RE: OFFICERS & BOARD OF DIRECTORS MEETING OF PORTSMOUTH YACHT CLUB

LOCATION: Portsmouth Yacht Club, New Castle, NH.

DATE: August 14, 2003

TIME: 7:00PM

PRESENT: Cmde Scott V/C Young P/C Coffey Capt. Chambers Capt. Jefferson Capt. Rushforth Capt. McCormack Capt. Goldberg Treas. Harrigan Sec. Fleming

ABSENT: R/C Jones Capt. Blidberg Capt. Watson Capt. P. Young
------------------------------------------------------------------------------------------------------------------------------------------------

Cmde. Scott called the meeting to order at 7:06PM by noting a quorum of the B of D was present. He then began the meeting by asking Sec. Fleming for his report of the July 24TH meeting of the Board of Directors.

SECRETARY’S REPORT:

Sec. Fleming began by asking if all members present had received a copy of the notes of the July 24TH meeting of the Board of Directors. He then asked for any corrections to, or omissions from the report. With no questions being raised or additions being requested by the B of D Cmde. Scott asked for a motion to accept the Secretary's report. Capt. Jefferson moved for acceptance; seconded and so voted. The log book contains the written report.

TREASURER’S REPORT*:

Treas. Harrigan began by distributing his August financial report along with three attachments which included projections for year end expenses. With the approval of the Flag officers, his report documented the purchase of a new computer, a four year repair policy for the computer, and a copy of Quickbooks software to be utilized for accounting.

Treas. Harrigan also commented to year end fiscal projections that adding, the $35,000.00 spent on foundation work and the new launch to the year end projection of $60,066.00 the result is $95,066.00, a better then average cash flow year. While the $60,066.00 projection includes a contingency fund of $52,000.00 it shows $8066.00 in our cash account at year end. This suggests that PYC's revenue is on the edge when confronted with exceptional expenses.

Our accounts shows the checking accounts with balances of $49,025.02 and $33,195.73 respectively. The certificate of deposit records a balance of $52,639.02, and the outstanding mortgage at $91,079.39. Capt. Rushforth suggested a year's end forecast of income and expenses be prepared for year end and that he would assist Treas. Harrigan in developing a format to make the cash flow projection.

Cmde. Scott asked for any further questions of Treas. Harrigan; there being none, he asked for a motion to accept the report as submitted. Capt. Rushforth moved for acceptance, seconded and so voted. Copies of the report will be placed on file for future audit.





REAR COMMODORE’S REPORT:

Cmde. Scott reported for R/C Jones, who was absent for this meeting. The planned visit for the crew of the Providence has been canceled due to the ship being rerouted to by-pass Portsmouth Harbor. Cmde. Scott noted R/C Jones would have a full report of activities at the next meeting of the Board. Treas. Harrigan commented that as of this date The Shaw Bros. have not refunded the $1000.00 deposit sent to them earlier to book their appearance which they had asked to cancel due to a scheduling conflict.

VICE COMMODORE’S REPORT:

V/C Young began his report by noting the need to begin to plan scheduling replacements for our dock personnel as they return to their school schedules after Labor Day. Three part time dock personnel have been employed and scheduled to replace our regular dock personnel as they leave. Chris Caneavy and Jack Bieniek will be continuing through to the Club closing.

A number of items are in need of maintenance due to their heavy use The transmission in the diesel launch needs be repaired. The launch is out of service. The roof on the west side of the Club house has developed a leak and is in need of repair. The Greenwood Company is in process of investigating how to improve the diesel distribution system to the dock. P/C Gage is going to review repair work to the center carrying beam of the Club house floor. Several of the mooring floats need to be replaced due to the strong current in front of the Club.

Effective September 8TH launch hours will be cut back in accordance with the time of sunset.

There being no further questions or discussion, Capt. Goldberg moved for acceptance of the report as given, seconded, and so voted.

COMMODORE’S REPORT:

Cmde. Scott began his report by noting the following applications for membership have been received and sent to the membership Committee for consideration:

Leonard M. Small Sponsored by Capt. L. Small & Capt. J. Small
John R. Kemens Sr. Sponsored by Capt. D. Gabriel & Capt. Watters

Cmde. Scott noted that the recently approved checklist developed by Capt. Watson for closing the Clubhouse will be put in the bulletin board and a letter sent to each of the new members asking them to meet with the Steward and familiarize themselves with the locations of the items that need to be closed or turned off when closing the Club.

There being no further questions or discussion Capt. McCormack moved for acceptance of the report as given, seconded, and so voted.

CURRENT BUSINESS:

Cmde. Scott asked for any reports on current business to be brought before the Board of Directors.

Capt. McCormack reported that she had spoken with several of the town officials regarding a parking location that could be used during the season and that she was meeting on this coming Monday with the Planning Committee and she would report further at the next Board meeting.

Sec. Fleming commented that the white fence along the road should have a no trespassing sign posted on the inside of the fence and painting and general maintenance performed so as to display ownership of the land.

Capt. Rushforth commented that a project list forecast and rough cost estimate for items that will need attention in the coming years should be developed for presentation to the general membership at the annual meeting. This could be done utilizing Capt. Goldberg's Capital Expenditure forecast.


Sec. Fleming commented that all information to be presented at the Annual Meeting needs to be discussed and approved for presentation at the September Board meeting.

NEW BUSINESS:

Cmde. Scott asked for any new business to be brought before the Board of Directors.

PSA has requested that August 26TH be approved for a PSA after race get together at the Clubhouse. This met with approval by the Board. A general discussion followed as to the David Mower's Pursuit Race sponsored by PSA in honor of P/C Mowers, and after general discussion the use of the Clubhouse also approved for this function.

There being no additional new business Cmde. Scott announced the next meeting of the Board of Directors will be held on September 11, 2003 starting at 7:00 PM at the Portsmouth Yacht Club, New Castle, NH.

This meeting adjourned at 8:20PM.









William F. Fleming
Secretary
*report/memo placed on file