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

LOCATION: Community Development Services Office, Portsmouth, NH.

DATE: February 19, 2003

TIME: 7:03PM

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

ABSENT: Capt. Blidberg Capt. P. Young
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Cmde. Scott called the meeting to order at 7:03PM by noting a quorum of the B of D was present. He then began by asking Sec. Fleming for his report of the January 9TH 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 January 9TH 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. McCormack moved for acceptance; seconded and so voted. The log book contains the written report.


TREASURER’S REPORT*:

Treas. Harrigan began by distributing his report along with attachments which included the January financial statements. He noted that as instructed by the Budget Committee he has modified the general ledger by adding new items for the club pier, dock, launch, mooring and fuel system R & M, also items for hospitality and staff expenses.

Ownership of the new launch has been transferred to PYC from the Eastern Boat Company. Additional equipment and upgrades to the launch will be recorded as purchased. When the final invoices are paid they will be recorded as capital expenditures. The renewal of the New Hampshire moorings (14) and Maine (8) moorings, has been completed. Application has also been made to the state for a Road Toll refund of $118.49.

Total revenues recorded through January 31st. were $89,203.00 with total expenses of $7476.27 leaving a pre- tax operating income of $81,726.73.

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


REAR COMMODORE’S REPORT:

R/C Jones reported that the newsletter for March has been completed with the a full page insert advertising the Ashworth By The Sea Buffet Dinner on March 15th. A Hospitality Night (between 7:00PM and 9:00PM) at West Marine in Portsmouth is planned for April. West Marine will extend an additional 10% discount on most items purchased that evening by PYC members.

R/C Jones also informed the Board that he planned to send a packet of information to each of the monthly hosts to assist them on contacting participants and the items to be addressed for each function.

The Club rental form has been updated to show the $250.00 fee for its use and notes the change in days (Mondays only) the club it is available for private use by members.

Contracts have been signed for the Christmas Party with the Jarvis Center, and the Band hired for December 13th. The New England Center has again been booked for next year's New Year's Day Brunch, and the Ashworth Hotel again for the 2004 Buffet Dinner

Capt. P. Young and P/C Roth are in process of planning the two summer cruises.

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

VICE COMMODORE’S REPORT:

V/C Young reported the mooring fees have been paid for the year with the exception of several moorings which have not been raised, nor paid for. Several interviews will be held during the coming week to employ a Steward and Dock Master for the season. Last year's Steward, Jack Bieniek, has indicated he would like to return but on a part time basis only. A House and Docks Committee meeting is scheduled for March 2ND at V/C Young's home. The crane has been scheduled for Docks In on April 19th. Capt. Roberts has indicated he would not be using his slip this coming season and officially is giving the slip up.

There being no further questions or discussion V/C Jones moved for acceptance of the report as given, seconded, and so voted.

COMMODORE’S REPORT:

Cmde. Scott began his report by acknowledging letters of resignation from the following members; Capt. Katherine Greene, and Capt. David Brillhart. The Board excepted these resignations with regret.

There being no further questions or discussion V/C Young moved for acceptance of the report as previously given, seconded, and so voted.


SUBJECTS CURRENTLY TABLED FOR FUTURE DISCUSSION BY THE BOARD

DATE SUBJECT DISPOSITION

9/10/98 Vision 2000 Committee Capt. Carson

CURRENT BUSINESS:

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

Capt. Jefferson reported on construction of the new launch and distributed pictures of the new launch as constructed by Eastern Boat. As reported by the treasurer, title to the launch is now in PYC's possession. A $500.00 credit was received from Honda on the purchase price of the new motor. The Board agreed that Eastern Boat should do the graphics and equipment installations required. Delivery of the new launch is scheduled for the middle of May.



P/C Coffey reported that he was gathering additional information on the present condition of the club foundation and proposed repairs. Ricci Construction has been consulted as to the best way to approach the repair area and the estimated cost to repair the interior of the club. He gave a rough guess of about $17,800.00 in labor and material. P/C Gage has not yet reviewed the scope of the needed repairs, but hopes to inspect the problems during the coming week, weather permitting. Hopefully a plan to complete the repairs can be decided at the March Board meeting.


NEW BUSINESS

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

Cmde Scott asked for comments on the Audit Committee report issued on January 24th. by the committee recommending that the B of D implement the following procedures:

A. The safe be used to store daily cash receipts before depositing in bank.

B. They recommended that the Treasurer record deposits, record payroll and reconcile the bank statements using Quickbooks instead of paying the accounting firm to perform these functions.

C. The Committee also provided an analysis of the changes in fuel purchases and selling prices between 5/25 and 9/20 of last year and recommended that the Treasurer or steward need to review fuel pricing on an each delivery basis.

The report from the Audit Committee has recommended that the Treasurer take responsibility for account reconciliation and the issuance of payroll. Treas. Harrigan recommended that the handling of payroll remain with our accounting firm until such time as a professional with accounting experience assumes the responsibility of Treasurer. After some explanation of the reconciling procedure by Capt. Rushforth, and general discussion by the Board Treas. Harrigan agreed that he would reconcile the payroll totals and the accountant would continue to produce the tax information.

There being no additional new business Cmde. Scott announced the next meeting of the Board of Directors will be held on March 13, 2003 starting at 7:00 PM at the Community Development Services Offices in the Parade Office Mall, Suite #40, (Upper level) 195 Hanover Street, Portsmouth, NH.

This meeting adjourned at 8:49PM.







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