Planning and Finance Meeting Minutes – January 3, 2016
Action Item Summary:
Attendees: P/F Chairman Bruce Ramon, Pat Grimm, Dale Roberts, Mark Vanderwall,
Board Chairman Rick Ashleman, Commodore Dave Bedner, Vice Commodore John Hieber, Rear Commodore Mark Reed, Treasurer Jan Gould Excused: Steve Clark Guests: House Committee Co-Chair. Gordy Foote, Past Board Chair, P&F Chair. Mark Weiss & 2nd Lady Debbie Hieber
1) Approved Recommendation: Now that the remaining clubhouse remodel bonds have been paid off, P&F recommends the board allocate the annual $50,000 payment historically spent to pay off those bonds, be added to the bylaws directed contribution for the Contingency Reserve Fund.
Planning and Finance Chairman Bruce Ramon began the meeting by requesting brevity in the officers reports to allow time to discuss items at the end of the agenda.
The December P/F meeting minutes were again sent out electronically, minor changes were made with those read the minutes were approved.
Treasurer Jan Gould’s Report:
Budget Items:
Total Income through November showed a positive variance of $1532 over plan. (increased 3rd floor rental revenue) Total Expenses are under plan $11,691. Much of it is timing related to the docks repairs and taxes not yet paid. And No postage/printing costs for quarterly billing.
Net Income is $13,244 over plan, with several expenses not yet due.
Committee expenses are $3,468 under plan. Winslow net income was positive $2,657 vs plan.
Contingency reserve fund balance is $555,576.
The Capital Budget items for 2016-2017 revised total $284,605 (modified for water heater clubhouse) used to date $34,511 remaining balance $250,095 (Board allocated $13,000 of Winslow showers funds for parking lot repair)
Total investments $762,574 vs fund requirements of $756,565 Overage $6,009 Total Checking $97,756
The Email billing went well, unfortunately there were 9 individuals with bad e-mail addresses on file. All the outstanding bonds from the main clubhouse remodel have now been paid off.
Commodore Dave Bedner’s Report:
Review of Coming Years projects:
Work Slip #3 Ron Stevenson is working with Waterfront Construction to get the contract completed.
3rd floor bar- no new report. Andy did get a plumber to investigate whether a sewer drain could be found near the closet area. Using an advanced auditory test, they believe they located a drain in close proximity. (they flushed the toilet and listened)
2nd Floor TV area no new information the AAC meets on the 20th the Commodore suggest they consider a counter height display case.
The Bar operations and the $13,500 minimum contribution to the club is being reviewed.
Vice Commodore John Hieber Report:
Jeff Madera is inputting the insurance expiration date for each mooring member into the computer to allow for the automatic notification be sent to each member when their Insurance is due. Having current vessel insurance with $500,000 in liability naming Queen City Yacht Club as “Additional insured” is a moorage requirement.
Deborah Cobain is writing a job description for her Office Manager Position at QCYC. Hopefully this will help fend off request for her to order member’s Airline tickets, receive their packages, etc.
Rear Commodore Mark Reed’s Report:
Grounds look good. The Club is secure, the big push for the boat show is this month.
Board Chairman Rick Ashleman’s Report
The Board approved continuation of the Boat Show special - initiation half off $1500. Rick brought up the question, “ what is our capacity in regards to membership- By Laws vs usability, and whether being at 400 Active Members and moving all the members who qualify for Life members to that category should be our goal.
The Insurance Committee is reviewing our current insurance requirements for mooring members and whether they should be required of all boating members?
Old Business:
3 scenarios regarding the new Portage bay 520 bridge were discussed.
New Business:
QCYC has spent/ budgeted @$50,000 a year to pay down the Bonds held by our membership for the remodel of the main clubhouse. Jan has now paid off the last of those bonds. Surplus from the 3.9% Docks electrical loan was used to pay off some of the 7.5% Bonds. (around 150,000?) It would seem reasonable to allocate $50,000 per year going forward to pay down the Electrical loan, or at the very least add it to the bylaws directed contribution to the contingency reserve fund which, (baring any future emergency) has been slated to contribute to the loan payoff when it is due, by adding it to the contingency reserve fund the money would be available if needed for 520. (See recommendation Above)
Next Meeting Tuesday February 7th 2017 7:00PM
Respectfully submitted: Mark Vanderwall P/F Secretary