75 / 79
NCYC General Membership Meeting Minutes
Page 7 of 8
Topic # 2:
Financial Report
Treasurer Frank Corcoran did a Power Point presentation on the financial report. The
Finance Committee consists of PC Don Vanover, Al Durand, Ron Latowski, Steve
Marten and Dan Pienta.
This year we have updated the financial system and we now have monthly financial
information on the NCYC website. The Directors have control of their own accounts
and report statements to the financial officer. A study was done on money at our
disposal for emergencies. A $65,000 line of credit was established for this purpose.
PC Rick Romatz had questions about the line of credit. Frank explained how this line
of credit will work. The line of credit must be paid off within one year and cannot be
accessed again for 30 days. The line of credit will be controlled by the Cash Reserve
Committee.
Frank reviewed each Directors revenues and expenses YTD.
He mentioned the donations to the Club. We received $12,500 from the Ancient
Mariners for debt reduction, $5,000 from a member donation for the generator, and
$1,750 donation from the First Mates for the walkway in front of the Boatique.
Yvonne Murray asked Frank if we use Quick books. She offered to help streamline the
process. She will talk to Frank after the meeting.
Commodore John thanked Frank for the excellent report. He also stated that each
and everyone one of the people on the Board put their hearts and souls into making
us all look good.
Motion:
Moved by PC Bill Bauer to accept the financial report. Seconded by PC
Denise Huntley.
Motion Carried.
Topic #3:
NCYC 2015 Operating Budget
VC Brian McEvoy said they were very conservative in putting the 2015 budget
together. Brian reviewed the Forward Planning Committee recommendations for
2013 when he was Rear Commodore, indicating which items were complete. VC Brian
also reviewed the 2015 proposed projects. PC Paul Jarvis stated that this was the
finest presentation of financials he's seen.
Motion:
Moved by Al Durand to accept the 2015 budget. Seconded by Bob Swan.
Motion Carried.
Topic #4
: First Mates President
First Mates President, Kathy Bell, thanked her Board and the membership for all of
their participation. Thanks for attending the First Mates events and shopping at the