JULY 2014 BEACON

NCYCRegularMeetingMinutes Page6of 8

Wehave27boats for theMillikenRendezvous. Wehave20boats for Club Island.

I.

OLDBUSINESS

Topic #1 Frank discussed the financial profile of the club. Last year, we restructured our two loans intooneand, at the current rateof payment, that loan shouldbepaid for in24 months. Commodore John and Frank conducted a review over the last fewmonths, of the Club's ability to adequatelymeet its short term financing requirements. The review identified five principal sources of funding. Following the review, it was determined thatNCYCmaybe limited in itsability tomeet short time financingneeds. Asa result, we discussed our interest in exploring a possible broadening of NCYC financing capabilities with First Merit bank. Frank and the Commodore emphasized the implementation of any short term financing mechanism should be viewed as a financial safety net and would be solely to satisfy potential short term financing needs; it should not be viewed as additional spending authority. Frank pointed out that spendingauthority isgovernedbyourannualbudgetingprocessandmembership approval. Thebankhas offered theClub a lineof credit of $65,000. Thiswouldhelp theclub to fund thosenecessaryemergencyprojects that comeup from time to time. They informed thebank that theywoulddiscuss thisproposalwith theboardandget backwith them. Frankwill take theproposal to the FinanceCommittee for their input.

Topic #2 The reduced initiation feewill be cancelled as of today, June10, 2014. Initiation fee will resumeat $1,100.

Topic #3 A discussionwas held on shade for the East Harbor. Due to the cost of the tents, it was suggested that asof this time, tohavemoreeventson theEastHarborunder the blue tent. Amorepermanent solutionwill bediscussedat a later time.

Topic #4