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

LOCATION:  Portsmouth Yacht Club, New Castle, NH.

DATE:  July 8, 2004

TIME:  7:00PM
     
PRESENT:        Cmde. Young        R/C Baime        V/C Jones        
            Capt. Blidberg        P/C  Scott        Capt. Jefferson        
            Capt. Watson        Capt. Chambers        Treas. Rushforth        
            Sec.  Fleming
                                    
ABSENT:        Capt. Gebow        Capt. Goldberg        Capt. McCormack
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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 June 10TH, 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*:

Treas. Rushforth  passed out his Treasurer's Report for the month consisting of  a Balance Sheet, Profit & Loss Statement, and Cash Flow Analysis through June 30TH. Treas Rushforth further noted that he had added a budget comparison format to the report to keep the Board up to date on amounts of funds spent per budget  category each month.   

The report showed the following.  Income for the month of $173,763.00 with total expenses of $96,355.00. With other miscellaneous accumulating income and expenses  a balance of $74,882.00 was recorded as  Net Income.  Treas. Rushforth went on to discuss in detail each of the active accounts. Commenting that some belt tightening  of many of the accounts would be needed to meet the forecasted break even  budget for the year.

In addition to his report he submitted a  memo outlining his opinion of our financial status as of 6/30/04 which he included as part of his monthly  report, (on file as a part of the log). A general discussion  of how to keep the general membership informed of our financial condition  followed Treas. Rushforth's report.  Treas. Rushforth recommended a memo  to the membership be included in the next monthly bulletin outlining our present and future  financial needs.  

After general discussion this met with the Boards 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:

R/C Baime began his report by noting  the  monthly Newsletter would be going out this coming week.   He reported that June Regatta had been canceled because of  a lack of entries.  He felt the  season being off to a slow start in terms of getting boats into the water along with  a general lack of interest prompted the cancellation.  R/C Baime suggested holding a meeting for those interested in racing be held and discuss the future of club racing at PYC.

The July 4th. morning Breakfast hosted by Capt. Carson was a great success with many attending.   The Past Commodores' Cocktail Party will take place on July 11th at a cost of $15.00.  R/C Baime commented that he has heard a number of concerns regarding the cost of functions this season, however we are only in a break-even position at best when we have good numbers  in attendance at a function.

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

VICE COMMODORE’S REPORT:

      V/C Jones reported that  Mary Beth Goldberg had fallen from her boat  into the water while docking.     Mary Beth  did not appear to be seriously injured from the fall into the water.  Kyle Morton one of the  dock attendants on duty witnessed the incident and wrote up a report which has been placed on file.
    
    The flag pole project has been completed with the pole again in its proper location and our flag and pennants flying.   At one time or another twenty six members participated in the refurbishing, painting, and raising the pole back in position.  P/C Burgess provided new halyard cleeting at the base of the pole which should last another 30 years.

The diesel launch as been completely refurbished by Capt. Gebow and Capt. Chambers and looks like new. In addition  Capt. Gebow  reviewed the safety equipment  for both launches assuring  that we are completely up-to- date with current operational Coast Guard safety requirements.

Our Dock Master Jack Bieniek resigned as of  June 30th, to accept a year round position with the local school system.  Each of the remaining staff has accepted additional responsibilities for the balance of the season.    

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

    
COMMODORE’S REPORT:

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

    Karen McCormack        Sponsored by Capt. D. McCormack/P/C Fleming
    John McCormack        Sponsored by Capt. D. McCormack/P/C Fleming

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. Rushforth 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.

P/C Scott reported on the Pier Replacement Project that the permitting process continues with the permit now under technical review by the (Frank Richardson - NH state) .  The Town of New Castle has approved the Pier refurbishing subject to the State approval.  We should hear something of the process after the 12th of July.  If this drags on the project may be put off until next spring.  

Cmde Young opened discussion on the wording to place in the newsletter regarding a proposed assessment to finance the refurbishing of the dock.  The information  will be stated as follows:                

    That the cost of pier replacement be financed by an assessment to each member.  This assessment     to be in increments over a three year period with the first installment due and payable with     membership renewal in spring of 2005.  That the resulting moneys be held in a separate account     and the funds to be solely used to defray the cost of pier replacement.

    The consensus of the Board regarding total cost, taking into account inflation during the     intervening years, is that it would be on the high side of the above estimate.  Therefore, our best     estimate of each of the three annual assessments is $140 to $150.  We, the BOD, believe the     above method of financing this project to be the cleanest and most equitable for the members of     the Portsmouth Yacht Club.  This proposal will be brought before the membership at the annual     meeting for consideration.

Cmde. Young reported that he had received a letter from P/C Courteau  Chairman of the Audit Committee notifying the Board that the Committee had met with Treas. Rushforth and was actively reviewing the procedure to follow to produce the next  annual audit.

Cmde. Young reported that he had also met with the Constitution and By-Laws Committee to review the need to change any provisions of either document.  

NEW BUSINESS:

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

There being no additional new business Cmde. Young  announced the next  meeting of the Board of Directors will be held on August 19th at 7:00 PM  at the Portsmouth Yacht Club, Piscataqua Street,  New Castle, NH. 03854.

   




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