CASWELL COVE MARINA
MINUTES OF MEETING
July 12, 2011
(Final)
1.Attendees: David Brickley, President;Tony Faresich, V. President andTatiana Murphy, Secretarywere all present. A quorum of the Board was present. Dave Phillips of Sound Marine was present. Paul Viscount, Treasurer was absent. The meeting was called to order @ 7:00 PM.
2.Minutes from Previous Meetings: The motion to approve the minutes from the 6/14/11 Board meeting was made byTony Faresich. Tat Murphyseconded the motion. All members present voted in favor of the motion and the motion was carried.
3.Manager’s Report:
- The AR Aging Summary Report to 6/30/11 was reviewed. Dave P noted that 9 unit owners are more than 1 month behind in their payments. Of these, as of 6/30, 2 units were with Attorney Case for collection. Late notices have been sent to those unit owners who are behind in payments. Some of the past due accounts were brought current within the week prior to the meeting. Thirty one unit owners’ accounts are paid in advance. Total accounts receivable @ 6/30 was $11,369.68, of which $9,061.88 are the 2 units with Atty Case for collection. Total accounts paid in advance were $21,157.38.
- The Summary of Checking/Savings Accounts was reviewed. Total cash on hand in the various accounts as of 6/30 was $142,320.91. Of this amount, $49,295.41 is in the operating/checking account and $93,025.50 is in the Chase reserve savings accounts. It was noted that the majority of the slip rental proceeds received from renters has now been disbursed to the respective unit owners. The Board suggested that it would be prudent to look for a good solid long-term investment with better yields for the $50,000 per year being set aside for future dredging work.
- A copy of the check detail report for June was distributed and briefly reviewed. There were no questions or comments.
d.A summary of expenditures vs. budget for FY 2011 to 6/30was presented and briefly reviewed. Dave P. noted that proposed expenditures for the year are still in line with the original budget. He noted there were no significant changes to the anticipated expenditures for the year as compared to the previous month. There were no further questions or comments on the expenditures to date.
4.Old Business
a.Rental Pool Update–Dave P briefly summarized the status of dock rentals. There continue to be a few late season rentals, but for the most part, all the rental slips have now been filled.
b.Marina parking lot lighting –Dave P noted that the installation of the new pole lights has been completed. Electrical inspection is scheduled for the following week.
c.Rules and Regulations–Dave P. noted that notification was sent to all the unit owners of the intended increase to late fees and fines and they were provided 30 days to comment, after which time the Board could adopt the new rates.
d.Events Planning - No dates were set for additional events at this time.
e.T-shirts/Burgees–tat M is working on pricing for T-shirts. Dave P noted that a new order for club burgees is needed as the old supply from many years ago is now gone. The Board requested Dave P submit a new order.
5.New Business
a.FaceBook – The Facebook page started by one of our members has been taken down until such time as the Board can address concerns related to its use and maintenance.
b.Parking Issues – Overcrowding of the parking lot was briefly discussed. Dave P will continue efforts to attempt to find more room for parking.
6.With no further new business to discuss, Dave Brickley made a motion to adjourn the meeting and the meeting was adjourned at 8:30 PM. The next board meeting is scheduled for Tuesday, August9, 2011 at 7pm at the marina clubhouse.
Prepared By: Sound Marine Solutions, Inc. 8/5/11
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