APRIL 2016 BEACON

NCYC Regular Meeting Minutes Page 3 of 10

It is a slow time of the year as it relates to the Club, but there is a lot of “behind the scenes” planning that is being done to ensure we will be ready for the summer. I think we all look forward to warm weather to arrive and get ready for boating. Please make sure you schedule your time to work on the Elite Brigade work weekends coming up in April. 2016 Forward Planning Committee will consist of: R/C Randy Pagel (Chairman) Scott Greenfelder Don Ruma Steve Martin (new) Ben Carroll P/C Bill Bauer (new) Greg Criner Financial Report Treasurer, Frank Corcoran For the month of January, revenues were $59,468, expenses $30,532, resulting in a net profit of $28,936. Revenues principally consisted of Membership Dues of $46,400 and Commodore Ball ticket receipts of $12,160. Expenses primarily included insurance and taxes of $7,215 and Commodore Ball expenses of $19,537. On the balance sheet, total cash stood at $175,343, including $47,626 of emergency funds. Other Current Assets consists of $30,000 due frommembers for the Member Loan program, $6,640 liquor inventory, and $4,216 for deposits paid on future services or events. Liabilities consists primarily of First Merit bank loan of $67,188. We began the year with cash on hand of $113,323 and, during the month of January, generated net cash of $62,019. Cash provided from operations of $66,782 was used for POS upgrade, $716, and loan principal pay down of $4,047. Member Loan Update First Merit bank loan paid off February 1. Promissory Notes of $65,000 have been issued to Members; interest rate, 5.0%. Flood insurance being terminated. To provide funding for Notes which will mature in 2017, we have established a restricted, special purpose bank account at First Merit bank. Assuming all Notes repaid in 12 [maximum maturity 18 months] months, cash requirement of $68,250 will be needed. Motion : To provide necessary funding for Member Notes maturing in 2017, the Treasurer will transfer $5,687.50 monthly from the main account to the special purpose bank account at First Merit Bank. The transfers will occur beginning February 2016 and for each of the next eleven months. Motion by Brian Fringer. Motion seconded. Motion carried. Motion : Motion by Frank Corcoran to approve financial report. Brian Fringer seconded. Motion carried. Visitor, David Boltneck, Boltneck and co., NCYC financial review company, gave a short biography and summary of his company and how the review process will work. A question from Chuck Stroh regarding the member loan, and the financial impact to year end results is answered by Frank Corcoran below: Chuck –