Laserfiche WebLink
LSL:*: :: <br /> To the Board of Directors <br /> Santa Ana Police Officers Association <br /> Santa Ana, California <br /> 10. We obtained the monthly Charles Schwab account statements for the period under review. We reviewed the <br /> statements and prepared a schedule summarizing the debits (reductions) and credits (additions) that <br /> exceeded $5,000 in the Charles Schwab account. For each debit and credit that exceeded $5,000, we <br /> ascertained if the debit and credit appeared reasonable by reviewing the statements and investigating <br /> unusual items. <br /> Results: We noted a number of debits and credits exceeding $5,000 during the year. These were for <br /> reasonable investment transactions relating to purchases of various securities. No unusual transactions were <br /> noted for the period January 1, 2023, through December 31, 2023. <br /> 11. Section 5 of the Agreement states that the Association will be responsible for ensuring that best investment <br /> practices are used in accordance with all applicable laws and regulations when investing the Trust's funds. <br /> We requested and obtained a copy of the most recent version of the Association's investment policy. We also <br /> obtained the December 2023 Charles Schwab account statement and identified the types of investments held <br /> per its "Investment Detail." <br /> Results: As of December 31, 2023, the Association held investments with Charles Schwab in a brokerage <br /> account. We inspected a copy of the investment policy statement of the Association's Trust adopted on <br /> June 13, 2024, identifying the following allowable allocations targets: <br /> • Equity portfolio: 46% <br /> o U.S. Equities—Large Cap: 7% - 13% <br /> o U.S. Equities— Mid Cap: 7% - 13% <br /> o U.S. Equities—Small Cap: 7% - 13% <br /> o Non-U.S. Large Stocks— Developed Countries: 3% - 7% <br /> o Non-U.S. Small Stocks—Developed Countries: 3% - 7% <br /> o Non-U.S. Stocks— Emerging Markets: 2% -6% <br /> • Fixed income portfolio: 36% <br /> o U.S. Intermediate Term Taxable Bonds: 0% - 29% <br /> o U.S. Short Term Taxable Bonds: 0% -29% <br /> • Alternative/sector investments portfolio: 17.5% <br /> o U.S. Real Estate Securities/REITS: 7% - 13% <br /> o Commodities: 5% - 11% <br /> o Absolute Return: 5% - 9% <br /> • Cash: 0.5% <br /> o Money Market Funds: 0% - 5% <br /> A summary of the investments held is as follows: <br /> Charles % Total of <br /> Schwab Investments <br /> Cash $ 45,511 0.7% <br /> Fixed Income 2,304,062 36.6% <br /> Alternative/Sector Investments 743,658 11.8% <br /> Equities 3,203,272 50.9% <br /> $ 6,296,503 100.0% <br /> 4 <br />