MANAGEMENT AND OPERATIONS
The Trust Managers are responsible for the management of the Trust and the conduct of its affairs. The day-to-day operations of the Trust are handled by FCA Corp, the "Manager" under a Management Agreement with the Trust described in the next section. The Trust Managers meet periodically to review the operations of the Trust with the Manager. The Trust Managers and executive officers of the Trust are required to devote only so much of their time to the Trust's affairs as is necessary or required for the effective conduct and operation of the Trust's business.
The "Unaffiliated Trust Managers" devote only a small portion of their time to the affairs of the Trust. However, affiliated Trust Managers, in their capacities as officers of the Trust, devote more of their time to the Trust's affairs. An unaffiliated Trust Manager is a person who is not affiliated directly or indirectly with the manager of the Trust by means of any ownership of, ownership interest in, employment by, any material business or professional relationship with, or serving as an officer or director of, the manager or of a business entity that is an affiliated person of the manager.
A majority of the Trust Managers will be persons who are not Affiliates of the Manager. The Unaffiliated Trust Managers currently are William L. Rhey, Ph.D., Ben H. Riggs, Jr., CPA (Candidate) and Ben Wacksman. However, some of the Trust Managers may also be trust managers and/or officers of other entities some of which may be managed by FCA Corp. The Trust has entered into an indemnification agreement with each of the Trust Managers, which basically affords them indemnification rights comparable to those of corporate directors under state corporation laws.
The Trust Managers are elected at annual meetings of shareholders and serve for one-year terms. Trust Managers are eligible for re-election and may resign at any time by giving written notice to the Trust. The Declaration of Trust provides that any Trust Manager may be removed at any time for cause by vote or consent of holders of a majority of the outstanding shares entitled to vote or by all remaining Trust Managers.
Trust Managers
Ben H. Riggs, Jr., CPA (Candidate)
Mr. Riggs is the Founder and Chief Executive Officer of Comportec Technologies in Houston, Texas. Mr. Riggs is also a Certified Public Accountant (Texas) with approximately 20 years of experience in public accounting and internal auditing with various industries. Mr. Riggs holds a BSBA degree in Accounting and Spanish from Washington and Lee University. Mr. Riggs will be a new appointee.
William L. Rhey, Ph.D.
Dr. Rhey recently retired as the Dean and Professor of Marketing in the School of Business and Communications at Chaminade University of Honolulu, Hawaii. His career covered over 20 years of experience at the executive level in higher education and 37 years as a Marketing Professor tenured at 3 institutions including 25 years at the University of Tampa. He also spent 40 years of staff representation with the Navigators, a Christian discipleship organization. Dr. Rhea holds a BSBA degree from Bucknell University, an MBA from Baylor University and a PhD from the University of Mississippi in Marketing.
Ben Wacksman
Mr. Wacksman is the Founder and Chief Executive Officer of Westport Realty Investors and WP Commercial, Incorporated. Mr. Wacksman has over 25 years of experience as a real estate entrepreneur and CEO. He has advised and provided expertise to financial institutions, individual investors, and public/private companies in all aspects of commercial real estate. He has negotiated financing, leasing, development, acquisitions and sales. He served as Hillsborough County Commissioner where his responsibilities included land-use planning, zoning, economic development, transportation and budget oversight. Mr. Wacksman was a Mayoral Appointee to the Tampa Housing Authority where he served as Chair, Vice Chair and Chairman of the Audit Committee. Mr. Wacksman also serves on the University of Florida’s Real Estate Advisory Board of the Bergstrom Center for Real Estate Studies He holds a B.A. with Honors from New York University and a Master’s Degree from the School of International and Public Affairs at Columbia University. He has completed advanced studies at Harvard University, MIT, and the Ritz Carlton Leadership Academy.
Robert W. Scharar
Mr. Scharar, who resides in Houston, Texas, received a B.S.B.A. degree in business from the University of Florida in 1970, an M.B.A. degree in 1971 from Northeastern University, a J.D. from Northeastern University Law School in 1974, and an L.L.M. degree in Taxation from Boston University Law School in 1979. In 1975, he formed First Commonwealth Associates, a Texas partnership, which engaged in financial planning and advisory services. In 1981, the assets of First Commonwealth Associates were acquired by UST Financial Planning Company, Inc., a subsidiary of UST Corp. (a Massachusetts bank holding company), and Mr. Scharar served as President of that subsidiary. In 1983, Mr. Scharar founded FCA Corp ("FCA"), which acquired the Texas and Florida offices of UST Financial Planning Company, Inc. Mr. Scharar is President and a director of FCA and its parent company First Commonwealth Holdings Corporation. Since 1991, Mr. Scharar has served as President and Portfolio Manager of the Commonwealth International Series Trust. From 1992 through 1996, he served as director of South West Property Trust, Inc. ("SWP") and in 1997 when SWP merged into United Dominion Realty Trust, Inc. ("UDR"), he became a director of UDR until 2006. Mr. Scharar also currently serves as Trust Manager of First Commonwealth Mortgage Trust.
Mr. Scharar is an officer, director, and/or manager of the following entities that are not clients of FCA or a related entity:
Director/President, First Commonwealth Holdings Corp., from 09/1999 to present
Director, Blantyre Hotels Ltd. from 06/1999 to present
Director, NICO Holdings Ltd. from 2001 to present
Robert W. Scharar is an officer, director, and/or manager of the following entities that are clients of FCA or a related entity:
Africap, LLC
Commonwealth International Series Trust
First Commonwealth Mortgage Trust
Holly Mortgage Trust