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RE: OFFICERS & BOARD OF DIRECTORS MEETING OF PORTSMOUTH YACHT CLUB LOCATION: Portsmouth Yacht Club, New Castle, NH. DATE: May 9, 2002 TIME: 7:10PM ABSENT: Capt. Rushforth Cmde Coffey called the meeting to order at 7:10 PM by noting a quorum of the B of D was present. He then asked Sec. Fleming for his report of the April 11TH meeting of the Board of Directors. SECRETARY’S REPORT: Sec. Fleming asked if all members present had received a copy of the notes of the April 11TH meeting of the Board of Directors. He then asked for any corrections to, or omissions from the report. With no additional questions being raised or changes being requested Cmde. Coffey asked for a motion to accept the Secretary's report. Capt. Goldberg moved for acceptance; seconded and so voted. The log book contains the written report. TREASURER’S REPORT: Treas. Atwood passed out copies of his reports to the board members that had not received their email copies. His report for April showed revenues of $138,325.31 with recorded expenses for the month of $15, 860.96 leaving a balance of $118, 219.52. Three new member applications were recorded during the month. Treas. Atwood noted that he intended to expand the chart of accounts to break down in more detail the miscellaneous expense incurred each month. That during the past month he had initiated on line banking procedures to allow transferring funds from the savings account to the checking account. He further had invested the Contingency Fund reserve ($50,000.00) to higher interest bearing CD's. Treas. Atwood further commented that with the new procedures established for daily recording of sales and expenses accounting costs will be significantly reduced this season. His feelings are that by staying with one accountant we will receive prompt up to date information each month and be better served in the long run. Cmde. Coffey asked for any further questions of Treas.
Atwood; there being none, he asked for a motion to accept the March and April
financial information submitted by Treas. Atwood. Capt. P. Young moved to
accept the reports. Copies of the reports will be placed on file for future
review. REAR COMMODORE’S REPORT: R/C Young reported the newsletter for the month has been published. The Ladies Committee's "Cinch do Mayo" Cocktail Party was held on May 5th with great attendance. Plans for the Opening Night Dinner dance scheduled for May 18th are in place and ready; we are ready for a great season. The first Wednesday Night Dinner is planned for May 22nd with 100 members and/or guests signed up. He commented that it is going to be a very active opening month. Seven members have reserved the clubhouse for private parties to date. There being no further questions or discussion Capt. Goldberg moved for acceptance of the report as given, seconded, and so voted. VICE COMMODORE’S REPORT: V/C Scott reported Work Parties went well and Docks-In was accomplished on time and without incident; everybody enjoyed the day. Water and electricity have been turned on to the docks and were in business for the season. The telephone in the entryway has been eliminated due to the yearly increased cost. The Dock Master (Chris) is working diligently to do annual maintenance projects. Parking for members continues to be a problem, and seeking a solution is on the top of the House and Docks Committee's agenda . There being no further questions or discussion R/C Young moved for acceptance of the report as given, seconded, and so voted. COMMODORE’S REPORT: Cmde. Coffey reported the following application for membership has been received this past month and sent to the Membership Committee for consideration. Charles G. Mixer II Sponsored by Capt. Signos and Capt. Hackett Cmde Coffey further reported that the Membership Committee has approved the following applicants for membership subject to an open position on our roster. Charles B. Clack Richard B. Buy Charles Leto Cmde. Coffey stated he would open discussion on several other
items for the B of D to consider under Current and New business. SUBJECTS CURRENTLY TABLED FOR FUTURE DISCUSSION BY THE BOARD DATE SUBJECT DISPOSITION CURRENT BUSINESS: Cmde. Coffey asked for any reports on current business to be brought before the Board of Directors. *Capt. Chambers, reporting for the Insurance Committee,
informed the B of D that insurance renewal can be in place as of June 1st. and
that with the change of classification for the kitchen use we will realize a
reduction in premiums of as much as $2500.00. Total premium costs will be
determined before the first of the month and the insurance placed subject to
best pricing. A meeting with the agent on May 24th to finalize and place the
coverage will be held at the club. This met with the approval of the Board.
Cmde. Coffey reported that an insurance claim involving the club's interests has been filed and that Capt. Graper will be the correspondent of record to keep the Board informed of its progress through the insurance company's procedure. Cmde. Coffey, commenting on the Special meeting scheduled for
May 15th, requested that the Board attend, and that dress of the day would be
jackets and ties. General discussion of the meeting procedure to be followed
was then reviewed and agreed upon. The B of D, after general discussion,
instructed Cmde. Coffey to proceed with the format established by the By-Laws.
NEW BUSINESS: Cmde. Coffey asked for any new business to be brought before the Board of Directors. *V/C Scott commented on the changes incorporated in this year's House and Docks rules and asked for the Board's approval of the changes. After general discussion the changes met with the Board's approval. Future discussion on the review of dock modernization and piling replacement was scheduled to be reviewed. V/C Scott recommended the purchase of a new copy machine, and six tables along with a collection of chairs from Mr. Murray. This met with the approval of the Board. Capt. Paul Young noted that late one evening last week
children of members using a member's key enterered the club without an adult
member present, in violation of Club rules. A general discussion followed as to
how to monitor the club rules in this regard. This meeting adjourned at 8:40PM William F. Fleming bv |
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