NCYCRegularMeetingMinutes
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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
