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RE: OFFICERS & BOARD OF DIRECTORS MEETING OF PORTSMOUTH YACHT
CLUB
LOCATION: Portsmouth Yacht Club, New Castle, NH.
DATE: June 10, 2004
TIME: 7:00PM
PRESENT: Cmde. Young R/C Baime P/C Scott
Capt. Goldberg Capt. Jefferson Capt. Watson
Capt. McCormack Capt. Gebow Capt. Chambers
Treas. Rushforth Sec. Fleming
ABSENT: V/C Jones Capt. Blidberg
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Cmde. Young called the meeting to order at 7:04PM by noting a quorum of the B of
D was present.
SECRETARYšS REPORT:
Sec. Fleming began by asking if all members present had received copies of the
notes of the May 13TH, 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 reports. R/C Baime moved for acceptance; seconded and so voted. The
log book contains the written report.
TREASURERšS 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 May
28TH.
The report showed the following. Income for the month of $150,900.06 with total
expenses of $70,076.47. With other miscellaneous accumulating income and
expenses a balance of $84,572,51 was recorded as Net Income. Treas. Rushforth
went on to explain each of the active accounts. He commented that fuel sales
for the month were less than normal and some belt tightening of approximately
$12,000.00 plus or minus would be needed to meet the forecasted break even
budget for the year. Income throughout the summer will dictate the ability of
the Board to meet its budget objectives.
Capt. McCormack asked several questions which were answered by Capt. Rushforth
regarding application fees and net functions to date. Capt. Goldberg moved
that the report will be placed on file for future audit.
REAR COMMODOREšS REPORT:
R/C Baime began his report by noting the monthly Newsletter would be going out
this coming Monday. He reported that he had been in touch with Nan McNally
regarding the Sunday Morning Breakfast menu and they had agreed to keep the
price of the meal to a minimum. R/C Baime commented that he had not received
very much encouragement to consider raising prices of the functions to help our
revenue situation.
Capt. McCormack asked if there would be further clarification on the parking
policy for the year, particularly the additional off street parking for long
term as well as function overflow. R/C Baime noted that a full explanation of
the program would be in the July newsletter. In addition she commented on the
charges for the "Potluck Dinner - R/C Baime commented on that it was his
understanding that all of the social functions should attempt to make a small
amount of margin or at least break even and this was the criteria for
establishing prices for any of the functions.
There being no further questions or discussion, Capt. Rushforth moved for
acceptance of the report as given, seconded, and so voted.
VICE COMMODOREšS REPORT:
V/C Jones being absent from the meeting submitted the following written
report on the last months House and Docks activities:
Moorings - We have received an invoice from Pepperrell Cove Mooring Service
for $3000.00 less $540.00 credit for a balance due of $2640.00. This is for 24
mooring inspections @ $125.00 each. Tom and John Carson have the invoice. The
mooring service has recommended changing the chain on #1716, #259, #4267 and
#140 in front of the club. Currently we have a large vessel on #2259 and #140.
They also recommend that all 6 of Pepperrell Cove moorings be changed - #125,
#126, #127, #128, #142. Isles of Shoals #902 and to replace the buoy on
Thornton's mooring #924. We have extra buoy in stock to do this. Recommend that
we change buoy on #2296 as the buoy is too small. We have done this using a
large white buoy. We should pay attention to their ratings on the chain
condition. Being in the "rental business", we should keep all moorings up to
safe condition. One mooring in Pepperrell Cove to be returned to its original
station as a large vessel had dragged it off station last fall after we had
closed for the year.
Staff Meeting - The flags met with the staff on May 25th at PYC. We covered
the rules, launch operation schedule and stressed that the launch operator is in
charge while operating the launch. Time that the launch is to be secured for the
night was discussed. We discussed the rules for members and guests riding the
launch. Members should obey the operator's instructions while riding the launch.
Safety comes first in our operations. We also discussed the chain of command to
be used; Steward Sally McClellan, Dock Master Jack Bieniek, Jr., Asst. Dock
Master Ashley Burgess, Vice Commodore Ken Jones
Sally McClellan will set the work schedules and assignments for the staff. No
changes will be made without Sally's approval. Sally seems to have a good firm
hand on the staff and our first month of record keeping, according to Past
Treas. Harrigan, was perfect!
Launch Steering Problem - Bob Burnett is working on the problem and should
have it repaired before the weekend.
Pier Permit - Request is in process with a great deal of assistance from
Capt. McCormack. Copies have been given to the town and a copy has been
forwarded to Concord. Tom has a letter from them. There will be a meeting on the
7th and one on the 8th or 9th that Tom will attend. Diane could probably give us
more insight into the current status.
Long Term Parking - Notice has been given to Bob Baime for the next
newsletter.
This concluded V/C Jones written report - there being no further discussion
Capt. McCormack moved for acceptance of the report as submitted, this was
seconded and so voted by the Board.
COMMODOREšS REPORT:
Cmde. Young began his report by noting the following applications for
membership have been received and sent to the Membership Committee for
consideration:
Thaddues J. Jankowski Sponsored by Capt. Almgren & Capt. Jefferson
Wesley R. & Martha R. Smith Sponsored by Capt. Roberts & P/C. Scott
Joseph P. Nadeau Reinstatement of membership by committee
Cmde. Young commented that he would discuss the balance of his report under
current and 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 reports on current business to be brought before the Board
of Directors.
Capt. Chamber reporting for the Insurance Committee submitted the following
report - PYC's insurance premiums will increase $524 or 3.4% above last year's
total for the six policies that are required. This falls within the budget
increase we expected for June 1, 2004 to May 31, 2005. With the advent of the
9-11 situation, the last two years have been challenging to say the least.
