Posted by Julie Zollinger

Weekly Club Meetings Now Online!!

 
Our meetings are Monday at noon, CLICK HERE to join us
 
 
 
Our weekly Rotary Club meetings are now being conducted live online via Zoom!  No special software is required on your computer.  Just CLICK HERE and you'll be plugged in.  Start time is noon on Mondays, but try to sign in by 11:45am to virtually socialize with your fellow members.  We are trying to stick to our regular format, except can attend from your home!  All members, visitors, and guests are invited to attend.  Zoom is very easy to use, if you would like to see a short Zoom tutorial, click here: Zoom Tutorial.  See you Monday!!
 
 
 
 
 
 
 
MONDAYS
11:30 AM – NETWORKING. 
 
12:00 - 1:00 PM MEETING
 
DON'T MISS THIS!
 
June 22
SCORE: Fostering vibrant small business communities through mentoring and education
 
 
INSPIRATION: Barb Wachtman (Retired)
Rotary Is….John Hoffman (Star Excavating)
SPIN AUTHOR: Mark Westerhausen (DWD)
Web Master & AV: Julie Zollinger 
PROGRAM: John Hoffman: SCORE: Fostering vibrant small business communities through mentoring and education
MENU: You are on your own!
 
 
Financially Speaking amid Covid 19
 
The Economy
 
The economy was forced into an artificial shutdown in March.  As many as 40 million people were unemployed at one time – the highest ever.  The economy has improved some in May, but the recovery has not reached everyone.  Those who must go to their workplace, such as manufacturing, restaurants, hospitality, are worse off than those who can continue to work from home.  Projections are that unemployment will improve (!) to 10% by the end of the year.
 
The Federal Reserve Bank has done its best to help the economy by injecting trillions of dollars into the economy and reducing interest rates.  These actions have helped to ensure that money is available so spending can continue, enabling the economy to function.
 
The Paycheck Protection Program (PPP) and unemployment benefits of $600 per week have helped immensely.  Will there be another stimulus program?  There is one being discussed in Congress, the Heroes Act, but if the economy continues to improve, legislation may not move forward.
 
The Markets
 
The stock markets, on the other hand, have fared much better.  After a record drop in February, the S&P 500 has rebounded quickly, and it only down 5.9% for the year!  The market will continue to be volatile as the year goes on.
 
Certain industries are doing quite well now, and have been leading the charge, Facebook, Amazon, Tesla, and Netflix are some of the companies helping to buoy the market.  Travel and retail will take longer to recover.
 
Investing is a long-term endeavor, and that is important to remember in times such as these.  Those who are able should keep three to six months’ expenses in cash so that investments don’t have to be liquidated during a down market.
 
Opportunities/Challenges
 
Our current situation presents some opportunities for individuals.
 
It is estimated that over 30 trillion dollars exist in retirement funds.  A recent change to federal law allows those meeting certain requirements to take up to $100,000 out of their retirement funds in 2020 to help with expenses.  The money can be paid back over three years, or they can keep the money and enjoy delayed taxation without a penalty. Don’t do this without first talking to a financial advisor or tax advisor.
 
Minimum required distributions have been suspended for 2020.  It might make sense for some to not to take your distribution this year.
 
Individuals may deduct $300 of contributions on their tax return this year without itemizing.  Congress is trying to incentivise us to help charities out during this crisis.
 
It could also be a good year to convert all or part of your traditional IRA to a Roth IRA.  A Roth IRA is not subject to income or required minimum distribution rules.  You pay tax on the distribution to get the money into the Roth, but it can be worth it, particularly in the current envirionment of low valuations and historically low tax rates.
 
This is also a good time to look at refinancing debt due to lower interest rates, but make sure it makes sense for your particular situation.
 
Going Forward
 
The economy has started to improve, but it will take a while to have a complete recovery.  The financial markets will continue to be volatile.  At the same time, many opportunities exist that may be helpful to you.  We will get through this, but patience will be required!
 
 

High Five!

Have a special event coming up or major milestone? Whether it is business or personal, your fellow Rotarians want to know.
 
