Special Board of Directors Meeting Approved 03/02/00
Minutes
February 17, 2000
Present: Fell, McInnis, Goldmann, Anthony, Koch, Bond, Forristall, King, Capozzo,
Sottana
Excused: Chesarek, Robinson, Varady
Guest: Singer
The meeting commenced at 6:40 p.m.
2000 Projected Operational Budget Results from Continuous B&F Committee Meetings
The Finance Committee had a difficult time developing the budget for the year 2000 due to, but not limited to, an unknown completion date for the Banquet Room and its effect on revenue. In addition, all subsidy funds from the Master Plan to cover the costs of operation were used in 1999.
- The Finance Committee recommended that the Board approve the Projected Operational Budget 2000. Goldmann motioned to approve, Koch seconded. The motion carried.
- The Finance Committee recommended a dues increase for the Operational Budget to break even during the year 2000. Should there be changes in revenues and expenses which could result in either a shortfall or excess, the Board will address the issue accordingly at year end 2000. Anthony motioned that dues for Proprietary members be increased to $263.00/month and
Associates increased to $131.50/month for the next ten months. This increase is to begin March 1, 2000 with a letter of explanation sent to the membership prior to billing.
- The Finance Committee requested the Board to approve the 2000 C.I.F. Budget at $364,550 and that the Board approve any necessary transfers from the Emergency Fund. Goldmann motioned to approve, Bond seconded. The motion carried.
2001 Budget
The Board would like to begin the year 2001 with an approved budget. They would like information gathered in June 2000 and finalized in November 2000.
Transfer Survey Letter
The letter is to include the following information:
- C.I.F. $325,000
- Selling Price $40,000
- Number of membership transfers: 17
- Three transfer fee options:
50/50% - $10,000 minimum 60/40% - $10,000 minimum $15,000 fixed
- Show yearly shortfall
- Show yearly makeup billing
- Return date for survey to be March 15, 2000.
- Capozzo will make the changes to the survey and fax the update to Fell for approval. McInnis motioned to approve, Anthony seconded. The motion carried.
Norcal PGA Tournament
The Golf Committee is requesting the date of Monday, April 10, 2000 to reschedule the Norcal PGA Tournament that was canceled due to rain. Bond motioned to approve, Koch seconded. The motion carried.
No dinner served at the March 2 Board meeting.
The meeting adjourned at 9:00 p.m.
Respectfully Submitted,
Maurry Koch, Secretary