2002-2003 we saw a 4% increase when we changed carriers when we were dropped in
May of '02. The following year a 15% increase in 2003-2004 was influenced by the
"reinsures" as a result of 911. This year we are seeing an increase of just over
3%.
The following is a breakdown on the insurance premiums between last year and
this year:
Policy Insurance Co. Limit 2003 Premium 2004 Premium
Dif.
Yacht Package Inamar LTD 2M $5264. $5234.
-$30.
Marine Inamar LTD 2M $4537. $4733. +
196.
Umbrella Inamar LTD 3M $3731. $4060. +
329.
D & O Great American 2M $1305. $1370.
+ 65.
Workers' Comp. Liberty $1558. $1580.
+ 22.
Flood Ins. Omaha/Ellis $ 680. $ 680.
Total: $ 17,075. $ 17,657.
+ 582.
It's a good practice to check on the existing policy coverage and cost on a
yearly basis. I contacted Joe Cunningham of Cunningham Associates Insurance and
received competitive quotes on each of the existing policies. In doing so, the
requirement of a "Lost Run" report for these quotes triggers concern for the
existing insurance agents and often will dampen increases if you have a positive
history. There were two concerns that were pointed out by Joe:
Does Inamar Marine and Umbrella policies really cover all of the moorings
not only in front of the PYC clubhouse and Pepperrell Cove, but the moorings
up river, in Little Harbor, and most importantly, the Isle of Shoals?
Does Inamar in fact cover these policies at 3M over the 2M amounts on
each for a total of Five Million Dollars?
The answer to these questions is yes and there is a rider on the Inamar
policy stating so with an added premium on the Marine Policy.
Though Cunningham's quote came in at about the same as last year's premium
from Harbor Insurance, the umbrella or "Bumper Shoot policy was 3M (same as
Inamar) but the coverage for the Marine, Yacht Club Package, and D&O was quoted
at 1M, not 2M. The question is, do we need a total of 5M or will 4M suffice?
I suggest that we work with Cunningham Insurance to see what they can come
up with for premium year 2005-2006. It may be a good idea to have an agent close
by who understands firsthand and has a personal interest in the club. Capt.
Chambers included a proposal submitted by Cunningham and Associates for filing
P/C Scott reported for the Pier Replacement Committee that the Town Planning
Board had met this past evening and given conditional approval for Dock Repair,
subject to the Conservation Committee agreement. Capt. McCormack is helping
coordinate the necessary town inspections and approvals to replace the existing
brow. The permit for the replacement of the dock is in process. P/C Scott
cautioned that any change in the scope of the work will need additional
approval from the town.
Discussion was then opened by Capt. McCormack on the method of financing the
proposed major repair to the docks. After general discussion the consensus of
opinion was to recommend to the general membership the cost of the pier
replacement be financed by an assessment to each member. This assessment to be
in increments over a three year period commencing with the first installment due
and payable with the membership renewal in the spring of 2005. That the
resulting moneys be held in a separate account and the funds be solely used to
defray the cost of the pier replacement.
Capt. Gebow recommended that a statement by the Board be approved and given the
earliest and widest dissemination possible to the membership so as to have a
clear consensus prior to the annual meeting. He strongly recommended an initial
statement of the position of the Board be included in the next newsletter. To
be included in this statement an initial estimate of the total cost and a
breakdown of annual assessment to each member. in this regard the pier
Replacement Committee must be encouraged to make an initial estimate as soon as
possible. This approach was discussed by the Board and agreed in principle.
Cmde Young asked Sec. Fleming on the progress being made on summarizing the
motions passed by the Board over the passed 10 or so years. Sec. Fleming
commented that he had 560 pages plus that would need to be reviewed and that he
estimated it would require 30 to 40 hours of work assuming a page could be
reviewed within 3 to 4 minutes. He suggested that copies of the log be made and
split up into two year block and four or five of the board members assist him in
completing the summation. This met with the approval of the Board. Sec.
Fleming is to begin to copy the logs for review.
NEW BUSINESS:
Cmde. Young asked for any new business to be brought before the Board of
Directors.
A motion was made by Cmde. Young that Capt. Rushforth be formally named
Treasurer and Antony Young be named Assistant Treasurer. This met with the
approval of the Board and was seconded and passed.
Capt. McCormack opened discussion on the house cleaning maintenance of the
launches and the need for the staff to maintain them in a clean condition .
Capt. Jefferson commented that the launches servicing the Pepperrall Cove
moorings should only travel to the moorings and the face of the public dock.
Members and guests stepping out or into the launch should do so only from the
side of the launches and not from the bow.
Cmde. Young read a report from the mooring maintenance company servicing our
moorings that the chain on 12 of the moorings need to be replaced in the near
future. Capt. Gebow suggested we research the price of chain and buy it
directly. Cmde Young noted the estimate cost of chain replacement could be as
much as $6000.00 which has not been budgeted. Capt. McCormack questioned
whether or not replacing the chain and providing yearly maintenance would be
profitable from a guest mooring rental position over the life of the
equipment.
Cmde. Young read a letter from the State enviroment agency thanking us for the
iinvestigatory work in regard to the fuel system amn that we were on compliance
with the the state requirements for fuel storage and that no further action was
needed. A copy of the letter will be placed on file.
Capt. Rushforth opened dicussion on providing additional information to club
members explaining our current financial position and the future financial
conditions expected. Treas. Rushforth suggested this could be done through a
memo in the monthly newsletter.
There being no additional new business Cmde. Young announced the next meeting
of the Board of Directors will be held on July 8th at 7:00 PM at the Portsmouth
Yacht Club, Piscataqua Street, New Castle, NH. 03854.
William F. Fleming
Secretary
*report/memo placed on file
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