MINUTES OF THE 121^st ANNUAL MEETING
FEBRUARY 9, 2006
Caesars Restaurant, San Francisco, California

The meeting was called to order at 8:40 PM.

President’s Greeting

President Hermann Attinger cordially welcomed the members present and recognized some special guests, in particular Consul General Jean-Francois Lichtenstern and his wife, Marilene, attending our annual meeting for the first time. The president also recognized Mrs. Francoise Killias-Zillweger, deputy to Peter Oberhaensli, consular liaison for the Society.

Hermann Attinger presented Marianne Aubert, Board Secretary, with a Certificate of Appreciation to express the Society's special thanks for her 10 years of dedicated service.

Out of 207 dues-paying members, 38 mailed in a proxy statement and 25 members attended the meeting, thereby establishing a quorum.

Minutes of the 2005 Annual General Meeting

The minutes of the last year's Annual Meeting were accepted unanimously.

COMMITTEE REPORTS

Treasurer’s Report

John Zeiter prefaced his report by saying that 2005 had been a good year...

Treasurer's Note: The General Fund account balance for year-end was adjusted to include the 2005 year-end donations...(checks having December dates), which were received and/or deposited ... in January 2006.

Auditors Report

Hans Surber and Kurt Engel conducted the audit of the Society's books. They reviewed the balance sheet of each fund as of December 31, 2005 and the related statements of operations for the period of January 1, 2005 to December 31, 2005. They examined, on a test basis, the evidence supporting the amounts and disclosures to obtain reasonable assurances that these statements are free of material misstatements. They found that the books were kept in an orderly manner.

Investment Committee Report

Pius Kampfen presented his report, noting that our asset allocation is within investment policy guidelines established 5 or 6 years ago. We are currently about 5% in cash, 43% in bonds and the balance in stocks. For the year 2005 the markets were almost flat yet our investments rose by 4.86%. Pius' outlook for the new year is that the markets should bring a positive return. He hopes that the Federal Reserve Bank will not raise interest rates any further.

Welfare Committee Report

Melanie Facen reported that we did not have to provide major financial assistance this past year. We continued to give gift certificates to some needy Swiss families at Christmas time. The Welfare committee is working closely with the Swiss Consulate to help one particular family that needs a great deal of assistance.

Scholarship Committee Report

Susy Lutzky reported that we awarded 14 scholarships, from a total of 22 applications, which had been submitted. Nine came from re-applicants. We were able to increase the amounts from the previous year. Susy also read some excerpts from thank-you notes received from scholarship recipients.

Hermann Attinger commented that the awards were made based on merit and financial need, except for the two merit-only scholarships, Amstutz and Canonica. The applicants/recipients of the latter do not need to provide financial documentation.

August Strotz commented about the scholarship program: it is very important to have new ideas, new thoughts and to review the way the program was started. He wants to increase the amounts of scholarships to those who are needy, deserving and worthy. Increase the amounts to $3,000 or more, while giving fewer grants, and really help those students achieve a college education. Gus will take up this issue at the next board meeting. Linda Maillard would like further discussion at that meeting.

Susy Lutsky explained the reasoning behind current policy, saying the recognition factor is important.

John Maillard stated that $1,000 is not enough; we need to help at a level that is more helpful.

Gus Strotz stated that we are not in a position to send someone to college, only to help with tuition and other expenses. He also noted that the "Swiss connection" factor is important.

A consultative vote was taken to see how many prefer a larger amount, vs. more recipients. 10 members were in favor of more recipients, while 8 were in favor or larger amounts.

Membership Report by Linda Maillard

Membership grew by 6.6% ...with lots of turnover. The membership responded to our appeals in a big way, for which we are extremely grateful.

Special Events by Beat Bossart

Beat Bossart was happy to note that we had three special events in 2005: the Seniors Spring Party on April 17, attended by 150 people, then the Jeu de Piste and the Robert Young Estate Winery event in June. He encouraged members to contribute raffle prizes for the upcoming Spring Party.

President Hermann Attinger’s Report

The past year was very good year for the Swiss Benevolent Society. We started from a strong base: a sound financial endowment, a most capable and dedicated Board of Directors (many of whom have years of experience), and most importantly, a very loyal and supportive membership. A big "thank you" to our donors, who have been truly magnificent.

Hermann commented on the 2005 Seniors Party, which was as popular as ever. He then complimented the Board members for their enthusiastic response and participation to the two special fundraising events, which generated significant income.

Hermann informed the audience that, in accordance with the new bylaws, Board members are appointed to rotating three-year terms. This year the following members stand for reelection to a 3-year term: Marianne Aubert, Susy Lutsky, and John Zeiter. In addition, two directors who joined the Board after last year's Annual Meeting need to be confirmed for another 2 years: Esther Scott and August Strotz.

Pius Kaempfen, Chairman of the Investment Committee, is retiring. He deserves much appreciation for his work and commitment since 1999. Pius developed Investment Policy Guidelines which were approved by the Board and have been used ever since. Based on these guidelines, a systematic and well-diversified asset allocation was initiated which has served the Society very well through the ups and downs of the financial markets. We are fortunate that Pius has found a well-qualified replacement for his position. Hermann asked Pius to introduce Andreas Eggler. Andy is from Switzerland and has lived here for 29 years. As an institutional bond salesman with experience in all aspects of money management, Andy is well suited to lead our Investment Committee.

Finally, Hermann announced a generous gift of $50,000 from Mrs. Silvia Iselin to fund a new scholarship in her name. He hopes that this gesture may entice other members to do likewise.

Election of the Board and Remarks by Consul General Jean-Francois Lichtenstern

Consul General Lichtenstern thanked the Swiss Benevolent Society for their commitment to Swiss citizens, for supporting people in need and for the sense of solidarity which is the hallmark of the Swiss community here. He noted that Switzerland is the country that helps its citizens the most, whether they are tourists or needy individuals.

Marianne Aubert, Susy Lutsky, and John Zeiter were reelected for a three-year term, Esther Scott and August Strotz to a two-year term, and Andy Eggler, as a new Board member, for a three-year term. Hans Surber and Kurt Engel were also confirmed for another one-year term as Auditors.

In his closing remarks, Hermann Attinger expressed his appreciation for the steadfast support that we receive from the Consulate. For example, shortly upon his arrival in San Francisco, Mr. Lichtenstern wrote a letter which was included in a mailing of the cultural calendar, asking the Swiss community to support the Swiss Benevolent Society.

There were no other comments, questions, or nominations. Mr. Zehnder made a motion to close the meeting, and Mr. Gamboni seconded it. Meeting adjourned at 9:45 PM.

(SBS members may request a written copy of the minutes by contacting the Secretary)