Planning and Finance Meeting Minutes – November 26, 2018

Planning and Finance Attendees: Chairman Mark Vanderwall, Rick Ashelman, Bruce Ramon, Mark Weiss

Bridge Attendees: Commodore Mark Reed, Vice Commodore Sandy Werner

Other Attendees: Treasurer Bob Gunderson, Board Chair Gerald Fey

Chair Mark Vanderwall called the meeting to order at 16:30.

Agreement was reached to cancel the December Planning and Finance meeting.

Minutes from the October 22, 2018 meeting were approved with the corrections as noted per chairman Vanderwall’s e-mail of November 22.

New Business: 

• The New Capital Reserve Study for the House was distributed for review. Planning and Finance Chairman will ferret out the Docks and Winslow Studies for our next meeting. The reserve report ownership responsibility was discussed.  While the Bridge will retain responsibility to facilitate the creation of the annual reports a Motion was approved by Planning and Finance Committee would own the responsibility of annually reviewing the report with the goal of creating a 1, 3, 5, 10 year outlook for Bridge and Board to utilize.
• There was discussion related to increasing contingency fund allocation. No actions were taken.
• Options related to the Loan Payment due in the 2020-21 budget year were discussed
  1. Use available contingency funds to pay off loan
  2. Use a portion of contingency funds to pay off loan
  3. Refinance remaining loan balance or partial balance with bank
  4. Refinance remaining loan balance or partial balance with member notes

Action for the Bob to contact current loan company to ask if a pre-payment penalty would apply if we re-financed with them.

• Commodore Reed initiated a discussion related to potentially increasing the number of active members to 450, the purpose was to increase the “pool of members” that could attend events.  Currently the number of members attending events appears to support 1 event a month.  The was mush discussion of the effects of adding members and that we have been adding members by increasing life, social, intermediate members.  No action were taken.