[SBU Board] Report on CD

[Monty Gray]

As the board authorized at its last meeting, we have cashed in the Key Bank CD and placed $35,000 of the Unit’s money in a new account that we opened in the name of the Unit at Charles Schwab & Co.  We have invested this money in an FDIC-insured CD issued by Wells Fargo that will mature in two years, on December 14, 2020, and pays interest at an annual rate of 3.1%, or $1,085 per year.  The old Key Bank CD, which was in a lesser amount, paid interest of about $100 per year.  Thanks to Larry for suggesting that we explore alternatives.

Approximately $15,000 remains in the Unit’s checking account at Key Bank for day-to-day needs.

Monty Gray

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