For a $5 donation, at weekly meetings you can share:
•Any events happening around town that you support
•A special sale or promotion your business is offering
•Family / Personal celebrations
•Anything you want to share
 
Please email Holli prior to the meeting, so that you can be recognized.
 
      GEAR UP with Rotary Club of Fort Wayne  
       
      Image result for rotary apparel
      Many have asked about ordering Rotary Club of Fort Wayne branded "gear."  We have established a relationship with DKM Embroidery for ordering items branded with the Rotary Club of Fort Wayne logo.  Here are several ways you can order your "gear." 
       
      - Call Rhea Adams at DKM: 260.471.4400 to discuss what you would like branded.
      - Visit DKM's website: http://www.dkmlogo.online/ to select your item for branding and then order through Ms. Adams.
      - Visit DKM's store at:  3203 Caprice Court, Fort Wayne, IN 46808 to place your order. 
       
      Please note, that item(s) must be paid in full at the time you place the order.  Orders can also be shipped to your home with an added charge for shipping. 
       
      DKM has our club logo on file and is ready to help you with your order. 
       
       
       
       
      ANNOUNCEMENTS…Mark Your Calendar:
      • CELEBRATION DINNER, JUNE 30 AT PARKVIEW FIELD—HAWAIIAN THEME $30 per person.  RSVP to fwrotarysecretary@gmail.com.  Covid precautions are being taken.
      • Dues statements HAVE BEEN sent VIA EMAIL and are due by June 30th
      • THE CLUB WILL BEGIN MEETING AGAIN AT PARKVIEW FIELD JULY 6th
      • THE ZOOM ROOM IS AVAILABLE FOR COMMITTEE MEETINGS. 
       
       
       
      Membership at a Glance:  130 Active and 11 Honorary
       
      NEW MEMBER 
      John Saboski,  Payroll & Benefits Manager, Micropulse Inc., Proposed by David Dyer
       
       
      APPROVED MEMBERS:
       
      New Active Members:
      Maurice Pearl, General Manager, CitiLink
      Jay Maddox, Market President of NE IN, Horizon Bank
      Jacquelyn Mann, Office Manager, IES (Innovative Engineering Services
      Angela Grant, Vice President, Commercial Lender, First Federal Bank
      Chuck Wolfe, WCA, Strategic Solutions for Non-Profits, transfer from Lima OH Rotary Club
      Stephanie Carlson, Development & Program Manager, Dance Collective, sponsored by Holli Seabury
      Timothy Durnell, VP Private Banker, First Federal Bank of the Midwest, Proposed by Greg Allen
      David Van Gilder, Attorney, Fletcher Van Gilder LLP, proposed by Randy Roberts
      John Saboski,  Payroll & Benefits Manager, Micropulse Inc., Proposed by David Dyer
       
       
      New Corporate Members:
      Fort Wayne Newspapers, Sponsored by Rick Zolman:
      Scott Stanford, President & CEO (member of Ski Town USA Club); Sherry Skufca, Editor of Journal Gazette; John Christensen, Director of Sales & Marketing
      Associated Churches: Kelley Bawmann, Development and Volunteer Coordinator
       
      Resignations:
      Fall, 2019: Louise Jackson; Jorge Ortiz,  Masson Robertson;
      Allen County Public Library Corporate Membership—Greta Southard & Stephannie Smith
      Tom Heil with Associated Churches Corporate Membership
       
      January 2020: Cathy Hahn, Thryv (Business conflicts), Roy Gilliom (health related), Dr. Rudy Kachmann (Transfer to Summit City South Club), Marc Levy, Questa (Retirement), Win Moses (relocation to North Carolina), Tony Patrick, Old National Corporate Member (job change), Tom Stafford (Health), Dave Kaverman (relocation to Asheville NC), Parry Leavell, Star Financial Corporate Member (Business conflicts), Judy Fehlhaber (Work conflicts)
       
      Honorary Members:
      Win Rood, a 50 year member of the Rotary Club of Fort Wayne since 1969
      Roy Gilliom, a member of Rotary for 50+ years and a member of Fort Wayne Rotary since 1972