Special Board Meeting Approved 01/09/03
Minutes
December 17, 2002

Re: 2003 C.I.F Budget
2003 Operational Budget
Richmond Country Club
Present: Koch, Gemmer, Fell, Frisbie, Anthony, Olsen, Brooks, French, Justus, Bardizbanian, Capozzo, Sottana
Excused: Varady
Newly Elected: Wilson, Hughes
Guests: Ray Story, John Sconza, Les Singer

The meeting commenced at 6:30 p.m.

Richmond Country Club

The beginning of December 2002, Richmond Country Club is rebuilding all of their golf course greens. They expect to complete this project in April 2003. They are requesting the NEB clubs to assist them by accommodating some weekday and weekend play for their members during the off hours without green fees.
Anthony motioned to adopt our Golf Committee recommendation of a $10.00 discount on the reciprocal fee, require a fleet cart and limit the tee times based on the golf pro's discretion through April 2003. The motion was seconded and carried Y 7 / N 2.

2003 Capital Improvement Budget (C.I.F.)
The C.I.F. account will have a balance available as of January 2003. In the past this account has had a zero balance at the end of the year.
For the year 2003, the Budget and Finance Committee is estimating 20 membership sales at the minimum transfer fee and presented a budget of $426,000. The budget is higher from previous years due to the water well and the final phase of the Tree Program. After a lengthy discussion, Frisbie motioned a maximum of $300,000 for the 2003 C.I.F. Budget. The Budget & Finance Committee is to re-prioritize the 2003 C.I.F. and show a contingent budget if more than 20 memberships sell for up $126,000 for Board approval. French seconded, the motion carried.

2003 Operational Budget
The Budget & Finance Committee recommended increasing the Operational dues by $23.00 ($304 mo/per proprietary member) beginning January 2003. Seventeen dollars of the $23.00 is for insurance costs and workers compensation, the balance will cover other cost increases. Fell motioned to approve the recommended $23.00 increase, Anthony seconded. The motion carried.
A letter will be sent to the membership with notification of the operational dues increase.
Financial Advisor To The Board
Bardizbanian motioned to retain Singer as the Financial Advisor to the Board of Directors. Fell seconded. The motion carried.
2003 Ex-Officio
Koch will be the Ex-Officio to the Board of Directors.

The meeting adjourned at 8:30 p.m.
Respectfully Submitted,
Anne Gemmer, Secretary