North Channel Yacht Club Membership Roster 2022

The Cash Reserve & Major Capital Expenditure Fund is hereby created to set aside monies to be used for Long-Term Major Capital expenditures in excess of $10,000, intended to preserve, restore, or protect the clubhouse, Club properties, or other principal Club assets. COMMITTEE The Committee will consist of the immediate Past Commodore, the Commodore, and three lay members. The immediate Past Commodore will chair the Committee. Upon creation of the Committee the term of the first lay member shall be three years, the term of the second lay member shall be two years, and the term of the third lay member shall be one year. Thereafter, the term of each lay member shall be three years with one lay member retiring from the committee each year. The membership shall elect a new lay Committee member each year from at least two candidates presented by the Nominating Committee. In the event of a vacancy on the Committee, the Board of Directors shall appoint an eligible member to fulfill the remainder of the vacant term. Each Committee member must be a voting member-in-good- standing of the Club for at least two years. A member may not be elected or appointed who has served on the Committee in any of the previous three years. THE FUND The fund shall be maintained by deposit of at least 15% of the annual Club Membership Revenues into a separate account by December 31 of each year, plus any gifts, bequests, or contributions earmarked for the Fund. The Committee and Club Treasurer will jointly determine the type of account and the financial institution to be used, and the total balance of the account will be a minimum of $50,000 and will not exceed $500,000. Notwithstanding such minimum requirement, the Fund Committee and Board of Directors may jointly agree to temporarily waive this requirement upon the occurrence of an event

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