60
1.1%
Short-Term Fixed Income
29.4%
$455,441.33
30.0%
$464,957.94
$9,516.61
0.6%
Inter.-Term Fixed Inc. Gov't
11.6%
$179,525.23
11.5%
$178,233.88
$-1,291.35
-0.1%
Domestic Large Cap Blend
7.1%
$110,722.97
6.3%
$97,641.17
$-13,081.80
-0.8%
Domestic Large Cap Value
7.9%
$123,132.45
7.2%
$111,589.91
$-11,542.54
-0.7%
Domestic Mid Cap Value
3.8%
$59,392.26
3.3%
$51,145.37
$-8,246.89
-0.5%
Domestic Small Cap Value
4.5%
$69,928.07
4.2%
$65,094.11
$-4,833.96
-0.3%
Int'l Large Cap Value
3.1%
$48,737.55
3.3%
$51,145.37
$2,407.82
0.2%
Int'l Small/Mid Value
3.0%
$46,112.22
3.0%
$46,495.79
$383.57
0.0%
Diversified Emerging Markets
2.6%
$40,122.97
2.7%
$41,846.21
$1,723.24
0.1%
100.0%
$1,549,859.81
100.0%
$1,549,859.81
Conrad Siegel Investment Advisors, Inc. ("CSIA") is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. CSIA and its
representatives are in compliance with the current notice filing registration requirements imposed upon registered investment advisers by those states in which CSIA maintains
clients. CSIA may only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements. The information above
has been provided by the custodian and CSIA, and while deeming such information to be reliable, does not guarantee the accuracy thereof. The statements you receive directly from
the account custodian are the official record of your account balances. CSIA encourages you to compare and verify the balances on this statement with the balance information on
the statements you receive from the account custodian. This report is generated using Schwab PortfolioCenter, a system developed by Schwab Technologies. Schwab Technologies
is a subsidiary of The Charles Schwab Corporation. For additional information about CSIA, please refer to the CSIA’s disclosure documents, the current versions of which are
available on the SEC’s Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may also be made available upon request.
8
Portfolio Performance Summary
12/31/2014 - 03/31/2015
Beginning Value
$1,534,504.83
Contributions
$0.00
Withdrawals
$0.00
Capital Appreciation
$12,171.86
Income
$4,115.12
Management Fees
$(932.00)
Other Expenses
$0.00
$1,549,859.81
Ending Value
Investment Gain
12/31/2014 - 03/31/2015
Time Weighted Return (net)
$15,354.98
Actual
1.00%
Performance numbers shown for one year and less are actual returns; numbers shown for over one year are annualized returns. This Portfolio has
an inception date at Portfolio Center of July 21, 2010. Conrad Siegel Investment Advisors, Inc. ("CSIA") is an SEC registered investment adviser
with its principal place of business in the Commonwealth of Pennsylvania. CSIA and its representatives are in compliance with the current notice
filing registration requirements imposed upon registered investment advisers by those states in which CSIA maintains clients. CSIA may only
transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements. The
information above has been provided by the custodian and CSIA, and while deeming such information to be reliable, does not guarantee the
accuracy thereof. The statements you receive directly from the account custodian are the official record of your account balances. CSIA
encourages you to compare and verify the balances on this statement with the balance information on the statements you receive from the account
custodian. Performance is calculated using the Schwab PortfolioCenter, a system developed by Schwab Technologies. Schwab Technologies is a
subsidiary of The Charles Schwab Corporation. Past performance is no guarantee of future results, and there is always the risk that a client may
lose money. Returns shown are net of CSIA's fees. For additional information about CSIA, please refer to the CSIA’s disclosure documents, the
current versions of which are available on the SEC’s Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may also be
made available upon request.
9
0
1
2
3
4
5
6
1.00%
0.91%
3 Months
3 Months
1.00%
0.91%
YTD
Your Portfolio
YTD
2.88%
2.95%
1 Year
4.87%
4.74%
3 Years
PA Rest. & Lodging
Benchmark Allocation
1 Year
Performance as of March 31, 2015
5.67%
5.54%
Since
Inception
3 Years
Since Inception
Performance numbers shown for one year and less are actual returns; numbers shown for over one year are annualized returns. This Portfolio has an inception date at Portfolio Center of July 21,
2010. Conrad Siegel Investment Advisors, Inc. ("CSIA") is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. CSIA and its
representatives are in compliance with the current notice filing registration requirements imposed upon registered investment advisers by those states in which CSIA maintains clients. CSIA may
only transact business in those states in which it is notice filed, or qualifies for an exemption or exclusion from notice filing requirements. The information above has been provided by the custodian
and CSIA, and while deeming such information to be reliable, does not guarantee the accuracy thereof. The statements you receive directly from the account custodian are the official record of your
account balances. CSIA encourages you to compare and verify the balances on this statement with the balance information on the statements you receive from the account custodian. Performance
is calculated using the Schwab PortfolioCenter, a system developed by Schwab Technologies. Schwab Technologies is a subsidiary of The Charles Schwab Corporation. Past performance is no
guarantee of future results, and there is always the risk that a client may lose money. Returns shown are net of CSIA's fees. For additional information about CSIA, please refer to the CSIA’s
disclosure documents, the current versions of which are available on the SEC’s Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov) and may also be made available upon
request.
All returns net of fees
Time Weighted (net)
PA Rest. & Lodging Benchmark Allocation
Total Portfolio
% Return
10
THANK YOU SPONSORS
signature sponsor
corporate sponsor
dine-around sponsor
gold sponsors
silver sponsors

Executive Committee - Pennsylvania Restaurant and Lodging

Transcription

Similar documents

Please Print this Coupon and bring it to the Restaurant.

Restaurant Chez Dominique

Maggiano`s Little Italy.indd

Well-Traveled Wife

pacote careways Maio 2012final

Dog Meet and Greet! Saturday June 6th

Thomas heneage arT Books

Sugarcane Restaurant

restaurants - Harmon Sign

April 15th - Restaurants – Something to Eat for Everyone!