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

LOCATION:  Portsmouth Yacht Club, New Castle, NH.

DATE:  August 19, 2004

TIME:  7:00PM
     
PRESENT:        Cmde. Young        V/C Jones        P/C  Scott        
            Capt. Blidberg        Capt. Jefferson        Capt. Watson                Capt. Chambers        Capt. Goldberg        Capt. McCormack            Sec.  Fleming    
                                    
ABSENT:        R/C Baime        Capt. Gebow        Treas. Rushforth            
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Cmde. Young called the meeting to order at 7:00PM by noting a quorum of the B of D was present.

SECRETARY’S REPORT:

Sec. Fleming began by asking  if all members present received copies of the notes of the July 8TH, meeting of  the Board of Directors.  He then asked for any corrections to, or omissions from the reports.  With  no   additions being requested by  the B of D Cmde. Young asked for a motion to accept the Secretary's report. P/C Scott moved for acceptance; seconded and so voted.  The log book contains the written report.   

TREASURER’S REPORT*:

Cmde. Young, reporting for Treas. Rushforth  passed out the Treasurer's Report for the month consisting of  a Balance Sheet, Profit & Loss Statement, and Cash Flow Analysis through July 31st. Cmde Young commented that he had discussed with Treas. Rushforth several  alternatives to reduce expending funds through the end of the season.  

The report showed the following: Income for the year to date of  $252,261.00   with total expenses of $129,198.00. With other miscellaneous accumulating income and expenses  a balance of $55,623.00 was recorded as  Net Income to date.

Cmde Young commented that several anticipated maintenance  and administrative costs  in the budget could be carried over to next year to reduce the full operating expenses for the year.  Capt. McCormack asked if the report reflected any of last year's carry over expenses and Cmde Young indicated that it did.

After general discussion this met with the Board's approval.    Additionally,  Cmde Young,  in his monthly commentary, would update the membership on the pier replacement project and the need to generate a payment policy for the future pier reconstruction.

Capt. Chambers moved  that the  report will be  placed on file for future audit.










REAR COMMODORE’S REPORT:

Cmde Young reported for the absent R/C Baimes that the monthly newsletter had been published.  There being no further questions or discussion regarding the monthly social programs, Cmde. Young asked for the Vice Commodore's report.

VICE COMMODORE’S REPORT:

      V/C Jones reported that all Club moorings now were identified in accordance with the Port Authority requirements.  One mooring in Pepperrall Cove has been repositioned in accordance with the Maine Harbor Master's request.  Our dock personnel have begun their exodus back to school with Ms. Burgess and Mr. Morton having left;  however, V/C Jones commented that we will have adequate personnel to cover the docks until season's end.

In reference to the ownership question of the land to the west of the Club the Wilson historical Survey has not as yet surfaced from attorney Ryan's records nor have we been able to contact the Wilson Survey Company.  From the Town's view the ownership of the land remains in question.   A general discussion initiated by Capt. McCormack followed V/C Jones comments.  This item was tabled for future discussion.

The NH State inspector has inspected our kitchen facilities and found them basically in compliance with a 95% passing score.  He commented that the stove needed to be spruced up and that the sink is grandfathered so as to be in complaince. However, should we at some point replace the sink it would need to be a three compartment sink to comply with current regulations.

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

COMMODORE’S REPORT:

Cmde. Young began his report by noting  the following application for membership has been received  and sent to the Membership Committee for consideration:

    Christopher D. Clement        Sponsored by P/C Courteau &  P/C Philbrick

Cmde Young then commented that the balance of his report would be discussed under either current or new business.

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

CURRENT BUSINESS:

Cmde. Young asked for any current business to be brought before the Board of Directors.

Cmde Young opened discussion on the recommendation to be made to the general membership regarding the financing of the repair or replacement of the gangway to the floating docks.  P/C Scott commented that a mortgage could be procured to pay the cost versus assessing the membership over a three year period. We currently have the permits in place which are good until 2008.   Capt. Watson spoke in favor of recommending the assessment route and eliminate the interest costs over the life of a mortgage.   After general discussion by the Board the consensus of the Board was to ask the general membership to approve the assessment process for funding the repair or replacement at the annual meeting in October.   P/C Coffey, Capt. Rushforth and Capt. McCormack will be prepared to discuss the project at the Annual Meeting.







NEW BUSINESS:

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

Cmde Young opened a general discussion on providing PSA's use of the Club for their "After race
Hamburgers and Hot dogs gatherings"  Pros and cons were expressed by Board members and the decision made to curtail the use of the Club to PSA for these gatherings.



Additionally a request for the donation of the use of 8 moorings for the weekend for visiting PSA race participants was discussed. It was agreed by the Board to allocate the moorings for the visitors; however, they would be charged for the use of the moorings as visiting guests.

Capt. Jefferson opened discussion on reducing the hours of the staff as the fall use of the Club progressed into September and beyond.  It was agreed to reduce Club hours of service to one half hour before sunset for use of the Club launch as has been done in past years.
 
Capt. McCormack asked P/C Scott if the proposed members for the 2004 Board of Directors had been chosen by the Nominating Committee. P/C Scott stated that he would have the member recommendations by the Nominating Committee for the next Board meeting.  A general discussion followed as to the need to review the nomination policies.  

There being no additional new business Cmde. Young  announced the next  meeting of the Board of Directors will be held on September 9th at 7:00 PM  at the Portsmouth Yacht Club, Piscataqua Street,  New Castle, NH. 03854.

   




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