JULY 2015 BEACON

NCYC Regular Meeting Minutes Page 3 of 7

We have a large number of new members this year. Please make it a point to introduce yourself to them and make them feel welcome. With a little luck, maybe we can spend some time next weekend relaxing and enjoying the fruits of our labor.

Financial Report Treasurer, Frank Corcoran Frank reviewed the financial reports. Year to date net income through April of $92,338, is tracking in line with 2014, which was $92,579 through April last year. YTD revenues of $143,009.74, are up $11,000 from last year mainly due to membership dues and member contributions. YTD expenses of $50,672 are up $11,000 compared to 2014, mainly due to timing of expenses. Loan balance stands at $103,097.92 as of April 30. Total cash position at April 30 stands at $155,000; YTD cash flow was $64,000. Motion: Moved by PC Hugh Vestal to approve the financial statement. Seconded by Ian Blackburn. Motion Carried Frank also introduced and reviewed the new NCYC Financial Manual. This is a manual that will be used by the Board to help them with the monthly reporting and the monitoring of their individual bank accounts. It also documents the Annual Budget Process. Frank also provided a background summary and perspective on proposed changes to the Work or Pay Indebtedness. His proposal was as follows: * Establish due date of October 31 for Work or Pay amounts owed. * Increase $25 per hour assessment to $50 per hour. * Membership Director to send e-mail notification to applicable members promptly following Last Work Party. * If amount due is not paid by N ovember 30, membership privileges are suspended under existing Bylaw Article V, Section 2, which reads in part: Article V, Section 2: Any member in arrears for dues or any indebtedness for 30 days after they become payable shall be so notified ... and all membership privileges suspended... * Late charge penalty of 25% if paid after November 30.