Profits Associated Inc. (PAI) is celebrating its 70th year as an investment club. It was founded in Spencerport on March 29, 1956, when 21 stock certificates representing two shares each were issued. All of the original certificates were signed by Manuel Panarites, president, and Jeremiah Kennedy, vice president.
Initially, the club authorized 600 shares for its members. As the organization grew, it expanded its share structure. Today, PAI has 2 million shares available for club members.
While many members have come and gone through the years, PAI currently has 14 active members. They are expected to attend meetings regularly and keep their dues current. Many bring ideas and information to the club for discussion each month.
The club holds monthly meetings at Slayton Place Restaurant in Spencerport and also holds an annual meeting. New members pay an enrollment fee and annual dues, and members may contribute additional funds to their accounts as they choose.
PAI uses a research template developed by the club, along with information from Value Line, BetterInvesting Magazine, Onward magazine, and other investment resources to help members make informed decisions about buying, selling, or holding stocks. The club’s goal is to maintain a diversified portfolio while striving to meet or exceed the performance of the S&P 500. To help achieve that objective, each month members review and rebalance the portfolio, which is limited to 20 stocks.
Over the decades, PAI has weathered numerous market downturns, the first of which was “Black Monday” on October 19, 1987.
One of the club’s long-term investments has been Paychex, the Rochester-based payroll and human resources company founded by Thomas Golisano with an initial investment of $3,000. The stock has remained a successful part of the club’s portfolio for many years.
As the club marks its 70th anniversary, members are also undertaking a major records preservation project. For decades, many important club records have been maintained on paper, including stock certificates, meeting minutes, legal documents, membership lists, correspondence, and contact information. The ongoing digitization effort is about 20% complete, and members hope to finish the project by the end of 2026.
PAI continues to look toward the future while honoring its rich history. The club is accepting new members and encourages interested individuals to attend a meeting and learn more about investments and portfolio management.
For information, contact Fred Cardella at fredcardella@gmail.com or 585-259-7832.
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