Special Board of Directors & Finance Committee Meeting Approved 01/04/01

December 19, 2000

Minutes

Present: Fell, Koch, French, Anthony, Goldmann, Chesarek, McInnis, Varady, Gemmer, Brooks, Capozzo, Sottana

Excused: Forristall, Bond, King, Olsen

Finance: Singer, Bardizbanian, Stadler

The meeting commenced at 6:40 p.m.

2001 Recurring Capital Needs (C.I.F.)

The budgeted amount needed for C.I.F. in the year 2001 $290,500.

The anticipated transfer fees to the Club are 10 transfers at $15,000 ea. $150,000.

Shortfall funded by members $140,500.

Divided by 12 months $11,708.

Per member per month billing (´ to Assoc.) $25.

Koch motioned to accept the 2001 C.I.F. budget of $290,500 including the $25.00 monthly billing per membership for 12 months commencing January 2001. Anthony seconded, the motion carried.

Should the transfers exceed 10 during the year, the Board will review the C.I.F. member billing.

The $25.00 dues is to be a line item on the monthly statements.

Tennis Budget Request

Varady motioned to modify the C.I.F. 2001 budget to $300,000 to include the Tennis Departments late budget request of $9,500 The monthly billing to be adjusted to $27.00 per membership, per month for 12 months commencing January 1, 2001. The motion died for lack of a second.

Varady motioned to allow within the 2001 C.I.F. budget of $290,500 that funds of $9,500 be applied towards the Tennis Departments request. French seconded the motion. The motion failed 4-2.

2001 Operational Budget Non Departmental expenses are budgeted at $1,216,294.

Department expenses as budgeted are expected to exceed department revenues by $287,138.

Total expenses are budgeted at $1,503,432.

Member dues required each month $125,286.

Members dues required per member per month (´ to Associate) $266.

Anthony motioned to accept the 2001 Operation Budget and the $266 dues per member per month to commence January 2001. Koch seconded, the motion carried unanimously.

Singer will prepare a letter to the membership explaining the reasons for the budgets and submit the letter to the Board for approval prior to mailing.

The meeting adjourned at 8:55 p.m.

Respectfully Submitted,

Maurry Koch, Secretary

(Press the "Back" button to return to the menu.)