Finance Committee Report
Kent K. Tsukamoto ’71, Chairman
The SLAA Finance Committee is comprised of Damien Farias ‘55, Wellington Lee 59, Kurt Kunihiro ‘77 and me as well as Board Liaisons George Rego ‘55, Herb Sousa ‘59 and Dave Ordenstein ‘77. This dedicated, committed group has been meeting monthly to plan, implement and oversee financial policies and make recommendations to ensure that the financial condition of the Association is sound and prudent. In addition, we seek ways to help fulfill the strategic purposes and the operational goals established by the original founders and contemporary leadership of the Association.
SLAA currently is in solid financial shape, mainly due to the rental income generated from its real property holdings. This has enabled the renovation and refurbishing of the Clubhouse as well as other improvements and enhancements to programs and initiatives. Although we borrowed money to make these improvements and now have a mortgage to pay off, we do have the cash flow to service our debt with money left over to do more for our school and for our members.
The Board recently approved a Finance Committee recommendation to seek appropriate alternatives to reduce the Association’s income tax burden while correspondingly increasing its contributions to St. Louis School. We believe that St. Louis is at an historic crossroads and that SLAA should lead the way in supporting our alma mater. To assist in this effort, SLAA has authorized the creation of a Charitable Lead Trust to serve the dual purposes of increasing current monetary support of the school while reducing the amounts currently paid in income taxes. We believe that this is a win/win situation and will keep you informed on its progress.
In other matters, the Committee is working with Treasurer Sousa, Executive Director Bob Takei and his management team as well as our accountants to improve and enhance financial reporting and information for decision-making purposes. We want all of our members to be well informed about our financial matters and seek clarity, transparency and openness in our reports to you.
Memor et Fidelis
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