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Investment

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									               Investment Policy Statement
Purpose

The purpose of this Investment Policy Statement (IPS) is to assist the
organization and its Investment Committee (Committee) as appointed in
effectively supervising, monitoring and evaluation the investment of its
investable assets. The program is defined in the various sections of the IPS
by:

         Stating in a written document the Committee’s attitudes,
          expectations, objectives and guidelines in the investment of all
          assets that have been designated for long-term diversified
          investment.

         Setting forth an investment structure for managing such investable
          assets. This structure includes various asset classes, investment
          management styles, asset allocation and acceptable ranges that, in
          total, are expected to produce a sufficient level of overall
          diversification and total investment return over the long-term.

         Providing guidelines for the investment portfolio that controls the
          level of overall risk and liquidity assumed in the portfolio so that
          all assets are managed in accordance with stated objectives.

         Encouraging effective communications between the Committee
          and investment counselor (Counselor).

         Establishing formalized criteria to monitor, evaluate and compare
          the performance results achieved by the investments on a regular
          basis.

         Complying with all fiduciary, prudence and due diligence
          requirements that experienced investment professionals must
          utilize, and with all applicable laws, rules and regulations from
          various local, state, federal and international political entities that
          may impact investment assets.
This IPS has been arrived at upon consideration by the Committee of the
financial implications of a wide range of policies, and describes the
prudent investment process that the Committee deems appropriate.

Statement of Objectives

The objectives of the organization’s investment account have been
established in conjunction with a comprehensive review of the current
and projected financial requirements. The objectives are:

1). To experience moderate long-term portfolio growth

2). To realize a 2.5% to 3% average annual portfolio yield

3). To maximize return within reasonable and prudent levels of risk.

4). To control costs and expenses of managing the investments.

It is intended that this policy statement be reviewed at least annually and
updated as needed. Any change to this policy statement or its provisions
will be communicated in writing on a timely basis to all interested
parties.
Guidelines and Investment Policy

Time Horizon

The investment guidelines are based upon an investment horizon of 5 to
10 years, possibly longer, or that interim fluctuations should be viewed
with appropriate perspective. Similarly, the strategic asset allocation
should be based on this long-term perspective.

Short-term liquidity requirements are anticipated to be minimal.

Risk Tolerance

The Committee recognizes the difficulty of achieving the investment
objectives in light of the uncertainties and complexities of contemporary
investment markets. The Committee also recognizes that some risk must
be assumed to achieve the long-term investment objectives.

Prospects for the future, current financial conditions, and several other
factors, suggest collectively that this investment account can tolerate
some interim fluctuations in market value and rates of return in order to
achieve long-term objectives.

Based on the moderate nature of the portfolio and the long-term
objectives, the Committee anticipates losses, no greater than –12% in any
one-year period.
Performance Expectations

The desired investment objective is a long-term rate of return on assets of
8% to 10% per year. The Committee realizes that market performance
and economic conditions vary and that the expected rate of return may
not be achievable during some periods and may be higher than expected
during other periods.

Assets Allocation Constraints

The Committee believes that the investment account’s risk and liquidity
posture are, in large part, a function of asset class mix. The Committee
has reviewed the long-term performance characteristics of various asset
classes, and recognizes the need for diversification among asset classes to
include both large and small cap domestic equities, international equities,
and domestic fixed income.

The Committee expects that only no-load mutual funds be used for
investment and that a reasonable investment management fee be charged
for the original establishment and ongoing monitoring of the mutual fund
portfolio. No individual securities are to be included in this investment
account.
   Performance Objectives

   Investment performance will be reviewed quarterly and the Investment
   Policy will be reviewed annually by the Committee to determine the
   continued feasibility of achieving the investment objectives and the
   appropriateness of the IPS for achieving those objectives.

   It is not expected that the IPS will change frequently. In particular, short-
   term changes in the financial markets should not require adjustments in
   the IPS.

   Monitoring of Mutual Funds and/or Money Managers

   On a timely basis, but not less than four times a year, the Committee will
   meet of focus on:

        The investment accounts adherence to the IPS guidelines;

        Material changes in the investment account’s organization,
         investment philosophy and/or personnel; and

        Comparisons of the investments account’s results to appropriate
         benchmark indices.

   In addition to the information covered during the quarterly review, the
   Committee will meet at least annually to focus on:

        The funds’ performance relative to funds of like investment style
         or strategy. Each fund is expected to perform in the upper median
         of the fund’s respective style universe.

        The investment account’s performance results compared to the
         funds’ overall performance figures to determine unaccounted for
         dispersion between the funds’ reported results and the actual
         results.

IC Rep Signature:                                             Date:

Board Rep Signature:                                          Date:

Investment Advisor Signature:                                 Date:
         Investment Strategies
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                                          Presented by:
                        Robert E. Kauffman, President
                     Bernie I. Bostwick, Vice President


                           Ambassador Advisors, LLC
                                   1755 Oregon Pike
                               Lancaster, PA 17601
                                     1.800.395.7660
                                  717.560.8387 (fax)
                            AmbassadorAdvisors.com

								
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