Minutes of Planning and Finance Meeting
December 1st, 2020 6:00 PM
Meeting held remotely via Zoom Meetings
P&F Committee Members: Chairman P/BC - Mark Weiss, P/BC- Gerald Fey, P/BC- Mark Vanderwall, P/BC- Rick Ashleman, Jeff Ohlstrom, Commodore Terron Lindholme, Vice Commodore Margaret Krows, Rear Commodore Michelle Bedner, Treasurer Joyce Carlson, Board Chairman Doug Wadden, Val Ohlstrom, PC Bill McGillin,
Excused absence: None.
Opening Comments: Meeting called to order at 6:07 pm by Chairman Mark W.
Approval of Minutes: Minutes of November 2nd, 2020 read by Gerald Fey - Unanimously approved
Commodores Report: No report
Vice Commodores Report: No report
Rear Commodores Report: No report.
Board Chair Report: Doug reported that the members of the Board and Planning & Finance met on November 30th for a QCYC Financial run-through. He also requested an update on the status of the reserve study. Mark Weiss reported that the reserve study is behind schedule. The commitment from the consultants is that it will be delivered by December 15th.
Mark Weiss will send out the 2019 version of the reserve study to Doug and Bill.
Treasurer Report: No report
Old Business:
Jeff reviewed the notes for the November 12th special P&F meeting regarding the electrical loan payoff. It was also reported that the docks work that was planned for this year was postponed until the fall of 2021.
Jeff reported on behalf of the P&F that the funds are available to pay off the electrical loan and a healthy balance will remain in the Contingency Reserve Fund. Therefore, Planning & Finance recommends paying off the loan.
Joyce mentioned that she has not been able to make much progress discussing the electrical loan with the bank because she is not a signatory to the loan. She is going to make another attempt tomorrow to find out what needs to be done to change the signatory to current members on the Board/Bridge.
Joyce will also request a “non-binding terms sheet” from the bank on updating the terms of the loan.
Joyce also reported that Mark W., Gerald, and Joyce will meet and discuss the account balance vs. budgeting funds discrepancies (more money in the bank accounts the in funds) on December 3rd.
Mark Weiss noted that he will regroup with the dock committee in the spring to get the quotes together for the upcoming docks work as well as additional quotes for the work-slip move.
New Business:
Val Ohlstrom reported on Membership:
- 379 Active memberships (down from 384 in October)
- 1 Pending membership
- There are currently 5-6 still on the aging report
The membership marketing committee is in place and they have been discussing the virtual Boat Show and have decided to participate at the “free” level of the Boat Show.
Val requested that the P&F committee consider and endorse the recommendation of a $1000 discount on the new member initiation fee.
Planning and Finance unanimously approved a $1000 discount
- Offer expires at the 2nd regular meeting in June 2020
- Offer is only valid while membership is less than 400
- The resulting $2000 initiation fee can be spread over 2 years.
Meeting adjourned at 8:05 pm
Next Meeting: Tuesday, January 5th, 6:00 pm.