OCTOBER 2015 BEACON

NCYC General Membership Meeting Minutes Page 3 of 8

Financial Report Treasurer, Frank Corcoran I hope everyone has had a chance to review the report that I sent out. It is a good news story and I am happy to share it with everyone. Revenues are up 5% over last year, $242,381 YTD versus $230,468 last year. Expenses, based on midyear review are in line with budget. Our cash position is strong, $153,600 versus $91,000 from last year end. The balance on the debt is

$91,300. Operations cash flow is in line with last year. Frank discussed the proposed by-law amendment. Reasons for Amendment

1. Defines scope of annual examination 2. Defines who shall perform the Review 3. Improves Governance and Accountability 4. Establishes Sustainable Process Proposed Amendment They [Board of Directors] shall cause to be examined the financial accounts of the Club within 90 days after the closing of the Club's fiscal year. Such examination shall be conducted by an independent accounting firm appointed by the Board of Directors. The scope of the examination shall be a Review as defined by the American Institute of Certified Public Accountants. The accountant's report for the prior year Review shall be presented at the general membership meeting held during the month of May. The cost shall be reviewed from proposals from various CPA firms and approved by the Board of Directors. Motion: Moved by PC Paul Jarvis to approve the financial report. Seconded by Don Reiss. Motion Carried