Several witnesses, one UFO

When I was about 7 years old, I was outside at my grandma's in Waverly Hall.  My grandma, aunt, and 4 of my cousins were outside watching a cousin put up a tent.  We were on a hill by a clothesline.  The next thing I remember...there was a disklike object approximatly 20 ft. circumference. It had multi-colered (red, blue, green)lights along the outer rim. It hovered about 20-30 ft. directly above us.  We watched for a minute, then I remembered I just got a small telescope.  It was in the house, near the door. (it was new, and I had been using it)  I was only gone around half a minute.  When I ran back outside, and got to where everyone was, it took off.  That was the FIRST sighting I have seen.
Date may be approximate.  One of two reports from this student.  PD