Minutes of Planning and Finance Meeting
November 2, 2021 6:00
Meeting held both at QCYC and remotely Zoom Meetings
P&F Committee Members: Chairman P/BC – Mark Weiss, Jeff Ohlstrom, P/BC -Gerald Fey, P/BC Rick Ashleman, Jan Gould, Doug Genard, Commodore Margaret Krows, Vice Commodore Michele Bedner, Rear Commodore Mike Day, Treasurer Joyce Carlson.
Opening Comments: Meeting call to order at 6:05 PM by Chairman Mark Weiss.
Approval of Minutes: Minutes of October 5th, 2021 unanimously approved.
Commodores Report: Margaret reported that the Security Committee spend $1000 in supplies to reinforce Dock 2 & 3 after the recent break-in. They are still exploring solutions like cameras, fencing, etc. The roof cleaning on dock 3 has bids from $7000-$100,000. No decision yet made.
Vice Commodore Report: Michele reported on ACC meeting in October on suggestions for projects for her commodore year. Examples are acoustical panels on 3rd floor, replace 3rd floor chairs and tent in U.
Rear Commodore Report: No report. No numbers on dock 3 yet.
Board Chair Report: Doug reported that Jan Gould had been approved by the Board as new member as well as Mark Weiss approved as Chairman for the Planning and Finance Committee.
Treasurer Report: Joyce reported the following issues:
Funds were moved from 2022 to 2021 for Commodore Ball so September financials have been revised and will be distributed later.
Contingency fund allocation and reserve fund had a difference of $6372 which was not allocated. Question was what to do with outage. Board will discuss at next meeting.
Jeff asked Joyce how much of loan payment came from contingency vs operations. Joyce will review how much came from contingency and report back.
Joyce informed committee that capital assets were $45000 over budget primarily due to Bainbridge deck. This shortage will need to come out of the capital reserve. The intent, based on the increase is that there should have been enough as there were sufficient funds form the prior year to cover this. Joyce will review financials, Mark will review board minutes and Gerald will review P&F minutes. If needed, there will be a meeting on 11/15 to discuss fund allocations.
Old Business:
Reserve study had been updated and Mark will send to committee members
520 update of dock 3 work slips to end of dock 3. Pilings are needed and QCYC has engaged a consultant as we need site survey to see if where the extent pilings are needed.
Recommendations for 520 funds
Put $170,000 into 520 funds for legal and survey fees
Possibilities for remaining funds are to put it into 520 funds, segregate into special account, put into contingency funds, split 50/50 contingency/capital funds or leave in general funds.
The presentation for the board regarding the increase in dues was reviewed. The purpose is to see the Board appetite for this increase prior to presentation to the membership. The amount to recommend was discussed. Changes were made to the presentation for Mark to take to the Board.
Meeting was adjourned at 7:51.
Action Items:
Doug/Mark to discuss with Board a resolution to fund any items overspent in prior years
Review of payment of loan to determine how much came from contingency
Review process to document how capital asset allocation to make it equal to contingency allocation. It was thought to be the same and will be discussed at the Board meeting.
Determine annual process for capital asset allocation.
Get update on quotes to rebuild Dock 3. $140,000 is in the budget.
Next meeting will be December 7 at 6:00 on Zoom.